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Old 22nd September 2014, 12:49   #3001
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Question Re: Automobile Insurance Queries? Ask me

Need some advice.

My VW POLO (HIGH LINE Petrol) insurance is due for its first renewal in October.

The original policy is from TATA AIG the IDV is 592,000 and the premium was 19k, renewal quote from TATA AIG is IDV 532,800 premium 15,564

I have had no claims in the past year, so Iím assuming it will be eligible for a 20% NCB but I canít seem to see if that has been applied. Where would I look for the same.

Now what would be the ideal/recommended IDV for the renewal, any and all guidance appreciated.
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Old 22nd September 2014, 13:08   #3002
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Quote:
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I have had no claims in the past year, so Iím assuming it will be eligible for a 20% NCB but I canít seem to see if that has been applied. Where would I look for the same.

Now what would be the ideal/recommended IDV for the renewal, any and all guidance appreciated.
The IDV quoted for renewal is correct (less 10% from previous year IDV, although theriotically not correct).

The NCb should be visible in the preimum break up. If not recd, ask the Insurance co for the break up details.
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Old 23rd September 2014, 17:16   #3003
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Default Re: Automobile Insurance Queries? Ask me

This thread is extremely useful.

My Fortuner's insurance was up for renewal, and the initial quotes I got were much higher than what I had paid last year. Bharti AXA was the previous insurer, and since I had made one claim (windshield cracked due to a stone ship impact), they sent me a very high quote. Even L&T - the other insurer Nandi Toyota had a tie up with - sent me a higher quote that what I paid last year.
  • Last years premium with AXA: Rs. 20.9K
  • Initial quote from dealer (no voluntary excess): Rs. 31.4 K (Bharti AXA), Rs. 26K (L&T). IDV: 13.8L (4 year old vehicle)
  • Final quote from Bajaj for an IDV of 13L: 20.9K.
Note: you might get some additional discount over the online quote if you call the Bajaj helpline. FYI, they are tracking online form fill-ups on a real time basis.

I opted for a Rs. 7500 voluntary excess to bring the premium down. Even the dealer's L&T Ins quite came down drastically when I asked them to send a revised quote with more voluntary excess.

Feedback:
1. Was impressed with the Bharti AXA claims processing when I had claimed for windshield repair. Their renewal processes and rates are not good.
2. The Bajaj buying experience was smooth. Hoping that in case I have to make a claim, the processing is as hassle-free. Nandi and Ravindu Toyota workshops are listed on Bajaj's website as preferred workshops for cashless repair. Nandi Toyota had tried to tell me about how things would be better and totally cashless if I bought insurance from them, but in the end I opted for Bajaj over L&T.

EDIT: I had checked with the dealer regarding Toyota Assurance. Here is what I heard - with an aggressive player such as L&T, the commercial discount is 60%. For Toyota Assurance, the CD will only be 20%.

Last edited by nilanjanray : 23rd September 2014 at 17:26.
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Old 23rd September 2014, 21:16   #3004
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I have HDFC Ergo for last 2 years for my Swift. Bought online. 3 claims in 2 years. Claim process is hassle free and transparent. Also, they have a cashless tieup with my FNG.

Earlier had Cholamandalam. Although the claim process is hassle free they are not that transparent. The biggest negative thing is after 2 claims in a year in my Zen they never bothered to follow up for renewal and did not even replied to my email when I asked them about renewal :( .
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Old 24th September 2014, 08:18   #3005
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Quote:
Originally Posted by nilanjanray View Post
Note: you might get some additional discount over the online quote if you call the Bajaj helpline.
I opted for a Rs. 7500 voluntary excess to bring the premium down
What kind of additional discount?, can you elaborate more pls? By opting for voluntary exces you have comitted to pay that amount in case of any claim in addition to the compulsary deduction isnt it? I feel you shouldnt have opted for that. For the same amount you could have got the zero dep add on for the 5th year, isnt it?

Quote:
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The biggest negative thing is after 2 claims in a year in my Zen they never bothered to follow up for renewal and did not even replied to my email when I asked them about renewal
Cholamandalam has marked you as a high risk customer due to the 2 claims. They paid more that what they earned from you, its a bad investment isnt it for them?
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Old 24th September 2014, 09:52   #3006
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Cholamandalam has marked you as a high risk customer due to the 2 claims. They paid more that what they earned from you, its a bad investment isnt it for them?
Yes. But what about earlier claim free 2 years? shouldn't they consider it too?
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Old 24th September 2014, 10:31   #3007
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Quote:
Originally Posted by ghodlur View Post
What kind of additional discount?, can you elaborate more pls? By opting for voluntary exces you have comitted to pay that amount in case of any claim in addition to the compulsary deduction isnt it? I feel you shouldnt have opted for that. For the same amount you could have got the zero dep add on for the 5th year, isnt it?
About Rs. 800 more discount.

If I have minor damages - dents, mirrors etc. - I settle without claiming insurance.

The only time I claimed insurance is when my windshield cracked.
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Old 24th September 2014, 14:45   #3008
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I will be taking delivery of my VW Polo GT TSI next week. I initially paid the entire invoice including insurance (29K) without realizing that the insurance was zero depreciation insurance. Upon enquiring I was told it would be another 15K for zero dep insurance. Is it worth the additional 15K (total 45K)? Should I just buy insurance online from Bajaj or Tata AIG? Any negatives from not buying from the dealership.
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Old 24th September 2014, 16:29   #3009
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Cholamandalam has marked you as a high risk customer due to the 2 claims. They paid more that what they earned from you, its a bad investment isnt it for them?
Quote:
Originally Posted by archat68 View Post
Yes. But what about earlier claim free 2 years? shouldn't they consider it too?
Indeed, just as they should consider the possibility of future years profit, but sadly, they may not see beyond their nose.

You are lucky that they ignored you. Now you don't have to answer that "Have you ever been refused insurance?" (does that come on the Indian forms?) question in the positive. That is a real insurance red flag!

An underwriter in commercial (big stuff) insurance once explained to me that "declining to quote" for the business was better, for this reason, than refusing it. But your people may just have bad manners!
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Old 24th September 2014, 17:33   #3010
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Default Re: Automobile Insurance Queries? Ask me

I bought a used Swift (July'2013) which has insurance from National Insurance. Insurance was renewed in July'2014 with 20% NCB and is valid till July'2015. I got the registration changed in my name, got the revised RC today.

I sold my Civic which was running at 35% NCB (HDFC Ergo, insurance valid till Aug'2015). Car has been transferred to buyer's name. Insurance is still in my name (checked at HDFC Ergo website) but it should be changed to the buyer's name in next few days.

Now I am going to transfer Swift's insurance to my name. Can I avail HDFC Ergo NCB (35% or even 20%) in my Swift?

How easy/difficult is that to do so?

Please suggest the process.
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Old 25th September 2014, 13:54   #3011
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Default Re: Automobile Insurance Queries? Ask me

Guys could you please let me know is it compulsory to have insurance on a car which I am about to sell or the buyer could renew it himself.
The reason I am asking is that I am closing a deal for selling off my old car but insurance is expiring in next few days.
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Old 27th September 2014, 11:41   #3012
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I recently bought a used car and completed the ownership transfer. The car is in Bangalore and the RC card now displays my name.
The car was previously used in Ernakulum and is currently insured in the previous owners name with United India (UI) Ernakulum. The insurance is a comprehensive package and is valid till 23/12/2014.

I want to have the insurance in my name (obviously) so below are my options :

1. Get the insurance transfered to my name.
I called up UI Ernakulum and was told that the car needs to be visually inspected to allow a name transfer. Driving the car to Ernakulum or travelling there myself is something I want to avoid. I was told that the inspection can be done in Bangalore but it has to be done on the same day when the transfer is applied for. This would be difficult since I do not know anyone personally in Ernakumul and would prefer to not disturb the previous owner again.

2. Get new insurance.
I approached Oriental who denied providing new insurance since the previous one has not expired.
I approached UI Bangalore office who agreed to provide a fresh insurance. However at the time of entering the details in their system an error popped up saying "This Reg. No has already been registered". I was told that the only way I could get insurnce is if I got the transfer done by approaching the Ernakulum office.

Here is what I would like to know :
1. The previous insurance is not in my name, not in line with the current RC card (which is in my name), and has not expired yet. Am I legally allowed to apply for a fresh insurance?

2. The UI Bangalore employee told me that the cars Reg. No would show up at any central government insurance agency and hence none of them can provide insurance.
When I explained the situation to ICICI Lombard person over the phone, he said it can be done without any issues.
Will the Reg. No also show up with the private companies and cause similar issues as with UI Bangalore?

3. Is there any process by which I can terminate the previous insurance with UI Ernakulum? That way the Reg No would not show up in the system and I can buy a fresh policy from UI Bangalore.

PS : Thanks for posting up details everyone. It helped me understand stuff better and is a source of motivation to learn and get things done myself.
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Old 10th October 2014, 20:22   #3013
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Insurance Renewal process.
Just thought to pen down how I went about getting my car insurance renewed. ... a really mundane matter?
Read on...

My car was originally company leased, and at the end of the lease period, was transferred to me. Feb 2014.
The insurance policy from bajaj allianz that was still in effect, was also transferred, with the NCB intact. This was mentioned in the policy transfer endorsement. This transferred policy expires on 14th october.
Insurance premium paid last year was Rs 10,701.

Automobile Insurance Queries? Ask me-original-policy.jpg

So here goes:
On August 28 2014, I was suddenly called by an insurance agent that I know, who promised me the best possible deal.

Insurance agent: Sir I will give you the best possible deal. For this I need you to shift Insurance provider. This will help me to get commission for roping in a new customer.
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I was like . I mentioned to him, how come you are asking for more money than what I paid last year. Anyway , gently reminded him , my policy only expires in October so still some time to go.

So, I decided to check out policy bazaar. The best quote I got was about Rs 12500 for an IDV of 90% of previous IDV. In a minute or so of my entering the phone number, I also got a call from an agent proferring me the best possible quote. I thanked him, gave him the details, but he never bothered to call back.

So , the next thing I did , was to call up Bajaj Allianz, and ask them for a renewal quote. It was quite a shocker. Rs 19530/- same coverage. I asked if they had taken off the NCB. Yes they had! And why? Because there was no mention of an NCB on the policy - despite the policy having been endorsed!

Automobile Insurance Queries? Ask me-endorsement-ncb.jpg
Well, That was not quite acceptable. I needed a quote to compare what I had been given by the agent and policy bazaar. After I raised enough hell with the poor call center agent, he gave me the branch office number.

Thus began a series of exchanges with the branch office.
The first quotation from them on September 4
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I remarked the IDV is not 10% less than the previous year IDV, so the guy sent me the final quote on September 15
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Back to the agent....Oct 7 he calls me up and asks me , what my plans are. As if.... Anyway, I tell him that he is way outside the ball park. He asks for the actual email from Bajaj Allianz. I give that to him.

The next sequence of events astounds me, even as I recount it.
This guy calls me back in 20 mins and tells me, that the guy in Bajaj Allianz who had given me the quote has resigned, so the quote is invalid.

Next he tells me, better buy the policy from him. He offers me the below policy terms @ Rs 11,410. How I ask?
He says, I am so much of an important customer for him, that he will pay the difference to Future Generali
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I think about it, and ask him, can he give me an insurance offer at Rs 11,000 round figure. He says no. I ask him to quit bothering me.

Next I call up Bajaj Allianz local branch guy and ask him to draw up the papers - overall the premium quoted is the least, at a slightly higher IDV.

Curiously enough one would notice OD premium is more than what I paid last year. I am told , this depends (among other factors) on if the car is more than 5 years old. Interesting.
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Old 10th October 2014, 20:45   #3014
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Insurance Renewal process.
Just thought to pen down how I went about getting my car insurance renewed. ... a really mundane matter?
Read on...
Quite an ordeal that. Surprised to see higher premium than previous year. In my case, our 7+ year old Alto's premium has continually declined. So, not sure about the 5 year theory.

My Scorp's insurance is also due for renewal in Oct. I used Policy bazaar too to compare the quotes. Bajaj was the worst with lowest IDV and highest premium!

Went with TATA AIG Zero dep just like the previous year as they offered the best deal. The online renewal was a different pain altogether. Eventually had the agent collect the cheque.
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Old 10th October 2014, 21:47   #3015
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Originally Posted by Dry Ice View Post
Quite an ordeal that. Surprised to see higher premium than previous year.
Not sure if you noticed another interesting bit...Amongst all providers the Third Party quote is Rs 4109. Last year I paid Rs 3424 for something called Basic Third Party Liability.
Now , how can Third Party coverage premium go up?
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