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Old 7th December 2015, 17:18   #3376
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by mnvvishwa View Post
Need some advice,

I need to renew my car (Punto 1.3 Emotion) insurance which is going to end on 15th December .. Please suggest me which is the better one.
I would if the service provider has a tie up with your service centre.

Eg: I need to renew the insurance for my A-Star. Have checked with Maruti, and going with one their listed companies, but through another channel.

The service centre will also be able to tell you which company has the simplest claim process (or which ones to avoid).
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Old 8th December 2015, 08:26   #3377
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The service centre will also be able to tell you which company has the simplest claim process (or which ones to avoid).
Sometimes the workshops are biased when it comes to suggesting Insurance co. So it is always better to enquire the no of claims the Insurance co had to pay in any calendar year. More the no of claims, faster is the claim process. This is not guaranteed but can be an effective way to identify a good Insurance co. Usually the body shop managers are the best people to take an unbiased feedback.
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Old 8th December 2015, 09:29   #3378
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Default Re: Automobile Insurance Queries? Ask me

So who will provide the number of claims for that company ?
Point is - out of 6, MASS said 1 is not as simple as the other 5. So are they favoring all the 5 ?
even otherwise, it still leaves 5 insurance companies to choose from.

Last edited by condor : 8th December 2015 at 09:31.
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Old 9th December 2015, 09:01   #3379
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So who will provide the number of claims for that company ?
Point is - out of 6, MASS said 1 is not as simple as the other 5. So are they favoring all the 5 ?
even otherwise, it still leaves 5 insurance companies to choose from.
As I said, talking to Body shop managers will help. In you case if Maruti is preferring any particular insurance co from the 5 suggested, then the case is the workshop might be getting an equal commission from them, hence any Insurance co picked by customer will be welcomed. Any particular reason for Maruti not preferring the lone Insurance co? Maybe the commission payoffs are less or genuinely the claim process may be a tough one.
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Old 9th December 2015, 09:44   #3380
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Default Re: Automobile Insurance Queries? Ask me

Insurance Guru's, here's a twist on the NCB question, I am selling a cargo van/commercial vehicle that has 40% NCB on it and I am buying a personal vehicle soon. So is transfer of this NCB possible from commercial to private vehicle? Current insurance company: Iffco Tokio.
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Old 9th December 2015, 16:10   #3381
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Originally Posted by richie4u View Post
Insurance Guru's, here's a twist on the NCB question, I am selling a cargo van/commercial vehicle that has 40% NCB on it and I am buying a personal vehicle soon. So is transfer of this NCB possible from commercial to private vehicle? Current insurance company: Iffco Tokio.
Unfortunately no. NCB is applicable for same segment vehicles only. But you can try checking with the Insurance co from where you are buying the new car. If you are buying Insurance from Iffco they might too offer it to retain customer.
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Old 13th December 2015, 14:11   #3382
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Default Another Scam The Indian Customer Business. Practise?

My car, a VW Polo, has been immersed in Chennai flooding.

The insurers want to write it off. That's bad enough, because it's insurable value can never compensate me for a sound, low mileage vehicle, but today, I heard the biggest load of tripe I ever heard in insurance business, which I used to work in. (not motor, though).

Write off means a lump sum, no? Insurance company now own the vehicle and do what they will with it.

Right?

Wrong.... This is what we were told today...

we will advertise all the flooded vehicles for sale. When yours is bought, we will pay you that money and add balance to make up to 4 lakh.

Sometime, one day or never, I suppose.

Guys, tell me this is a bad dream!

(I know it isn't)
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Old 13th December 2015, 14:22   #3383
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Originally Posted by Thad E Ginathom View Post

Wrong.... This is what we were told today...

we will advertise all the flooded vehicles for sale. When yours is bought, we will pay you that money and add balance to make up to 4 lakh.

Sometime, one day or never, I suppose.

Guys, tell me this is a bad dream!

(I know it isn't)
Recently my friend had claimed for total loss for his car. I thought the procedure would be straight forward but it was different. The vehicle was put for auction and told it would take about a month. The insurance company will wait for the highest offer and hand over the DD amount from the auction to the owner. Then the insurance company would pay the balance of the IDV. Took 3 months for the auction and he is yet to receive the balance.
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Old 13th December 2015, 16:13   #3384
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Hi guys, was told the same by my insurer that they would scout for a buyer through their network and pay us through DD the money got from the highest bidder, and then pay the difference to make up to the IDV. Don't know how long the process will take...
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Old 13th December 2015, 18:54   #3385
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Default Re: Automobile Insurance Queries? Ask me

I don't think anywhere else in the world would put up with such practice. . It makes a joke of the whole industry here.

It is just dreadful to add insult to injury and pile more suffering on top of what we have already. I am disgusted, as well as being deeply upset.

Is there any company that does not do it? Or has competition not put is had high enough?

Royal Sundaram... Sold me insurance but gave me grief.
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Old 14th December 2015, 08:31   #3386
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Red face Re: Another Scam The Indian Customer Business. Practise?

Quote:
Originally Posted by Thad E Ginathom View Post
My car, a VW Polo, has been immersed in Chennai flooding.
Thad Sir,

That's most unfortunate to hear. The Insurance co is making a cock and bull story about selling the car and then paying you. As per Insurance policy if the car is declared as total loss, then Insurance co has to pay the IDV (on pro rata basis) immediately without any questions asked. Whether they would pay the IDV inclusive of the scrappage, will need to question them. Write to the Ombudsman of the high handedness of the RS. I thought they were a respectable co, but this episode show they are none less than the others.
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Old 15th December 2015, 09:27   #3387
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by JohnyBoy View Post
There is not much difference in the quotes. Diff is less than 5-10%.
You check with your service centre - which company has cashless tie-up with them. And go with that insurer.
Quote:
Originally Posted by condor View Post
I would if the service provider has a tie up with your service centre.
.
Thank you for your suggestions
I checked with the service center and renewed in Bajaj Allianz.

My car manufacturing year is 2012 and registered in 2013, but in the insurance copy they made a mistake and put manufacturing year is also 2013.
I spoke with agent for the same and he said it is not a problem in claim and also in the renewal process.
Please suggest me should I leave as it is or raise the issue and change the manufacturing year.
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Old 15th December 2015, 10:05   #3388
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by mnvvishwa View Post
My car manufacturing year is 2012 and registered in 2013, but in the insurance copy they made a mistake and put manufacturing year is also 2013.
Many cars are manufactured in one year and registered the next year. Examples - in cases like Dec manufacture / Register in Jan. Or, for slow moving models or display vehicles.

The regulations allow for a max of 1 year's difference in manufacture and registration. Hence you should be ok.
(if you want to check this, then go to the online quotation feature of an insurance company and try to get a fresh quote for an old (already registered car), Put the registration date as more than 1 year from year of manufacture. You will get this:

Automobile Insurance Queries? Ask me-bajajallianzquoteyear.jpg

Last edited by condor : 15th December 2015 at 10:14.
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Old 15th December 2015, 12:00   #3389
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Originally Posted by JohnyBoy View Post
There are 3 things here.

1. IDV - last year's value was 9.96L and this year they are giving 8.5L. It looks fine to me. This is a reduction of 14.5%. As godhlur and others mentioned 10% reduction is the norm, but there may be slight variations from company to company. As pointed out by SoumenM, you can increase the value if you want. What they are suggesting looks fine to me.

2. Premium - again, this looks fine. Did a comparison in policybazaar. For an IDV of 8.5L, the premium ranges from 21k to 27k - including zero dep coverage. What they offered, 23k is not very low or very high. You can always negotiate and get 1-2k more discount.

3. Renewal date - there is no need to renew it now. You can do it 1 week before the expiry of current policy. Hyundai or rather the delaer is pushing you just to close the sale. You can ask them to call you 1 week before the expiry. If they say the offer is valid only this month (I'm sure they will), tell them you will take from someone else, they will be agree to give you the same price next month also.
You can check online portals or talk to couple of insurance companies meanwhile. You can close this around 21-22k for 8.5L IDV. You can wait till 1 week before the expiry.


Sorry been a little busy with work and functions at home. Any ways one week left for renewal.

I have got the following quotes from Bajaj Allianz and ICICI Lombard. Wanted to know if it's OK to go ahead or should I negotiate more? Also this agent is offering me to keep the IDV at 9,96,000. Is it legal to do that OR should I ask them to drop the IDV by 10% ?? Confused.

Thanks and Regards,
Aniketh

Attached are pictures from the quotes I have got:-

Automobile Insurance Queries? Ask me-imageuploadedbyteambhp1450160989.463432.jpg

Automobile Insurance Queries? Ask me-imageuploadedbyteambhp1450161004.233503.jpg


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Old 15th December 2015, 13:06   #3390
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Originally Posted by drhoneycake View Post
Also this agent is offering me to keep the IDV at 9,96,000. Is it legal to do that OR should I ask them to drop the IDV by 10% ??
Aniket,

Get fresh quotes for IDV less by 10%. If you keep the same IDV, you are over insuring the car. Between both the quotes, its no brainer that Bajaj quote is the most beneficial. Are these online quotes from Insurer websites??

I am surprised to see in both quotes no service tax being levied on the Zero depreciation add on cover. Generally service tax is applicable on the final premium cost which includes the comprehensive insurance premium + add on covers. Get a clarity on the same before buying.
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