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Old 13th January 2017, 23:50   #3736
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Originally Posted by APV View Post
Hi Bhpians,
I have a query regarding car insurance. Our Tavera is registered in My Father's Name & I have been renewing its Insurance online in his name & is valid till 10 Feb 2017.

Unfortunately my Father passed away last year. Can I still keep renewing the insurance in his name? I understand this would be a problem in case if I have any claims later. On the other hand should I change the name in Car RC & similarly in Insurance documents ?

please advise me how should I go about handling this scenario.

Thanks in advance.
APV
Yes the car has to be transferred and after that the insurance can be transferred.

Even if you are planning to sell the car, you first have to transfer it to your name, then sell it
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Old 16th January 2017, 18:49   #3737
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I am trying to renew the insurance for my Scorpio which is 7 yrs old now. When I try online for quote, it varies widely from 9500 to 12000 with different IDV value. Should I renew with higher IDV?
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Old 17th January 2017, 08:15   #3738
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Originally Posted by klassics45 View Post
I am trying to renew the insurance for my Scorpio which is 7 yrs old now. When I try online for quote, it varies widely from 9500 to 12000 with different IDV value. Should I renew with higher IDV?
Since you car is more than 5 yrs old, the IDV must be mutually agreed value between you and the Insurance co. The depreciation rule to calculate IDV will not apply to your car. If the Insurance co agrees for a higher IDV, then you can renew it with a higher premium than normal.
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Old 19th January 2017, 00:35   #3739
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
Since you car is more than 5 yrs old, the IDV must be mutually agreed value between you and the Insurance co. The depreciation rule to calculate IDV will not apply to your car. If the Insurance co agrees for a higher IDV, then you can renew it with a higher premium than normal.
Thanks Much! i will check with them again.
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Old 19th January 2017, 20:14   #3740
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I just renewed my Punto's Insurance(for its 6th year) with HDFC ergo, and below are some of my observations.

- Opted for Zero dep, as sometimes even a minor bump can run into thirty thousand grands and the difference in premium was just around Rs. 1500.

- Didn't opt for consumable cover, Engine protector, RSA, etc. Reason - HDFC didn't offer one and Tata AIG had a premium of Rs. 1800(along with lower IDV with difference of around 50000) for all these which I felt was not worth it. Also, a few pages back in this thread, a Skoda Yeti which ran into an accidental repair of Rs 3,20,000, had consumables amount for only Rs. 18,000.

- Tried Policy Bazaar and Cover Fox, but after the whole ordeal realized that it is better to go to popular players' portals, register there and talk with their agents. I got a good deal this way, better than what Policy Bazaar and Cover Fox had to offer.

And now for some myth and facts - IDV is important, but a lot of companies give you high IDVs to keep the premiums high. If your car is older(say more than 5 years), you can go easy on IDVs and keep your premium in check.

- Buying an insurance is striking a balance between known entities(your driving ability, usage, etc,) and unknown entities(flood, a beginner cab driver running into your car, etc). If you have been a good driver, you can always cut down on the Add-ons like I did.

- But for expensive cars, every add-on is advisable.

- Also remember - "Penny wise, pound foolish"
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Old 20th January 2017, 08:55   #3741
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Originally Posted by CliffHanger View Post
I just renewed my Punto's Insurance(for its 6th year) with HDFC ergo, and below are some of my observations.

- Opted for Zero dep, as sometimes even a minor bump can run into thirty thousand grands and the difference in premium was just around Rs. 1500.
Thats some news mate. Generally most of the Insurance co are known to offer zero dep add on cover till the 5th year of ownership. It is good to know that HDFC offers for the 6th year too. I guess that must be coz you must have not claimed insurance in your ownership of the Punto and looking at the track record HDFC must have offered you the add on cover for the 6th year too.
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Old 20th January 2017, 09:50   #3742
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Thats some news mate. Generally most of the Insurance co are known to offer zero dep add on cover till the 5th year of ownership. It is good to know that HDFC offers for the 6th year too. I guess that must be coz you must have not claimed insurance in your ownership of the Punto and looking at the track record HDFC must have offered you the add on cover for the 6th year too.
I renewed my Cruze with New India in its 7th year with a Zero Dep coverage. New India and Oriental provides Zero Dep upto to 10 years. Good to know that private players have also started giving Zero Dep to 5+ years vehicles.
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Old 26th January 2017, 21:19   #3743
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Default Re: Automobile Insurance Queries? Ask me

What are the rules for comprehensive insurance for a vintage or a classic car or bike?

Usually,the insurance providers tell us to opt for third party insurance and conveniently avoid comprehensive insurance for the older lot of vintage and classic cars and bikes.
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Old 27th January 2017, 04:43   #3744
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
Thats some news mate. Generally most of the Insurance co are known to offer zero dep add on cover till the 5th year of ownership. It is good to know that HDFC offers for the 6th year too. I guess that must be coz you must have not claimed insurance in your ownership of the Punto and looking at the track record HDFC must have offered you the add on cover for the 6th year too.
My Yeti (bought brand new) has completed 5 years of age.
The Insurance renewal for its 6th year of ownership happened a month ago.
The Insurance Company I ve been using is Bajaj Allianz.
Right from day 1, Ive opted for the Zero Dep Insurance.
This year, when it came to renewal they initially said that their rules forbade them from renewing the Zero Dep.
Upon my citing the fact that I ve been loyal to them these last 5 years coupled with the fact that my average running is only 600kms a month plus the fact that my track record is good, in terms of "No Claims", they immediately came around and ensured Zero Dep coverage for the 6th year too.
Let me see how the year goes and see what happens when it comes to 7th Year Zero Dep, next December!
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Old 11th February 2017, 21:08   #3745
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Hello everyone, need a little guidance.
I am a new member of this forum so kindly pardon me if I make some errors.
I have Swift VDi 2012 model whose insurance is due in March, 2017. As most of us Maruti owners do, I continued with Maruti Insurance during all these years without any hassle. By god's grace, had no claims till now. Whatever IDV was offered, I accepted. But recently one of my relative's car was stolen and then the whole IDV thing came into play. He had Hyundai Xing which was almost 10 years old but he had taken insurance with IDV of Rs. 2 lac, whereas actual IDV must have been below Rs. 1 Lac. His claim is still pending, so whether the insurance company honors it or not is yet to be seen.
Also, I read in one other thread that in case of Total Loss or serious damage, 75% of IDV is seen to decide about repairing the car or not.
So I think that having a reasonable IDV while renewing the policy doesn't hurt provided we keep a balance between current market value of our cars and increase in premiums to be paid.
Now another thing to consider is Zero Depreciation coverage. I got to understand from other posts and normal conversations that companies generally don't offer this on cars older than 5 Years. But I was happy to see while checking on policybazaar that some companies are still offering it on my now 5 years old car. But when I checked on individual insurance providers' website, the option to opt for zero dep was not available on my car. Anybody has any idea why this discrepancy? Is policybazaar getting better deals from the companies than what they offer generally?

Now I have made some comparisons and shortlisted the following options-
1. Maruti Insurance- IDV 269200, no zero dep. Premium- 5924/-
2. Maruti insurance- IDV 297000, no zero dep. Premium- 6245/-
3. Royal Sundaram- IDV 367500 (default value from their website), no zero dep. Premium- 6694/-
4. HDFC Ergo (through policybazaar)- IDV 297000, zero dep. Premium- 9529/-
5. TATA AIG(through policybazaar)- IDV 297000, zero dep and some other add ons. Premium- 11638/- Without these other addons but with zero dep- Premium would be around 11100/-

I think above options cover all my confusions, so tell which one should I opt for? I have a little tilt towards zero dep. Will it not be a value for money option as FAQs on some websites tell that for vehicles older that 5 years, its not advisable. I will be shelling out around 3500/- for the zero dep add on only.

Advise.
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Old 16th February 2017, 19:14   #3746
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ontheway View Post
Hello everyone, need a little guidance.
I am a new member of this forum so kindly pardon me if I make some errors.
I have Swift VDi 2012 model whose insurance is due in March, 2017. As most of us Maruti owners do, I continued with Maruti Insurance during all these years without any hassle. By god's grace, had no claims till now. Whatever IDV was offered, I accepted. But recently one of my relative's car was stolen and then the whole IDV thing came into play. He had Hyundai Xing which was almost 10 years old but he had taken insurance with IDV of Rs. 2 lac, whereas actual IDV must have been below Rs. 1 Lac. His claim is still pending, so whether the insurance company honors it or not is yet to be seen.
Also, I read in one other thread that in case of Total Loss or serious damage, 75% of IDV is seen to decide about repairing the car or not.
So I think that having a reasonable IDV while renewing the policy doesn't hurt provided we keep a balance between current market value of our cars and increase in premiums to be paid.
Now another thing to consider is Zero Depreciation coverage. I got to understand from other posts and normal conversations that companies generally don't offer this on cars older than 5 Years. But I was happy to see while checking on policybazaar that some companies are still offering it on my now 5 years old car. But when I checked on individual insurance providers' website, the option to opt for zero dep was not available on my car. Anybody has any idea why this discrepancy? Is policybazaar getting better deals from the companies than what they offer generally?
I think above options cover all my confusions, so tell which one should I opt for? I have a little tilt towards zero dep. Will it not be a value for money option as FAQs on some websites tell that for vehicles older that 5 years, its not advisable. I will be shelling out around 3500/- for the zero dep add on only.

Advise.
Based on my knowledge, its difficult to get zero depreciation insurance for cars > 4 years. But some newbie companies are giving for gaining market share, not sure though.

About IDV: http://www.turtlemint.com/blog/under...ehicle-damage/
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Old 20th February 2017, 00:37   #3747
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Based on my knowledge, its difficult to get zero depreciation insurance for cars > 4 years. But some newbie companies are giving for gaining market share, not sure though.
Sir, New India insurance is giving zero dep cover for upto 7 years old cars as is TATA AIG. Confirmed this from their website and customer care.

New India Assurance is having a special scheme for CAs among others, where they are offering flat 65% NCB on all private car insurances. It drastically brings down the insurance amount. Planning to avail of this scheme of theirs.
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Old 25th February 2017, 22:18   #3748
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Dear all,

Require some inputs so that I can finalize the insurance. I have booked the Kwid 1.0L and showroom have the insurance (0 dep) amount mentioned as 19292. This I understand is on the higher side.

I checked at the policybazar and coverforx, and HDFC ERGO is giving me Zero Dep at 10801 at both the sites. I communicated the same amount to the dealership and they have asked me to provide the quotation and they have assured matching the same amount and features. Now how to get a quote from the HDFC ERGO? Is there any process to be followed for this? What are the tricky questions I should be aware of and how to answer those? All guidance are wholeheartedly accepted.

Last edited by Majumdarda : 25th February 2017 at 22:23.
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Old 25th February 2017, 22:21   #3749
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Why do you have to involve the showroom? Get it directly from HDFC ERGO.
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Old 25th February 2017, 22:36   #3750
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What's the difference between taking insurance from the car showroom and from taking it from outside? What are also the advantages and disadvantages of taking an insurance policy from outside as opposed to one from the car showroom? It's said the car showroom makes bigger margins from insurance policies than from selling cars: is it true?
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