Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 18th April 2017, 08:52   #3796
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,997
Thanked: 2,008 Times
Smile Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by JMaruru View Post
This is a day time loot from Maruti and their dealers!
This is clearly arm twisting tactic by the Maruti dealers. You should bring this out to MS management, post on their official FB pages and other social networking sites. Parallely write to IRDA also. Atleast someone might benefit from your attempts.

Quote:
Originally Posted by earthian View Post
I received this today and i was curious to understand whether what was promised has been delivered or not:
All the add on covers opted in the said package are being charged to you as per the invoice. Have you received the wordings of the add on covers too, suggest you go through them to understand the T&C.

Is this a new car insurance?

The premium is quite hefty one.
ghodlur is offline   (1) Thanks Reply With Quote
Old 18th April 2017, 09:10   #3797
BHPian
 
Join Date: Mar 2010
Location: Bangalore
Posts: 392
Thanked: 152 Times
Default Re: Automobile Insurance Queries? Ask me

Just a heads up, IRDA has renewed third party premium rates. New premium rates are little less than what was published earlier. I am attaching you file with new premium rates downloaded from IRDA site at this link.
Motor.pdf

Last edited by RaguHolla : 18th April 2017 at 09:11.
RaguHolla is offline   (1) Thanks Reply With Quote
Old 18th April 2017, 11:37   #3798
BHPian
 
earthian's Avatar
 
Join Date: Jan 2016
Location: Ahmedabad
Posts: 326
Thanked: 662 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post

Is this a new car insurance?

The premium is quite hefty one.
Thank you for responding.

How is the premium calculated? From the insurance company point of view?
What would be the break even figure?
earthian is offline   Reply With Quote
Old 18th April 2017, 12:44   #3799
Senior - BHPian
 
r_nairtvm's Avatar
 
Join Date: Feb 2009
Location: Dubai/TRV/BLR
Posts: 1,715
Thanked: 1,518 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Is this a new car insurance?

The premium is quite hefty one.
Why are you shocked may I ask ? Are you talking about the premium for the "add on covers"

The OD sum Insured is INR 58,00,000/- that makes it an OD premium rate of about 1.37% (OD Prem: 79,814)

Aren't rates in that range - 1.15 to 1.45% usually (after the so called de-tariff discount) for private cars ?

On cost of "add on covers" no comments.

Best Regards & Drive Safe

Ram
r_nairtvm is offline   (1) Thanks Reply With Quote
Old 18th April 2017, 13:35   #3800
Senior - BHPian
 
dass's Avatar
 
Join Date: May 2008
Location: Bangalore
Posts: 1,052
Thanked: 434 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by RaguHolla View Post
New premium rates are little less than what was published earlier.
I saw this news in the papers today. What it doesn't mention though is what about people who have already brought/renewed their insurance between the 1st and 18th of April. The reduction is quite less as well.

IRDA brought this because there were lots of claims and was leading to losses for the insurance companies. What about the losses to the general public who do not make any claims? There should be a mechanism for refund of certain amount of the TP premium if no claim has been made.
dass is offline   Reply With Quote
Old 18th April 2017, 14:48   #3801
BHPian
 
Pancham's Avatar
 
Join Date: Dec 2009
Location: Kolkata
Posts: 836
Thanked: 125 Times
Default Re: Automobile Insurance Queries? Ask me

Guys I am really frustrated with the amount of insurance premium I have to pay every year. It just keeps on increasing every single year. My insurance is with TATA AIG and I paid a premium of INR (IDV: INR 3,15,000) 11,990 last year.

In spite of having accumulated NCB of 2 years, this year's premium is more INR 12,500. I have been trying to obtain the break up of the amount as i want to compare the components. I asked the TATA AIG guy who called me for renewal to send me the break-up but he did not. The standard reason that they give is "Sir, 3rd party insurance has become expensive".

Any way out. Please suggest.

Car: Hyundai i20
Year: 2011

Note: The insurance policy includes zero depreciation clause.

Last edited by Pancham : 18th April 2017 at 14:49.
Pancham is offline   Reply With Quote
Old 18th April 2017, 15:10   #3802
Senior - BHPian
 
libranof1987's Avatar
 
Join Date: Sep 2010
Location: All over!
Posts: 3,681
Thanked: 2,724 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Pancham View Post
Guys I am really frustrated with the amount of insurance premium I have to pay every year. It just keeps on increasing every single year. My insurance is with TATA AIG and I paid a premium of INR (IDV: INR 3,15,000) 11,990 last year.
Very surprising that your premium is going up every year, despite not having claims.

One reason could be selecting a higher IDV than the system recommended, which raises the premium.

Another could be, selecting more services (roadsite assistance, key replacement etc.)

Try websites such as policybazaar or another vendor.
libranof1987 is offline   Reply With Quote
Old 19th April 2017, 10:58   #3803
BHPian
 
drsingh's Avatar
 
Join Date: Mar 2011
Location: Ludhiana
Posts: 673
Thanked: 457 Times
Default Re: Automobile Insurance Queries? Ask me

So I did convince the Maruti guys to give me a quotation without insurance. The manager still insists that I am wrong and that we cannot buy liability only insurance for a new car. I am unable to find anything online regarding this. I need help from you guys to figure it out.
drsingh is offline   Reply With Quote
Old 19th April 2017, 12:26   #3804
BHPian
 
Join Date: Sep 2013
Location: Canada / B'lore
Posts: 257
Thanked: 478 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by dass View Post
I saw this news in the papers today. What it doesn't mention though is what about people who have already brought/renewed their insurance between the 1st and 18th of April. The reduction is quite less as well. *SNIP*
Well, I renewed my policy the day before this announcement and paid the premium too. The policy is in effect only from May 6th though.

So, I emailed VW about this notification, and they said they have forwarded this to Bharti-Axa and will let mw know once they respond.

I honestly do not have any hope that my premium would come down, however insignificantly, but I am curious to see how they handle this.

Cheers
tilt is offline   Reply With Quote
Old 19th April 2017, 13:54   #3805
BHPian
 
Majumdarda's Avatar
 
Join Date: Sep 2013
Location: Pune
Posts: 713
Thanked: 408 Times
Infractions: 0/1 (5)
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by drsingh View Post
So I did convince the Maruti guys to give me a quotation without insurance. The manager still insists that I am wrong and that we cannot buy liability only insurance for a new car. I am unable to find anything online regarding this. I need help from you guys to figure it out.
For my car purchase purchase from the Renault, below is what I did with regards to the insurance.
  1. I asked the sales executive to share the quotation details, which will also have the insurance quote.
  2. Now approach any site, like policybazaar etc and get the quotation for your desired car, with the particular variant.
  3. Compare the rate quotes between the insurance company and the dealer. Chances are that your dealer is quoting you a higher rate.
  4. Ask the dealer if he can match the rates else take the one from the insurance company.
  5. To perform the actual insurance, you need the Engine and Chassis number from the dealer. He should be able to provide the same to you after you have paid the booking amount (plus a few days more to process the request)
  6. Once you get the soft copy of the insurance, have it delivered to the dealership via email, so that they can perform the RTO registration.

A word of caution : Please demand official email from the dealership which clearly shows that the car has been allocated to your name and verify the Engine and Chassis numbers. For the number (while performing the insurance) you can enter NEW. Also, please select the insurance company from the policy bazaar webpage, but perform the insurance from the respective company's official site. There are two reasons for that (though during mine, I was only aware of the former) :-
  • The webpage of policy bazaar had a higher quote than the insurance company for the same set of options.
  • Later I read, that there are differences in clauses as well between the sites advertising the insurance policies and respective insurance companies.

This is how I performed the insurance of my new car and saved a good amount (bypassing the dealership).

Likewise, you can you also perform the self registration at RTO and end up saving at least 10K there.
Majumdarda is offline   (2) Thanks Reply With Quote
Old 19th April 2017, 15:51   #3806
BHPian
 
Pancham's Avatar
 
Join Date: Dec 2009
Location: Kolkata
Posts: 836
Thanked: 125 Times
Default

Quote:
Originally Posted by libranof1987 View Post
Very surprising that your premium is going up every year, despite not having claims.
========
Try websites such as policybazaar or another vendor.

Let me check after reducing the IDV although I doubt it would make a big difference.

Cab any one please confirm if I can avail zero depreciation policies since my car is a 2011 model. I had zero depreciation last though but the policy bazaar guy said I cannot since my car is more than 5 years old.

Last edited by khan_sultan : 28th April 2017 at 09:39. Reason: Edited quoted post for better readability
Pancham is offline   Reply With Quote
Old 19th April 2017, 15:58   #3807
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,997
Thanked: 2,008 Times
Smile Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Pancham View Post
Cab any one please confirm if I can avail zero depreciation policies since my car is a 2011 model. I had zero depreciation last though but the policy bazaar guy said I cannot since my car is more than 5 years old.
If you have a good no claim record through out your ownership, the existing Insurer might extend the zero depreciation add on cover provision to you during the renewals. But generally most of the Insurance cos offer the add on cover till 5 years of ownership only. Few are known to offer till 7 years too.
ghodlur is offline   Reply With Quote
Old 20th April 2017, 00:26   #3808
BHPian
 
Pancham's Avatar
 
Join Date: Dec 2009
Location: Kolkata
Posts: 836
Thanked: 125 Times
Default

Quote:
Originally Posted by ghodlur View Post
If you have a good no claim record through out your ownership, the existing Insurer might extend the zero depreciation add on cover provision to you during the renewals. But generally most of the Insurance cos offer the add on cover till 5 years of ownership only. Few are known to offer till 7 years too.

But the policy bazaar guy said it's as per the IRDA rules that you can avail zero depreciation policy with a car more than 5 years old. What about that??
Pancham is offline   Reply With Quote
Old 22nd April 2017, 10:55   #3809
BHPian
 
Pancham's Avatar
 
Join Date: Dec 2009
Location: Kolkata
Posts: 836
Thanked: 125 Times
Default

Guys any idea of the above? I need some suggestions to renew my insurance.
Pancham is offline   Reply With Quote
Old 23rd April 2017, 08:50   #3810
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,997
Thanked: 2,008 Times
Smile Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Pancham View Post
But the policy bazaar guy said it's as per the IRDA rules that you can avail zero depreciation policy with a car more than 5 years old. What about that??
IRDA has not set any rules about zero dep add on cover to be provided for car with ownership of not more than 5 yrs. It is upto the Insurance co to provide the same. Have you communicated to Policy bazaar to provide any document to substantiate their statement.

PS: Pls use policy bazaar only for comparison of premium quote, I would suggest to buy from the Insurance co official website.
ghodlur is offline   (1) Thanks Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Health insurance queries? Ask me! Haste Shifting gears 373 14th November 2017 20:55
Queries in 'Ask the gurus' section rocksterraghu In-Car Entertainment 769 14th November 2017 11:37
Automobile Insurance - FAQ rjvora_2000 Indian Car Loans & Insurance 71 28th October 2015 18:28
P-150 classic for sale .What can i ask for jango Motorbikes 1 31st March 2006 12:51


All times are GMT +5.5. The time now is 03:17.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks