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


Reply
 
Thread Tools Search this Thread
Old 21st May 2017, 14:51   #3826
BHPian
 
Arjun Reddy's Avatar
 
Join Date: Jun 2013
Location: Bangalore
Posts: 741
Thanked: 804 Times
Default Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Nonstop-driver View Post
My 2 month old Creta got rear ended today. The rear bumper will probably need a replacement. My SA told it costs about 7000 with paint and all. I've a zero dep policy. Would it be advisable to forgo future NCB and claim insurance now?

Generally I'm a very safe driver and haven't claimed insurance in previous car in 6 years of ownership I've had with it.

My advise is to pay for this from your pocket as it's a minor replacement. The car is still in its first year. If you claim now you may end up losing a lot more money in NCB over the next 5/6 years.
Arjun Reddy is online now   Reply With Quote
Old 21st May 2017, 16:25   #3827
Senior - BHPian
 
hserus's Avatar
 
Join Date: Sep 2014
Location: Chennai
Posts: 1,695
Thanked: 1,640 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Arjun Reddy View Post
My advise is to pay for this from your pocket as it's a minor replacement. The car is still in its first year. If you claim now you may end up losing a lot more money in NCB over the next 5/6 years.
It may be a few thousand cheaper if you find a good local garage and get the bumper tinkered rather than having it replaced.
hserus is offline   Reply With Quote
Old 21st May 2017, 16:43   #3828
Senior - BHPian
 
aravind.anand's Avatar
 
Join Date: Apr 2011
Location: Chennai
Posts: 1,310
Thanked: 1,539 Times
Default Re: Automobile Insurance Queries? Ask me

I have a 2012 registered Fiesta, for which I paid about 14,800 for insurance to IFFCO-Tokio and got it renewed. I have a NCB of 50% and haven't made a claim ever. Now, if I go and make a claim this year, will my NCB go to zero, and start accumulating slowly from there? or would it go to 40% for my next renewal?
aravind.anand is offline   Reply With Quote
Old 21st May 2017, 16:51   #3829
BHPian
 
Join Date: Feb 2017
Location: KA 18/KA 02
Posts: 388
Thanked: 856 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by hserus View Post
It may be a few thousand cheaper if you find a good local garage and get the bumper tinkered rather than having it replaced.
Going by the pictures posted here, complete replacement seems to be the only option.

@Nonstop-driver, if the value of NCB loss exceeds the cost of repair, get the damage mended with your own funds and vice versa.

OT: Hurts to see the shattered bumper.

Quote:
Originally Posted by aravind.anand View Post
..would it go to 40% for my next renewal?
The post claim NCB will be zero.

On the brighter side, since you have already reached 50%, next year's premium would not have been subsidized further even without the proposed claim, as the maximum NCB is 50%. .

Last edited by dailydriver : 21st May 2017 at 17:00. Reason: More info added
dailydriver is offline   (1) Thanks Reply With Quote
Old 21st May 2017, 17:16   #3830
BHPian
 
handsofsteel's Avatar
 
Join Date: Jun 2009
Location: mumbai
Posts: 197
Thanked: 125 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Nonstop-driver View Post
My 2 month old Creta got rear ended today. The rear bumper will probably need a replacement. My SA told it costs about 7000 with paint and all. I've a zero dep policy. Would it be advisable to forgo future NCB and claim insurance now?

Generally I'm a very safe driver and haven't claimed insurance in previous car in 6 years of ownership I've had with it.
Had a doubt on similar lines. What would be the depreciation hit on the bumper if the vehicle is less than a year old? Even if it's not a zero dep policy. (as to my understanding, depreciation on plastics is zero till 6 months)
handsofsteel is offline   Reply With Quote
Old 21st May 2017, 20:34   #3831
BHPian
 
Nonstop-driver's Avatar
 
Join Date: Jun 2011
Location: Noida
Posts: 395
Thanked: 358 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Arjun Reddy View Post
My advise is to pay for this from your pocket as it's a minor replacement. The car is still in its first year. If you claim now you may end up losing a lot more money in NCB over the next 5/6 years.
That's what I want to understand. Won't the NCB start accumulating from 3rd year onward if I don't make a claim in the 2nd year?

Quote:
Originally Posted by hserus View Post
It may be a few thousand cheaper if you find a good local garage and get the bumper tinkered rather than having it replaced.
Quote:
Originally Posted by dailydriver View Post
Going by the pictures posted here, complete replacement seems to be the only option.

@Nonstop-driver, if the value of NCB loss exceeds the cost of repair, get the damage mended with your own funds and vice versa.

OT: Hurts to see the shattered bumper.
Hserus, not an option for me; Dailydriver, thanks for cross posting. Besides 2 parking sensors will need replacement too and some work on the boot door.

Quote:
Originally Posted by handsofsteel View Post
Had a doubt on similar lines. What would be the depreciation hit on the bumper if the vehicle is less than a year old? Even if it's not a zero dep policy. (as to my understanding, depreciation on plastics is zero till 6 months)
How does this work? Depreciation hit means next year the IDV will be lower than maximum possible IDV? Current IDV is 95% of the cost of a new vehicle.
Nonstop-driver is offline   Reply With Quote
Old 21st May 2017, 21:51   #3832
BHPian
 
handsofsteel's Avatar
 
Join Date: Jun 2009
Location: mumbai
Posts: 197
Thanked: 125 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Nonstop-driver View Post
That's what I want to understand. Won't the NCB start accumulating from 3rd year onward if I don't make a claim in the 2nd year?

How does this work? Depreciation hit means next year the IDV will be lower than maximum possible IDV? Current IDV is 95% of the cost of a new vehicle.
Yes, it will start accumulating the year you do not make a claim.

What I meant by a depreciation hit was in the bill to be footed. On plastics and glass etc, only 50% of the book is paid due to depreciation (that's where a zero dep policy comes in). My doubt arose as I was told recently that in case of bumper damage within the first year ( in case of some policies, 6 months), there's no depreciation as that starts only after a certain period. Gurus may kindly clarify.
handsofsteel is offline   Reply With Quote
Old 22nd May 2017, 12:34   #3833
BHPian
 
Nonstop-driver's Avatar
 
Join Date: Jun 2011
Location: Noida
Posts: 395
Thanked: 358 Times
Default Re: Automobile Insurance Queries? Ask me

Met the SA and ordered the visibly damaged parts, although the survey is pending. Apparently, the dicky cannot be repaired so that will be replaced too. Makes sense to claim insurance then. SA also felt that there is no structural damage.

Also learnt from someone that some insurance companies offer upto 90% discount on own damage part of the insurance premium to chartered accountants. In that case, NCB becomes irrelevant for me since that is also calculated on own damage part (correct me if I'm wrong).

Quote:
Originally Posted by handsofsteel View Post
What I meant by a depreciation hit was in the bill to be footed. On plastics and glass etc, only 50% of the book is paid due to depreciation (that's where a zero dep policy comes in). My doubt arose as I was told recently that in case of bumper damage within the first year ( in case of some policies, 6 months), there's no depreciation as that starts only after a certain period. Gurus may kindly clarify.
I've a New India Zero Dep policy. It's a 2month old vehicle. SA confirmed that there will no depreciation and I'll be paying the minimum amount (2500) that is payable in case of any claim.
Nonstop-driver is offline   Reply With Quote
Old 22nd May 2017, 12:42   #3834
BHPian
 
Pancham's Avatar
 
Join Date: Dec 2009
Location: Kolkata
Posts: 831
Thanked: 124 Times
Default

Quote:
Originally Posted by Nonstop-driver View Post

I've a New India Zero Dep policy. It's a 2month old vehicle. SA confirmed that there will no depreciation and I'll be paying the minimum amount (2500) that is payable in case of any claim.

It's a zero depreciation policy so it doesn't matter if it's a 2 month or 2 years. You will have to pay the minimum amount only.
Pancham is offline   Reply With Quote
Old 23rd May 2017, 10:38   #3835
BHPian
 
centaur's Avatar
 
Join Date: May 2009
Location: --
Posts: 627
Thanked: 657 Times
Default Re: Automobile Insurance Queries? Ask me

Can an insurance provider reject a claim because the address on the RC and insurance do not match? Owner is the same, vehicle is the same. Just the address is different. Any pointers would help
centaur is offline   Reply With Quote
Old 24th May 2017, 13:38   #3836
BHPian
 
centaur's Avatar
 
Join Date: May 2009
Location: --
Posts: 627
Thanked: 657 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by centaur View Post
Can an insurance provider reject a claim because the address on the RC and insurance do not match? Owner is the same, vehicle is the same. Just the address is different. Any pointers would help
Any help guys?
centaur is offline   Reply With Quote
Old 25th May 2017, 03:41   #3837
BHPian
 
Join Date: Sep 2016
Location: Bangalore
Posts: 45
Thanked: 39 Times
Default

Hello guys, I have a query regarding the different IDVs I am getting while trying to renew the insurance. The vehicle in question is a Eon 1.0 and this is the 2nd year insurance renewal.

The 1st year IDV was 3.13L. (Yeah it was a bit stupid of me to not check the insurance the dealer was giving me.)
This year I am getting an IDV 3L from Hyundai insurance renewal team.
From online renewals, the IDV ranges between 3.4 - 3.8L.
I am a bit confused here since I am not sure which value to go with. The Hyundai team keeps on saying that IDV baseline for the 2nd year renewal should be the 1st year's IDV. They are also saying things like claims can get rejected if 2nd year IDV is greater than 1st year IDV. Is this true?

Should I go with the IDV given by Hyundai team or should I go with the ones I am getting online? I am a little confused here.
Can anyone recommend any good agent in Bangalore for insurance renewal, please?

Thanks in advance.
A.

Quote:
Originally Posted by centaur View Post
Any help guys?
Ideally they should not.
My RC is registered to a different address than where I am currently staying.
I had a claim for an accident that happened after I changed house.
The surveyor didn't ask anything about different addresses or anything. Claim was approved.

Hope this helps.
A.

Last edited by Gannu_1 : 25th May 2017 at 08:52. Reason: Back to back posts merged. Please edit the previous post within the 30 minute window to add more contents to it. Thanks!
ayankm is offline   (1) Thanks Reply With Quote
Old 25th May 2017, 12:44   #3838
Senior - BHPian
 
Join Date: Dec 2007
Location: Dubai
Posts: 3,854
Thanked: 123 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by centaur View Post
Can an insurance provider reject a claim because the address on the RC and insurance do not match? Owner is the same, vehicle is the same. Just the address is different. Any pointers would help
It does not matter. strange that such an excuse has been given, of all the things they could think of.

So, as per them, what should people staying at rented placed do?
HappyWheels is offline   (1) Thanks Reply With Quote
Old 29th May 2017, 08:12   #3839
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,924
Thanked: 1,912 Times
Smile Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by centaur View Post
Can an insurance provider reject a claim because the address on the RC and insurance do not match? Owner is the same, vehicle is the same. Just the address is different. Any pointers would help
Although they might not reject the claim but definitely would want to know the reason for the different addresses. If there is a genuine reason, then the claim will be approved.
But it would be a good practice to notify the Insurance co of the change of address.

Quote:
Originally Posted by ayankm View Post
Should I go with the IDV given by Hyundai team or should I go with the ones I am getting online? I am a little confused here.
If there is a confusion of knowing the correct IDV, then the below calculation to be used:
Ex showroom rate of the model/variant times the depreciation in % depending on the years of ownership.

Why depend on the agent when you can buy the Insurance online?
ghodlur is offline   (1) Thanks Reply With Quote
Old 29th May 2017, 10:08   #3840
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 4,924
Thanked: 1,912 Times
Smile Re: Automobile Insurance Queries? Ask me

I renewed the insurance for my Punto's 5th year from HDFC Ergo. The total premium came to 12390/- for an IDV of 445500/- including zero depreciation add on cover and 35% NCB. HDFC Ergo has a cashless tie up with FIAT workshop in Thane which is closest to my place. They do have cashless tie up with other FASS too for Mumbai/Navi Mumbai region. The buying experience has been smooth, good and fast. Instant policy (soft copy) issued. The chat with the representative was also good and answered most of my queries. However HDFC did not offer me the anti theft device discount (some Rs 300/-), as per them they don't offer discounts. Mentioned the same in the feedback form. The policy did not mention anything on the zero dep add on cover T&C, wrote to them and they promptly sent me the T&C.

Before zeroing on HDFC, checked out various Insurance websites and comparator websites. The present Insurer Future Generali did not even bother to send a renewal intimation. Upon writing to them, they offered only comprehensive coverage without zero dep add on cover as according to them the car is more than 5 yrs old( mfg -2012 and registered - 2013). They refused zero dep add on. In fact most of the websites - Comparator + official Insurance, do calculate the years of ownership from the date of manufacture rather than date of registration and hence refuse the zero dep add on which I feel in excessive. HDFC was the only one which offered zero dep add on based on registration date plus they allowed me to choose the correct IDV, hence opted for them.

All in all, hope the move to HDFC Ergo is a good one. As per the FASS, they are pretty quick in claim processing and are non fussy too.
ghodlur is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Queries in 'Ask the gurus' section rocksterraghu In-Car Entertainment 738 30th July 2017 23:45
Health insurance queries? Ask me! Haste Shifting gears 359 6th July 2017 14:43
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 19:04.

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