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Old 10th November 2009, 17:17   #541
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Now this is where I am confused. IDV as per my understanding is the value of the car I would get when there is total loss. If some insurance company is ready to give me more (on total loss) for a slight higher premium, shouldn't I consider it?

And how come IDVs are different for different insurance companies? If I ask for quote for lower IDV, I am sure the premium will be lower, but won't the purpose of taking the insurance is defeated in the first place?

Or is the IDV low, because it is Fiat car
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Old 10th November 2009, 17:58   #542
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Now this is where I am confused. IDV as per my understanding is the value of the car I would get when there is total loss. If some insurance company is ready to give me more (on total loss) for a slight higher premium, shouldn't I consider it?

And how come IDVs are different for different insurance companies? If I ask for quote for lower IDV, I am sure the premium will be lower, but won't the purpose of taking the insurance is defeated in the first place?

Or is the IDV low, because it is Fiat car
IDV mean's Insured (Which is you) Declared Value and not the value which is given by insurance company. They give you the value so that their job becomes easy but they can't stress on there value.

If you sell your car in the market today what will be the amount which you will be getting in the market? - That is the value on which the insurance has to be taken.

Normally you have to reduce the car value every year by 10% to 20% from last year. - This is the best way to calculate the IDV.
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Old 10th November 2009, 19:24   #543
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thanks a lot RJ, will keep the documents ready. will it be okay if i go to the RTO myself and get the intimation report or shall i hand over that job to some agent? is it a painful process?
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Old 10th November 2009, 19:25   #544
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I am getting the feeling that Royal Sundaram is valuing the car very low. And I have to admit that I have been ignorant about this and didn't care much about it.
Hmmm... I got that feeling too! The difference between Royal Sundaram -Maruti insurance and Bajaj Allianz IDV is about Rs. 40,000! RS Maruti says that its not possible to change the IDV by even a rupee. Bajaj says its possible... but even the calculation according to their chart says the IDV is higher than RS by approx 40,000! So wouldn't going with Bajaj be better for me?

Whats more, RS seem to really funny... called them three times to get a quote directly (instead of going thru MASS, like I did last time)... and three times they said they would call me back and did not! I'v given up on them. On the other hand the MASS keeps calling me to ask if they can send someone to renew the current policy...

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Originally Posted by rjvora_2000 View Post
If you sell your car in the market today what will be the amount which you will be getting in the market? - That is the value on which the insurance has to be taken.
But its not like this has a fixed value??! Just see the latest eg. of one of my bikes - couple of 2 wheeler dealers were ready to offer me 8 and 12 k respectively. Somebody has even offered me 22.5 k. Other offers were between these two extremes. So which is the correct market value? Seems impossible to put a fixed figure on it.

Even for a car, the resale value would vary for cars made in the same year, depending on their condition, maintenance, appearance, etc., etc... so who will judge the right value?
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Old 11th November 2009, 08:21   #545
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Originally Posted by rjvora_2000 View Post

If you sell your car in the market today what will be the amount which you will be getting in the market? - That is the value on which the insurance has to be taken.
Therefore IDV is the value of the car (in case I decide to sell). Then it is better to ask for a quote for around 120k or 130k considering the resale value of Palio.

Suppose I have declared the value of the car as say 190k, upon total loss will the insurance company pay 190k or will their stand be - Palio has a low resale value, we will pay only 120k? I am asking this just to understand how this works.
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Old 11th November 2009, 09:15   #546
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thanks a lot RJ, will keep the documents ready. will it be okay if i go to the RTO myself and get the intimation report or shall i hand over that job to some agent? is it a painful process?
Not at all. You also can do it its very easy.

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Originally Posted by Raccoon View Post
1. RS Maruti says that its not possible to change the IDV by even a rupee.
2. Bajaj says its possible... but even the calculation according to their chart says the IDV is higher than RS by approx 40,000!
3. Called them three times to get a quote directly (instead of going thru MASS, like I did last time)... and three times they said they would call me back and did not! I'v given up on them.
4. On the other hand the MASS keeps calling me to ask if they can send someone to renew the current policy...
5. But its not like this has a fixed value??! Just see the latest eg. of one of my bikes - couple of 2 wheeler dealers were ready to offer me 8 and 12 k respectively. Somebody has even offered me 22.5 k. Other offers were between these two extremes. So which is the correct market value? Seems impossible to put a fixed figure on it.
6. Even for a car, the resale value would vary for cars made in the same year, depending on their condition, maintenance, appearance, etc., etc... so who will judge the right value?
I would like to give you reply point by point...
1. Ask RS Maruti to give you this in writing, which they will not as I told the meaning of IDV in my last reply.
2. Insurance company and dealers have the fix chart but if you tell them to give quote on different figure they have to give you the same.
3. Lack of infrastructure in the company.
4. Hungry for business.
5. It's not possible to fix the value sirji as the difference between good driver and the bad driver will always be there. Same make, model, Y.O.M., Type car also can not have same value after three years as the condition of that car will be different from each other.
6. There are valuer's in the market who can do that but they charge lot of money and does there job.

Still I would say that it's very easy please don't complicate this job of calculating the IDV.

Reduce the premium by 10% to 20% every year. If you have bought the secondhand car then how much you have paid to the seller should be the IDV of the car.
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Old 11th November 2009, 09:33   #547
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Originally Posted by TracerBullet View Post
Therefore IDV is the value of the car (in case I decide to sell). Then it is better to ask for a quote for around 120k or 130k considering the resale value of Palio.

Suppose I have declared the value of the car as say 190k, upon total loss will the insurance company pay 190k or will their stand be - Palio has a low resale value, we will pay only 120k? I am asking this just to understand how this works.
Lets say you have taken the value 190k and there is a total loss tomorrow and insurance company does any kind of harassment with you for the payment of the claim. You can go to insurance ombudsmen and they will give the ruling in your favor only as if insurance company has any problem in the IDV they have to tell you at the time of giving you the policy and not at the time of paying the losses. But I will ask you that how many people will go to court of law for there problems. - Its better that don't go for much higher value then the market.
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Old 11th November 2009, 16:28   #548
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Default No claim bonus is tranferable?

My ford ikon is celebrating his 5th b day next month.my current insurance is from Oriental insurance and im having no claim bonus .If i transfer my insurance to reliance and can i get my no claim bonus for the current year.Experts please help me
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Old 11th November 2009, 17:10   #549
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My ford ikon is celebrating his 5th b day next month.my current insurance is from Oriental insurance and im having no claim bonus .If i transfer my insurance to reliance and can i get my no claim bonus for the current year.Experts please help me
Don't go for reliance. Worst company as far as claims are concern, Only quotes are the best from this company.
Ncb is transferable if you change the insurance company.
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Old 16th November 2009, 09:59   #551
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Default Insurance coverage for my wife to drive

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Originally Posted by rjvora_2000 View Post

Un-name P.A. logic, why 5 persons?: -

Eg. I have the car in my name and if I am driving that car then I need to have the owner driver p.a. cover but if I have a paid driver then I need to take paid driver p.a. - This two things is same.

Then what is the need for 5 person p.a.?

Eg. If I am not driving the car and I give my car to my friend and they are 5 people in the car. Now he is not my paid driver or he is not the owner also. that's why we need to take the premium as 5 people UN-NAME.

One can go up to Rs. 200000 for Rs. 100 per person.
I've just booked an i20 and expecting to take delivery in 3 or 4 weeks - and I'm validating the insurance quotes currently. The i20 might be driven by my wife also now & then. In this scenario, if I take an insurnace with Unnamed Personal Accident coverage of 2L for 5 Passengers -- will the overall insurance coverage cover the instances even when my wife is driving the car, irrespective of whether I'm a passenger at that time or not? (ie, irrespective of whether its me or my wife driving our car, will the insurance provide same & adequate coverage?) Or should any other options be selected?

----------
Booked my i20 Asta 1.2 Berry Red
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Old 16th November 2009, 15:29   #552
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Will the overall insurance coverage cover the instances even when my wife is driving the car, irrespective of whether I'm a passenger at that time or not?
Yes it will cover your wife and four more people in the car.
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Old 16th November 2009, 15:43   #553
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13. Welcome to Future Generali India General Insurance Company
14. Welcome to Universal Sompo
15. Shriram General Insurance
16. Bharti AXA General Insurance

All this insurance companies deals in motor insurance in India. I hope this link's will be helpful to all my friends on T-Bhp. There are few more general insurance companies also but they are not doing motor insurance so I have not posted there link here.

Thank you guys for calling and talking to me on my cell, as always I will be happy to help all of you but request you to post me your queries on this website so that lot of other people also can benefit out of that.

Just an info : - We crossed 550 replies on this thread and we are nearing to finish one year on this month end on 27th. I hope all of you are enjoying being here.
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Old 16th November 2009, 15:45   #554
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Need some help here. I have booked a Ritz Zxi and dealer is quoting 139xx/- for insurance from Maruti Insurance (Royal Sundaram actually). Bajaj allianz is quoting 115xx/- on policybazar.com

Should I get the insurance from outside? How do I find out what all things are covered in insurance? Dealer says, you won't get cashless service if you take insurance from outside.
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Old 16th November 2009, 15:55   #555
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Need some help here. I have booked a Ritz Zxi and dealer is quoting 139xx/- for insurance from Maruti Insurance (Royal Sundaram actually). Bajaj allianz is quoting 115xx/- on policybazar.com

Should I get the insurance from outside? How do I find out what all things are covered in insurance? Dealer says, you won't get cashless service if you take insurance from outside.
You should get your insurance from out side and get more better deal as the premium on policy bazar is also HIGH. Tell your dealer you will not buy car from him if he doesn't allow to buy an insurance from outside or if he doesn't give you cashless.
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