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Old 22nd December 2009, 16:53   #676
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Can someone explain the term "Voluntary Excess" mentioned in insurance policies ??
Is it good or bad to have them in a policy ??
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Old 22nd December 2009, 17:13   #677
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Originally Posted by INDIAN_VAGABOND View Post
Can someone explain the term "Voluntary Excess" mentioned in insurance policies ??
Is it good or bad to have them in a policy ??
IV,

Excess as you know is the amount that is deducted from the total claim amount payable at the time of settlement of insurance claims.

Based on the class of vehicles, there is certain fixed excess/deductible on all comprehensive insurance policies. For example let us say for a Private Car of less than 1000 cc the deductible is INR 1,000.00. This is the Compulsory Deductible/Excess

This meanse that you will get any compensation from insurance policy only if your total claim is in excess of INR 1,000.00 or you can make a claim only if your estimated loss is in excess of INR 1,000.00

Now when you buy the insurance for such a vehicle you can make an offer (Volunteer) to the Insurance company that (for Example) you will claim only for such losses where the actuals expences exceed INR 2,500.00. In other words you won't make a claim if the claim/estimate is below INR 2,500.00. This is the Voluntary deductible/Excess

In this case the Voluntary Deductible is INR 1,500.00 (2,500 - 1,000)

As per Indian Motor Tariff there are certain discounts (from the Own Damage Premium) available (at least in the days of Nationalised companies only) for the Voluntary Discounts.

Depending on your finacial resources you can decide the Voluntary Excess based on some table fixed as a percentage of a claim, usually.

You can not really say if it is good to have the Voluntary Excess on the policy or not. If you have VE you pay less premium but will be out of pocket more if you have a claim.

Hope you are confused enough now

Best Regards & Drive/Ride Safe

Ram
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Old 22nd December 2009, 17:22   #678
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Had a query. I had a small accident about a month back in which the front bumper was damaged. I got it replaced through insurance. The claim process was not Cashless so i had to pay from my own pocket and now i have claimed the money from the insurance company.
Now my AC stopped working and when i took it to the service center, the service guys diagnosed that in the initial accident, due to the impact, some iron piece hit the condenser assembly and now the gas has leaked. The condenser assembly costs some 26000/-. Can i claim it from insurance adding it to the initial claim ?
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Old 22nd December 2009, 17:44   #679
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My total cost for replace ment of bumper is coming around 5Kish is it still advisable to spend that amount and save on insurance no claim? and Less premium for next year?
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Old 22nd December 2009, 18:09   #680
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Originally Posted by INDIAN_VAGABOND View Post
Can someone explain the term "Voluntary Excess" mentioned in insurance policies ??
Is it good or bad to have them in a policy ??
It is a bad thing please stay away from it. You don't save much premium and you loose more in case of claim.

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Originally Posted by physicspsyche View Post
Hi there,
I banged the back bumper of my month old punto while reversing against some huge stones which i wasnt able to see. The bumper has torn off from one side and needs a replacement for sure. Now is it okay to get the claim? I havent even got RC yet. Will it be problem? what documents are needed for Delearship to process the claim?
I don't think you will have any problem in getting claim if you don't have RC book as if insurance company can insure the car without RC book in place then they have to pay the claim.

Even one day old car can suffer an accident and the claim as well.

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Originally Posted by ethanhunt123 View Post
Had a query. I had a small accident about a month back in which the front bumper was damaged. I got it replaced through insurance. The claim process was not Cashless so i had to pay from my own pocket and now i have claimed the money from the insurance company.
Now my AC stopped working and when i took it to the service center, the service guys diagnosed that in the initial accident, due to the impact, some iron piece hit the condenser assembly and now the gas has leaked. The condenser assembly costs some 26000/-. Can i claim it from insurance adding it to the initial claim ?
No I think you can't.

Normally after the repair you must have signed a document which is called as 'satisfaction voucher' which means you are satisfied from the claim and the repairs. The thing which you are explaining here is an ignorance of the dealer/repair center I don't think insurance will pay this amount now, But you can still give a trial.
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Old 22nd December 2009, 18:10   #681
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Originally Posted by physicspsyche View Post
My total cost for replace ment of bumper is coming around 5Kish is it still advisable to spend that amount and save on insurance no claim? and Less premium for next year?
My advice will be not to claim the insurance.
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Old 22nd December 2009, 18:14   #682
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Default Salvage charges and TDS on claims?

I am posting on behalf of my friend, whose i10 car met with an accident and holding insurance from United India.
Message from my friend copied below:

As part of settling the claim insurance, United India deducted the following charges from the total amount to be paid by the company

Salvage : 900 Rs
TDS (2%) : 452 Rs

Could you let me know, if it is correct to deduct those charges ? I am more curious to know, whether the company is correct to charge this to me (rather than the money, I am losing out)

Insurance company doesn't want to dispose the scrap themselves, rather they are charging the salvage.
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Old 22nd December 2009, 18:20   #683
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Quote:
Originally Posted by shazikon View Post
I am posting on behalf of my friend, whose i10 car met with an accident and holding insurance from United India.
Message from my friend copied below:

As part of settling the claim insurance, United India deducted the following charges from the total amount to be paid by the company

Salvage : 900 Rs
TDS (2%) : 452 Rs

Could you let me know, if it is correct to deduct those charges ? I am more curious to know, whether the company is correct to charge this to me (rather than the money, I am losing out)

Insurance company doesn't want to dispose the scrap themselves, rather they are charging the salvage.
This is Non-sense!!!

SALVAGE can not be deducted from the claim please ask them to show it in the policy copy where it is written?

TDS I am seeing this for the first time you friend is a person who is paying the money how they can charge the TDS which means Tax Deducted at Source.
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Old 22nd December 2009, 18:34   #684
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Hi Rjvora

I recently bought a second hand maruti car which has Royal Sundaram comprehensive insurance, i have given required documents to maruti branch to transfer the insurance on to my name, maruti people say it takes 3 or 4 working days to get the name transferreed on to my name and i have received an acknowlegement for the NCB amount they charged me for tansfer. I am planning to travel with this car during my vacation in two days , please advice if this is safe to take the vehicle along with me as officially insurance is not yet transferred on to my name yet.
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Old 22nd December 2009, 18:36   #685
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this was exactly my reaction when my friend told this to me. But i wanted to check with the experts like yourself.
Could I know what are the rules regarding salvage of damaged parts? I know the insurance company must confiscate it from the service station and destroy them. How is this taken care of and how do different insurance companies deal with it?
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Old 22nd December 2009, 18:49   #686
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Quote:
Originally Posted by shazikon View Post
this was exactly my reaction when my friend told this to me. But i wanted to check with the experts like yourself.
Could I know what are the rules regarding salvage of damaged parts? I know the insurance company must confiscate it from the service station and destroy them. How is this taken care of and how do different insurance companies deal with it?
All the insurance company has to take the salvage with them and they need to dispose that with the way they want to, they can't cut money from us. I know some companies who don't cut any amount for salvage and take it with them, Like Bajaj. Rest all the companies do it in there own way I am not aware of all the companies but Chola deduct 8% of the total claim amount.

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Originally Posted by challa View Post
Hi Rjvora

I recently bought a second hand maruti car which has Royal Sundaram comprehensive insurance, i have given required documents to maruti branch to transfer the insurance on to my name, maruti people say it takes 3 or 4 working days to get the name transferreed on to my name and i have received an acknowlegement for the NCB amount they charged me for tansfer. I am planning to travel with this car during my vacation in two days , please advice if this is safe to take the vehicle along with me as officially insurance is not yet transferred on to my name yet.
Sirji, you have submitted the paper and you have the acknowledgment for the same, your job over now it is on that insurance company how much time they take. It's not your problem. Go and enjoy the vacation.
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Old 22nd December 2009, 18:59   #687
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What exactly does "Salvage Charges" MEAN ?

Are they included in the policy amount or are they deducted during claim ?

And how can i come to know whteher Salvage Charges are pasrt of the policy ??
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Old 22nd December 2009, 19:17   #688
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Quote:
Originally Posted by INDIAN_VAGABOND View Post
What exactly does "Salvage Charges" MEAN ?

Are they included in the policy amount or are they deducted during claim ?

And how can i come to know whteher Salvage Charges are pasrt of the policy ??
Salvage is the "saved good's" in hindi it is - Bhan-gaar

Insurance companies deduct some amount in claim saying that Salvage will be deducted in the claim of metal parts and plastic parts which is wrong from insurance company. It is not written in the policy and that's why I am saying fight with the company if they deduct this amount.
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Old 22nd December 2009, 19:49   #689
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Bharati AXA just told me that in case of total loss/theft, the amount they will pay is IDV - 10 to 15% !

I asked under what name is this deducted. He said depreciation! This does not make sensel, as the IDV is itself calculated after depreciation.

Do other companies also do this?

The premium quoted (for one of my bikes) is also higher than Bajaj and he wasn't willing to negotiate.
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Old 23rd December 2009, 00:03   #690
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Can any one guide me how to claim the insurance. I had a bad dent in the door as well as a hole in the C pillar metal plate. Now I have to process so any one can say what should I do tomorrow in MASS.
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