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Old 28th December 2009, 09:12   #721
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Originally Posted by khoj
Hi rjvora_2000,

I understand you are the house expert on all matters related to insurance and therefore I need an advice from you.

I am purchasing a car with an ex-showroom value of Rs. 9,90,000/- with road tax+regn+ rto charges @ 18,500/-

I am being quoted insurance @ 24,500/- which the dealer is saying is at a 40% discount and on further negotiation he gave another 10% on the 24,500/-

My question is whether at this price the insurance will be comprehensive while covering all the clauses. The car will be in the name of company which is proprietorship and we would like insurance cover up to the maximum value possible the following

1. Owner/self driving
2. Paid driver
3. Any employee of the company driving the vehicle
4. Unnamed passengers
5. Unlimited legal liability towards third party.
6. In case i have missed any kindly advise

Please tell me what should be the correct premium as I do not want to compromise on insurance cover. The car is a Mitsubishi Cedia sports being bought in Delhi and registered in Haryana. Will mostly be driven in Maharahtra and Gujarat for the first two years. The dealer has not advised which insurance company he is using.

Look forward to your advice.

Thanks & Regards
khoj
The amount on which you need to take the insurance is the only Ex showroom price. (you also have to reduce this amount by 5%)

What dealer is quoting you is a comprehensive insurance policy which will cover all the five point's if you take care of following.

1. & 2. this is under TP Rs. 100. (Owner/driver PA) this is a must cover.

3. There is nothing like this under a motor insurance (He is covered in above premium.)

4. passengers can be also covered under TP. (Unnamed passenger PA Rs. 100 per person for Rs. 200000/- Maximum) this is a optional cover you can reduce the sum insured also.

5. This will be covered under TP side of your premium (Rate depends upon the C.C. of the car.) This is a must cover.

6. There are different types of policies in the market which is called 0% depreciation policy, Reinstatement value policy etc. please see some of the policy like this in the market from the insurers like Chola, Bajaj & Tata.

For the rates of premium please ask quotes from two or three different insurer which will give you better idea of the premium.

Note:- This is such a wonderful question please ask me such question on this thread so many people will be benefited out of this.

Thank you.
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Old 29th December 2009, 11:11   #722
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How long does it take to get a poliy in had from the date I have recieved the covering note after pay the premium amount ? With a covering note am I completely covered ?
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Old 29th December 2009, 17:42   #723
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Originally Posted by karizma_devil View Post
How long does it take to get a poliy in had from the date I have recieved the covering note after pay the premium amount ? With a covering note am I completely covered ?
Depends from company to company how much time they take in sending the policy to there client. Bajaj issues the policy on the spot if the premium is more then Rs. 6000/-. Cover note is a legal document which has a validity period of two months from the date of issue.

Last edited by rjvora_2000 : 29th December 2009 at 17:44.
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Old 29th December 2009, 17:53   #724
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I just got my Civic's 4th year insurance done.

IDV: Rs. 8,00,000
Total Insurance Paid: 13,800/-
NCB: 25%

Not bad at all. I got a 50% discount + Rs.200 discount for AASI membership + 2.5% discount for Anti-Theft device which by default comes with the car!!!
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Old 29th December 2009, 20:14   #725
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That was a good deal csentil, from which insurer did you get it done ?
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Old 29th December 2009, 21:25   #726
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Oops. Forgot to mention that. TATA AIG.

Mandatory deduction is only 1K. Made sure of that as well.

I get all sorts of weird quotes at times. ICICI offered me 9K+. I asked them for the computation. They weren't really clear about it. They said I'm eligible for 35% NCB, even though I wasn't!! Anyways based on past experiences I don't trust ICICI.

One simple advice is to never trust the renewal notice that comes either from the Insurance company or worse your car dealer. Call, enquire and bargain. You will always land up with a better deal.

For Third Party the calculation as rjvora says is based on cc.

The amount is:

Rs. 619/- for c.c. upto 1000,
Rs. 800 more than 1000 c.c. upto 1500 c.c. ,
Rs. 2500 for c.c. more than 1500

There are different calculations on how they arrive at the base premium value. It depends on type of car, price, etc. The insurance guys have a chart which lists out different percentages.

Last edited by csentil : 29th December 2009 at 21:37.
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Old 30th December 2009, 08:33   #727
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Quote:
Originally Posted by csentil View Post
For Third Party the calculation as rjvora says is based on cc.

The amount is:

Rs. 619/- for c.c. upto 1000,
Rs. 800 more than 1000 c.c. upto 1500 c.c. ,
Rs. 2500 for c.c. more than 1500
Up to 1000 C.C. the premium is Rs. 670/- and not what you have posted.
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Old 31st December 2009, 04:24   #728
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What are the insurance's one can avail for vintage cars and what is the procedure ?
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Old 31st December 2009, 09:47   #729
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What are the insurance's one can avail for vintage cars and what is the procedure ?
One of the most difficult question to answer.

TP policy is the most simple policy to take for such car's.

If you want to take the comprehensive insurance then the procedure is bit lengthy and costly but it is also possible.

You need to talk to few insurance companies and ask them to survey along with that you need to tell them to arrange for a valuer also and get the report of valuer which will be at cost to you.

The valuers report will give you the exact value of the car which can be the IDV of the car. Once you have the IDV then the insurance is simple. On every renewal you can reduce the value by 10% if you feel so but this is not compulsory at the same time. These are called agreed value insurance policies.

Policies which can be offered to you can be only Fire policy, Theft only policy, No repair cost policy and there are other offer's also please talk with them in detail and if possible keep an insurance agent in between which can be of good help to you while communication with insurance company.
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Old 31st December 2009, 10:22   #730
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Quote:
Originally Posted by IndrojitSircar View Post
What are the insurance's one can avail for vintage cars and what is the procedure ?
+1 to what Rupesh, has stated above.

The process will be much smoother, if you are a member of one of the well known Vintage/Classic Cars clubs. A certificate them about your vehicle, its authenticity and a suggested value will help the valuator appointed by the insurer in certifying the IDV.

For Vintages and Pre 60 classics its better to go in for Fire & Theft/Burglary) policy (mind you for tourers etc the car must be in lock-up garage for the theft cover to respond if there is a claim - or at least some evidence of a break in to the compound or some such stuff).

In USA and Europe, there are specialised insurers, who insures classics and Vintages only.

I am out of touch with the Indian insurance scene for the last 20 years. But if I remember right, there are (were) provisions to Insure classics and vintages, at least with the 4 'national' companies.

Best Regards & Drive/Ride Safe

Ram
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Old 31st December 2009, 10:31   #731
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I just happened to chance up on this.

This is from United India Insurance. Don't rubbish it as coming from a PSU. Some useful info there.

Best Regards & Drive/Ride Safe

Ram

United India Insurance Co. Ltd.
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Old 31st December 2009, 10:58   #732
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Originally Posted by IndrojitSircar View Post
What are the insurance's one can avail for vintage cars and what is the procedure ?
Indrojit,

Further to my earlier post on this I am quoting below a section from the India Motor Tariff 2002 (whcich still is the guide document or template for Motor Insurance in India - on which add-ons are being provided by all of the 22 or so insurance companies)

Quote

IMT.9. Discount for Vintage Cars (Applicable to Private Cars only)

It is hereby understood and agreed that in consideration of the car having been certified as a Vintage Car by the Vintage and Classic Car Club of India, a discount of Rs. -----------* is allowed to the insured from __/___/_____

Subject otherwise to terms exceptions conditions and limitations of the policy

* Amount calculated as per tariff provision is to be inserted. For mid-term certification as Vintage Car pro-rata proportion of tariff discount for the unexpired period is to be inserted.

Unquote

So VCCCI is a recognised body who can even issue a Valuation Certificate, which can be used as the IDV, if any insurer is so inclined.

I am sure that at least all of the metro cities have an active chapter of the club by now.

Hope this has been useful in addressing your question.

Best Regards & Drive/Ride Safe

Ram
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Old 31st December 2009, 19:22   #733
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My Indica Vista Aqua (Quadrajet) insurance is due for renewal on 29-01-2010. The vehicle is manufactured in Nov 2009 and registered in Jan 2009. The Bajaj Alliance branch close to my office has quoted an amount of Rs.7868/- for renewal with an IDV of 4 Lakhs. Last time the IDV was 4.2 Lakhs. He said he is giving an NCB of 20% and discount of 40% and that they have cashless facility with dealers of TATA. Plus freebies like car wash etc.

What are the other aspects that I should look into, like the fine prints etc? (Interestingly the previous premium was Rs.16118/- from New India Assurance!)
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Old 31st December 2009, 23:41   #734
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Hi Mr.Vora,

Thanks for your suggestion on the claim of my RITZ Vdi. Finally Maruti Insurance had done the job of my car. There was no hassle in the claim.They did everything including the claim form and I explained the accident and signed. They called the Surveyor placed job order and repaired the car with new quarter panel. I paid Rs.1000 and brought back the car. Please keep up your free service to all our members which will benefit every one. Happy New Year

Last edited by navan49 : 31st December 2009 at 23:43.
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Old 1st January 2010, 10:51   #735
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Quote:
Originally Posted by janitha View Post
My Indica Vista Aqua (Quadrajet) insurance is due for renewal on 29-01-2010. The vehicle is manufactured in Nov 2009 and registered in Jan 2009. The Bajaj Alliance branch close to my office has quoted an amount of Rs.7868/- for renewal with an IDV of 4 Lakhs. Last time the IDV was 4.2 Lakhs. He said he is giving an NCB of 20% and discount of 40% and that they have cashless facility with dealers of TATA. Plus freebies like car wash etc.

What are the other aspects that I should look into, like the fine prints etc? (Interestingly the previous premium was Rs.16118/- from New India Assurance!)
I think there is a mistake in the dates which you have posted please check the same.

There is nothing wrong, what I can see from this end. Every thing looks to be normal as last year there was a dealer insurance that's only reason of such a high premium.
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