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Old 16th February 2010, 10:59   #901
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People,

posting on behalf of my college who owns a i10 Sportz

Quote:
"
My car insurance (bharthi Axa) comes to an end next week and I am getting a lot of calls from random people asking me to take up their insurances.
I’m confused about what exactly I need to take into account when I make my decision. Also, any particular things I need to watch out for. Would it be better to go through an agent?"
Could you guys kindly throw some lights on same!
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Old 16th February 2010, 11:07   #902
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Originally Posted by vasoo View Post
I am buying a new car. I also have an old car for which I get 50% NCB on its insurance. What is the process of transferring the NCB to my new car? What will happen to the insurance of old car if I want to keep it for some more time? Will its insurance revert to normal rates? Or is it mandatory that I must sell my old car to claim NCB on my new car?
Vasoo,

Rupesh has answered your question already.

But just check with the insurer. They may allow NCB for both vehicles, atleast they do so abroad. I have two cars here both insured with Axa.

1st Car I had earned Maximum NCB. Then I bought my second car.

I made the policy for the old car on a named driver basis with my wife being the primary named driver and then took the insurance for a second car for which Axa allowed the same NCB as the old policy and in addition they gave a fleet discount of 5% as well (more than 1 car is treated as a fleet).

So it may be possible to keep the insurance of the old car with the earned NCB and get the same NCB for the new car as well.

Just explore with one of the compnies which has a foreign JV partner.

Best Regards & Drive/Ride Safe

Ram

Last edited by r_nairtvm : 16th February 2010 at 11:08.
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Old 16th February 2010, 11:17   #903
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Originally Posted by rjvora_2000 View Post

1. True statement but how do you calculate the IDV is also important. If the IDV has been reduced every year by 10% to 15% then there has to be no problem in getting the IDV..
He brought the car sometime back(less than a year), he took the insurance and they determined the premium to be paid and informed us of the IDV, now one thing which i dont understand is, the IDV is the over all value for which the car is insured, so if the car is a total loss why would the company pay a pro rata depriciated amount on the IDV?

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Originally Posted by rjvora_2000 View Post
2. 3rd party claim will not pay for the car loss.
Are you sure? Because the COP said specifically that since our car is old we need to apply for 3rd party claim to get maximum money, else we may not even get the IDV, i felt this could not be true hence i am seeking your suggestions..


Pramod
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Old 16th February 2010, 11:34   #904
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Originally Posted by pramodkumar View Post
He brought the car sometime back(less than a year), he took the insurance and they determined the premium to be paid and informed us of the IDV, now one thing which i dont understand is, the IDV is the over all value for which the car is insured, so if the car is a total loss why would the company pay a pro rata depriciated amount on the IDV?



Are you sure? Because the COP said specifically that since our car is old we need to apply for 3rd party claim to get maximum money, else we may not even get the IDV, i felt this could not be true hence i am seeking your suggestions..


Pramod
Promod,

On the monthly pro-rata depreciation (may be something like 15%/12 months) you need to read through the policy condition. It might be there or it may not be. Please read the fine print. If monthly depreciation is not mentioned or if its mentioned that you will get the IDV on total loss then go for it. Insurers will pay.

On 3rd party calim, you will get the money from the court. I have posted about this in my post below in answer to "aargee"

Best Regards & Drive/Ride Safe

Ram
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Old 19th February 2010, 20:01   #905
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Default Manza Insurance

Hi ,

We are planning to go for Manza and the insurance quote which we got from the dealer is 22K. Is it OK. The dealer says that they have tie up with Reliance and this is will be better than any thing available in market. Pls advise..

Regards,
Gopi.
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Old 20th February 2010, 09:59   #906
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Quote:
Originally Posted by recshenoy View Post
People,

posting on behalf of my college who owns a i10 Sportz

Could you guys kindly throw some lights on same!
Please go for more options.

Quote:
Originally Posted by pramodkumar View Post
He brought the car sometime back(less than a year), he took the insurance and they determined the premium to be paid and informed us of the IDV, now one thing which i dont understand is, the IDV is the over all value for which the car is insured, so if the car is a total loss why would the company pay a pro rata depriciated amount on the IDV?

Are you sure? Because the COP said specifically that since our car is old we need to apply for 3rd party claim to get maximum money, else we may not even get the IDV, i felt this could not be true hence i am seeking your suggestions..

Pramod
Can we talk on phone I need to understand the case.

Quote:
Originally Posted by shalini_g View Post
Hi ,

We are planning to go for Manza and the insurance quote which we got from the dealer is 22K. Is it OK. The dealer says that they have tie up with Reliance and this is will be better than any thing available in market. Pls advise..

Regards,
Gopi.
This is one of the worse insurer in India.
Please stay away from Icici and Reliance even if they give policy for free.
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Old 22nd February 2010, 17:10   #907
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1. Sad but true:- Icici Lombard get's iAAA rating for 4th year from ICRA. Which they have got because of highest claims paying ability.

2. One more news that they will also offer 0% depreciation product for motor insurance shortly.

3. Supreme Court has suggested Central and State government to work on the model of life time premium on vehicle.

4. Cholamandalam to offer online renewal of their own motor policies, soon they will also offer Travel, Health, Home and P.A. policies.
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Old 22nd February 2010, 21:59   #908
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Hi,

My Car insurance is up for renewal.I need guidance here

Current Insurance details

IDV : 472783
Preimum : 11323
Insurance : bajaj Allianz


Current Offer (from Bajaj Allianz)
IDV:403729
Premium : 15230

Now as per my (limited)understanding when IDV value reduces the premium reduces.So how are the premiums increasing in my case.I did claim on a small accident and total cost of the repairs came to around 9k(I paid 4.5k as it involved intercooler and bumper)

What do you guys think?
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Old 22nd February 2010, 23:09   #909
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Default Playing around with the IDV and other things

It's insurance renewal time for my 5-year-old Baleno. I've always had Maruti Insurance. This time the premium quote from the dealer I bought it from last year was about the same as that last year! When I pointed it out, the quote came down by a few hundred rupees! I found out that the IDV had also come down by about 20k (as a result of starting out with a much lower "ex-showtoom price" than last year)!

So I talked to another Maruti dealer. The "ex-showtoom price" went back up to last year's level, with a consequently higher IDV, and a premium quote the same as the figure first quoted by the first dealer!

Here is what I found out about how the calculations were made (apparently there is a set formula for Maruti Insurance):

1. Starting out with whatever IDV the dealer chose, 3.339% of own damge premium was calculated.

2. A 21% discount on OD premium was given (by both the dealers). Last year this discount was 30%. Apparently the discount is less for a 5-year-old vehicle (is this true?).

3. Here is a catch. Rather than applying the 50% NCB on the above (discounted) OD premium, first the Anti-theft-device discount and the Automobile Association membership discount were applied. Only then the NCB was calculated on the reduced OD amount, thereby saving the insurer a few hundred rupees. Is this the standard way of doing this?

Quote:
Originally Posted by rjvora_2000 View Post
All the discount's are given on basic OD premium.
4. Now the third party amount and the tax were added to arrive at the final quoted premium.

5. Now the first dealer gave an additional 4.5% discount, while the second promised none. How much can I push them for discount here? rjvora_2000, is this the other discount you were talking about in one of your posts earlier?

Quote:
Originally Posted by rjvora_2000 View Post
Please tell me before finalizing how much did company gave you other discount.(%) Remember that you have to bargain this one.
Also, I've managed to use my car very little in 5 years (only 14000 kms)! Does it entitle me to a higher IDV ? Any other tips? Thanks a lot.
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Old 22nd February 2010, 23:35   #910
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RJvora...2 questions for you brother:

1) My CRV's insurance is due for renewal.. so just wanted to ask one question..

Do any of the insurance companies offer depreciation free insurance currently??
(0% depreciation, even on plastics)

2) Was talking to a friend yesterday, he mentioned last year he had a claim on his swift, and this year he plans to switch insurance companies. He does not intend to inform the new insurer that he had a claim!! He says this way he still keeps his NCB intact!

Apparently, he has done this before, and gotten away with it.

My questions. Is this :
1) Possible?
2) Legal?
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Old 23rd February 2010, 08:11   #911
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@AbhiJ, not sure how your friend did that. Didn't the new insurer requires a letter from old insurer?
Your friend is risking the claim process...
Suppose in case of major claim, the insurer usually looks more into details. Their aim is to look for any faults which they could use to reject the claim or minimize the claim amount as much as possible.
There is a high possibility that hiding about NCB comes out and the insurance cover become void.
He might end up paying from his pocket.
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Old 23rd February 2010, 09:48   #912
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Originally Posted by iamswift View Post
@AbhiJ, not sure how your friend did that. Didn't the new insurer requires a letter from old insurer?
Your friend is risking the claim process...
Suppose in case of major claim, the insurer usually looks more into details. Their aim is to look for any faults which they could use to reject the claim or minimize the claim amount as much as possible.
There is a high possibility that hiding about NCB comes out and the insurance cover become void.
He might end up paying from his pocket.
+ 1 to what iamswift has stated above.

He must have connived with somebody inside the insurance company (either old or new) to get away with this

If the breach of trust (principle of "Utmost Good Faith" becomes evident not only will the insurance be void your friend could be prosecuted for a Criminal Offence under various sections of Indian Penal Code.

In the days of "nationalised" companies it was normally an offence investigated by CBI.

Hope "the friend" realises the implications of this. If so all the best to him

Best Regards & Drive/Ride Safe

Ram
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Old 23rd February 2010, 09:58   #913
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Quote:
Originally Posted by hdi_pro View Post
Hi,

My Car insurance is up for renewal.I need guidance here

Current Insurance details

IDV : 472783
Preimum : 11323
Insurance : bajaj Allianz
Current Offer (from Bajaj Allianz)
IDV:403729
Premium : 15230

Now as per my (limited)understanding when IDV value reduces the premium reduces.So how are the premiums increasing in my case.I did claim on a small accident and total cost of the repairs came to around 9k(I paid 4.5k as it involved intercooler and bumper)

What do you guys think?
From your calculation you have not told how much % Ncb you have in your current policy? which will be 0 on renewal of the motor policy.

Quote:
Originally Posted by meerkat View Post
It's insurance renewal time for my 5-year-old Baleno. I've always had Maruti Insurance. This time the premium quote from the dealer I bought it from last year was about the same as that last year! When I pointed it out, the quote came down by a few hundred rupees! I found out that the IDV had also come down by about 20k (as a result of starting out with a much lower "ex-showtoom price" than last year)!

So I talked to another Maruti dealer. The "ex-showtoom price" went back up to last year's level, with a consequently higher IDV, and a premium quote the same as the figure first quoted by the first dealer!

Here is what I found out about how the calculations were made (apparently there is a set formula for Maruti Insurance):

1. Starting out with whatever IDV the dealer chose, 3.339% of own damge premium was calculated.

2. A 21% discount on OD premium was given (by both the dealers). Last year this discount was 30%. Apparently the discount is less for a 5-year-old vehicle (is this true?).

3. Here is a catch. Rather than applying the 50% NCB on the above (discounted) OD premium, first the Anti-theft-device discount and the Automobile Association membership discount were applied. Only then the NCB was calculated on the reduced OD amount, thereby saving the insurer a few hundred rupees. Is this the standard way of doing this?

4. Now the third party amount and the tax were added to arrive at the final quoted premium.

5. Now the first dealer gave an additional 4.5% discount, while the second promised none. How much can I push them for discount here? rjvora_2000, is this the other discount you were talking about in one of your posts earlier?

Also, I've managed to use my car very little in 5 years (only 14000 kms)! Does it entitle me to a higher IDV ? Any other tips? Thanks a lot.
You have done too much research I must say that. Let me tell you one thing first there are fixed table for calculating basic OD which are same for all insurance companies. for first 5 year's the rates are same then from 6th to 10th year the rates are same and for more then 10 year's rates are same. I think your car has changed a steep from 1st to 2nd that's the main reason why there is no major difference in the last year premium and current year premium.

There are basically 2 types of discount which make's a lot of difference in the premium calculation of a car. 1st is NCB which is given by your eligibility, you can't change any thing in this. 2nd is OD discount (Which can be called a Other discount, Relationship discount or may be anything they name.) This is the place where you can play around a lot with this insurance companies and you can bargain on this one a lot.

IDV has to be reduced by minimum 10% from last year.

Quote:
Originally Posted by AbhiJ View Post
RJvora...2 questions for you brother:

1) My CRV's insurance is due for renewal.. so just wanted to ask one question..

Do any of the insurance companies offer depreciation free insurance currently??
(0% depreciation, even on plastics)

2) Was talking to a friend yesterday, he mentioned last year he had a claim on his swift, and this year he plans to switch insurance companies. He does not intend to inform the new insurer that he had a claim!! He says this way he still keeps his NCB intact!

Apparently, he has done this before, and gotten away with it.

My questions. Is this :
1) Possible?
2) Legal?
1. There are companies which offers this kind of product like Chola, Bajaj, Tata & Bharti axa (I am not sure on this company)

2. What your friend is doing is possible but 100% illegal if there is a claim tomorrow and the new insurance company comes to know that he had claimed in last year which he has not shown to them his claim will not be payable. He can't challenge that in court of law also.

Quote:
Originally Posted by iamswift View Post
@AbhiJ, not sure how your friend did that. Didn't the new insurer requires a letter from old insurer?
Your friend is risking the claim process...
Suppose in case of major claim, the insurer usually looks more into details. Their aim is to look for any faults which they could use to reject the claim or minimize the claim amount as much as possible.
There is a high possibility that hiding about NCB comes out and the insurance cover become void.
He might end up paying from his pocket.
You are right insurance company do check the past record from old insurance company if they have to make payment to client.

Insurance company may offer a policy without any letter from insurer but they check it when it comes to make payments.
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Old 23rd February 2010, 20:59   #914
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How much we need to pay approx for insurance for a brand new manza diesel with ABS?
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Old 23rd February 2010, 21:15   #915
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[quote=rjvora_2000;1747202]From your calculation you have not told how much % Ncb you have in your current policy? which will be 0 on renewal of the motor policy.

Hi,

There is no NCB as I have already made a claim(This is the first year of insurance.I got the new car in April 2009).The question is IDV has reduced from 4.7Lakh to 4Lakh and premium has increased from 11k to 15K.How is possible

-hdi_pro
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