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Old 15th March 2010, 19:49   #991
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Hi Rupesh ,

My bother in law ( wife's side ) new i10 ( 31 march 2009 make ) has been stolen yesterday . It was inusred with Tata AIG.

He has filed FIR with Police and has notified the company. the insurance company has told him to go to the regional office with the FIR.

Can you kindly suggest what else he needs to do ?

1) His still has to repay the his auto loan to the bank ?
2) Will the company claim any deprecation on the car ( it was within first year of the purchase)
3) Will Insurance company pay claim to the Bank ? or to him directly
4) what is the timelines for the payout in case the car is not found.

Many thanks for your kind help and effort

Last edited by Kool_Kid : 15th March 2010 at 19:53.
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Old 15th March 2010, 20:48   #992
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Unhappy Renewal quote of ICICI Lombard is more than double that of the next competitor. Help!

We just realised that the insurance for my wife's Spark LS (Feb 2008) model has expired on the midnight of 26 Feb 2010. I paid Rs. 6592 last year towards renewal (IDV was Rs 2,98,088). Been driving short trips without realising it! But parked mostly.

This policy is with ICICI Lombard and I checked online now for renewal quote. The quote is for Rs. 13,555 after 25% NCB. It really beats to me understand why the premiums go up after two years of no claims history (touch wood)? The detailed break up of this quote shows that the 'Basic Premium' has more than doubled to Rs. 15,854 (from the earlier Rs. 6340). I was lost at first and then I thought it could be a system error!!

Then, I called up the ICICI-Lombard call center, and they say it has to do with a new IRDA regulation. (I am not aware of a rate settting done by IRDA last year). That person also told me some junk stuff like "voluntary discount provided by the other insurance companies" and I said I do not see anything like that in the other companies' detailed premium break up. Then he faded away and diverted the call off to someone else.

I called them again, and they kept rolling the call to various departments and the last one finally spilled it and said that "we are the only ones in Asia who won the award for claim excellence and if you go with IFFKO-TOKIO (Rs. 6185), TATA AIG (Rs. 7439) or anyother you will have a horrid time settling your claims. For fibre we pay 70% and plastics 50% while others pay 50% and 30% respectively.". I can not be paying 100% more because they claim to settle the claims faster (and they have an award to prove it apparently).

I found it to be rubbish and I have a feeling they are taking me for a jolly ride. But I need some help with selecting a friendly insurer, who has good support systems in Bangalore. I am attaching the quotes from PolicyBazzar.com here. Also attached are the screen shots from ICICI-Lombard and IFFCO-TOKIO/TATA-AIG for the comparison of the line items. (Please click on the image for better readability).

Could you please help us with our search for the next insurance company? Thanks in advance for the help.

BH.

P.S.: We're not driving this car around till it is insured again. Or is there a grace period for this?
P.P.S.: I used to work in the insurance industry before and let me sound off IRDA on this as well.
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Last edited by BurningHeart : 15th March 2010 at 21:03.
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Old 15th March 2010, 21:19   #993
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MY Insurance is due to be renewed. My current insurer is HDFC Ergo. I wish to switch to TATA AIG or Bajaj Alliance (After reading +ves about them in this thread).

Do anyone of you have a the contact numbers of these Sales Advisers in Bangalore ?

Cheers,
Rajesh
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Old 16th March 2010, 10:08   #994
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Quote:
Originally Posted by Kool_Kid View Post
Hi Rupesh ,
My bother in law ( wife's side ) new i10 ( 31 march 2009 make ) has been stolen yesterday . It was inusred with Tata AIG.
He has filed FIR with Police and has notified the company. the insurance company has told him to go to the regional office with the FIR.
Can you kindly suggest what else he needs to do ?
1) His still has to repay the his auto loan to the bank ?
2) Will the company claim any deprecation on the car ( it was within first year of the purchase)
3) Will Insurance company pay claim to the Bank ? or to him directly
4) what is the timelines for the payout in case the car is not found.
Many thanks for your kind help and effort
1. Yes you don't have to stop the EMI otherwise they will charge you extra interest. (Interest on interest - I hope you understand this term.)
2. No, you will get full IDV. (IDV minus excess)
3. You need to inform the bank as well in writing. Insurance company will pay to bank first then bank will reduce there basic amount plus some interest and then they will pay you the remaining amount.
4. You will get one letter called Final Investigation Report after submitting this document to insurance company you will get your payment in 30 day's.

Please see FAQ thread and tell your brother to also see that thread, as you will get lot of good input for your claim.

Quote:
Originally Posted by BurningHeart View Post
Could you please help us with our search for the next insurance company? Thanks in advance for the help.
BH.
P.S.: We're not driving this car around till it is insured again. Or is there a grace period for this?
P.P.S.: I used to work in the insurance industry before and let me sound off IRDA on this as well.
Don't drive the car unless you have done the formality of insurance. You need to have cover note or policy with you to drive the car on road.

First of all IDV - in all the quotes IDV is different which is wrong way of calculating the premium you need to match the IDV of all the quotes then only premium can be compared.

NCB - You will get the NCB even if there is a break in the renewal of a policy. (It is valid for 3 months from the date of expired policy.)

You need to share the old policy (which is expired) with the company you want to take insurance now. so they can understand how much discount you have been given last year.

Quote:
Originally Posted by 2500cc View Post
MY Insurance is due to be renewed. My current insurer is HDFC Ergo. I wish to switch to TATA AIG or Bajaj Alliance (After reading +ves about them in this thread). Do anyone of you have a the contact numbers of these Sales Advisers in Bangalore ?
Cheers,
Rajesh
I wish I had my branch in Bangalore. (Just kidding my friend)

May be someone else will help you in this regard.
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Old 16th March 2010, 10:36   #995
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Hi RJV,

Sorry i can't go through the whole thread. Some questions:

- You know i bought a jeep recently for 2lacs. However according to the insurance guys, the value is 95,000 and it's insured for that much. Is it possible to raise the value of insurance by paying higher premium?

- is there a special policy that covers damage due to sports? in this case off roading

- is there a policy i can just take out on tyres?

Thanks
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Old 16th March 2010, 12:41   #996
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Quote:
Originally Posted by Tejas@perioimpl View Post
Hi RJV,

Sorry i can't go through the whole thread. Some questions:

- You know i bought a jeep recently for 2lacs. However according to the insurance guys, the value is 95,000 and it's insured for that much. Is it possible to raise the value of insurance by paying higher premium?

- is there a special policy that covers damage due to sports? in this case off roading

- is there a policy i can just take out on tyres?

Thanks
Hi Tejas I hope you remember me we had been together for offroading with my silver gypsy. (Made by Danny)

1. If you have a invoice of Rs. 2Lac then you can, for sure insure it for higher value. If that invoice is one year old then you need to depreciate it by 10% to 20% and then give them the value to insure.

Go for valuers report which is also one option, this will be costly but in future insurance company can't deny the claim at all.

2. I don't think that offroading is cover under insurance. As it involves high risk.

3. All risk insurance is a type of insurance which will cover your tyres only but I will suggest its better to cover them along with your car insurance which will be a cheaper option. The premium option will be more then dubble in all risk policy.
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Old 17th March 2010, 14:46   #997
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One good thread this is - Very Informative and helps members save a lot of money if one has all the information

Hi Rupesh, My Accent is due for Insurance on 20th March.

Just got a call from Bajaj Allianz who is our regular guy for Insurance and is the tops in Agra.

Here are my Questions -

1. Should I stick to Bajaj Allianz ? I guess they still rule the Insurance Maret !
2. IDV on 2005 Accent is 2,67,000
3. Offering me a 35% NCB & 35% Discount. I am told they offer upto 40 % Discount.
4. Total comes to around 5185 Rupees. Is this OK ?

I had an accident in the 2nd year of the car so I have a NCB for the last 3 years on this

Thanks in Advance
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Old 17th March 2010, 15:53   #998
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Quote:
Originally Posted by vkochar View Post
Here are my Questions -

1. Should I stick to Bajaj Allianz ? I guess they still rule the Insurance Maret !
2. IDV on 2005 Accent is 2,67,000
3. Offering me a 35% NCB & 35% Discount. I am told they offer upto 40 % Discount.
4. Total comes to around 5185 Rupees. Is this OK ?
1. You are in the best hand's.
2. If this is less minimum by 10% from the last year then this is a good value.
3. He is offering you a good quote - Ask for more but don't leave his hand's for 5% discount.
4. Yes I think this is a good rate.
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Old 17th March 2010, 16:12   #999
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Hi Tejas I hope you remember me we had been together for offroading with my silver gypsy. (Made by Danny)

1. If you have a invoice of Rs. 2Lac then you can, for sure insure it for higher value. If that invoice is one year old then you need to depreciate it by 10% to 20% and then give them the value to insure.

Go for valuers report which is also one option, this will be costly but in future insurance company can't deny the claim at all.

2. I don't think that offroading is cover under insurance. As it involves high risk.

3. All risk insurance is a type of insurance which will cover your tyres only but I will suggest its better to cover them along with your car insurance which will be a cheaper option. The premium option will be more then dubble in all risk policy.
Ofcourse i remember you, rupesh.

Anyways, i do have the original receipt. I will need to get the valuers report done.
The tyre insurance i wanted was extra in addition to the comprehensive one.
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Old 17th March 2010, 16:25   #1000
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Quote:
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Ofcourse i remember you, rupesh.

Anyways, i do have the original receipt. I will need to get the valuers report done.
The tyre insurance i wanted was extra in addition to the comprehensive one.
Get your insurance done on entire value. If you have the original receipt then there is no valuers report required. Add your tyres cost under non-electrical accessories and you will be paying just 4% extra and those will be covered under your policy.
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Old 17th March 2010, 16:33   #1001
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Thumbs up Just figures

I love to post this message

Highest view (32500+) to this thread under Indian insurance and loans
Highest replies (1000+) to this thread under Indian insurance and loans
Highest no. of pages (67+) to this thread under Indian insurance and loans
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Thank you very much to all Team-bhpians for the continues support and the feedback given by you guy’s.
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Old 17th March 2010, 17:13   #1002
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I love to post this message

Highest view (32500+) to this thread under Indian insurance and loans
Highest replies (1000+) to this thread under Indian insurance and loans
Highest no. of pages (67+) to this thread under Indian insurance and loans
Highest rating (5 Star) to this thread under Indian insurance and loans

Thank you very much to all Team-bhpians for the continues support and the feedback given by you guy’s.
Congrats rjvora_2000.

I did a search for posts related to Xylo but there were only few with less details. So I decided to post my query on to you directly.
I have booked Xylo E8 with ABS& Airbags @ Trichy, TamilNadu with an offer of free Insurance(Reliance/National Insurance). This offer is provided by M&M and the dealer says that there is no CASHLESS SERVICE with either of them . Is that correct ? I would like to know the whether the insurance is tied to the dealers or the manufacturer. I am planning to get a quote from Bajaj Allianz.

1.Can you guide me on the list of the things needs to be checked in the insurance quote.
2. ALso on the list of CASHLESS insurance providers for M&M.

a. III party insurance.
b. Passenger insurance.
c. Driver insurance.

Thanks in advance.
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Old 17th March 2010, 17:29   #1003
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Default Free Insurance

I have a query regarding free insurance offered by manufacturers and transfer of NCB. How does this work?
Basically if I have to get benefit of NCB on the old car while buying a new car, if I am paying the premium, it would be reduced by 50% (or the amount of NCB accumulated).

What should be done when the manufacturer is providing free insurance? How can I get the benefit amounting to 50% of the insurance premium supposedly paid by manufacturer to the insurance company?

I have already searched, but if already answered do let me know I will research more.
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Old 17th March 2010, 18:50   #1004
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Originally Posted by alto99 View Post
I have a query regarding free insurance offered by manufacturers and transfer of NCB. How does this work?
Basically if I have to get benefit of NCB on the old car while buying a new car, if I am paying the premium, it would be reduced by 50% (or the amount of NCB accumulated).

What should be done when the manufacturer is providing free insurance? How can I get the benefit amounting to 50% of the insurance premium supposedly paid by manufacturer to the insurance company?

I have already searched, but if already answered do let me know I will research more.
alto99,

I will suggest a practical solution.

For the first year avail the "free insurance" given by the manufacturer or dealer. This any way is a sales incentive to you if its being given to you free.

When you sell your old car get the insurance cancelled and get a Certificate of NCB Kept in Abeyance from your insurer. The NCB earned can be kept in abeyance for up to two years.

When its time to renew the insurance of your new car (after one year from purchase), use the NCB Certificate to get the NCB on the renewal premium.

Best Regards & Drive/Ride Safe

Ram
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Old 18th March 2010, 16:37   #1005
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Originally Posted by xtremethunder View Post
I have booked Xylo E8 with ABS& Airbags @ Trichy, TamilNadu with an offer of free Insurance(Reliance/National Insurance). This offer is provided by M&M and the dealer says that there is no CASHLESS SERVICE with either of them . Is that correct ?
I would like to know the whether the insurance is tied to the dealers or the manufacturer. I am planning to get a quote from Bajaj Allianz.

1.Can you guide me on the list of the things needs to be checked in the insurance quote.
2. ALso on the list of CASHLESS insurance providers for M&M.

a. III party insurance.
b. Passenger insurance.
c. Driver insurance.
Let me tell you one thing first you will have to check with insurance company that with which company they have tie-ups with. At the same time let me tell you that this is not the correct way of going for insurance, but do it other way round. Firstly you need to decide with which service station you will get all your service done, then ask them with which company they have tie-up with and then choose the insurance company.

In quotes you need to check the following :-

1. IDV - which should be 95% of Ex-showroom cost.
2. PA to passenger - Rs. 100/- P.P. for Rs. 200000/- is given full. (This is optional you can Add, Change or Remove)
3. There is no voluntary excess in the quote.

3rd party is a law without which no insurance company can issue the policy so it will be always there in the quote.

(If possible stay away from Reliance and Icici even if they offer cheap insurance then any other company.)
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