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Old 11th July 2010, 07:53   #1231
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@London_Gujju, this is how motor insurance works in India.
In case of any damages to your vehicle, you have to claim it from your own insurance.
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Old 13th July 2010, 01:03   #1232
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Hi Rupesh, have a query.

Recently i claimed insurance from Bajaj Allianz for repairing the dents on my car doors.

Painting 2 doors+fender amounted to Rs. 12,000
Service Tax @10 % = Rs. 2000
Education Cess @ 2% = Rs. 24
S&HE cess @1% = Rs. 12
VAT @ 8.75% = Rs. 1050
Policy excess = Rs. 500

Insurance amount received was Rs. 12,730
Paid from pocket is Rs. 1550 (ie; policy excess + VAT)

I thought i need to pay only the policy excess in this case !

Why was VAT recovered from me where as Service Tax, Education cess and other taxes were covered under insurance amount ?

Is it right that the insurance company refused to bear the VAT ?
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Old 13th July 2010, 11:09   #1233
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Quote:
Originally Posted by bnzjon View Post
Hi Rupesh, have a query.

Recently i claimed insurance from Bajaj Allianz for repairing the dents on my car doors.

Painting 2 doors+fender amounted to Rs. 12,000
Service Tax @10 % = Rs. 2000
Education Cess @ 2% = Rs. 24
S&HE cess @1% = Rs. 12
VAT @ 8.75% = Rs. 1050
Policy excess = Rs. 500

Insurance amount received was Rs. 12,730
Paid from pocket is Rs. 1550 (ie; policy excess + VAT)

I thought i need to pay only the policy excess in this case !

Why was VAT recovered from me where as Service Tax, Education cess and other taxes were covered under insurance amount ?

Is it right that the insurance company refused to bear the VAT ?

Just enquired with Bajaj Allianz and TATA AIG.
Got the below reply and i am reproducing what i understood.

The VAT mentioned is VAT on WC (work contract).

As per Tamilnadu work contracts (labour) act (??), 8.75% of labour will be charged as Work Contract tax.

This WC tax will not be payable by the insurance company and will have to be borne by the insurer.

This is mentioned as "VAT on WC" in the invoice.
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Old 20th July 2010, 01:07   #1234
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Smile Hdfc Ergo ?

Hello all,

I have to get my Alto Lx 2007 Insured. Insurance is ending on 31 July. No claims till now
Its currently insured by HDFC ERGO. And i sort of like HDFC.
I need to find if this company is good at processing claims etc. They have among the lowest premiums among the private sector companies and have been in business for over a year but no one is really talking about them.. Is there something i am missing or should know about ?
They dohave cashless claims with some authorised Maruti dealers here.
Appreciate any help and suggestions.
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Old 22nd July 2010, 09:33   #1235
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Quote:
Originally Posted by blackstallion76 View Post
Friends:
Insurance due for Aug 2010. Currently have ICICI lombard. But, want to change.
Current quote for swift LDI Aug 2009 model with NCB given by maruti insurance is 8900.

Is Maruti Insurance good enough? Or should i look for Royal Sundaram?
Please see other companies as this rates look's high to me.

Quote:
Originally Posted by Akki_5 View Post
Guys, i paid Rs.29635/- as insurance to Reliance when i bought my Skoda Laura in June 2009. It is due for renewal on 14th July 2010. I have received different insurance renewal quotations from three different companies. As i don't know much about these things, i would really appreciate some expert guidance. I have attached images of the three quotations i've received, for reference. Please guide me through this. Which is the best (i don't know the parameters for this rating) among these? My original insurance is Reliance.
Bajaj is the only good option for you my friend.

Quote:
Originally Posted by Latheesh View Post
Friends,

I have a spark bought in 21 Aug 2009. I already claimed the insurance for the body repair once. There is one more body repair work (thanks to cabs and road repair) which may cost 3-4 K. Whether to claim it before completing the present insurance or after renewing it?
Before renewal of your current policy.

Quote:
Originally Posted by London Gujju View Post
Hi RJ
I apologise if this is offtopic..I recently had a small accident while driving in Ahmedbad when two guys on a Pulsar motorbike smashed on to my right damaging both the doors of my Altis. I stopped them and took details of them (address, bike reg etc) and took them to a local police station. The police checke him out to make
sure he ahd license and insureance and let him go. I also took a photocopy of his covernote from Bajaj Insurance. To my horror Toyota Infinium said this will only go through my insurance(Reliance) as my claim and wont be claimed brom Bajaj as this
is the easiest sytem! I will lose my NCD and will also have to pay additionaly
for plastics and the deprication!! Shocked. I had to agree to this to get the car fixed by Toyota as Reliance have Cashless arrangement with them. Is this the correct way?
I would have thought that Reliance(my insurance)will recover this from Bajaj(the other guy's Insu co)..and at worst I will only loe the NCD. Please enlighten me.
warm regards
Yes you will have to claim this accident from your insurance only.

Quote:
Originally Posted by guptavis View Post
Hello all,

I have to get my Alto Lx 2007 Insured. Insurance is ending on 31 July. No claims till now
Its currently insured by HDFC ERGO. And i sort of like HDFC.
I need to find if this company is good at processing claims etc. They have among the lowest premiums among the private sector companies and have been in business for over a year but no one is really talking about them.. Is there something i am missing or should know about ?
They dohave cashless claims with some authorised Maruti dealers here.
Appreciate any help and suggestions.
Please check with them I think they will deduct few % debris which is wrong, otherwise noting wrong with the company and the brand.
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Old 23rd July 2010, 09:57   #1236
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Quote:
Originally Posted by bnzjon View Post
Hi Rupesh, have a query.

Recently i claimed insurance from Bajaj Allianz for repairing the dents on my car doors.

Painting 2 doors+fender amounted to Rs. 12,000
Service Tax @10 % = Rs. 2000
Education Cess @ 2% = Rs. 24
S&HE cess @1% = Rs. 12
VAT @ 8.75% = Rs. 1050
Policy excess = Rs. 500

Insurance amount received was Rs. 12,730
Paid from pocket is Rs. 1550 (ie; policy excess + VAT)

I thought i need to pay only the policy excess in this case !

Why was VAT recovered from me where as Service Tax, Education cess and other taxes were covered under insurance amount ?

Is it right that the insurance company refused to bear the VAT ?
Quote:
Originally Posted by bnzjon View Post
Just enquired with Bajaj Allianz and TATA AIG.
Got the below reply and i am reproducing what i understood.

The VAT mentioned is VAT on WC (work contract).

As per Tamilnadu work contracts (labour) act (??), 8.75% of labour will be charged as Work Contract tax.

This WC tax will not be payable by the insurance company and will have to be borne by the insurer.

This is mentioned as "VAT on WC" in the invoice.

Dear Rupesh, is this true ?
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Old 23rd July 2010, 16:18   #1237
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Quote:
Originally Posted by bnzjon View Post
Dear Rupesh, is this true ?
Normally, this has to be paid by insurance company as this is a part of labor charge which they are charging.

BUT I am not sure as, nothing as sort is charged here in Mumbai.
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Old 28th July 2010, 15:22   #1238
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I have bajaj alliance insurance for my new car and renewal due date is august 25.

Is there any way to renew without any depreciation or with a very less depreciation?
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Old 28th July 2010, 15:34   #1239
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How the IDV is calculated for a brand new car? I got close to 80-85K discount on my Spark last year and IDV in the insurance is around 2.9 Lacs (Royal Sundaram)

I am renewing my insurance next month and TATA AIG quoted 9758/- with IDV 301372 (calculated based on the normal market price + depreciation). technically speaking IDV is more than the first year.

Raj - please guide me on this IDV issue and policy. Should I go for it?

Details of their quote - TATA AIG Add on policy

1. Car & Make Model : CHEVROLET SPARK 1.0 LT
2. Cashless Claim Settlement: YES
3. Accident Repair Warranty(6 Month)
4. Towing Facility Upto Rs 1500/-
5. Property damage upto =7,50,000/-
6. Third party body injury unlimited cover.
7. Owner Driver cover upto:Rs 2,00,000/

In addition to this, we also provide you with the "Depreciation
Reimbursement "add-on. This benefit ensures that no depreciation is
charged to YOU in the case of you repairing or replacing any parts of
your car at our authorized garages. All that you have to pay is the
compulsory deductible amount depending upon the car's cubic capacity.
This Add-on provides this benefit for the first two claims during the
period of the insurance with TAGIC and is valid only if the claim is
made at any of our listed garages.

Another unique feature of this policy is that you will not lose your No
Claim Bonus if your vehicle needs repairing for any Fiber, Plastic, and
glass parts. However, to avail of this offer the vehicle should be
repaired at our Key Preferred Garages only.

Last edited by Latheesh : 28th July 2010 at 15:40.
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Old 29th July 2010, 09:45   #1240
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Quote:
Originally Posted by ~~VinZ~~ View Post
I have bajaj alliance insurance for my new car and renewal due date is august 25. Is there any way to renew without any depreciation or with a very less depreciation?
Any special reason for not reducing the car value? You have to reduce the value minimum by 10%.

Quote:
Originally Posted by Latheesh View Post
How the IDV is calculated for a brand new car? I got close to 80-85K discount on my Spark last year and IDV in the insurance is around 2.9 Lacs (Royal Sundaram)
I am renewing my insurance next month and TATA AIG quoted 9758/- with IDV 301372 (calculated based on the normal market price + depreciation). technically speaking IDV is more than the first year.
If your last year policy is showing the value of 2.9 then you have to reduce the value by 10% minimum from that value which is 2.6 and not this value (3+).
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Old 29th July 2010, 19:30   #1241
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Question Insurance renewal for an old bike

Dear Rupesh ,
first of all i would like to thank you for your free consultancy regarding insurance to all of us at Team-Bhp.
The least we can do is to thank you .

I am trying to sell my 9 year old passion ( bike). As per the RTO rules in order to transfer the owner ship of the bike on registration copy , i would need a valid insurance . Since this bike is not used i have not renewed the insurance policy from year 2005.

1) Do i really need to have a valid insurance even though i am selling it?
2) if yes how do i renew it , i have talked to may agents who have refused to insure as it is not economically viable for them ( 500 Rs approx). Can you please help ?
3) Also Can i transfer this new insurance to the seller ?

Kind Regards,

Gaurav

Last edited by Kool_Kid : 29th July 2010 at 19:35.
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Old 30th July 2010, 11:16   #1242
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Quote:
Originally Posted by Kool_Kid View Post
Dear Rupesh ,
first of all i would like to thank you for your free consultancy regarding insurance to all of us at Team-Bhp.
The least we can do is to thank you .

I am trying to sell my 9 year old passion ( bike). As per the RTO rules in order to transfer the owner ship of the bike on registration copy , i would need a valid insurance . Since this bike is not used i have not renewed the insurance policy from year 2005.

1) Do i really need to have a valid insurance even though i am selling it?
2) if yes how do i renew it , i have talked to may agents who have refused to insure as it is not economically viable for them ( 500 Rs approx). Can you please help ?
3) Also Can i transfer this new insurance to the seller ?

Kind Regards,

Gaurav
Thank you very much for the kind word...

My answer to your query is NO you don't need to take the insurance as you want to sell it, its a buyer's responsibility to take the insurance. While selling you have to be clear with the buyer that he will have to do the insurance on his own - that's it.
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Old 30th July 2010, 13:35   #1243
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How is Royal Sundaram in terms of insurance claims ? Its time to renew my scorp's insurance and Royal Sundaram has given me the best quote as of now.

I haven't dealt with them before and would request fellow members to post their experience with RS. Thanks in advance.
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Old 30th July 2010, 18:32   #1244
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Quote:
Originally Posted by rjvora_2000 View Post
Thank you very much for the kind word...

My answer to your query is NO you don't need to take the insurance as you want to sell it, its a buyer's responsibility to take the insurance. While selling you have to be clear with the buyer that he will have to do the insurance on his own - that's it.
Sorry if off topic, but also make sure that the vehicle registration is promptly transferred to the buyer's name. Had sold my Uno about 18 months back and after repeated insistence during the period, only yesterday was informed that it was done. Verified in the motor vehicle website and very was much relieved to find it to be true.
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Old 3rd August 2010, 16:49   #1245
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Default I am confused

I bought new passat 2.0TDI last year.Vw gave me insurance free worth Rs.52196 for IDV Rs 2363878 from Bajaj Allianz.My insurance expiry is on 23rd this month.So I called up bajaj toll free for renewal.After giving all details of the policy I was told my this year premium is Rs.61334.I told them i have not claimed any damages during last year so I should get 20% NCB and my New IDV will be 15% less than last year.The girl at bajaj Allianze said that her computer is showing premium of Rs 61334.So I called other companies TATA AIG, HDFC ERGO, ICICI etc .There quotations are ranging from Rs 28000 to 40000.Is bajaj Allianz getting out of car insurance or they are just arrogant? It is good that I got so much choice but also confusing when you see differance of Rs 32000 bet lowest and highest.There is one more company Bharati AXA which gave me fig.of 21000.
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