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Old 27th August 2010, 10:16   #1261
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Quote:
Originally Posted by Thad E Ginathom View Post
Is this usual? Good grief, I should look at my policy. What if you total a car worth ten times this much?
I'm no expert in this field, but what I was told was there is a cap on 3rd party coverage, but if it is human injury, etc., there is no cap.
Better be careful when you see expensive cars (not that shouldn't be careful at other times) ... at least I try to move away from the expensive

Quote:
Originally Posted by vinu_pm View Post
I need to renew my insurance for OHC 2002 Aug model 1.3 Dx.
I bought this car in 2009 Oct 31 st for Rs 2.7 lakh.
I have heard that Bajaj Allianz or TATA AIG are the best insurance companies to deal with when it comes to claims. I had 2 claims with TATA AIG and it was pretty good I should say.

I think for NCB, it wouldn't be transferred with the car normally, but you could transfer NCB from your previous car's insurance, read it on this forum in a thread related to insurance.

For Bajaj Allianz I could PM you a person's number, from whom I took the insurance last week. Transaction was pretty good and quick.
I had to send scanned copies of RC book and previous insurance, premium was then charged to my credit card (a person calls with asking for details of the card etc.). I get a confirmation call next day about the transaction details. Insurance copy is sent to mail. For hard copy I was told I'll get it next week (within 7-8 days)...
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Old 28th August 2010, 11:18   #1262
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Originally Posted by quadra View Post
what is the procedure to renew expired insurance ? How much time does one have to get the car re-insured (5days / 60 days etc) ? Anything else to take care of ??
There is no interim period between your old policy expiring and your buying fresh coverage. Renewal should be immediate; in fact, its the law. You cannot drive around without valid insurance cover.

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Originally Posted by Marlon View Post
Car has to be surveyed by the Insurance Company before Policy is Renewed.
I've never had any of my cars requiring an inspection before renewal. Of course, if your insurance has expired and you've delayed the renewal, only then a physical inspection is required.
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Old 31st August 2010, 13:39   #1263
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Default Recommend Best Insurance

Friends !

Kindly recommend me the best insurance for my Hyundai i20 Asta. Here are few details.

Model:1.2 Petrol (1197 CC)
Current policy : National Insurance
Claims: None
Car Registered: Mysore.
Policy Expiry date: 24 Sep 2010.

i have had gone through all the websites and spoke to many people but everybody is confusing me a lot. So finally decided to post this here.

Kindly help.
Otomobil.
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Old 31st August 2010, 22:59   #1264
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Hi Rupeshji,

Firstly, to appreciate your efforts to take some time out ( obviously from your busy schedule) to answer ALL queries made in this thread.

Secondly, I faced a very strange situation today, which is the reason am putting up this query.

I am getting a 100% loan on a car from HDFC, for which they said they would not disburse the DO ( or cheque) to the dealer, until such time that I don't produce a Insurance cover note. Against this, the dealer today "insured" the car for which I have made a pre-inspection and handed over the booking amount to the dealer.
The IDV quoted is obviously 5% less than the showroom value and the Insurance is valid from 30.08.10 for a year, since I had issued a cheque dated yesterday. This is with Bharti AXA.

My query is, since the car is not handed over to me, or registered under my name yet, how can it be insured, and depreciated as well, even before it has left the showroom. Also, how fair is the insurance being effective from yesterday when I have decided to take a delivery on the 12th of next month?

Another query, how good is Bharti AXA? Do they have a cashless facility? If yes, where can I find a list of their approved garages for Ford vehicles?

Thanks in advance,
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Old 3rd September 2010, 18:29   #1265
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Quote:
Originally Posted by DhumKetu View Post
Hi Rupeshji,

Another query, how good is Bharti AXA? Do they have a cashless facility? If yes, where can I find a list of their approved garages for Ford vehicles?
A friend used Bharti AXA in Bangalore, made a claim, and is happy with them.

They did not have a cashless tie up - at least with Hyundai.

And I question I had :

How much are insurance cos charging as premium for the OD section, as a % of the IDV ?

I got a quote from BA for my 2nd yr insurance( GP MJD E+) :

IDV=5.25, OD=11203. This works out to be 2.1 %

Whereas last yr:

IDV = 5.83 , OD=9580/-. This works out to be 1.6%, and was from Future Generali.( was offered free by Fiat as part of the sales offer).

Both figures above(11203 and 9580) are before applying NCB.

Last edited by sdp1975 : 3rd September 2010 at 18:35.
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Old 3rd September 2010, 19:52   #1266
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Quote:
Originally Posted by sdp1975 View Post
A friend used Bharti AXA in Bangalore, made a claim, and is happy with them.

They did not have a cashless tie up - at least with Hyundai.

And I question I had :

How much are insurance cos charging as premium for the OD section, as a % of the IDV ?

I got a quote from BA for my 2nd yr insurance( GP MJD E+) :

IDV=5.25, OD=11203. This works out to be 2.1 %

Whereas last yr:

IDV = 5.83 , OD=9580/-. This works out to be 1.6%, and was from Future Generali.( was offered free by Fiat as part of the sales offer).

Both figures above(11203 and 9580) are before applying NCB.
The basic % for Insurance calculation is

Less than 1000cc - 3.123%
1000cc to 1500cc - 3.283%
Above 1500cc - 3.44%

Now what % you get as discount depends on make of car, Insurance company policy and most important how well you bargain.

For example for my Civic I get 50% discount on the OD. So its only 1.72% for me.

Ask your Insurance agent what is the discount he's offering. Or you can make a reverse calculation based on your cc as to what % discount he's offering.

Yesterday I was bargaining for a Punto and he started with 15% discount and we ended up with 35% discount.

I've used Tata AIG and found them good so far. No issues and everything is hassle free.

Bajaj Allianz also has a good name.
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Old 3rd September 2010, 20:13   #1267
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Quote:
Originally Posted by csentil View Post
The basic % for Insurance calculation is

Less than 1000cc - 3.123%
1000cc to 1500cc - 3.283%
Above 1500cc - 3.44%
Thanks csentil.

The agent offered me 35% discount upfront, but even after this it comes to 2.1 %, which is more than last years 1.6% - so I need to bargain more.

Probably the 1.6% is from the fact that it came from Fiat - free insurance during last year diwali - heavy discount for purchases in bulk. Am checking with other insurance companies as well to get the best deal.
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Old 4th September 2010, 09:44   #1268
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Default India Motor Tariff

I've attached a copy of the India Motor Tariff set by the Tariff Advisory Committee(TAC) of the IRDA. This document is also available at http://www.tac.org.in/newmotor.zip, and it covers all the rules/regulations related to insurance.

Worth going through.
Attached Files
File Type: doc INDIA MOTOR TARIFF 310502.doc (1.10 MB, 976 views)
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Old 4th September 2010, 10:03   #1269
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Default Insurance renewal - fiat punto

I have fiat punto emotion pack (diesel). At the time of purchase, I took insurance from bajaj allianz (6.1 lacs IDV and 13.5k as insurance premium).
Its time for insurance renewal. I didnt claim insurance during last year (I will get NCB).

I would like to know what is the expected IDV and approx insurance premium for this year.

I inquired from showroom, they gave following quotes:
IDV: 4.85 lacs - 9264/- [reliance] and 11,832 [bajaj]
For me these figures doesnt look reasonable.

I heard about rider plans, where can I get more information regarding the rider plans?
Last time Amogh suggested me bajaj and gave me the contact information about Milon. I took insurance from Milon.

Can somebody share me the details about the insurance deals that they got?
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Old 4th September 2010, 13:54   #1270
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the_maven, I assume your ex-showroom was around 6.1/0.95 = 6.42 lacs.

5% depreciation applies to new cars.

For 2nd yr insurance, 20% depreciation applies, so your IDV should be around 6.42*0.8=5.13 lacs.

the IRDA rate is 3.191%( Zone B, Hyderabad, see attached doc in my last post) :
OD premium = 16,400/- approx.

Assuming no claims in last year : 20% NCB : 16,400 * 0.8 = 13,111/-

If you can get a 40% discount on OD ( like Bharti Axa is offering ) = 13,111*.6= 7900/-

Third Party Premium : 925 /-

Total premium = 7900+925=8825

Add 10.3% ST = 8825*1.103 = 9733/-

This should be the approx insurance figure for 2nd yr with a 5.2L IDV. You can get further discounts if you have a NCB certificate from selling an older car.
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Old 5th September 2010, 00:04   #1271
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The % of depreciation is not a compulsory number. You can choose to have no depreciation if you want to. Obviously your Insurance Premium would be higher if that is your choice.

I've reduced my IDV by hardly 5% this year.

I believe Hyderabad is in Zone A. Please recheck.
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Old 5th September 2010, 13:19   #1272
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Default Claims related questions

I have recently dropped my damaged car in the workshop and want to be doubly sure what the insurance company will cover before the garage goes ahead with the repairs. However after I left my car for repair, all communication with the garage and surveyor have been over phone.

I have a few questions related to the claims process:

1. Once the car insurance claim has been initiated and the surveyor has inspected the damaged vehicle, what is the procedure for the final claim settlement?
2. Does the surveyor give his approval (to the workshop) in writing to go ahead with repairs?
3. Will the car owner also be given a detailed list of what will be covered and what not before going ahead with repairs?
4. Can I opt to not fit a particular part (for example if it is purely related to looks)?
5. What happens if the insurance company feels damage to a part is minimal, but workshop says there is a chance of failure in future? For example damage due to a slight impact to the AC condensor, radiator.
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Old 7th September 2010, 11:10   #1273
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Got a query from a friend.
He just bought a second hand Alto in Bangalore. The process for name change in the RC is underway. Meanwhile the insurance will expire in less than a week.
So can he renew the insurance before the RC name change is complete. What is the procedure in such cases.

Thanks
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Old 7th September 2010, 13:07   #1274
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Quote:
Originally Posted by bblost View Post
bought a second hand Alto... name change in the RC is underway. Meanwhile the insurance will expire in less than a week.. can he renew the insurance before the RC name change...
Technically, car is still in last owners name. He should apply for renewal (at least 3rd party). May be your friend can pay the premium. Once, the name is changed in RC, approach same insurance company and tell them to change the "insured" persons name with a copy of RC, etc. Most probably, they will cancel the last policy and reissue a new one or just insert some endorsement in the same policy.

If a new policy is issued, you will get the refund (pro-rated) of last premium and you will have to pay the differential premium to the insurance company.

-BJ
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Old 9th September 2010, 20:49   #1275
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Question HDFC ERGO Motor Insurance

Hi Friends, how is HDFC ERGO Motor Insurance ? Is it good ?

Thank you.
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