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Old 10th September 2010, 18:27   #1276
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Hello,
I have a query regarding Insurance and hence am re-activating this 2 year old thread! Here is the deal:-

I am interested in buying a second hand car. I have 2 choices. They are both 2008 model Honda Citys. Now the difference. One states that it has 'comprehensive insurance'. The other says that insurance is valid till 2011. Now the second car is the one i like better. Could someone please tell me the difference between the 2 types of insurance. What i understand is as follows:-

For the comprehensive insurance, i keep paying a certain amount annually (small amount) to keep the insurance active. Now for this insurance valid till 2011, I understand that after 2011 i have to apply for new insurance again? I am mighty confused. If someone could please shed some light on this dilema, I will be very grateful.

Regards,
Rohan
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Old 10th September 2010, 18:58   #1277
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Default Can 3 months old car have an old damage?

I own a Zen Estilo. Thanks to a reckless driver who banged onto my car, I have a few dents and scratches developed. I plan to fix it under the Insurance cover, however, I wanted to do it later sometime b'coz the roads I travel daily might gift my car a few more wounds.

I inquired with the Maruti Car Service station and the guy said that I need to get them fixed asap. The reason is that the scratches might rust due to current weather and then in that case the Insurance company won't honor the claim under the pretext that the damage is old.

Now the funny part is that my car is just over 3 months old. Can you please advice me if the information provided by the service station guy is correct or can I wait for some more time?
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Old 10th September 2010, 19:23   #1278
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Far be it from me to suggest anything dodgy <Blush> but I suppose you could clean up the rust!
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Old 10th September 2010, 19:53   #1279
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@rjalihal
AFAIK, there are 2 types of Insurances:
1. Comprehensive (package policy)
2. Third Party (liability only)

The first covers damage caused to your vehicle and others' vehicles, people and/or property (provides total coverage).

The second type covers damage only to other parties' vehicle or property/people by your vehicle and you are not entitled to any claims.

For a 2008 Honda City, I doubt anybody goes in for a 3rd Party cover.

Obviously they both will have comprehensive Insurances and whichever you choose might be the same. To confirm, just ask if the second car has comprehensive or third party coverage.

Please remember that as soon as you buy the vehicle, you cannot continue the same policy. You have to get a new policy done immediately. If it is from the same company, you will be saving some amount on the premium.

Example:
Say, if the insurance is valid until Jan 2011, then you will be paying only for the period of approx. 4 months, i.e., Sep.2010 to Jan.2011.
You cannot avail NCB in your name after expiry of the policy.

So, in Jan 2011, you can go in for a new policy in your name from the Company of your choice and need not stay with the same company.


Trust the above is clear.

P.S: If you still would like to have expert advice, please post it at this thread:
http://www.team-bhp.com/forum/indian...ce-ask-me.html

Last edited by KA18 : 10th September 2010 at 19:59. Reason: See P.S:
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Old 10th September 2010, 20:41   #1280
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Thanks a ton KA18 for the quick response. You certainly have given me a better understanding now. And hey, thanks for the link too!

Regards,
Rohan
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Old 10th September 2010, 20:49   #1281
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Hello, I am buying a second hand car shortly. I understand that the insurance policy needs to be changed after the purchase. However, i have 2 queries:-

> 1 seller says he has "life comprehensive insurance". What is this? What happens after I purchase the car? Do i change the policy or continue with it?
> Another seller says his insurance expires in 2010 end. Does this mean i can use it till then and then shell out more money to get new insurance?

I understand that the questions themselves are not clear, but i myself am lost. This is the 1st time I will be buying a car 100% from my own pocket and i never thought about the insurance part. Someone please shed more light on this.
I was given an update by KA18 that policy needs to be changed at the time of purchase. That is the only part i am clear. But the question is what if the insurance is 'life' or valid till 2010?
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Old 10th September 2010, 21:27   #1282
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Quote:
Originally Posted by YsableKid View Post
Hi Friends, how is HDFC ERGO Motor Insurance ? Is it good ?
Ive used it twice, never had to file a claim (touch wood)
But it seems ok. Their agent tried to back out on his word, but i mailed them on care@hdfcergo and the matter was taken care of swiftly and to satisfaction.

Quote:
Originally Posted by rjalihal View Post
But the question is what if the insurance is 'life' or valid till 2010?
There is no 'life' insurance. Insurance is only done for 1 year at a time. The second one you say ends 2010 end. The first one will also last to a max of one year from now. Its not possible that its insured after September 2011.
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Old 10th September 2010, 22:10   #1283
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Quote:
Originally Posted by rjalihal View Post
> 1 seller says he has "life comprehensive insurance". What is this? What happens after I purchase the car? Do i change the policy or continue with it?
> Another seller says his insurance expires in 2010 end. Does this mean i can use it till then and then shell out more money to get new insurance?
But the question is what if the insurance is 'life' or valid till 2010?
Maybe he mentioned about Life Tax which is paid for 15 years. ( at least in Kerala)
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Old 13th September 2010, 11:19   #1284
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Hi, I have a quick question, this morning my friend who had recently brought a ford figo ahd an accident. He was at a signal when a scorpio who was in a mad rush jumped the signal, hit the figo on the left front bumper and vamoosed. My friend was travelling with his wife and was shocked and before he could react the culprit was long gone. Now the car was brought in Kerala and registered and insured in kerala. On enquiries with the Ford workshop they say since this is a Kerala registered vehicle they cannot give a cashless benefit.,
What is the procedure for such instances, no a FIR was not filed.
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Old 13th September 2010, 11:37   #1285
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Quote:
Originally Posted by sdp1975 View Post
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.
I inquired bajaj allianze regarding insurance renewal:
for 5.35lacs IDV they gave a quotation of 16.5k. Where as, I paid 13.5k for 6.11lacs IDV (as first year insurance premium). I didnt make any cliams in the first year.
Is this reasonable? I didnt make any claims in the first year; yet I have to pay more premium in the second year for a lower IDV.

Can someone clarify? My insurance is due on 22nd of September. So, I dont have much time.

Thanks,
Chandra

Last edited by the_maven : 13th September 2010 at 11:38.
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Old 13th September 2010, 14:17   #1286
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Quote:
Originally Posted by Senz View Post
On enquiries with the Ford workshop they say since this is a Kerala registered vehicle they cannot give a cashless benefit.,
What is the procedure for such instances, no a FIR was not filed.
I think the dealer is trying to avoid the hazzle of dealing with the Keral Branch of the Insurance Company

Contact your insurer and find out what their stance is on this - the Chennai (Ipresume that the accident was in Chennai, from your location) Branch of the Insurance Co, from which the Insurance was originally bought (in Kerala). If they are hesitant threaten them with approach to Insurance Ombudsman, Consumer forum etc.

The Insurance is all India and hence the Cashless Scheme also will have to be available All India, unless specified otherwise in the Insurance Policy

Trust This Helps

Best regards & Drive/Ride Safe

Ram
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Old 13th September 2010, 17:47   #1287
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Quote:
Originally Posted by the_maven View Post
I inquired bajaj allianze regarding insurance renewal:
for 5.35lacs IDV they gave a quotation of 16.5k. Where as, I paid 13.5k for 6.11lacs IDV (as first year insurance premium). I didnt make any cliams in the first year.
Is this reasonable? I didnt make any claims in the first year; yet I have to pay more premium in the second year for a lower IDV.

Can someone clarify? My insurance is due on 22nd of September. So, I dont have much time.

Thanks,
Chandra
16.5K looks high for a 5.35 lac IDV, and anyways it should not be higher than last years premium.

Ask the agent for a detailed break-up , showing how he arrived at the 16.5 K figure. That's what I do always - provide them my e-mail id and ask them to send a detailed break-up that I can go through.


Talk to some other insurers as well - leave your contact details on their websites and you will be flooded with calls.
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Old 13th September 2010, 20:02   #1288
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^^ Absolutely! 16.5 for IDV of 5.35laks is day light robbery!

As said by sdp, ask them for a breakup of the premium. Seems like they have loaded some extra cover that you have not asked for.
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Old 14th September 2010, 12:33   #1289
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Quote:
Originally Posted by sdp1975 View Post
16.5K looks high for a 5.35 lac IDV, and anyways it should not be higher than last years premium.

Ask the agent for a detailed break-up , showing how he arrived at the 16.5 K figure. That's what I do always - provide them my e-mail id and ask them to send a detailed break-up that I can go through.


Talk to some other insurers as well - leave your contact details on their websites and you will be flooded with calls.
Bajaj gave updated quote of 9800/- for 5.35 lacs IDV.
Reliance gave quote of 9400/- for 5.40lacs IDV.

How is the claim experience with Reliance? If its good, then I'll go with Reliance.
One advantage with reliance is: they have cashless facility at Malik, Hyderabad service center. Where as, bajaja doesnt have cashless facility at Malik, Hyderabad.

Thanks,
Chandra
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Old 15th September 2010, 23:14   #1290
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In February I purchased a 1996 E220 and did the RC and Insurance transfer within a week of Purchase. At the time of purchase the car was insured by HDFC Ergo and the premium mentioned in the policy was around 5800. For transfer they asked me to pay Rs.450 as transfer and other charges and later they issued a policy document in my name for around Rs.6200. Its up for renewal on 29th September. When I called up their call centre, they didnt reply properly and when I shouted at them they are saying that they dont insure cars which are more than 10 years old. They are not responding to any of my queries. Somewhere I read that the existing insurer can't refuse a renewal. Please advise.
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