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Old 2nd March 2011, 07:56   #1411
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Default Re: Automobile Insurance - Ask me

I am about to get a Mar 2010 i20 Sportz Petrol. Tata AIG has told me that it does not offer 0% depreciation on second hand vehicles whereas Bajaj is ready with DriveAssure. But they are charging 15K for the same. Is this a bit costly?

Also what is the difference between bumper-to-bumper, comprehensive, 0% depreciation and regular plain vanilla insurance?
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Old 8th March 2011, 16:56   #1412
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Default Re: Automobile Insurance - Ask me

Time to renew insurance for my Safari. Was quoted 13784Rs (5.25lac) for Reliance. Is this quote ok? And is the vehicle value ok too? (20% reduction from last year's )
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Old 8th March 2011, 20:27   #1413
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Default Re: Automobile Insurance - Ask me

Have to renew insurance for the Civic. Saw a strange thing on icicilombard's website. If I put the car registration date on 17th March 07, IDV is 600000. But if the regn date is 18th March 07, IDV is 720000. Why it is changing so much. Can any one help me.

BTW, real regn date is 22nd March.
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Old 10th March 2011, 15:36   #1414
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Default Re: Automobile Insurance - Ask me

hey all
My Ford figo insurance is due for renewal. i am with Iffco tokio who have renewal quote of 11058 with IDV 436650 whereas when i checked with Royal sundaram gave me a quote of 9700 with IDV of 373000.
Should i continue with current company or go for Royal, their premium is low so is the value of the car. What do you suggest? is going for a insurance company tat offers higher IDV preferable

Last edited by scorpio07 : 10th March 2011 at 15:36. Reason: spelling
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Old 10th March 2011, 15:49   #1415
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by dot View Post
...car registration date on 17th March 07, IDV is 600000. But if the regn date is 18th March 07, IDV is 720000...
If March 07, car is 4 years old (depreciation rate considered for 4 years).

If 18th March, car is less than 4 years (depreciation applied for 3 years).

-BJ
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Old 10th March 2011, 21:57   #1416
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by bj96 View Post
If March 07, car is 4 years old (depreciation rate considered for 4 years).

If 18th March, car is less than 4 years (depreciation applied for 3 years).

-BJ
Yeah, this must be the reason. Thanks. Maybe I will wait for a week to check the site again.
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Old 14th March 2011, 14:38   #1417
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Default Re: Automobile Insurance - Ask me

Adding to the chain, can someone help me to the recommended(actual) IDV value of a car. My insurance is due for renewal and I am unable to decide the IDV value due to various different quotes from honda dealership.


Can someone please answer the below queries based on following facts
Vehicle : Honda City
Make : Mar 2009
Invoice value (Paid my me in 2009) : 8.07 L
Today's invoice value (Current ex showroom price) :9.23

1. What is the % depreciation that is applicable for my car (completes 2 year this 18th). I looked up IRDA site and as pet this link http://www.irdaindia.org/motorod%20report.pdf the car IDV value should be 15% less of Exshowroom price. However most of the dealers say that depreciation is 30% [5%(1stYear) + 10% (2ndYear) + 15%(3rdYear]. Can someone clarify whose calculation is right?

2. Which ex-showroom price that will be used to be calculate my IDV. Is it the value that is being printed on my invoice (8.07L) or the current ex showroom price of Honda city S MT (9.23L)

Last edited by mailmishra : 14th March 2011 at 14:40. Reason: updated url
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Old 15th March 2011, 11:56   #1418
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Default Re: Automobile Insurance - Ask me

Need help on insurance renewal due in the next couple of days

Make : Mar 2004 Fiat Siena 1.6 ELX
Current Insurance : TAIG ( Premium paid last yr : Rs 5162)
IDV last yr : Rs 177793

Got a renewal quote from TAIG for Rs 6069.

When asked why it was higher than last year, inspite of NCB, they said vehicle would be 7 + yrs

Does it make sense ?
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Old 15th March 2011, 15:49   #1419
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Default Re: Automobile Insurance - Ask me

Quote:
1. What is the % depreciation that is applicable for my car (completes 2 year this 18th). I looked up IRDA site and as pet this link http://www.irdaindia.org/motorod%20report.pdf the car IDV value should be 15% less of Exshowroom price. However most of the dealers say that depreciation is 30% [5%(1stYear) + 10% (2ndYear) + 15%(3rdYear]. Can someone clarify whose calculation is right?
It is normally 20% of the current showroom price for that model since it has still not exceeded two years. The dealer is taking you for a ride. Do the Insurance on you own, dont involve the dealer. Can you look into your earlier Insurance copy what are the depreciation rates mentioned? If you are planning to change the Insurance co then it may be good to have a look at their depreciating rates too. Most of the Insurance companies do put the rates on their websites.

Quote:
2. Which ex-showroom price that will be used to be calculate my IDV. Is it the value that is being printed on my invoice (8.07L) or the current ex showroom price of Honda city S MT (9.23L)
The current showroom price for the model.
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Old 21st March 2011, 13:04   #1420
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Default Re: Automobile Insurance - Ask me

My ex-showroom price when i bought the car in April 2009 was 4,55,000. How much would the depreciated value be for April 2011? How do i calculate this?

I see different insurers quote different IDVs. For bajaj, i got 3,68,000, whereas for HDFC ergo i got 3,18,000. Is there any advantage by picking the high IDV?
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Old 23rd March 2011, 18:10   #1421
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Default Sorry, this is an Insurance Claim Issue, Please Advise

Guys, please help me out.

My Swift VDI met with a bad accident in mid Jan (banged it into a electric pole). I have an insurance with depreciation reimbursement and cash-less facility, please note. After 2.5 months, the workshop called to say the car is ready but when I sent my guy to collect, they said they are awaiting authorization for "Cash-Less" facility from the Insurance Co.
I called the Insurance Co and he said he will send it across, but I need to fill and submit two forms. And he gave me some "insider info" on a claim made by the workshop (which was not a part of the initial claim), that the ECU had gone kaput and needs to be changed. The Insurance co (supposedly) disputed this claim by the Workshop and they have taken it off the claim. But the Insurance guy warned me of the POSSIBILITY of the Workshop guys claiming the ECU cost from me.
I thanked him for that but today, I received the two formats that I need to fill and send to the surveyor, to enable him flag ahead the release of the vehicle. The first one is "Depreciation Reimbursement Form" which asks details of whom to send the depreciation claim cheque to. And more alarmingly, the second one is titled "Satisfaction Note" which states the obvious, that I am satisfied with the repairs and discharges the insurance co.'s liability. Please note, this is even before I receive the car.
WHAT SHOULD I DO. Am new to all this. Many thanks, guys.
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Old 26th March 2011, 09:40   #1422
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Default How much depreciation beyond the fifth year?

Well, it's time to renew insurance for my 2005 Baleno. It's in the > 6 yrs. bracket now. Till last year I'd always gone with Maruti Insurance who are no more. My Maruti dealer assures me that this would not affect customers and everything would be just as before, only without the Maruti name for now!

The worry is, they have quoted me an identical premium to last year, with no change in IDV ! When I pointed this out, I was assured that that's how it would be for this year. While I don't mind a higher IDV, I remember Rupesh comment multiple times that the depreciation must be 10% more than the previous year, or claims would be denied! I don't know if this applies to cars upto 5 years old only.

Beyond 5 years the IDV is supposed to be negotiated between the insurer and the customer. My fifth year depreciation was 50% in accordance with their table. But last year it was 55% (as given by Maruti Insurance themselves). The doubt is, they are offering the same (i.e. 55%) depreciation for this year too! Should I worry that claims would be denied if I accept this? On the other hand, I don't want to force them to a lower IDV if I'm really entitled to what they are offering.

Guys with experience in this regard please help. I need to renew within the next couple of days. Thanks a lot.
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Old 27th March 2011, 22:09   #1423
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Default Re: Sorry, this is an Insurance Claim Issue, Please Advise

Quote:
Originally Posted by KANNURAN View Post
Guys, please help me out.

My Swift VDI met with a bad accident in mid Jan (banged it into a electric pole). I have an insurance with depreciation reimbursement and cash-less facility, please note. After 2.5 months, the workshop called to say the car is ready but when I sent my guy to collect, they said they are awaiting authorization for "Cash-Less" facility from the Insurance Co.
I called the Insurance Co and he said he will send it across, but I need to fill and submit two forms. And he gave me some "insider info" on a claim made by the workshop (which was not a part of the initial claim), that the ECU had gone kaput and needs to be changed. The Insurance co (supposedly) disputed this claim by the Workshop and they have taken it off the claim. But the Insurance guy warned me of the POSSIBILITY of the Workshop guys claiming the ECU cost from me.
I thanked him for that but today, I received the two formats that I need to fill and send to the surveyor, to enable him flag ahead the release of the vehicle. The first one is "Depreciation Reimbursement Form" which asks details of whom to send the depreciation claim cheque to. And more alarmingly, the second one is titled "Satisfaction Note" which states the obvious, that I am satisfied with the repairs and discharges the insurance co.'s liability. Please note, this is even before I receive the car.
WHAT SHOULD I DO. Am new to all this. Many thanks, guys.
Ideally, you should go to the WS, do a test drive and make sure all bits are working well, painting etc done well, Car cleaned up etc. Then you can sign the Satisfaction Note and the discharge note. Depending on the arrangement with the WS and Insurer, the WS could release the vhicle then and there to you.

Best Regards & Drive/Ride safe

Ram
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Old 28th March 2011, 19:21   #1424
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Default Re: Automobile Insurance - Ask me

My car met with an accident. Bus braked hard, WagonR behind it did the same, my car hit the WagonR from behind. Car has been given for repairs under insurance. Person driving WagonR says he does not want to disturb his NCB and wants us to compensate him. FIR was not filed. This happened 5 days back.

My questiona:

1. Can FIR be filed now?
2. Lets assume for a moment that he finally claims from his own insurance. The balance amount that his insurance does not pay him can be recovered from my insurance through third party claim. What is my involvement in this process?

Any help will be highly appreciated.
Thanks
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Old 28th March 2011, 22:45   #1425
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by NevGin View Post
The balance amount that his insurance does not pay him can be recovered from my insurance through third party claim.
I dont think it works this way. Third party clim is for personal injury to third party and not to their vehicle. If you compensate him, i think it will be from your pocket.
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