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Old 25th April 2011, 17:06   #1441
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Default Re: Automobile Insurance - Ask me

The insurance policy on my Ninja is going to expire next month and i need to renew it. Presently it is insured by Oriental Insurance Co.

Here are the details on the current insurance policy.

IDV - 262,877/-

Premium - 5314/-

If i renew with Oriental then i am entitled to a NCB of 20%.

My premium for 2nd year will be Rs. 4155/- and IDV will be Rs. 249,000/-.

However i was thinking of renewing the policy with some other provider and I did some homework. Here are the results...

1. ICICI Lombard

Premium -3847/-

IDV - 259600/-

Add-on's: Cashless claim. Towing charges reiumbursable upto 1.5k/-

Coverage - 1L for self and 1L for 3rd party. For an extra Rs. 325/- over the premium, coverage increases to 3L for self and 3L for 3rd party (IDV unchaged).

2. HDFC Ergo

Premium - 1655/-

IDV - 2,28,990/-

Coverage - 1L for self and 1L for 3rd party

I tried getting information from Iffco Tokio, Bajaj Allianz, Reliance and Tata AIG but no joy so far.

Please let me know which company to go for considering i prefer a hassle free experience in the event of a claim (God Forbid!). I dont want to run around for a surveyor, to get him to approve the claim and finally for my cheque. Cashless is best and an overall smooth process of filing a claim and getting reimbursement is most preferred.

I tried the online option in Bajaj Allianz and the IDV was calculated at 3.5L () which is more than the OTR price of the bike. Called the toll free number and the rep was confused too. He asked me to visit the branch for the correct information.

I'll need to decide by the end of the week so first hand experiences will be most appreciated.

Thanks in advance for the replies.

Edit - TATA AIG does not provide insurance for the ninja since its a high risk vehicle, apparently !

Last edited by n_aditya : 26th April 2011 at 11:15.
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Old 26th April 2011, 12:16   #1442
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Default Re: Automobile Insurance - Ask me

How can you even think of ICICI Lombard ?

Just check on TBHP of the horror stories of Lombard in denying claims, esp of amit_mechengg (if I remember the handle correctly)

They have one policy, to give cheaper rates to procure customers and deny them claims. So net net, they arent the losers.

I am with Oriental for past 6+ yrs for my car, pleasant experience for all the insurance related jobs.

Better to pay a premium and be assured of the Insurer paying you when you need it.
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Old 26th April 2011, 15:23   #1443
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by tanwaramit View Post
How can you even think of ICICI Lombard ?

Just check on TBHP of the horror stories of Lombard in denying claims, esp of amit_mechengg (if I remember the handle correctly)

They have one policy, to give cheaper rates to procure customers and deny them claims. So net net, they arent the losers.

I am with Oriental for past 6+ yrs for my car, pleasant experience for all the insurance related jobs.

Better to pay a premium and be assured of the Insurer paying you when you need it.
Tanwar, what i posted was my research as of yesterday.

I did read through the reviews on ICICI on this forum and other forums as well (today) and mostly felt like i was reading a horror novel.

So ICICI is out of the window.

Can you share some of your personal experiences with Oriental? Did you ever file a claim? How was the experience dealing with the surveyor and getting you claim approved? How many days/weeks/months did you have to wait to get your cheque?

I had insurance from Oriental on my HH CD100 long back. Had an accident on it once and although the person from the office helped a lot it took me a long time (more than a month IIRC) to get my cheque. The claim amount was not much either.

I'd prefer a cashless option as any small repair on a ninja owing to a fall/slide/crash is expensive.... very expensive.

I've got nothing against Oriental. Just exploring other options for now.
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Old 26th April 2011, 17:51   #1444
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I just noticed that the papers that I signed for vehicle booking contain a text "I undertake to use Maruti Insurance". Even if I signed without reading this, isn't this illegal?
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Old 27th April 2011, 09:00   #1445
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Somehow I forgot to renew our Zen's insurance which expired on 16-April.
Maruti insurance is charging Rs.1000/- additional for late payment charges. Is this usual?
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Old 27th April 2011, 09:45   #1446
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Default Re: Automobile Insurance - Ask me

Ive been sticking with Tata AIG for around 7-8 years now. Good service. Seamless claims process and high acceptance in garages as well. Very easy to deal with them.
Plus their rates are quite reasonable, they give a discount for loyal customers plus a free "Silver" package which covers some of the stuff in the vehicle in case of loss/ damage etc. Ive just renewed the insurance with them where theyve given me the no claim benefit etc. I think I will stick around with them for the moment.
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Old 28th April 2011, 00:49   #1447
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by n_aditya View Post
Tanwar, what i posted was my research as of yesterday.

I did read through the reviews on ICICI on this forum and other forums as well (today) and mostly felt like i was reading a horror novel.

So ICICI is out of the window.

Can you share some of your personal experiences with Oriental? Did you ever file a claim? How was the experience dealing with the surveyor and getting you claim approved? How many days/weeks/months did you have to wait to get your cheque?

I had insurance from Oriental on my HH CD100 long back. Had an accident on it once and although the person from the office helped a lot it took me a long time (more than a month IIRC) to get my cheque. The claim amount was not much either.

I'd prefer a cashless option as any small repair on a ninja owing to a fall/slide/crash is expensive.... very expensive.

I've got nothing against Oriental. Just exploring other options for now.
The service center where I take my car in the neighbourhood has cashless facility with Oriental, have taken quite a few claims, thanks to Delhi Traffic, approx 2 per year (for past 2 years).

Havent seen or met the surveyor, everything is handled by the service center, it is indeed relaxing to see the insurance company helping you when needed.

Once when I was in Mumbai did one job at a center where there wasnt cashless policy and had to wait for a month for the claim to be reimbursed to me, pain was that I had to pay out all the expenses before taking the delivery of the car. However its still better considering the situation of others where one has to fight for every rupee of claim.
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Old 28th April 2011, 10:55   #1448
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Quote:
Originally Posted by ch.nathan View Post
Somehow I forgot to renew our Zen's insurance which expired on 16-April.
Maruti insurance is charging Rs.1000/- additional for late payment charges. Is this usual?
As far as I know, the only issue with delayed insurance is that you need to show the car at the insurance office (for verifying that you are not taking new insurance for an already damaged car.) But even this is not required if you are taking only third party insurance.

Tell them that you would opt for some other insurance company.

Last edited by jinojohnt : 28th April 2011 at 10:58.
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Old 9th May 2011, 23:11   #1449
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Default Re: Automobile Insurance - Ask me

If you do a CNG conversion of your car, is it necessary to inform the Insurance company?
I know that if you want to insure the CNG Kit, you need to inform the Insurance company - i.e. you pay an extra premium to insure the CNG also as per the bill value of the CNG kit.

However, if you are willing to fore go the cost of the CNG kit, do you still need to inform the insurance company?
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Old 9th May 2011, 23:30   #1450
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I own a zen estilo and policy is due to renewed on july 20th. I had taken a claim for damaged bumper and condenser. The insurance was taken from dealer without any bargaining. now I am planning to change my insurance to some other company or to take it from someone else and not dealer.Please advise on
1> should I stick to National Insurance policy?
2> should I deliberately expire my policy as I am not going to get no claim bonus and start a new one as it would not mention "claim taken" (just an idea)
3> which Pvt insurance gives cashless for maruti and is advised to go for?
4> What should be IDV for car with 367453 as IDV in 1st yr. what should be the cost of insurance in 2nd yr without benefit of NCB?
5> I was charged Rs11900 for 1st yr of insurance, how much was I overcharged?
6> should I go for no depreciation policy? how much does it cost?

Thankx and regards
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Old 12th May 2011, 14:13   #1451
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Default Re: Automobile Insurance - Ask me

It was time for me to renew the insurance of my Palio S10. This time I did some shopping around and realized that there are huge variations in price.

Existing Policy:
Iffko Tokio:
IDV ~130,000
Premium: ~5,400
NCB: 25%

Quotes that I got:
Company: IDV, Premium
------------
Iffko Tokio: 150,000 , 6400
TATA AIG: 180,000, ~7000 (With 7,500 voluntary excess from my side)
Bajaj Allianz: 229,000, 6175 (with 7,500 voluntary excess from my side)

All with 35% NCB

Went with B-A, bought it online, as they had the best IDV & also reasonable premium amongst all insurers. In past I have used B-A and found them to be good.

Last edited by khan_sultan : 12th May 2011 at 14:17.
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Old 12th May 2011, 14:59   #1452
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Default Re: Automobile Insurance - Ask me

^^^ How come iffco-tokyo's IDV is more than last year's?
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Old 12th May 2011, 15:35   #1453
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Default Re: Automobile Insurance - Ask me

Guys, Some help needed.
I would like to know the number of times we can go for Insurance claims.
Recently i renewed my insurance premium with National Insurance company, the representative told that the company will accept maximum of 3 claims and on special cases they will go for 4th one and not more than that. is that true ?
Today a herd of cows on road brushed its body on my car parked outside my house, one door is heavily dented and i had to go for repainting it now. I thought of going for insurance but the concern is i had already got a claim last year when a auto rickshaw rear ended my car and the damage was around 30k, Insurance company took care of it and i lost the 20% NCB already.

Now what should i do?, is it OK to go for repainting through insurance? or, is it better to do it with my own money and save the NCB for this year?

advice
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Old 12th May 2011, 15:38   #1454
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Quote:
Originally Posted by ch.nathan View Post
^^^ How come iffco-tokyo's IDV is more than last year's?
They had made a mistake last year in calculating the IDV and they agreed to a greater IDV this year. But still, it is coming less to what B-A was giving
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Old 13th May 2011, 14:14   #1455
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Default Re: Automobile Insurance - Ask me

Hi,
I am reproducing two of my posts from the thread on my T - Fortuner

(http://www.team-bhp.com/forum/test-d...ife-sails.html)

with a query for the insurance gurus ! The query is in the second post below in bold.





1.

Just received a cheque for Rs 30,368/- towards my No Claim Bonus Refund from Bharati Axa on Admiral Togo's insurance amount transferred from Guderian the Scorpio, my earlier ride, now sold.
The original insurance amount was Rs 76,494/-. With this refund the effective insurance amount for the Admiral would be - Rs. 46,126/-.

Having done it the first time - and all by myself, here is the process for those of you who may want to know. Reason I am recounting the same here is because there were enough guys (at the Scorpio dealer's insurance dept etc) giving all kinds of wrong information. So having gone through the trials and tribulations...

The process suprisingly is simple though.

And so here are the steps - this for a NCB refund after purchasing the new vehicle and selling the old vehicle at a later date:

1. Purchased the new TFort with new insurance at full premium. Insurance from Bharati Axa.

2. Sold old vehicle. Delivery note received from car broker. Car broker given original RC documents and insurance policy - Oriental Insurance.

3. RTO transfers vehicle to new owner, insurance company transfers policy to new owner - issues fresh policy document.

4. Copy of transferred RC book (smart card) and new insurance policy of Scorpio taken from broker.

5. New RC book copy (of Scorpio) and copy of the new policy (of Scorpio) submitted to the Oriental Insurance under a cover note asking for the No Claim Bonus certificate.

6. NCB certificate received from Oriental.

7. NCB certificate (original), transferred RC book and insurance policy copies of Scorpio and delivery note received from car broker given (under a covering letter seeking NCB refund) to Toyota dealership to be sent to Bharati Axa.

NCB certificate is valid for 3 years after sale of the old vehicle.


The refund cheque was received in about 25 days after submission of all documents.

Smile.

Smile again !

Some of the wrong bits of information received :

1. No insurance company will give you a refund once you have paid the full amount/premium.

2. NCB transfer will be applicable only from next year/after first year of new vehicle if you sell your old vehicle later.

3. Sell your old vehicle first and then go for a new one to get benefit of NCB transfer.

And blah...blah.

What a load of croc I'd say !

Hurrah !

2.

I received the new policy document (called endorsed policy) - the number etc remains the same - but the premium calculations have changed.

A quick clarification here.

The new document shows the endorsemet date as April 27, 2011. (Another date of 27 th !)

In the entire process I lost about Rs 6335/-.

The same worked out as follows:
Original premium paid - Rs. 76,494/-
New premium as per document - Rs. 39,791/-
NCB refunded - Rs. 30,368/-

Difference - Rs. 6335/-

So where did this difference go is what I asked the B-Axa Area Manager, who was helpful throughout the process, who explained that as the documents were submitted and processed in April and the endorsement completed on April 27 - the amount of premium calculated for the period from original date of policy (Feb 23) to date of endorsement (April 27) worked out to be this amount. This was calculated on the original premium rate without the NCB.
Meaning the No Claim Bonus % is deducted from the original premium - is calculated only from the date of endorsement.

Question here is - is this as per standard IDRA guidelines ? The AM assured me, orally, it is...but no harm asking the gurus here !

Also if it is so - then the learning here is after the sale of the old vehicle rush through the paper work and submit to get the maximum benefits of the NCB in the current year. From the next year of course you'll get the standard applicable NCB % deduction.
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