Insurance - Ask me

[F50]

Originally Posted by NK@Hyd

-The premium mentioned in the certificate is almost 1000 bucks less than what I was charged by the car dealer. The insurance premium was a component of the car price in their price list(then mentioned as Bajaj Allianz's insurance) which I duly paid, but now I see that HDFC Ergo's premium is a bit less and even confirmed that they received only the amount mentioned on the certificate from the dealer . Do the dealers charge a bit more as their commission on it? Regardless, I would confront them with this issue.

Thanks!

New car dealers' insurance will always be high because the amount of discount they offer is less.
Example Dealer offered you insurance at may be 10% discount or may be didnt offer at all, whereas you can get discounts much much higher than that.

What you can do is inform the dealer that insurance will be taken care of and you can approach other companies or company of your choice or comfort and ask them for better discounts. Only advantage of taking insurance from dealer is - peace of mind. Otherwise you have to make few phone calls, run here and there to get the policy.

And other thing - Never pay a penny more than the amount written on the policy. Dealers will never charge you anything extra. As in if the policy' final premium is 12,500/- including tax, they will never charge you 13,500/-
In your case, dealer offering Bajaj Allianz' Insurance was offered at less discount.

[rjvora_2000]

Originally Posted by F50

In your case, dealer offering Bajaj Allianz' Insurance was offered at less discount.

But I think dealer should have refunded him the extra amount which he has charged extra. - Right??

[F50]

Originally Posted by rjvora_2000

But I think dealer should have refunded him the extra amount which he has charged extra. - Right??

Im not getting it may be but why would Bajaj Allianz return the money? Not all insurance companies have the same premium.

Example(hypothetical) - Tata Aig offers 10% discount on Tata cars whereas Bajaj Allianz doesnt infact charge 10% loading. So obviously the premium amount wont be the same of Tata & Bajaj.
Similarly, on his i10 dealer charged 13,500 because discount was less and he approached HDFC Ergo which said I offer you the policy in 12,500 (more discount) so he went ahead with HDFC instead of Bajaj. Then why should Bajaj pay him back?

[rjvora_2000]

Originally Posted by NK@Hyd

The premium mentioned in the certificate is almost 1000 bucks less than what I was charged by the car dealer.

even confirmed that they received only the amount mentioned on the certificate from the dealer .

Originally Posted by F50

Im not getting it may be but why would Bajaj Allianz return the money? Not all insurance companies have the same premium.

Example(hypothetical) - Tata Aig offers 10% discount on Tata cars whereas Bajaj Allianz doesnt infact charge 10% loading. So obviously the premium amount wont be the same of Tata & Bajaj.
Similarly, on his i10 dealer charged 13,500 because discount was less and he approached HDFC Ergo which said I offer you the policy in 12,500 (more discount) so he went ahead with HDFC instead of Bajaj. Then why should Bajaj pay him back?

It is not the insurance company who has charged extra but it is the dealer who has charged more!!!

[NK@Hyd]

Guys, thanks for responding, I think I should have paraphrased my post better. Here it is:

The price list from the dealer already had the insurance component included in the price of the car. The insurance amount mentioned in the price list was around Rs.11,500 from Bajaj Allianz (it was a general price list for prospective buyers).

After all the formalities were done, on the day of delivery, they presented me the cover note from HDFC Ergo and said it's as good as Bajaj's. I was cool with it. This cover note mentioned the same amount (Rs. 11,500) as the premium. Now when I received my insurance certificate from HDFC Ergo 2 days back, the premium mentioned in it is almost Rs. 1000 less than what I paid as insurance part of the car cost (because I always assumed that the premium would be what was in the price list). I checked with HDFC and they received the exact amount as premium from the dealer as was mentioned in their certificate.

So basically, the dealer pocketed the 1000 bucks. I am going there tomorrow and would force him to refund. Time for some one-handed push ups

[rjvora_2000]

Originally Posted by NK@Hyd

Guys, thanks for responding, I think I should have paraphrased my post better. Here it is:

The price list from the dealer already had the insurance component included in the price of the car. The insurance amount mentioned in the price list was around Rs.11,500 from Bajaj Allianz (it was a general price list for prospective buyers).

After all the formalities were done, on the day of delivery, they presented me the cover note from HDFC Ergo and said it's as good as Bajaj's. I was cool with it. This cover note mentioned the same amount (Rs. 11,500) as the premium. Now when I received my insurance certificate from HDFC Ergo 2 days back, the premium mentioned in it is almost Rs. 1000 less than what I paid as insurance part of the car cost (because I always assumed that the premium would be what was in the price list). I checked with HDFC and they received the exact amount as premium from the dealer as was mentioned in their certificate.

So basically, the dealer pocketed the 1000 bucks. I am going there tomorrow and would force him to refund. Time for some one-handed push ups

Sirji thank you for the clarification on this matter. If you have a cover note of high value and the policy is of less value then now i am very sure that the amount is in that dealer's pocket.

[vnabhi]

I have a question for you guys---how do they calculate the Insured vehicles value when it comes for renewal? I remember my Fiesta was insured for 6.9 lacs when I bought it, but the next year it came down to 5.6 lacs or so.
Any idea, guys?

[rjvora_2000]

Originally Posted by vnabhi

I have a question for you guys---how do they calculate the Insured vehicles value when it comes for renewal? I remember my Fiesta was insured for 6.9 lacs when I bought it, but the next year it came down to 5.6 lacs or so.
Any idea, guys?

Normally insurance company depreciate the value every year. minimum 10% or on the higher side it should be 20%.

[NK@Hyd]

Originally Posted by rjvora_2000

Sirji thank you for the clarification on this matter. If you have a cover note of high value and the policy is of less value then now i am very sure that the amount is in that dealer's pocket.

Yup, that's what I think. Thank you very much for your advice, Sirjee

[sam003]

I am prospective buyer for innova, I was checking yesterday with one of the dealer here in Delhi and to my surprise I came to know the for the claim we can 60% only rest 40% we have to pay irrespective of material etc. As far as I know for rubber and plastic we have to pay 50% of it, but they were saying for all claim you will get 60% only and rest 40% you have to pay. Is this correct ?

[rjvora_2000]

Originally Posted by sam003

I am prospective buyer for innova, I was checking yesterday with one of the dealer here in Delhi and to my surprise I came to know the for the claim we can 60% only rest 40% we have to pay irrespective of material etc. As far as I know for rubber and plastic we have to pay 50% of it, but they were saying for all claim you will get 60% only and rest 40% you have to pay. Is this correct ?

I don't think so!!! Please ask your dealer which insurance company he is talking about. Still I don't think so this would be an correct information.

[bharatbs]

When you are switching insurance companies during renewal, how do they track if there is a previous claim on your car?

[rjvora_2000]

Originally Posted by bharatbs

When you are switching insurance companies during renewal, how do they track if there is a previous claim on your car?

1. This will reflect on the renewal notice.
2. Actual process say's that you have to take a NCB certificate from old insurance company and give it to new insurance company then only they will give you NCB.

[Proxima]

Hi,

I am buying a new Ford Ikon TCDI in Chennai and the premium quoted by the dealer is 19250. I heard that it can be done for lesser because Condor (a Bangalore BHPian) said he got is it for 4k less.

How do I go about this? I want to go with a nationalized bank only. Kindly advice.

If someone can guide me with a step by step process, it will be nice. Eg: which first (registration/temp reg/etc)

[rjvora_2000]

Originally Posted by Proxima

Hi,

I am buying a new Ford Ikon TCDI in Chennai and the premium quoted by the dealer is 19250. I heard that it can be done for lesser because Condor (a Bangalore BHPian) said he got is it for 4k less.

How do I go about this? I want to go with a nationalized bank only. Kindly advice.

If someone can guide me with a step by step process, it will be nice. Eg: which first (registration/temp reg/etc)

1. Call any three company which you like and tell them you are buying a new car

2. As you start receiving the quote from them, start bargaining with them.

3. Cheapest is the best.

4. Make sure all the quote have same value. (IDV)

After doing this you will find that you have saved a lot of money.