Insurance - Ask me

[Proxima]

Guys, I need some urgent help.

For the new Ikon, the dealer charges a insurance premium of 19500. I checked outside and this could be done with United India for 16500 (full ex showroom price coverage). But the dealer has asked me to sign a form saying that "Although I have been briefed in detail about the benefits of Ford Preferred Insurance like near cashless claim, I still want to go against it by going for an outside insurance" or something like that.

So is there a problem if I get it done outside?

1. I will be saving abut 3000 Rs a year, it is not a one time saving. So over 5 years, it will work out to about 13-14k, taking into account the decrease in premium each year.
2. Can I convert to the Ford Preferred Insurance after a year, when I have to renew the insurance? If yes, this will be done calculating from the reduced premium that I am paying for the first year, right?
3. Are there any other points that I need to consider?

Need advice in the next 2 hours

[rjvora_2000]

Originally Posted by Proxima

Guys, I need some urgent help.

For the new Ikon, the dealer charges a insurance premium of 19500. I checked outside and this could be done with United India for 16500 (full ex showroom price coverage). But the dealer has asked me to sign a form saying that "Although I have been briefed in detail about the benefits of Ford Preferred Insurance like near cashless claim, I still want to go against it by going for an outside insurance" or something like that.

So is there a problem if I get it done outside?

1. I will be saving abut 3000 Rs a year, it is not a one time saving. So over 5 years, it will work out to about 13-14k, taking into account the decrease in premium each year.
2. Can I convert to the Ford Preferred Insurance after a year, when I have to renew the insurance? If yes, this will be done calculating from the reduced premium that I am paying for the first year, right?
3. Are there any other points that I need to consider?

Need advice in the next 2 hours

Dealer can not force you to go for his insurance.
1. I think you should not go for the dealer insurance get it done from outsider should have much problem. Only point is that you might not get cashless whenever there is a claim.
2. You can change an insurance company every year if you want. It will be done with the reduced value only.

Normally dealers force for there own insurance is because they get huge income of commission on that business.

Every year the insurance premium goes down because of mainly two reasons, 1. No claim in last year (NCB) 2. Vehicle value going down "Deprecation" (On first renewal by 20% and from there on 10% every year)

Please get back to this trend if you need any more answers.

[Proxima]

Originally Posted by rjvora_2000

Dealer can not force you to go for his insurance.
1. I think you should not go for the dealer insurance get it done from outsider should have much problem. Only point is that you might not get cashless whenever there is a claim.
2. You can change an insurance company every year if you want. It will be done with the reduced value only.

Normally dealers force for there own insurance is because they get huge income of commission on that business.

Every year the insurance premium goes down because of mainly two reasons, 1. No claim in last year (NCB) 2. Vehicle value going down "Deprecation" (On first renewal by 20% and from there on 10% every year)

Please get back to this trend if you need any more answers.

Thank you!

So if I were to go with the insurance outside and pay 16.5k as opposed to 19.5k, the next year, I will pay 20% less on 16.5k, but in the other case I will pay 20% less on 19.5k right?

With the same (80% of 16.5k) I can then get it transfered to one of the Ford preferred insurance guys, correct?

[rjvora_2000]

Originally Posted by Proxima

Thank you!

So if I were to go with the insurance outside and pay 16.5k as opposed to 19.5k, the next year, I will pay 20% less on 16.5k, but in the other case I will pay 20% less on 19.5k right?

With the same (80% of 16.5k) I can then get it transfered to one of the Ford preferred insurance guys, correct?

Yes you are right!!!
(Both the point's are true)

Note- Service tax has been changed from 12.36% to 10.30%.

[Proxima]

Originally Posted by rjvora_2000

Yes you are right!!!
(Both the point's are true)

Note- Service tax has been changed from 12.36% to 10.30%.

Fantastic. Thanks a ton.

[jkdas]

Can you comment on this
http://www.team-bhp.com/forum/indian...ml#post1191741 (Best Auto Insurance service provider)

Your pm is full

[rjvora_2000]

Originally Posted by jkdas

Can you comment on this
http://www.team-bhp.com/forum/indian...ml#post1191741 (Best Auto Insurance service provider)

Your pm is full

I don't know why you are saying that my PM has lot of space. still i have replied your query.

[Proxima]

rjvora and other insurance experts:

I have got the engine and chassis number:
engine: 9U*****
chassis: maja##### 9U*****

#s are alphabets
*s are numbers

the last part of the chassis and engine are the same.

Can you please confirm that this is the correct format? It is very URGENT one again.

[rjvora_2000]

Originally Posted by Proxima

rjvora and other insurance experts:

I have got the engine and chassis number:
engine: 9U*****
chassis: maja##### 9U*****

#s are alphabets
*s are numbers

the last part of the chassis and engine are the same.

Can you please confirm that this is the correct format? It is very URGENT one again.

Yes sir these no. format is correct.
(This no. has to mach with one in the invoice of the car.)

[Proxima]

Originally Posted by rjvora_2000

Yes sir these no. format is correct.
(This no. has to mach with one in the invoice of the car.)

Perfect! Thanks a bunch.

[rjvora_2000]

This one is a long one from me…

Today I wanted to buy a scooter for me Honda Aviator.
I went to 3 dealers and ask for details of the cost. Approx total cost is Rs. 47,000/- on road when I asked for the bifurcation they told me that this price is inclusive of everything like Cost of bike, RTO & Insurance.
Almost all three had given me the same rate. When still I insisted on the insurance cost the reply was different from all three.

1. The cost is Rs. 790/- when I told him that I will do the insurance on my own he was ok with it and told me that it is on you.

2. The cost is Rs. 1100/- when I told him that I will do the insurance on my own he said no sir this is not possible we have to do the first insurance otherwise we cannot take the delivery from the store.

3. The cost is Rs. 1400/- this was the best in the list when I told him that I will do the insurance on my own he said sir you have to pay the insurance with us only if you take the insurance yourself still you have double insurance. Still if you want then you pay me Rs. 500/- less and you can do the insurance on your own. This he said after I went from his office over phone.

For 2 Weller’s insurance, I feel dealer are fooling people so much.

[aka_iitd]

I need one advice. My Getz insurance is due in March end and earlier it was insured for 3.98L for 2007 model. It is insured with Bajaj Allianz.I got a call today from them quoting IDV value of 2.63L for renewal. When I told it was a huge depreciation from last year then they said you can go upto 3.97L also if you want higher IDV value.

Is this resonable??
I understand higher IDV value means more value if claimed fully but is this OK to have such high IDV value. Car was purchased 2 years ago in 4.45L. For first year it was insured with oriental insurance. I switched to Bajaj as they offered good IDV and ease of paying
Advice needed

[rjvora_2000]

Originally Posted by aka_iitd

I need one advice. My Getz insurance is due in March end and earlier it was insured for 3.98L for 2007 model. It is insured with Bajaj Allianz.I got a call today from them quoting IDV value of 2.63L for renewal. When I told it was a huge depreciation from last year then they said you can go upto 3.97L also if you want higher IDV value.

Is this resonable??
I understand higher IDV value means more value if claimed fully but is this OK to have such high IDV value. Car was purchased 2 years ago in 4.45L. For first year it was insured with oriental insurance. I switched to Bajaj as they offered good IDV and ease of paying
Advice needed

1. Depreciation of your car should not be more then Rs. 80,000/- (Which is 20% down from the last year.)
2. you can depreciate 10% but I will not advice you to go down more then 20%.
3. Bajaj person is trying to fool you nothing else. (Which any company employee does to pick the business cheque.)- I think.
4. I think if your car's condition is good and you are not a rash and speedy driver (Regularly) then your car value should be Rs. 3,58,000/- (Which is 10% down from the last year)

[F50]

Originally Posted by aka_iitd

I need one advice. My Getz insurance is due in March end and earlier it was insured for 3.98L for 2007 model. It is insured with Bajaj Allianz.I got a call today from them quoting IDV value of 2.63L for renewal. When I told it was a huge depreciation from last year then they said you can go upto 3.97L also if you want higher IDV value.

Is this resonable??
I understand higher IDV value means more value if claimed fully but is this OK to have such high IDV value. Car was purchased 2 years ago in 4.45L. For first year it was insured with oriental insurance. I switched to Bajaj as they offered good IDV and ease of paying
Advice needed

IDV - Insured Declared Value and not Insurer Declared Value.

It is not necessary to agree to what insurance companies think would be the right IDV for you. It is the Insured who Declares the Value. So go ahead and decide a value which you feel is correct for your car.

I would say go ahead with 340,000/- as your IDV. This is close to 15% depreciation of your last year's value, which I feel is not too high and not too low.

Reduce the value by 15% every year and the IDV stays in check!

[aka_iitd]

Thanks Rupesh and F50 I was also on the same opinion to depreciate by 10 to 15%.
Car is driven by my wife and it has clocked just less than 11K in 2 years. No accident till now but yes suffered minor bumper scratches which is common in Bangalore.