Insurance - Ask me

[sriturl]

Originally Posted by pratip

Hi Team,

My existing insurance is with Reliance with IDV Rs. 7,17,000/-

Here is the summary of the quotations:

Bharti AXA:
IDV: Rs. 7,05,000
Basic OD: Rs. 23,145.15
NCB: 20%
Company Discount: 40%
TP Premium: Rs. 925

Bajaj Allianz:
IDV: Rs. 7,00,000
Basis OD: Rs. 22,981
NCB: 20%
Company Discount: 39%
TP Premium: Rs. 925

Vehicle Coverage Details provided by Bharti AXA:
Glass Item: 100%
Labor, Denting Painting: 100%
Metal Parts Replacement: As per the age of the vehicle
Plastic Item: 50%
Owner Driver Coverage: Rs. 2,00,000
TP Property Damage: Rs. 7,50,000

I am also doing some shopping for my car insurance due in April.
First, your new IDV seems to be higher. Normally insurance companies do depreciation of 15-20% on previous IDV. But you can go for 10%.

Less than 10% depreciation is an over kill and not necessarily required, because anyway most parts would attract almost 15% depreciation.

One of my friends who has Bajaj Allianz bike insurance doesnt have a good feedback about them.
You can check Tata AIG as well. Their rates also seem to be competitive.

Did you go through company directly or through agents for both these quotes?

[rjvora_2000]

Originally Posted by pratip

Hi Team,

I had been lurking around this forum quiet sometime. I found all the information by searching threads. So, never did I post anything in this forum. This is my first post in the forum.

I am in Bangalore. My car’s (Verna CRDi, March 2008 model) insurance is due this month (March 2009). Got quotation from different companies and did some bargaining. Now I have to decide between “Bharti AXA” and “Bajaj Allianz”. Both of them quoted me more or less the same premium. I found reviews (good and bad) of Bajaj Allianz, but there is no review/opinion about Bharti AXA.

My existing insurance is with Reliance with IDV Rs. 7,17,000/-

Here is the summary of the quotations:

Bharti AXA:
IDV: Rs. 7,05,000
Basic OD: Rs. 23,145.15
NCB: 20%
Company Discount: 40%
TP Premium: Rs. 925

Bajaj Allianz:
IDV: Rs. 7,00,000
Basis OD: Rs. 22,981
NCB: 20%
Company Discount: 39%
TP Premium: Rs. 925

Vehicle Coverage Details provided by Bharti AXA:
Glass Item: 100%
Labor, Denting Painting: 100%
Metal Parts Replacement: As per the age of the vehicle
Plastic Item: 50%
Owner Driver Coverage: Rs. 2,00,000
TP Property Damage: Rs. 7,50,000

Bajaj Allianz did not provide me with a detail Vehicle Coverage Details. But it seems Bharti AXA covers more than Bajaj Allianz. IDV and Company Discount of Bajaj Allianz is less than Bharti AXA, but I can bargain on that.

Both of them mentioned that they have cashless facility in all the major service centers in Bangalore.

Please advise me which one to go for. Does anyone have any experience with Bharti AXA? Can I do some further bargain on any specific item? What are the other things I should ask the insurance company to include?

Let me tell you Bajaj is best in the business. the coverage which you showed for bharti is same (100%) for bajaj and for any other company.

As you will see in my previous post bajaj is market leader in motor business and bharti is doing very less amount of business in the market.

Go for bajaj they are the best.

[aka_iitd]

Originally Posted by 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.

I went with Bajaj with New IDV value 3.6L almost 10% depreciation from earlier value (3.98L). Got 25% NCB with some special discount and premium came to Rs.7348 with TP 800 and PA 100. Earlier the premium was 9586 with IDV value 3.98L

[rjvora_2000]

Originally Posted by sriturl

I am also doing some shopping for my car insurance due in April.
First, your new IDV seems to be higher. Normally insurance companies do depreciation of 15-20% on previous IDV. But you can go for 10%.

Less than 10% depreciation is an over kill and not necessarily required, because anyway most parts would attract almost 15% depreciation.

One of my friends who has Bajaj Allianz bike insurance doesnt have a good feedback about them.
You can check Tata AIG as well. Their rates also seem to be competitive.

Did you go through company directly or through agents for both these quotes?

Sirji I think and as far as I have heard and whatever little experience I have with them till now is a good one only. but still if you say your experience might not have been good, I will agree with that also.

Go for tata that is also a good company.

[sriturl]

Originally Posted by rjvora_2000

Sirji I think and as far as I have heard and whatever little experience I have with them till now is a good one only. but still if you say your experience might not have been good, I will agree with that also.

Go for tata that is also a good company.

I am still shopping, and pretty new to insurance details, since my previous car was on company lease, and I never had to bother about anything.
With my bike, when I purchased it, there were only public sector insurance, so no brainer. And renewals followed, without brains.

This is my first real search for a motor insurance, and still searching for a decent service and cost effective provider at the same time.
I am still in the learning boat, and sharing what little I could. Any suggestions are gladly welcome.

[diffsoft]

Originally Posted by pratip

Please advise me which one to go for. Does anyone have any experience with Bharti AXA? Can I do some further bargain on any specific item? What are the other things I should ask the insurance company to include?

Pratip:

I just got my cover renewed with Bajaj Allianz (Feb 09) with Trident and soon I banged my car while navigating the parking lot in Sigma Mall. My left rear door and rear panel were damaged. Went to Trident Seshadripuram the next day and within 20 mins filled the form, registered the claim with Bajaj Allianz and was told by Trident that they will prepare an estimate and get the approval from the surveyor....everything went like a breeze and for an estimate of about Rs 10,000/-, I paid only Rs 500 (compulsory deduction).

It was, for a change a good experience for me.

Cheers,

[rjvora_2000]

Originally Posted by diffsoft

It was, for a change a good experience for me.

Sirji why you say that!!!

I believe normally all the people have good experience (80 to 85%) (like you) but they never express (Not like you) that they had a good time...

But person who has a bad one will always shout at his loudest and will complain.

Thank you for sharing good things also.

[pratip]

Thanks everyone for all the suggestions. I renewed the insurance with Bharti AXA with IDV Rs. 705000 and premium Rs. 13275. Its a comprehensive policy. Waiting for the policy documents to come.

[Sha09mel]

Hi Team,

I have my insurance police for Honda city ZX due this coming april'09. There has been numerious call from all the insurance company for renewels with IDV ranging from inr 6,12,806/- with premium of inr 14,603/-to 6,80'000/- with a premium of inr 12,850/- quite strange thou.

What I would like to ask the guru's here is.
1) I had a claim last year as my rear windsheild had cracked so i loose out on NCB which was mentioned to all insurance company before the quotes were given to me.
2) Should I ask for higher IDV with lower premium as mentioned above, or go for a 10% depreciation on IDV as mentioned by fellow Bhpians ( car hardly driven ).
3) Ask for max company discount.
4) Get eletrical/electronic acc insurance which was missing in my previous policy with icici lombard.

The imp point which i have not read in this thread is about "VOLUNTARY ACCESS" which some of the insurance company claimed could be the reason for such a low premium but after confirming, the low premium is without the VA. Could somone share a light on "VA" should or should'nt we go for it.

Cheers!!!

[F50]

Originally Posted by Sha09mel

Hi Team,

I have my insurance police for Honda city ZX due this coming april'09. There has been numerious call from all the insurance company for renewels with IDV ranging from inr 6,12,806/- with premium of inr 14,603/-to 6,80'000/- with a premium of inr 12,850/- quite strange thou.

What I would like to ask the guru's here is.
1) I had a claim last year as my rear windsheild had cracked so i loose out on NCB which was mentioned to all insurance company before the quotes were given to me.
2) Should I ask for higher IDV with lower premium as mentioned above, or go for a 10% depreciation on IDV as mentioned by fellow Bhpians ( car hardly driven ).
3) Ask for max company discount.
4) Get eletrical/electronic acc insurance which was missing in my previous policy with icici lombard.

The imp point which i have not read in this thread is about "VOLUNTARY ACCESS" which some of the insurance company claimed could be the reason for such a low premium but after confirming, the low premium is without the VA. Could somone share a light on "VA" should or should'nt we go for it.

Cheers!!!

Hi Sha09mel,

1) You wont get NCB

2) You cannot opt for higher IDV than current year's IDV. If you want to keep value of the car on higher side and okay with the premium against it, then go for 10% if not then 15%. Dont go beyond that.

3) Yes squeeze them for higher company discounts.

4) Yes. Electrical Accessories of high value such as ICE etc then get it done asap. If you dont have bills for the accessories then ask one of their surveyors to check and fix value according to current market rate. I think whatever is the total amount of accessories - 4% of the value + tax should be the premium for Electrical Accessories.

And most importantly - Do Not Opt for Voluntary Excess - Ever! You will be the one who will suffer big time during a claim!

[rjvora_2000]

Originally Posted by F50

4) Yes. Electrical Accessories of high value such as ICE etc then get it done asap. If you dont have bills for the accessories then ask one of their surveyors to check and fix value according to current market rate. I think whatever is the total amount of accessories - 4% of the value + tax should be the premium for Electrical Accessories.

This is correct. Insurance is charged 4% of Electrical Accessories Value and + Service Tax.

[Sha09mel]

Thanks F50.

Thought as much VE would be a minus point for any insurer for claims, but just wanted to confirm.

Could you also advice how is the BOD value calculated??

Is the company discount on BOD value?

These are the thing what a person gets in the insurance policy, let me know if anything else needs to be mentioned in the policy.

1) BOD value
2) Basic third Party Liability.
3) Unnamed PA cover for 5ppl for inr 500/-
4) Paid Driver (Endt. IMT-28) inr 25/-
5) PA cover for Owner/Driver inr 100/-
6) Service Tax (Incl.Edu&Higher Edu Tax)

Damage to Third Party : inr 7'50'000/-
PA Cover for Owner/Driver : inr 2'00'000/-
Voluntary Deductables : inr 0/-

Pls add if anything missed out in the insurance policy.

Cheers!!!

Originally Posted by F50

Hi Sha09mel,

1) You wont get NCB

2) You cannot opt for higher IDV than current year's IDV. If you want to keep value of the car on higher side and okay with the premium against it, then go for 10% if not then 15%. Dont go beyond that.

3) Yes squeeze them for higher company discounts.

4) Yes. Electrical Accessories of high value such as ICE etc then get it done asap. If you dont have bills for the accessories then ask one of their surveyors to check and fix value according to current market rate. I think whatever is the total amount of accessories - 4% of the value + tax should be the premium for Electrical Accessories.

And most importantly - Do Not Opt for Voluntary Excess - Ever! You will be the one who will suffer big time during a claim!

[ashthedivx]

Hi,

My insurance in getting expired in April, 09. Currently I am on ICICI and would like to shift to another one. Threw up a mail to various insurance companies. Let's see who come up with a better deal


Any recommendations ?


Cheers

[F50]

Originally Posted by Sha09mel

Could you also advice how is the BOD value calculated??

Is the company discount on BOD value?

BOD is your IDV multiplied by the rating - which is determined Zone in which your vehicle is registered. MH01 has different rating to MH06.

Yes discount can be given only on BOD.

Originally Posted by Sha09mel

These are the thing what a person gets in the insurance policy, let me know if anything else needs to be mentioned in the policy.

1) BOD value
2) Basic third Party Liability.
3) Unnamed PA cover for 5ppl for inr 500/-
4) Paid Driver (Endt. IMT-28) inr 25/-
5) PA cover for Owner/Driver inr 100/-
6) Service Tax (Incl.Edu&Higher Edu Tax)

Damage to Third Party : inr 7'50'000/-
PA Cover for Owner/Driver : inr 2'00'000/-
Voluntary Deductables : inr 0/-

Pls add if anything missed out in the insurance policy.

Cheers!!!

Looks good!

[ashthedivx]

At the end of day it looks like a real busy day

I mailed to Bajaj Allianz, ICICI, Bharti AXA and PolicyBazaar.com out of which bajaj allianz and policybazaar.com called up

A doubt how come Baja Allianz with nearly same IDV but better overall insurance (more Driver/owner insurance, more Passengers insurance) gave a lesser quote then that of Reliance (provided by policybazaar.com). I can understand a difference of a 100/200 Rs but the difference is of more then 2K ??

Any clarifications ??

Also, any idea how much depriciation one can claim for CNG Kit - Baja Allianz said it should be 15% but Policybazaar claimed it should be 10% ??