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Old 3rd August 2012, 06:24   #76
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Default Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by souravc View Post
You are absolutely spot-on , just jacking up the IDV is of no use - under IRDA regulations there is a fixed way of calculating it , please refer to the link alongside IDV


The Bajaj guy is clearly trying to pull a fast one on you . You should also take informal feedback from the VW workshop guy about which insurance company clears repair quotes with the least amount of delay , thats a very important consideration.
I got mine from ICICI Lombard because their quotes seemed reasonable , they seem to be widely accepted ( what if Vento breaks down in tier 2/3 city ? ) and all my general insurance are through Lombard .
I have heard decent feedback about Tata AIG too
Thanks Sourav. The Tata AIG guys are actually claiming that they can give honor a higher IDV thought that maybe to win my business. I was piqued too at their statements going contrary to IRDA regulations. However I don't know Bajaj Drive Assure costs so much more. Any idea about this engine protector thingy? Why wouldnt others have something similar to engine protector?
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Old 3rd August 2012, 10:00   #77
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Default Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by samarjitdhar View Post
Thanks Sourav. The Tata AIG guys are actually claiming that they can give honor a higher IDV thought that maybe to win my business. I was piqued too at their statements going contrary to IRDA regulations. However I don't know Bajaj Drive Assure costs so much more. Any idea about this engine protector thingy? Why wouldnt others have something similar to engine protector?
Any comprehensive insurance gives cover for the engine too so if they are projecting engine protector as a differentiator its pure BS .
Logic says that one can't go against IRDA directive - maybe you can check on the fine print in your existing policy whether any clause regarding the IDV mentions about the IRDA regulation
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Old 3rd August 2012, 13:05   #78
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Default Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by souravc View Post
Any comprehensive insurance gives cover for the engine too so if they are projecting engine protector as a differentiator its pure BS .
Logic says that one can't go against IRDA directive - maybe you can check on the fine print in your existing policy whether any clause regarding the IDV mentions about the IRDA regulation
Thanks Sourav. I think you are right about that engine protector thing. Pretty naive on their part to think that they can charge a premium of about 4K by citing this. However will check with Tata AIG.
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Old 3rd August 2012, 13:52   #79
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Default Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by samarjitdhar View Post
Thanks Sourav. I think you are right about that engine protector thing. Pretty naive on their part to think that they can charge a premium of about 4K by citing this. However will check with Tata AIG.
I had Drive asure from Bajaj Allianz for 2 years, Its a marketing gimmic.
They did not pay me even towing charges forget the claim,
Also there is a court case on in Bangalore ,where a Yeti went over a stone and Bajaj refused to pay stating that " you went over stone but drove for a distance" hence engine got siezed.
Though this depends on individual experience and some may differ to the above.
I have moved to Tata AIG for the 4th year coverage after two bad experience with Bajaj one for a claim when a biker hit from side and Bajaj did not cover for the full damage despite 0% depreciation for 2 years. I had to shell out 20% money.
So hopefuly peace of mind with Tata - Reputed brand image
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Old 5th August 2012, 00:58   #80
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Default Re: Tata AIG's 0% Depreciation Car Insurance

I have heard that IFFCO TOKYO is also providing such facility. One of my friends, who is a CA, has taken this policy from this company. Though he hasn't availed the services the policy provides, he says that this a a total peace of mind policy. Good to have such a policy in the market.
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Old 7th August 2012, 16:00   #81
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Default Re: Tata AIG's 0% Depreciation Car Insurance

All
Need help in deciding on my insurance renewal
Car: All New Honda City, V AT
Purchased: Aug 2011.
Renewal due from : 19 Aug 2012.

Options:
1. Existing insurance provider. Honda Assure (Royal Sundaram)
What they quote: 16592
For an IDV of 710877 and 0 dep
Pros: Honda Assure, so will be trouble free
Cons: Have depreciated 20% on IDV, which is pretty high IMO for a 1 year old car. They are adamant on not increasing the IDV though I sent them the IRDA regulations link which seems to indicate the depreciation should be 15%.

2. TATA AIG Perl
What they quote: 18052
For an IDV of 778400 plus
0 Dep
NCB protection (provided I renew from Tata next year)
Silver plan (6 months warranty on the repairs done through claim)
Gold plan (reimburse hotel, towing etc etc)
Pros: only 10% depreciation on IDV.
NCB protection extra
Few other things which I may not use (Silver/Gold)
Cons: Though my dealer is listed as a cash free garage, not sure ohw smooth the process will be.

Logically, TATA AIG makes sense considering I have 50% NCB. But not sure how good their claims process is\ with Honda showrooms in Bangalore.

Any suggestions?
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Old 8th August 2012, 08:39   #82
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Smile Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by Bh.P View Post
Existing insurance provider. Honda Assure (Royal Sundaram)
What they quote: 16592
For an IDV of 710877 and 0 dep
Pros: Honda Assure, so will be trouble free
Cons: Have depreciated 20% on IDV, which is pretty high IMO for a 1 year old car. They are adamant on not increasing the IDV though I sent them the IRDA regulations link which seems to indicate the depreciation should be 15%.
Have you tried getting the online quote from Royal Sundaram directly? I think since Honda has a tie up with RS, you should be getting the correct IDV with a depreciation of 15% rather than 20% offered by Honda. Also you can claim the NCB discount since it is from RS. RS does provide the features as available with Tata but as an additional option which might cost you a bit more than the normal premium but its worth it esp the zero dep option as yours is a new car.
I think stay away from insurers who promise more IDV and less premium than the regulated cost, there should be a catch somewhere.
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Old 8th August 2012, 11:28   #83
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Default Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by ghodlur View Post
Have you tried getting the online quote from Royal Sundaram directly? I think since Honda has a tie up with RS, you should be getting the correct IDV with a depreciation of 15% rather than 20% offered by Honda. Also you can claim the NCB discount since it is from RS. RS does provide the features as available with Tata but as an additional option which might cost you a bit more than the normal premium but its worth it esp the zero dep option as yours is a new car.
I think stay away from insurers who promise more IDV and less premium than the regulated cost, there should be a catch somewhere.
I had a chat with Royal Sundaram on their online chat support. They said since my policy is through Honda Assure, I have to renew through them and cannot get an online quote.

Honda Assure had depreciated the IDV 5% at the time of delivery itself (had not noticed this). Now they are depreciating additional 15%, making the IDV 20% lower than invoice, which I thought is too much for a 1 year old car.

Sure, my first preference is Honda Assure considering I will have a smooth transaction in case I need to make a claim. But since I had read some good reviews of TATA AIG on this forum, put that in as an option.
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Old 8th August 2012, 12:44   #84
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Red face Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by Bh.P View Post
I had a chat with Royal Sundaram on their online chat support. They said since my policy is through Honda Assure, I have to renew through them and cannot get an online quote.

Honda Assure had depreciated the IDV 5% at the time of delivery itself (had not noticed this). Now they are depreciating additional 15%, making the IDV 20% lower than invoice, which I thought is too much for a 1 year old car.
Thats pretty strange response from RS. Can you confirm if you have a Insurance policy no starting with VPN from RS? if so, directly input the policy no on RS website and try. If you have been issued a policy from Honda with their policy no then RS wont honor it.

If Honda Assure is playing a hard game with the IDV depreciation % more than the IRDA regulations, then you need to highlight it on the IRDA website and also let Honda Assure know of the same. 5% depreciation of the IDV at the delivery is standard.

Which other insurers other than RS does the Honda workshop have a cashless tie up with? Surely it cant be RS only. Some deeper digging needs to be done for this.
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Old 8th August 2012, 14:00   #85
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Default Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by ghodlur View Post
Thats pretty strange response from RS. Can you confirm if you have a Insurance policy no starting with VPN from RS? if so, directly input the policy no on RS website and try. If you have been issued a policy from Honda with their policy no then RS wont honor it.

If Honda Assure is playing a hard game with the IDV depreciation % more than the IRDA regulations, then you need to highlight it on the IRDA website and also let Honda Assure know of the same. 5% depreciation of the IDV at the delivery is standard.

Which other insurers other than RS does the Honda workshop have a cashless tie up with? Surely it cant be RS only. Some deeper digging needs to be done for this.
My current policy number starts with VHP. It is not recognized by their insta review when I try to get a renewal quote online. Hence chatted with the online support.

Are you saying 5% at time of delivery and also 5+15%=20% during first year renewal is standard? I thought it should be 15% at the end of first year and not 5%+15% as Honda Assure is telling me. However, even the Sundaram website says IDV is depreciated 20% for > 1 yr. Motor Car Insurance FAQs | Royal Sundaram
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Old 8th August 2012, 14:13   #86
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Smile Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by Bh.P View Post
Are you saying 5% at time of delivery and also 5+15%=20% during first year renewal is standard? I thought it should be 15% at the end of first year and not 5%+15% as Honda Assure is telling me. However, even the Sundaram website says IDV is depreciated 20% for > 1 yr. Motor Car Insurance FAQs | Royal Sundaram
Suggest you dont get confused. Your thinking of 15% depreciation is correct since you are renewing before the end of the insurance policy year and you car hasnt yet completed 1 year of age. So an IDV of 15% depreciation on the prevailing exshowroom cost of the model/variant is applicable. If Honda says it is 20% then they are wrong. If you were to renew the policy after expiry or after you car completes 1 year of age then 20% depreciation is applicable.
Forget the 5% part, thats already done, you dont need to think about it. I hope its clear now.
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Old 8th August 2012, 14:31   #87
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Default Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by ghodlur View Post
Suggest you dont get confused. Your thinking of 15% depreciation is correct since you are renewing before the end of the insurance policy year and you car hasnt yet completed 1 year of age. So an IDV of 15% depreciation on the prevailing exshowroom cost of the model/variant is applicable. If Honda says it is 20% then they are wrong. If you were to renew the policy after expiry or after you car completes 1 year of age then 20% depreciation is applicable.
Forget the 5% part, thats already done, you dont need to think about it. I hope its clear now.
No, I understand my renewed insurance will be applicable after the one year period, and hence the depreciation for that slab will be applicable.
Honda Assure says that the slab for >1 yr < 2 yr is 20%, and that is what Royal Sundaram website also clearly says.
So not sure how the other insurance providers (even TATA AIG) is able to quote for 10% depreciated IDV. I guess they will reduce it during claim in case of total loss.
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Old 8th August 2012, 14:39   #88
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Default Re: Tata AIG's 0% Depreciation Car Insurance

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Originally Posted by Bh.P View Post
Sure, my first preference is Honda Assure considering I will have a smooth transaction in case I need to make a claim. But since I had read some good reviews of TATA AIG on this forum, put that in as an option.
I think you would have as good an experience with any of the other major insurance companies - tying up with the Honda promoted one does not give you any advantage as long as you stick to the well known reputed ones such as Lombard, Tata AIG, New India , Bajaj etc . I have heard good things about Tata AIG though I have never used them personally.

If RS is acting up go ahead with Tata AIG, more so because featurewise they seem better
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Old 8th December 2012, 14:58   #89
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Default Re: Tata AIG's 0% Depreciation Car Insurance

I have been offered TATA-AIG's Pearl Plan (zero-dep.) for my Dec.2011 Ritx Vxi as follows:

IDV: 375000
Net Premium: 10352

Sounds reasonable?
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Old 22nd May 2013, 12:13   #90
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Arrow Re: Tata AIG's 0% Depreciation Car Insurance

My Beat LT's insurance renewed with TATA AIG - Pearl Plan (Extended to 4th year)

Premium : 10050/- (inclusive of GST) NCB 25%

IDV - 2,93,536/- (previous - 3,04,142/-)

Benifits
  • Comprehensive Policy +
  • Cashless facility
  • 0 Depreciation (100% Claim on Metal, Plastic, Fiber & Glass)
  • No NCB lost if repair is done on Plastic, Fiber & Glass
  • Key replacement -25000 (if misplaced)
  • Lost of personal belongings - 10000
  • Towing charges claim - 1500
Cheers!

Vinu
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