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Old 7th August 2005, 05:53   #1
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Guys

I have booked a Safari EX 4X4 that comes with a list price of Rs. 10 lakhs. The on the road price for this is close to Rs. 10.70 lakhs on account of an insurance cover that costs Rs.45,000/-

I own a 2002 Accent that cost me Rs.13,000/- for an insurance cover of Rs.6 lakhs - why then is there such a disproportionate increase in costs for the Safari? Hyundai had offered me free insurance worth Rs.33,000 on the Elantra CRDi amongst other things and the list price of that car was Rs.10.15 lakhs.

Do they charge a higher premium for SUVs? If yes, I'd much rather pay for any accident repair myself - its not going to cost me Rs.45,000 per year in any case. The vehicle is covered by an 18+30 month bumper to bumper extended warranty, so the only real cover I require is for 3rd party, passengers and theft. Would that work out cheaper, or is such a cover impossible?
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Old 7th August 2005, 17:44   #2
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Insurance is generally 4% or 4.5% of the price of the car if I'm not mistaken. Don't skip on insurance. Its always good to have a comprehensive cover.
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Old 7th August 2005, 18:21   #3
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you may be able to use your no claim bonus from you accent and get a discount of upto 75% on your new car's Insurance


i got a 80% discount from new india insaurance on my Vrs
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Old 7th August 2005, 22:35   #4
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Hi Steeroid,

I am surprise too..I though insurance is based on fixed % point in India with no variation for type of car..I think it may be helpful to check with other insurance companies. Pls update us as well on what you actually find out..it would help BHPians as well.

BTW congratulations on ur new safari - its a fantastic buy


Quote:
Originally Posted by Steeroid
Guys

I have booked a Safari EX 4X4 that comes with a list price of Rs. 10 lakhs. The on the road price for this is close to Rs. 10.70 lakhs on account of an insurance cover that costs Rs.45,000/-

I own a 2002 Accent that cost me Rs.13,000/- for an insurance cover of Rs.6 lakhs - why then is there such a disproportionate increase in costs for the Safari? Hyundai had offered me free insurance worth Rs.33,000 on the Elantra CRDi amongst other things and the list price of that car was Rs.10.15 lakhs.

Do they charge a higher premium for SUVs? If yes, I'd much rather pay for any accident repair myself - its not going to cost me Rs.45,000 per year in any case. The vehicle is covered by an 18+30 month bumper to bumper extended warranty, so the only real cover I require is for 3rd party, passengers and theft. Would that work out cheaper, or is such a cover impossible?
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Old 8th August 2005, 12:21   #5
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Hey Steeroid,

MAKE SURE you transfer the no-claim bonus of your Accent to the Safari - It will save you a ton of $$$. And do not opt for third party on a new car. Its just not worth any potential hassles.

Thanks to Ajmat for pointing this one out (Trust me, your insurance agent wont). When I was getting my Vtec, the insurance premium ran up to Rs. 27,000. Transferred my Zens NCB to the Vtec and voila - got the premium down to Rs. 10,200.

GTO
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Old 8th August 2005, 12:27   #6
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If your car is being financed, you will HAVE to get a comprehensive policy.
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Old 8th August 2005, 12:29   #7
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Congrats steeroid. Apart from transferring NCB as others have suggested, start bargaining too. I got a 3000rs discount from Oriental insurance just because i said i will go with TATA-AIG. The 11000Rs came down to 8000rs . So you can gain a lot there. So If you transfer your NCB and also bargain hard you would be looking at something like 18000 in insurance costs.
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Old 8th August 2005, 14:05   #8
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Quote:
Originally Posted by GTO
Hey Steeroid,

MAKE SURE
Thanks to Ajmat for pointing this one out
GTO

You mean MAD monkey !!!!!!!
dont you ?
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Old 8th August 2005, 15:17   #9
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We had bought a Corolla H2 model for one of our Directors. The ex showroom cost of the vehicle is Rs.11.5 L/- & the insurance that we paid was Rs.33k.

Since the cost of the vehicle that you have mentioned for the SUV is less and the premium is high, I guess they charge different premium for different classification of the vehicle

tsk1979, never negotiated on the insurance cost as it was bundled with the deal itself (though we pay for it). Thanks for pointing this out. May be from next will try to check with different insurance companies and bring down the insurance costs.
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Old 8th August 2005, 16:21   #10
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Quote:
Originally Posted by Mad Monkey
You mean MAD monkey !!!!!!!
dont you ?
No mate - I pointed him in the right direction sometime soon after the forum was started
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Old 8th August 2005, 16:51   #11
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i stand corrected !!!!

Last edited by Mad Monkey : 8th August 2005 at 16:53.
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Old 8th August 2005, 17:41   #12
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Thumbs up Any Time Insurance

Hey Guys ,

Any one of you has any problem with National Insurance in Delhi ,let me know . Daddy Darling GM for 1 more year .

So all your claims are not a problem . Also insurance covers if you want.


Cheers ....

Cheetah Out .....
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Old 8th August 2005, 17:55   #13
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Quote:
Originally Posted by Steeroid
The vehicle is covered by an 18+30 month bumper to bumper extended warranty, so the only real cover I require is for 3rd party, passengers and theft. Would that work out cheaper, or is such a cover impossible?
Since when did warranty on a car, start cover accidents?? I believe that the moment you are into an accident.. The affected parts are out of warranty.. Warranty only covers manufacturing defects discovered during normal handling of the vehicle.. Heck, i would do a crash-test on the vehicle and then claim the money from the warranty provider if that were the case..

Besides you'll need insurance to get your vehicle registered..
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Old 8th August 2005, 19:24   #14
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Remember these points :
On what basis premium is calculated?

1. IDV (Insured's Declared Value) of the vehicle
2. Cubic Capacity (CC)
3. Geographical Zones
4. Age of Vehicle

Steeroid, the CC of Accent and Safari are different. So both of them comes into different categories. Hence, the difference in premium and comprehensive insurance will cost more.

Tsk1979... insurance is not sold in shops ...
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Old 8th August 2005, 21:15   #15
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hey tsk..insurance providers can reduce your premium..but remember,even your insured declared value reduces if you do that..today,my insurance provider was talking to some customer,who was just wanting to pay less for insurance,and the agent told him that reducing the premium amount will affect your insured declared value..so,in the event of any total loss claim,the value given for the vehicle is the less IDV because of the customer trying to bargain insurance price,which is based on certain fixed parameters rightly mentioned by F 50.
cheers,
sr
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