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Old 8th January 2015, 17:14   #181
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Default Re: 0% Depreciation Insurance - It really worked for me!

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Originally Posted by ghodlur View Post
Opt for the zero depreciation policy over regular comprehensive. Will save a lot from burning a hole in the pocket. The typical difference is in the cost. The zero depreciation is an add on cover which needs to be taken over and above the regular policy. Even if you have a zero dep add on when you claim, you NCB will become zero.
Ghodlur,

Thanks for the information, but, it doesn't exactly answer my question(s).
I am already aware - that zero dep is better (in terms of almost 100% repair payments with our share being just 1000+odd Rs.)
I also know that it is an add on cover over regular insurance. (as I had opted for it last year & year before that).

Let me re-phrase & combine my questions, if they aren't clear.

Is 0-dep insurance advisable after we have made a claim in the previous year? Does the 0-dep insurance premium amount increase considerably after a claim? What is the typical difference between 0-dep & regular insurance* (assuming NCB bonus is not applicable)?

*In 3rd year of a car whose IDV (2nd year) = 900,000 INR.

Thanks,

Ace.

Last edited by driverace : 8th January 2015 at 17:16.
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Old 9th January 2015, 08:10   #182
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Smile Re: 0% Depreciation Insurance - It really worked for me!

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Originally Posted by driverace View Post
Is 0-dep insurance advisable after we have made a claim in the previous year? Does the 0-dep insurance premium amount increase considerably after a claim? What is the typical difference between 0-dep & regular insurance* (assuming NCB bonus is not applicable)?

*In 3rd year of a car whose IDV (2nd year) = 900,000 INR.
To answer your questions:
Yes, zero dep is advisable even after a claim is made in the previous year. Zero dep add on benefits are worth taking. Ideally the zero dep add on cover cost depends on the OD premium which in turn depends on IDV. Now since your IDV is going to be around (8,10,000 i.e 9LX10% Thumb rule), your zero dep add on cover should be lesser. But this depends on the Insurer if they are willing to give you the zero dep at a lower cost. Since you have already made a claim, your present Insurer will see you as a high risk customer, hence might refuse you the zero dep add on totally and also hike the OD premium. You will have to take quotes from different Insurers to find out how much is the zero dep cost difference in the condition of no NCB.

Hope this time I am able to answer your queries.
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Old 10th January 2015, 12:07   #183
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Default Re: 0% Depreciation Insurance - It really worked for me!

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End of the day it all matters at the rapport between the workshop and insurance companies.
That is the whole point. Navnit has good rapport with almost all the major companies, especially Bajaj, ICICI and Future and everything is hassle free but this narrows down in number when you consider other cities. For instance, when I spoke to the dealer in Delhi they started cribbing as soon as they heard Future Generalli. Bajaj Allianz was one company which was recommended by all of them and the common reasons given were 'superb relation and easy claims' so I went ahead with it as this car was going to be used in multiple cities and at the same time I saved a lot more and bought Future Generalli for my X1 which will be driven in Bombay mostly.
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Old 2nd February 2015, 14:12   #184
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Default Re: 0% Depreciation Insurance - It really worked for me!

My 2010 beat is coming up for renewal with bajaj. Has had 0% dep till now and will be trying to get 0 dep this year as well. As per bajaj's website, if your car older than 5, then its not eligible. Right now, the system is allowing it and my premium is 9000 for a 2.5L IDV.


1. Anyone know of any other insurance companies that will do 0% dep past 5 years?
2. Is there any point in increasing the IDV?

I've read a few threads regarding IDV increases and it seems stuck between two viewpoints with no one having a clear idea as to what.

The online system says I can change the IDV. "You can increase or decrease the IDV. Your Vehicle IDV range is from 240083 to 515753" If I change it to 4L, then the premium goes to 13k.

My only concern is will they pay up if god forbid something should happen?
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Old 2nd February 2015, 15:40   #185
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Smile Re: 0% Depreciation Insurance - It really worked for me!

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Originally Posted by bbyf16 View Post
1. Anyone know of any other insurance companies that will do 0% dep past 5 years?
2. Is there any point in increasing the IDV?

My only concern is will they pay up if god forbid something should happen?
To answer your questions:
1. At this point of time, no Insurance co offers zero dep as add on for vehicles owned more than 5 yrs.
2. Doesn't seem to.
Surprised to see that you can almost increase the IDV to almost more than 50%. Ideally an increase till 15% is acceptable. If the Insurance co does offer you higher IDV, then its solely for higher premium. Higher IDV would be beneficial during Total Loss or theft cases only. But as per IRDA the IDV is to be calculated based on current exshowroom cost of the model times the years of depreciation in % and this might work against you. Having said that almost all Insurers promise to pay the IDV in extreme cases, but not without a fight. Better to get insured correctly than over insuring the car.
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Old 2nd February 2015, 16:12   #186
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Default Re: 0% Depreciation Insurance - It really worked for me!

I've sent an email to bajaj asking for clarity regarding the IDV. I might bump it up to 3L instead of 2.5 just so that it gives me some wiggle room if I have an accident. I'd prefer getting the car fixed and usable rather getting 2.5L and having to find another car.

That being said, since my car is 5 years and the system is letting me through with the 0% dep, if the policy is issued stating 0% dep then they have to honor it right (regardless of age of car)?
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Old 11th February 2015, 16:24   #187
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Default Re: 0% Depreciation Insurance - It really worked for me!

Hi,

Does anyone know about the maximum number of claims that can be made in a year for zero deprecation insurance by HDFC Ergo? I bought my car last June 2014 and have already made claims twice in the month of Aug 2014 and Feb 2014. Will I be able to claim the insurance any further? If yes how will it affect my premium next year? I want to go for zero dep again for the coming year which is due renewal on June this year.
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Old 11th February 2015, 16:33   #188
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Default Re: 0% Depreciation Insurance - It really worked for me!

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Originally Posted by g_saunak View Post
Hi,

Does anyone know about the maximum number of claims that can be made in a year for zero deprecation insurance by HDFC Ergo? I bought my car last June 2014 and have already made claims twice in the month of Aug 2014 and Feb 2014. Will I be able to claim the insurance any further? If yes how will it affect my premium next year? I want to go for zero dep again for the coming year which is due renewal on June this year.
Check with the customer care of HDFC ERGO, they will guide you accordingly.

Your premium will be higher next year as you have lost the NCB. You can always shop online to get better prices for your next year insurance. Your premium will not be affected by the number of claims made.

Always shop around while renewing insurance, an insurer will give more discounts to acquire a new customer than for an existing customer.
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Old 19th February 2015, 13:13   #189
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Default Question about salvage deduction

My Hyosung ST7 was hit by an autorickshaw yesterday - my first accident in 20 years.

I have zero dep policy with Reliance General, and when I made the claim, they said I have bumper to bumper coverage and will only have to pay Compulsory Deductible of Rs 100.

But when I went to DSK Service in Jayanagar, the manager Yogananda said I will be charged 15% on the replaced parts as salvage deduction.

I have a few questions re salvage - why do I have to pay this, can I not opt for the insurer to salvage the parts (tank) and retrieve costs?

I opted for zero dep and thought I wouldn't have to pay anything. My insurance document does not even have the word "salvage." Is this some sort of a con? Please don't tell me you also had to pay it so it is not a con. You might have been conned as well. I need an explanation and justification.

Supposing this is some sort of a con, what are my options? Can I go to consumer court? What is the procedure?

Supposing this is NOT a con and I have to pay salvage by law, can I negotiate the percentage? Will the surveyor help with salvaging the damaged part and get me my money back?


And lastly, in future when I buy insurance, what do I do if I want to avoid ANY AND ALL payment during claims? I don't plan accidents - hurt my rib, bloodied my arm and leg - but when it happens, insurance should cover most of the cost.

BTW, i took down the autorickshaw license and driver DL. Can I retrieve costs from them? What is the process?

Thank you for all your inputs, folks. This is an awesome forum.
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Old 21st February 2015, 13:11   #190
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Default Re: Question about salvage deduction

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Originally Posted by MrSDey View Post
My Hyosung ST7 was hit by an autorickshaw yesterday - my first accident in 20 years.

I have zero dep policy with Reliance General, and when I made the claim, they said I have bumper to bumper coverage and will only have to pay Compulsory Deductible of Rs 100.

But when I went to DSK Service in Jayanagar, the manager Yogananda said I will be charged 15% on the replaced parts as salvage deduction.

I have a few questions re salvage - why do I have to pay this, can I not opt for the insurer to salvage the parts (tank) and retrieve costs?

I opted for zero dep and thought I wouldn't have to pay anything. My insurance document does not even have the word "salvage." Is this some sort of a con? Please don't tell me you also had to pay it so it is not a con. You might have been conned as well. I need an explanation and justification.
ok, I'll explain this with the little bit of info that I have after speaking to a few agents myself as well as gm's of insurance departments.

I'm not sure if you've read your policy documents when you got your policy, if not, thats a mistake on your part. Insurance agents are known to promise the moon and the stars and give you nothing in reality. Any 0% cover will have something you have to pay. Different companies word it differently, all of them require something, 500-2500. The amount can be more if you want your premium to go down. I've seen a few people think they got a great insurance quote and then realize they have to pay 5k as the voluntary excess.

As for salvage, 15% sounds a bit high, i've seen in the ranges of 5-10%. Salvage is actually a very simple concept and no, you can't get around it. If you have something replaced, say a door or a tank or whatever it is, the insurance company will charge you a salvage amount, in your case, 15%. That is the amount of money they estimate you will get when you salvage the metal or product. They charge this because the insurance company does not want your dented tank nor does the body shop. So you technically get the "tank". Not many people actually claim the "tank" as its a headache to go to a salvage yard and then get value for it. But that is why you're getting charged salvage. Another way it can get thought of is as a deposit which you can claim later from someone else for the same,less, or maybe more than the deposit you put down.

If you think the salvage amount is too much, read your policy. Theres a reason those booklets are usually 10-15 pages long.
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Old 21st February 2015, 13:22   #191
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Default Re: 0% Depreciation Insurance - It really worked for me!

Now, a little update regarding my hunt for 0% dep for my 6th year chevy beat.
I've written an email to bajaj sales requesting clarity. Their website says 0% dep only for cars 5 years or younger. Now my renewal email says 0% dep available. I thought maybe that was an error on their part so I filled out a new quote on their website, put in the same value (changed the name and phone number, and the license plate so their system doesn't pull up my existing insurance) and the online quote is also giving me the option for 0% dep. Which is why I've written to bajaj asking them to clear this up, plus I'll get something in writing which is always helpful.

I had gone to the A.S.S. to give the car for regular service and noticed that they had a board up advertising 0% dep for 6th and 7th year cars. I was curious, I talked to the insurance people. It turns out that Universal Sompo covers cars in their 6th and 7th year with 0% dep. How it actually works out when you put in the numbers including deductible and all is about 75% payment by insurance, 25% by you. Its an competitive quote, undercutting bajaj by roughly 3000 rupees for the same IDV (bajaj is also roughly around 75% cover from what I'm seeing online). However, Universal sompo doesn't have engine water flood damage or passenger accident cover or any of those little add on covers that bajaj puts in with 0% dep.

In my mind, I'd prefer to go with Bajaj, provided they can give me a clear answer on whether I'm eligible for 0% dep and if they'll pay the same. If not, I'll go with Sompo since they're advertising the same so theres no question of clarity there.

Any inputs?
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Old 21st February 2015, 13:28   #192
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Default Re: Question about salvage deduction

Quote:
Originally Posted by MrSDey View Post
My Hyosung ST7 was hit by an autorickshaw yesterday - my first accident in 20 years.

I have zero dep policy with Reliance General, and when I made the claim, they said I have bumper to bumper coverage and will only have to pay Compulsory Deductible of Rs 100.

But when I went to DSK Service in Jayanagar, the manager Yogananda said I will be charged 15% on the replaced parts as salvage deduction.


BTW, i took down the autorickshaw license and driver DL. Can I retrieve costs from them? What is the process?

Thank you for all your inputs, folks. This is an awesome forum.
Firstly Sorry about your accident, I hope you weren't injured ?

If you have 0% depreciation insurance then you don't have to pay for anything else!
Couple of years back when we claimed insurance for our car the repair bill was close to Rs 17-18,000. We paid only 1500(Compulsory deductible) + some polishing charges for the car nothing else.
How bad is the damage? The manager Yogananda - is from DSK or your insurance company ?

This looks like some kind of a con/scam between the dealer and the insurance surveyor.
The option is your's if you want to accept the old parts and then pay the Salvage.

http://www.team-bhp.com/forum/indian...ml#post3417518 (Automobile Insurance Queries? Ask me)
&
http://www.team-bhp.com/forum/indian...ml#post3419965 (Automobile Insurance Queries? Ask me)

Ask him to give you this in writing and also ask your insurance people about this. (call up customer care and mention this)

There is nothing much you can do with the Auto driver. If you want file a case against him for rash driving at the nearest traffic police station.
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Old 21st February 2015, 16:46   #193
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Default Re: Question about salvage deduction

bbyf16 and Captain Slow:

Thanks for both your inputs. Firstly, I have about 7-8 vehicles including in my business, and I never got any 10-15 page document, just a single/double page policy document. I am not sure if I am missing something here.

Secondly, I did some research, and apparently in more civilised countries like the US (civilised in matters of public insurance etc), salvage is optional. You either pay it and get to keep your stuff, or the insurer sells it for you and you pay nothing.

Thirdly, 5-10% is right, 15% sounds too much. I read that online somewhere.

Lastly, I don't really mind keeping the tank and pay 12-13k for it. It has a dent which can be repaired. If, 5 years later, I have another tank problem, I can use this one - it costs 58k and I am only paying 12k for it, with the dent. Or, maybe I can do some mod and add both tanks on the bike? Fuel is a constant problem on long drives because ST7 needs high octane, and I don't know where to buy octane booster.


Anyway, wasn't hurt much, but had to cancel a 2-day planned bike trip to Kemmanagundi today because of the accident. And probably won't take my bike to the Himalayas next month when I go for my 3-week trip. Either rent a bullet, or a car, or take the bus.


Quote:
Originally Posted by Captain Slow View Post
Firstly Sorry about your accident, I hope you weren't injured ?

If you have 0% depreciation insurance then you don't have to pay for anything else!
Couple of years back when we claimed insurance for our car the repair bill was close to Rs 17-18,000. We paid only 1500(Compulsory deductible) + some polishing charges for the car nothing else.
How bad is the damage? The manager Yogananda - is from DSK or your insurance company ?

This looks like some kind of a con/scam between the dealer and the insurance surveyor.
The option is your's if you want to accept the old parts and then pay the Salvage.

http://www.team-bhp.com/forum/indian...ml#post3417518 (Automobile Insurance Queries? Ask me)
&
http://www.team-bhp.com/forum/indian...ml#post3419965 (Automobile Insurance Queries? Ask me)

Ask him to give you this in writing and also ask your insurance people about this. (call up customer care and mention this)

There is nothing much you can do with the Auto driver. If you want file a case against him for rash driving at the nearest traffic police station.
Quote:
Originally Posted by bbyf16 View Post
ok, I'll explain this with the little bit of info that I have after speaking to a few agents myself as well as gm's of insurance departments.

I'm not sure if you've read your policy documents when you got your policy, if not, thats a mistake on your part. Insurance agents are known to promise the moon and the stars and give you nothing in reality. Any 0% cover will have something you have to pay. Different companies word it differently, all of them require something, 500-2500. The amount can be more if you want your premium to go down. I've seen a few people think they got a great insurance quote and then realize they have to pay 5k as the voluntary excess.

As for salvage, 15% sounds a bit high, i've seen in the ranges of 5-10%. Salvage is actually a very simple concept and no, you can't get around it. If you have something replaced, say a door or a tank or whatever it is, the insurance company will charge you a salvage amount, in your case, 15%. That is the amount of money they estimate you will get when you salvage the metal or product. They charge this because the insurance company does not want your dented tank nor does the body shop. So you technically get the "tank". Not many people actually claim the "tank" as its a headache to go to a salvage yard and then get value for it. But that is why you're getting charged salvage. Another way it can get thought of is as a deposit which you can claim later from someone else for the same,less, or maybe more than the deposit you put down.

If you think the salvage amount is too much, read your policy. Theres a reason those booklets are usually 10-15 pages long.
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Old 21st February 2015, 17:38   #194
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Default Re: 0% Depreciation Insurance - It really worked for me!

If, the policy document doesn't have any clause on salvage deduction, you can raise a complaint and get it back.

I have HDFC Ergo, and I fought with them to get it refunded. Legally speaking, what is not in the policy doc, can't be added to deductibles.
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Old 21st February 2015, 20:55   #195
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Default Re: Question about salvage deduction

glad to hear you're ok. I'm guessing that you have a soft copy of your insurance policy. I'm guessing here, usually when I have insurance with bajaj or tata aig, they email me the policy which is that two page document saying policy valid from now to then. If I then call up and say I want a hard copy, they actually send a booklet. In case of reliance, they appear to call it policy wordings, https://www.reliancegeneral.co.in/in...ate-car-pw.pdf Now I haven't gone through the document, as I'm a bit short on time here but if you seriously want to know, why not pop into a reliance general insurance shop tomorrow or call them up and say you want to insure an imaginary car or whatever. Right now you have with icici but you don't like their 10% salvage fee, do you also charge salvage, if so, how much. That way you can find out if the body shop/surveyor is lying to you or not. But like you said, the tank is still usable, and you're getting it at a fraction of the cost, why not? of course thats a decision only you can make.

Lastly, before I go, I did take a look at the reliance general claim form, https://www.reliancegeneral.co.in/Do...aim%20Form.pdf, please note, it does say "Claim amount shall be subject to the policy terms and conditions and there shall be deduction for depreciation, excess, salvage etc. as laid down in the policy
terms. Please go through the policy document"

Hope that helps.



Quote:
Originally Posted by MrSDey View Post
bbyf16 and Captain Slow:

Thanks for both your inputs. Firstly, I have about 7-8 vehicles including in my business, and I never got any 10-15 page document, just a single/double page policy document. I am not sure if I am missing something here.

Secondly, I did some research, and apparently in more civilised countries like the US (civilised in matters of public insurance etc), salvage is optional. You either pay it and get to keep your stuff, or the insurer sells it for you and you pay nothing.

Thirdly, 5-10% is right, 15% sounds too much. I read that online somewhere.

Lastly, I don't really mind keeping the tank and pay 12-13k for it. It has a dent which can be repaired. If, 5 years later, I have another tank problem, I can use this one - it costs 58k and I am only paying 12k for it, with the dent. Or, maybe I can do some mod and add both tanks on the bike? Fuel is a constant problem on long drives because ST7 needs high octane, and I don't know where to buy octane booster.


Anyway, wasn't hurt much, but had to cancel a 2-day planned bike trip to Kemmanagundi today because of the accident. And probably won't take my bike to the Himalayas next month when I go for my 3-week trip. Either rent a bullet, or a car, or take the bus.
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