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Old 27th January 2012, 12:04   #76
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Default re: 0% Depreciation Insurance - It really worked for me!

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Originally Posted by ghostrider View Post
Guys,

I have a question.... I've got a Swift-D with the highest level of NCB discount (45%). I'm buying a Cruze, and I want to transfer the insurance from the Swift to the Cruze.

So I guess my question is: Can I transfer the insurance from the Swift to the Cruze, get the 45% NCB benefit on the new car, and also upgrade it to the zero-depreciation on plastic (bumper to bumper) coverage?
Yes you can. I don't see any reason why you shouldn't be able to shift to 0% Dep.
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Old 26th March 2012, 23:29   #77
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Old 16th July 2012, 17:47   #78
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Default re: 0% Depreciation Insurance - It really worked for me!

Friends:

Need some urgent help and advice.
I purchased my new Skoda Laura last week, and they gave me Bajaj Allianz insurance for 35K (for an IDV of 12.9 L) - Mine is 1.8 Ambiente Petrol version.

I have been shopping around coverages for Zero dep (which covers plasic parts as well) - ICICI said they will give for 31K (sounds very interesting).
They even said that I could use this 0% claim any number of times (unlike Balaj - Drive assure which is only twice an year).Not sure, if its true.

When asked, the Bajaj person said, if I dont take insurance from them, the Skoda coverage of 24X7 roadside assistance, and engine guard etc wont be possible as they have tie up with the manufacturer.
BA will give 'drive assure' at a higher cost (5 K more maybe)..


Pls advise which would be a better option..
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Old 17th July 2012, 12:28   #79
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Default re: 0% Depreciation Insurance - It really worked for me!

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Originally Posted by sunith007 View Post
Friends:

Need some urgent help and advice.
I purchased my new Skoda Laura last week, and they gave me Bajaj Allianz insurance for 35K (for an IDV of 12.9 L) - Mine is 1.8 Ambiente Petrol version.

I have been shopping around coverages for Zero dep (which covers plasic parts as well) - ICICI said they will give for 31K (sounds very interesting).
They even said that I could use this 0% claim any number of times (unlike Balaj - Drive assure which is only twice an year).Not sure, if its true.

When asked, the Bajaj person said, if I dont take insurance from them, the Skoda coverage of 24X7 roadside assistance, and engine guard etc wont be possible as they have tie up with the manufacturer.
BA will give 'drive assure' at a higher cost (5 K more maybe)..

Pls advise which would be a better option..
From your post I understand you are yet to take delivery of your car and yet to decide on which insurance policy to take.

When I purchased my car in 2011, I too was given similar kind of BS by the showroom. They basically don't want you to go outside and want you to take insurance from them where they have loaded their commission.

YOu can very well take insurance from outside. THere is no link between 24x7 roadside assistance from Skoda and the insurance policy. They are just confusing you. I fell for this BS and took Bajaj allianz policy from them for the first year (I paid about 40K for the first year) . For the second year I went with ICICI Lombard and got it at much more competitive rates (23K to be exact)

There is almost a difference of 10K between Bajaj and ICICI for the drive assure policy as you have mentioned. That gives you an idea the kind of commission the showroom is keeping . I advise you to go with ICICI Lombard.

BTW nice choice. The car, I mean.
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Old 6th December 2012, 18:42   #80
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Default re: 0% Depreciation Insurance - It really worked for me!

Hello All

I have a question here! My Friendís Ford FIGO met with an accident recently and he has Bumper to Bumper coverage with Royal Sundaram. However when the car was due for delivery he had to pay around 6000 bucks in spite of bumper to bumper. When questioned Ford Service center at Trivandrum told him that they have replaced the AC Gas, Coolant and Other liquids and those are not covered under bumper to bumper.
Question is what exactly does this mean. Want to know malpractice happened during the insurance claiming by Ford ASC?

Could someone please explain on this. Also it was a minor accident with front right side hit the backside of a Scorpio and ASC says they had to replace the AC compressor, FAN, Condenser pipes and other accessories to repair the damage. But I am not believing this as the damage was on the front right side bumper and bonnet. No coolant was leaked after the accident and he had driven the vehicle to ASC for repairing.

Feels something wrong here.
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Old 16th January 2013, 18:16   #81
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Default re: 0% Depreciation Insurance - It really worked for me!

Folks,

I have renewed my car insurance with Royal Sundaram under 0% depreciation coverage. Please find the details below and let me know if this is was a good deal or otherwise:


Car - ANHC (1.5VMT 2011)

Existing Insurance - ICICI Lombard
Existing IDV - 8,00,000
Insurance type - comprehensive
Claim made in 2011- Yes

New IDV - 7,31,331
Insurance - Royal Sundaram
0% Depreciation coverage - Yes
Total Premium paid - 16,731

Thanks,
Kiran
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Old 17th January 2013, 09:03   #82
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Quote:
Originally Posted by BinFord View Post
I have a question here! My Friendís Ford FIGO met with an accident recently and he has Bumper to Bumper coverage with Royal Sundaram. However when the car was due for delivery he had to pay around 6000 bucks in spite of bumper to bumper. When questioned Ford Service center at Trivandrum told him that they have replaced the AC Gas, Coolant and Other liquids and those are not covered under bumper to bumper.
Also it was a minor accident with front right side hit the backside of a Scorpio and ASC says they had to replace the AC compressor, FAN, Condenser pipes and other accessories to repair the damage. But I am not believing this as the damage was on the front right side bumper and bonnet.
If your friend had read the coverage in the zero dep add on, it only covers the full depreciation of metal and plastic parts. What was replaced was the consumables for which your friend will be charged.
Wasnt your friend present when the car was being assessed by the surveyor? Didnt he contest the parts damaged replacement? If the workshop believed that the mentioned parts were also damaged, then the surveyor does have the right to over rule it during the damange assessment.
Quote:
Originally Posted by kirantp View Post
I have renewed my car insurance with Royal Sundaram under 0% depreciation coverage.
You have indeed got a good deal.
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Old 22nd June 2013, 01:50   #83
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Default re: 0% Depreciation Insurance - It really worked for me!

Hi all,

I own a BMW 320d M Sports model purchased in July 2012. My insurance is coming up for renewal in July so I have already started scouting for the best insurance policy for my car. Currently my car is insured by ICICI Lombard with BMW Secure which makes it a 0% depreciation policy. I did use my claim 2 times in the past year so I will not get the benefit of the NCB.

I plan to change my insurance company from the existing ICICI Lombard and certainly not renew BMW Secure as it's just a waste to pay more for it when other companies are providing the services of "Secure" like coverage of tyres (after considering wear and tear), plastic, key replacement, daily car allowance of 2k for 15days and roadside assistance.

So I got a couple of quotes today from BMW Finance (thought I should ask them in any case as they got everything done the last time round when I bought my car). They sent me a quote for both ICICI Lombard and Bajaj Allianz combined with BMW Secure and this is the quote I got:

I. ICICI Lombard:

1. Standard-50553/-
2. Copper - 61937/-
3. Silver - 72198/-
4. Gold - 73550/-
5. Diamond - 80585/-



II. Bajaj Allianz (A) + BMW Secure (B)

A+B: 46461 + 61798= 108259

Since I have been told that BMW has a national tie up with Bajaj Allianz, I thought of giving them a call separately and get a quote from them as well. This is what they have given me for 2 options:

1. Drive Assure Welcome package (0% dep but does not include engine protector and each time I make a claim I will have to pay 5000/-):

IDV. 2573550
Basic. 88530
Voluntary Access Rs. 1500
Net Basic. 87030
Electrical Aces. Value. 0
Premium For Electrical Aces. 0
Non Electrical Aces. CNG/LPG Value. 0
Premium For Non Electrical Aces. 0
Total Premium For Aces. 0
Total OD. 87030
NCB ---25% 0
NET OD. 87030
Discount 30% 43515
NET OD. 43515
TPPD. 3424
OWNER DRIVER. 100
PAID DRIVER. 50
PASSENGERS. 0
NET PREMIUM. 47089
D A Welcome. 9007
Discount --- % 0
Net DA premium. 9007
Fixed Premium. 500
Total DA Premium. 9507
Total NET PREMIUM 56596
Service Tax @12.36% 6995

Final Premium. 63592

Discount being offered: 3592/- so total would be 60,000/-

2. Drive Assure Economy package (0% dep which includes engine protect and I don't have to pay anything for claims but it does not include tyres and consumables)

IDV. 2628462
Basic. 90419
Voluntary Access -Rs. 0/- Rs. 0
Net Basic. 90419
Electrical Aces. Value. 0
Premium For Electrical Aces. 0
Non Electrical Aces. CNG/LPG Value. 0
Premium For Non Electrical Aces. 0
Total Premium For Aces. 0
Total OD. 90419
NCB ---25% 0
NET OD. 90419
Discount 30% 54251
NET OD. 36168
TPPD. 3424
OWNER DRIVER. 100
PAID DRIVER. 50
PASSENGERS. 0
NET PREMIUM. 39742
D A Welcome. 28913
Discount --- 0% 0
Net DA premium. 28913
Fixed Premium. 500
Total DA Premium. 29413
Total NET PREMIUM. 69155
Service Tax @12.36% 8548

Final Premium. 77702

Discount being offered: 5702 so total would be 73000/-

After reading this thread, I don't see too many happy Bajaj Allianz customers hence I'm really confused on which policy to opt for and by which company (TAIG seems to be the favored one on this thread) and also if I'm getting a good deal for my renewal.

Your urgent help will be most appreciated.

Thanks, Karan
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Old 16th August 2013, 11:15   #84
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Default re: 0% Depreciation Insurance - It really worked for me!

Dear All,

My friends Ertiga VDI - May 2012 registered car has met with an accident and is getting repaired at Maruti Suzuki Authorised Service center. The Total Bill for the repair is 2.10 Lakhs including labour. The car has comprehensive insurance from Maruti Insurance.

Now service center is asking for 70,000 rupees to be paid from our side for the repairs. Is it normal for 30% to be paid from Owner's end for a one year old car. Is there any place we can verify the % of depreciation for each part? When we verified the estimate the plastic parts to be replaced was only worth 15K.

I doubt the service center is cheating us and they haven't shared us so far the claim approval details from insurance.

Thanks in advance.
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Old 17th August 2013, 10:02   #85
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Default re: 0% Depreciation Insurance - It really worked for me!

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Originally Posted by S5157 View Post
Dear All,

My friends Ertiga VDI - May 2012 registered car has met with an accident and is getting repaired at Maruti Suzuki Authorised Service center. The Total Bill for the repair is 2.10 Lakhs including labour. The car has comprehensive insurance from Maruti Insurance.

Now service center is asking for 70,000 rupees to be paid from our side for the repairs. Is it normal for 30% to be paid from Owner's end for a one year old car. Is there any place we can verify the % of depreciation for each part? When we verified the estimate the plastic parts to be replaced was only worth 15K.

I doubt the service center is cheating us and they haven't shared us so far the claim approval details from insurance.

Thanks in advance.
Did the damage involved plastic parts ?
Seems to like the service center is taking you for a ride. Which Service center ?

Tell them to reveal claim details.
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Old 19th August 2013, 19:52   #86
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Default re: 0% Depreciation Insurance - It really worked for me!

We did a calculation on the amount we need to pay based on the parts and labour invoice generated by Maruti Service. There is a deviation of ~100% in that. We have escalated the issue to insurance officials and agreed with the service center that we will not make payment until we receive the claim approval details from insurance company. The insurance company executive who deals with our claim promised to deliver the claim details by tomorrow end of day.

Meanwhile a claim was made by MASS that insurance company don't provide cover for items less than 100 rupees which I found very hard to believe. There are parts worth INR 8000 which are less than 100 rupees.

I will update the final outcome based on the claim details later.
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Old 25th August 2013, 01:06   #87
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Default Zero Depreciation Insurance - The Only way to go??

Hi Guys,

I have had the rotten luck to have been involved in 3 insurance claims in the last 8 months. All involved accidents with cars owned by me but, believe it or not, I was never actually involved in them (my son and daughter were) and the accidents were not our fault.

1. Case No : 1. My Wagon R was being driven by a hired driver who was bringing my daughter and her friend home from a party. A drunk rickshaw driver with 5 passengers and no lights suddenly crossed the main highway at Kherwadi (Bandra East) and the hired driver who was driving sedately had no chance (according to my daughter) and hit the rickshaw with the front right side of the car. Even though this happened right next to the police chowky and the police were on the scene in less than two minutes, the rickshaw driver ran away and so did the passengers.
It took 6 hours to register an FIR and another 6 hours and 2 trips to the police station to get a copy of the same.
Total Damage was Rs. 52,000.00. Insurance paid only 26,000.00 because they claimed that the car was more than 4 years old and so I had to pay 50% of all charges incurred. I had no idea about this clause.
I lost my 65% No Claims Bonus which I had for the last 15 years.
When I started to question this I was told to keep quiet as it was a temporary hired driver and the insurance company could refuse the claim outright. Something about the driver having to have been in your employ for at least a month.
I have since sold the car and lost another 25k on the sale price as it was an "accident" car.

A lose-lose situation through no fault of mine.

2. Case No : 2. A group of youngsters playing in one of the gullies of Andheri (west) threw a stone at the windscreen of my son's SX4. The glass was smashed.
Total cost of repair : Rs. 6000.00
When I contacted the Insurance they said they will pay only Rs. 2800.00 as I am liable for the "excess" plus 50% of the glass cost plus 50% of labour and all of the sticking solution.
Needless to say I did not claim on insurance as I did not want to lose the NCB.

3. Case No : 3. Two weeks later, my son was driving out of our building when a woman driving on the wrong side of the road to buy fruit rammed into the left side of his car. Damage was Rs. 16,790.00 and the insurance company paid only Rs.7751.00. Less than half. The reason they gave is that I did not avail of "cashless" at one of their garages but went to "Spectra Motors" instead which is not one of their "approved" garages. Supposedly the painting is much cheaper at their garages viz. AutoVista and FortPoint even though these are also Maruti ASS.
Needless to say I have lost my NCB.
I have since found out that some insurance companies have a "deal" with some garages and therefore get the job done cheaper.
I am not sure how this is possible as Maruti have a fixed rate for painting of each and every car in their range and for each and every panel. I actually have a copy of this sheet. But, as we all know, everything is possible in India

So, my point is : Is there any point in taking out "Normal" insurance anymore when all that happens is that when an accident happens we get ripped off by the insurance companies?

Points to Note :
1. Do not ever take your car for repair to a garage other than that recommended by the insurance company. If you do, expect to get ripped off - viz. you will pay a lot more than if you go to a garage recommended by them. Therefore, check carefully on approved garages before taking out the insurance. Remember that once you leave your car at an unknown garage, a lot of parts can be changed without your knowledge. That;s why I stuck to "Spectra Motors".
2. I think it's best to buy the insurance from the company itself e.g ICICI Lombard Maruti Insurance for your Maruti so you can take your damaged car to any Maruti garage anywhere in India. I am sure all other automobile manufacturers have similar tie ups. Tata's with Tata AIG etc.
3. I think it's best to buy the new "Zero Dep" Insurance Policies. Yes! They cost about 3 to 5 k more than the normal but I understand that one only has to pay the "Excess" of Rs. 1000/= and the insurance company pays the rest - irrelevant of the age of the car. However, I have been told that it would be ifficult to get "Zero Dep" on a car more than 4 years old. So, with Zero Dep, no more getting ripped off for 50% depreciation on plastic and glass parts etc. etc.
4. Be very careful when hiring drivers for driving after parties etc. In theory if he has not been in your employment for a month, the insurance could refuse your claim.

If any members can add to or correct the above I think it would be a great help to all.

Discalimer : I do not work for any Insurance Company and the points mentioned above are my personal opinion.

Regards,
SS
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Old 25th August 2013, 06:06   #88
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Default Re: Zero Depreciation Insurance - The Only way to go??

Sorry to know about the accidents to your cars and thanks for your suggestions. Hopefully, your cars are in good shape now.

Drive Safe & Peace,
Raaj.
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Old 25th August 2013, 11:24   #89
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Default Re: Zero Depreciation Insurance - The Only way to go??

I got a zero depreciation policy from National Insurance Co. I had two claims this year and sure, it helps.

But now my agent says it is not possible to renew the policy as zero depreciation. They claim it can be only renewed as a normal policy. Is this true?
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Old 25th August 2013, 11:26   #90
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Default Re: Zero Depreciation Insurance - The Only way to go??

Sorry to hear about your cars. Few points from my side as I'm using Zero Dep policy on my VW Vento TDi.

1. Zero dep policy can only be purchased for upto 5 years only.
2. Zero dep policy covers everything and you just need to pay processing charges which amount to Rs. 2500.
3. The difference between comprehensive and zero dep starts to widen after the car is 2 years old. Since in normal policy depreciation is higher to cover it premium becomes higher.
4. Eg. 3rd year Zero Dep policy for VW Vento TDi came at Rs. 24000 whereas comprehensive was available from for Rs. 14000. So its upto every individual what are their criteria.
5. Since Germans when involved in accidents result in a big bill, zero dep is advisable.
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