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Old 25th August 2013, 11:33   #91
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Default Re: Zero Depreciation Insurance - The Only way to go??

I , Touchwood, have never had any of my cars involved in an accident hence never claimed anything and i have always taken a normal policy with an exception this time for the T-Jet , given availability , cost of certain parts it simply made sense to have a 0 Dep for the car , plus the difference in the premium was not that much - not nominal but not that much either at approximately about 7000
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Old 25th August 2013, 11:35   #92
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Default Re: Zero Depreciation Insurance - The Only way to go??

Here you go

https://www.team-bhp.com/forum/india...worked-me.html
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Old 25th August 2013, 11:36   #93
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Quote:
Originally Posted by el lobo 6061 View Post
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.
Processing charges are 1000/- bucks I guess. That's the only thing you have to pay in a 0 dep policy.
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Old 25th August 2013, 11:57   #94
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Default Re: Zero Depreciation Insurance - The Only way to go??

I guess if the accidents happen then it will be worthwhile. I had similar 'mishaps' as mentioned by SuzukiSan - kids breaking my windshield, drunk guy on bike ramming my car etc. so I ended up taking the policy. Funnily haven't had any repeats after renewing with the zero sepreciation policy the last time so took a normal comprehensive this time when renewing.
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Old 25th August 2013, 12:02   #95
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Default Re: Zero Depreciation Insurance - The Only way to go??

Quote:
Originally Posted by vroom666 View Post
I guess if the accidents happen then it will be worthwhile. I had similar 'mishaps' as mentioned by SuzukiSan - kids breaking my windshield, drunk guy on bike ramming my car etc. so I ended up taking the policy. Funnily haven't had any repeats after renewing with the zero sepreciation policy the last time so took a normal comprehensive this time when renewing.
No one can assume when the accidents are going to be. So, it's always safe to have a secure policy. Moreover, 0% Dep would give more peace of mind although we've to spend a little more from our pocket.

BTW, I found that buying a Car Insurance Policy from the Internet i.e. From the Official website of a particular Insurance company would save a lot more money rather than through agent/car dealer.
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Old 25th August 2013, 21:20   #96
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Default Re: Zero Depreciation Insurance - The Only way to go??

Quote:
Originally Posted by CoolFire View Post
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?
Hi CoolFire,

Interesting point. I had no idea about this. Are you therefore saying that you can never get a "zero dep" policy on this particular car again? How many claims can one make in a year on a "Zero dep" policy? Can any experts on the forum advise on this point?

By the way, how much did you actually pay for the two claims you made? Was it actually Rs. 1000-2000 or more?

Regards,
SS
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Old 25th August 2013, 21:44   #97
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Quote:
Originally Posted by suzuki san View Post

Hi CoolFire,

Interesting point. I had no idea about this. Are you therefore saying that you can never get a "zero dep" policy on this particular car again? How many claims can one make in a year on a "Zero dep" policy? Can any experts on the forum advise on this point?

By the way, how much did you actually pay for the two claims you made? Was it actually Rs. 1000-2000 or more?

Regards,
SS
You can have two claims under 0 dep policy in a year, after which the policy will be counted as normal comprehensive policy.

And as far as I know, you just have to pay 1000 bucks, for claim under 0 dep claim.
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Old 25th August 2013, 22:00   #98
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Zero dep surely sounds like peace of mind but has few gotcha

1. One can only claim two times per year
2. after three years it becomes normal policy. this is what my maruti insurance says

for now i went with it because its not that expensive but after few years it becomes as expensive as any normal insurance in case of any claim
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Old 25th August 2013, 22:16   #99
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Default Re: Zero Depreciation Insurance - The Only way to go??

Really sad to hear about the multiple mishaps. I have a few doubts about the cases you mentioned.

Quote:
Originally Posted by suzuki san View Post
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.
Really? Whose to say he was a driver? If I let a friend drive (w/ a valid DL ofcourse) and he gets into an accident, the insurance co can deny the claim? I don't think so.

Quote:
Originally Posted by suzuki san View Post
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.
Aren't glass parts paid in full? Which insurer is this? The depreciation is on plastic and metals.

Here is the schedule from United India -

Quote:
Subject to a deduction for depreciation at the rates mentioned below in respect of parts replaced :
(1) For all rubber/ nylon / plastic parts, tyres and tubes, batteries and air bags - 50%
(2) For fibre glass components - 30%
(3) For all parts made of glass - Nil
(4) Rate of depreciation for all other parts including wooden parts will be as per the following schedule.
AGE OF VEHICLE % OF DEPRECIATION
Not exceeding 6 months. Nil
Exceeding 6 months but not exceeding 1 year. 5%
Exceeding 1 year but not exceeding 2 years. 10%
Exceeding 2 years but not exceeding 3 years. 15%
Exceeding 3 years but not exceeding 4 years. 25%
Exceeding 4 years but not exceeding 5 years. 35%
Exceeding 5 year but not exceeding 10 years. 40%
Exceeding 10 years. 50%
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Old 25th August 2013, 22:25   #100
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Default Re: Zero Depreciation Insurance - The Only way to go??

They have always paid 100% of labour for all my claims over the years. So the case II mentioned seems odd. Also just a couple months back they paid 100% of windshield cost for my 7 year old Laura they charged me 50%of beading cost only + Rs.2000 processing charge. So that too is odd. But I have also had the experience of being told that windshield would be only covered to the extent of 50%.

I above case I had the standard comprehensive insurance and not Zero Dep.

The Driver clause too is aimed at just avoiding paying the claim.

That said I recently took a Zero Dep insurance on a new vehicle.
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Old 25th August 2013, 22:58   #101
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Default Re: Zero Depreciation Insurance - The Only way to go??

Hi Dry Ice,

Very interesting list of charges and percentages you have put up.

If it is only 35% depreciation after 4+ years and my Wagon R was 4 years and 8 months old that means I have been overcharged by ICICI Lombard Maruti Insurance by 15%!! Ripped off again.

Also, having got the official Maruti costing sheet, I now notice that it clearly states at the bottom that if two or more panels are changed (and painted) the customer gets a 6% discount. 3 panels were changed. When I questioned Spectra about this they apologised and said that they "forgot" and will "adjust" next time!! Like I want there to be a "next time"!!!

Sad, isn't it? You just cannot trust anyone.

I wonder how many other customers are being fooled like this.

Are you absolutely sure about the figures you posted from United India because if you are, I will take it up with Spectra Motors. Even though I have sold the car, I still have the invoices with me.
As per IRDA rules, the same norms should apply for all insurance companies, correct?

For the glass repair on the SX4 and the subsequent damage, the car is insured with "Future Generali India". Big mistake, I know but it was a last minute thing as I did not realise the car insurance had run out and this was the only agent available.

You make a good point about the driver or a friend driving and I am not sure about this. However, the guys at Spectra were quite firm on this point of "the driver should have been in my employment for at least a month".

Thanks for your inputs. The old saying about "learning something new everyday" still applies and that's what I love about TBHP.

Regards,
SS
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Old 26th August 2013, 00:40   #102
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Default Re: Zero Depreciation Insurance - The Only way to go??

Quote:
Originally Posted by sameerg001 View Post
Processing charges are 1000/- bucks I guess. That's the only thing you have to pay in a 0 dep policy.
It depends upon the CC of the vehicle.
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Old 26th August 2013, 00:50   #103
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It depends upon the CC of the vehicle.
Pardon my ignorance, but what is cc??
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Old 26th August 2013, 01:11   #104
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Default Re: Zero Depreciation Insurance - The Only way to go??

Quote:
Originally Posted by el lobo 6061 View Post
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.
Zero dep policy is available for purchase till 10 yrs of your vehicle. The term of time period varies for different insurance providers. I had the Zero Dep policy on my 9 yrs old Maruti Suzuki Zen Lxi 2003 model from New India Insurance.

Regards
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Old 26th August 2013, 08:01   #105
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Default Re: Zero Depreciation Insurance - The Only way to go??

Quote:
Originally Posted by sameerg001 View Post
Pardon my ignorance, but what is cc??
Cubic capacity of your engine.

Quote:
Originally Posted by Grr7 View Post
Zero dep policy is available for purchase till 10 yrs of your vehicle. The term of time period varies for different insurance providers. I had the Zero Dep policy on my 9 yrs old Maruti Suzuki Zen Lxi 2003 model from New India Insurance.

Regards
Are you sure on this? The last I heard was that its available for the first three years of your new car. And recently some companies started offering it till 5 years.
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