Go Back   Team-BHP > BHP India > Team-BHP Reviews > Test-Drives & Initial Ownership Reports


Reply
 
Thread Tools Search this Thread
Old 4th February 2013, 22:34   #31
Senior - BHPian
 
shashank.nk's Avatar
 
Join Date: Jan 2010
Location: Bangalore
Posts: 1,520
Thanked: 732 Times
Default Re: My 2012 Fiat Punto 1.3 MJD Emotion - Ownership Review

Quote:
Originally Posted by swiftnfurious View Post
Are these online quotes? In that case, you can still haggle a bit after calling the agents. But please make sure that they do NOT reduce your IDV. This is something which I went thru NOT realizing. They will offer much better prices by reducing the IDV which is NOT a good thing for the owner.
This may not be such a bad thing in actual. From what I've learn't, if there's a total loss you'll only be given the current market price of your car even if the IDV is higher. Also, in case of zero depn policy, the first 2500 (National Insurance Co.) of your claim amount is disallowed or will have to be borne by you.

This is what a manager of the Insurance co. where i got my car insurance renewed told me, do feel free to correct if wrong.

Last edited by shashank.nk : 4th February 2013 at 22:38.
shashank.nk is offline   Reply With Quote
Old 4th February 2013, 22:42   #32
BHPian
 
Join Date: Dec 2010
Location: Bangalore
Posts: 239
Thanked: 204 Times
Default

Quote:
Originally Posted by shashank.nk View Post

This may not be such a bad thing in actual. From what I've learn't, if there's a total loss you'll only be given the current market price of your car irrespective of whatever the IDV may be on the insurance policy. Also, in case of zero depn policy, the first 2500 (National Insurance Co.) of your claim amount is disallowed or will have to be borne by you.

This is what a manager of the Insurance co. where i got my car insurance renewed told me, do feel free to correct if wrong.
Shashank,

I have always seen that the premium quoted is a function of the IDV. If what your saying is true, it (premium) should have remained flat beyond a point (once the IDV crosses the cars market value). Also, the insurance companies do not allow you to insure your vehicle for an unusually high IDV either. For instance a car just out of the showroom gets insured with an IDV which is 95% of the ex-showroom price only. Similarly, they have guidelines on minimum yearly depreciation also.

Please correct me if i am wrong

Naut

Last edited by naut : 4th February 2013 at 22:44.
naut is offline   (1) Thanks Reply With Quote
Old 4th February 2013, 23:41   #33
Senior - BHPian
 
shashank.nk's Avatar
 
Join Date: Jan 2010
Location: Bangalore
Posts: 1,520
Thanked: 732 Times
Default Re: My 2012 Fiat Punto 1.3 MJD Emotion - Ownership Review

Quote:
Originally Posted by naut View Post
Shashank,

I have always seen that the premium quoted is a function of the IDV. If what your saying is true, it (premium) should have remained flat beyond a point (once the IDV crosses the cars market value). Also, the insurance companies do not allow you to insure your vehicle for an unusually high IDV either. For instance a car just out of the showroom gets insured with an IDV which is 95% of the ex-showroom price only. Similarly, they have guidelines on minimum yearly depreciation also.

Please correct me if i am wrong

Naut
The point I was trying to get across was, its no use getting your car insured for a IDV higher than the market value

What you're saying is absolutely correct, as the premium is calculated on the IDV. The depn rates are:

Year 1-20%, Year 2-25% and 5% thereafter each year
shashank.nk is offline   (2) Thanks Reply With Quote
Old 5th February 2013, 10:37   #34
BHPian
 
S.MJet's Avatar
 
Join Date: Feb 2012
Location: Navi Mumbai
Posts: 441
Thanked: 483 Times
Default Re: My 2012 Fiat Punto 1.3 MJD Emotion - Ownership Review

Quote:
Originally Posted by amit_mechengg View Post
Always opt for a zero depreciation scheme.
Zero Dep quote is Rs 17800 from HDFC. Almost double, doesn’t fit my budget

Quote:
Originally Posted by swiftnfurious View Post
Are these online quotes? In that case, you can still haggle a bit after calling the agents. But please make sure that they do NOT reduce your IDV. This is something which I went thru NOT realizing. They will offer much better prices by reducing the IDV which is NOT a good thing for the owner.
These are final quotes from company. Online quotes were higher by 5-10%

Quote:
Originally Posted by nkrishnap View Post
+100. The best way to start with is seek the maximum IDV and then start negotiating on the insurance premium. A few quotes from the insurance service providers + existing service provider too.

Also a bit of research on which insurance company is having hassle free claims process is also necessary.
Quote from existing company was the first thing I did. Their’s was the highest at 12900 (IDV 567000).
Will surly search internet for the better ones providing hassle free claims.

Quote:
Originally Posted by naut View Post
Shashank,

I have always seen that the premium quoted is a function of the IDV. If what your saying is true, it (premium) should have remained flat beyond a point (once the IDV crosses the cars market value). Also, the insurance companies do not allow you to insure your vehicle for an unusually high IDV either. For instance a car just out of the showroom gets insured with an IDV which is 95% of the ex-showroom price only. Similarly, they have guidelines on minimum yearly depreciation also.

Please correct me if i am wrong

Naut
Quote:
Originally Posted by shashank.nk View Post
The point I was trying to get across was, its no use getting your car insured for a IDV higher than the market value

What you're saying is absolutely correct, as the premium is calculated on the IDV. The depn rates are:

Year 1-20%, Year 2-25% and 5% thereafter each year
Insurance company will not allow IDV to be greater than invoice value or last IDV.
Market value can have different interpretations.

Normal practice is, for first time they deduct 5% from invoice value as mentioned by naut. On subsequent renewals depreciate 10 to 20% of last IDV as per customer choice.

IDV will matter only in case of total damage wherein claim amount will be equal to IDV.

Under normal damage repair, deductions are standard irrespective of IDV.
For example 50% for plastic parts deduction is standard for all companies as per IRDA rules.

Of course, there will be some loopholes with which different insurers will play around differently.

Gathered this info after detailed discussion with agents of both companies.

Last edited by S.MJet : 5th February 2013 at 10:39.
S.MJet is offline   (1) Thanks Reply With Quote
Old 5th February 2013, 18:24   #35
BHPian
 
Join Date: Dec 2010
Location: Bangalore
Posts: 239
Thanked: 204 Times
Smile Re: My 2012 Fiat Punto 1.3 MJD Emotion - Ownership Review

Quote:
Originally Posted by shashank.nk View Post
The point I was trying to get across was, its no use getting your car insured for a IDV higher than the market value
Isn't it unfair / unethical on their part to even allow it. More so without a warning at the time of insurance renewal. If they do not jack up the premium beyond a point (i.e. after IDV crosses market value) I can find a logical reason.

Otherwise isn't it just greed? Take all that comes your way knowing fully that you won't pay a penny beyond what is the market value irrespective of the IDV for which you've jacked up the premium.

All this while having strict rules that govern the determination of the IDV like the ones mentioned by you rightly (quoted below).

Quote:
Originally Posted by shashank.nk View Post
What you're saying is absolutely correct, as the premium is calculated on the IDV. The depn rates are:

Year 1-20%, Year 2-25% and 5% thereafter each year
If true, this is indeed disturbing. Prima-facie looks like cheating to me.

Thanks to you, I can be better prepared to take on an insurance manager, in case I have to deal with a total loss. I will also check this with my car insurance branch manager to see if shares the same opinion.

Last edited by naut : 5th February 2013 at 18:26.
naut is offline   (2) Thanks Reply With Quote
Old 5th February 2013, 18:37   #36
Senior - BHPian
 
shashank.nk's Avatar
 
Join Date: Jan 2010
Location: Bangalore
Posts: 1,520
Thanked: 732 Times
Default Re: My 2012 Fiat Punto 1.3 MJD Emotion - Ownership Review

Quote:
Originally Posted by naut View Post
Isn't it unfair / unethical on their part to even allow it. More so without a warning at the time of insurance renewal. If they do not jack up the premium beyond a point (i.e. after IDV crosses market value) I can find a logical reason.
Otherwise isn't it just greed? Take all that comes your way knowing fully that you won't pay a penny beyond what is the market value irrespective of the IDV for which you've jacked up the premium.
All this while having strict rules that govern the determination of the IDV like the ones mentioned by you rightly (quoted below).
If true, this is indeed disturbing. Prima-facie looks like cheating to me.
Thanks to you, I can be better prepared to take on an insurance manager, in case I have to deal with a total loss. I will also check this with my car insurance branch manager to see if shares the same opinion.
Naut,

This was more of an insider information. My father is a Chartered Accountant in practice and we audit these Insurance companies. Coincidentally, our car also happens to be insured by the same company we audit.

Our Octy is over 6 yrs old and when we wanted to get it insured after deducting 5% from the previous IDV,the manager told us this.

Do let us know if your insurance company concurs with this.
shashank.nk is offline   (3) Thanks Reply With Quote
Old 24th February 2014, 19:34   #37
BHPian
 
S.MJet's Avatar
 
Join Date: Feb 2012
Location: Navi Mumbai
Posts: 441
Thanked: 483 Times
Default Re: My 2012 Fiat Punto 1.3 MJD Emotion - Ownership Review

Guys, bumping up my ownership thread.

Completed 2 years with my Italian beauty on 22nd Feb and clocked 30K Kms today, two days past second anniversary.

Name:  IMG.jpg
Views: 512
Size:  30.5 KB


What I like: The trade mark tank like built, confident handling, precise steering, matured ride, turbo zone and of course the Italian design.

Have done several Mum-Pune trips & each time I return home with a big smile.
The only long journey I could manage was a Mum-Goa trip & I loved pushing her to corners on those small winding ghat sections

What I still don’t like: Turbo lag coupled with short first & second gear ratios, dull interiors, few below par plastics, fit & finish in some areas.


3rd Service experience at 29250 KMs.
Dealer: Balaji Autoworld, Turbhe, Navi Mumbai. Total Cost Rs 9932/-

Cost breakup:
Engine Oil 4L DSL Syn WR 5W40 -- Rs 2600
Oil Filter -- Rs 411
Fuel Filter w/o sensor DSL -- Rs 1906
Air Filter -- Rs 199
Filtering Eliment -- Rs 402
Break Fluid 1L Syn Tutela Top -- Rs 370
Power Steering Oil 1L Syn Tutela GI -- Rs 490
Transmission Oil 2L Syn Technyx 75W -- Rs 1150
Premix Coolant 5L Paraflu Up -- Rs 995
Airfilter Top Cover -- Rs 156
Front break & disk cleaning -- Rs 550
Rear break & drum cleaning -- Rs 394
Cleaner & consumables -- Rs 125

They tried to fleece by adding Rs 550 odd for engine diagnostics check which I refused to pay. Secondly they charged 4 ltr of engine oil & did not bother to return the left over 0.7 ltr. Just before leaving I realized & demanded the same.
Break cleaning also falls in fleecing category, but it was my mistake of not checking job card properly before leaving the car.

Issues faced:
Had three warranty replacements during last 6 months.

1. Screeching sound from front right suspension when driven over speed breakers or uneven surface.
Both front suspension pads replaced during third service under warranty (Non warranty cost: Rs 2979 for both elastic pads + Rs 1551 labor)

2. Rear right wheel bearing had broken & replaced under warranty at 25332 Kms. (Non warranty cost: Bearing Kit Rs 7200, labor 250)

3. Rear right power window got jammed, window regulator replaced under warranty at 23617 Kms. (Non warranty cost: Window regulator Rs 1262, labor Rs 175).
Now this has given birth to a new problem. Water is seeping into cabin entering through gap between window & the rubber beading on which the glass runs. Basically after the replacement, 1-2 mm gap has emerged between the glass & the beading. I feel glass is not correctly aligned but they say there is only one setting therefore no chance of misalignment. They now want to replace the rubber beading itself to plug the gap, but is out of stock, so wait for another 10-15 days. Hope they are able to sort this out before monsoons.

Overall I feel there has been good improvement w.r.t. parts availability. Warranty acknowledgements are prompt as was with Tata dealers but overall experience is more or less same.
Habit of fleecing customers wherever they get a chance continues.

Also been victim of rat menace for around two months during last monsoons till this DIY gave some relief. (Tobacco etc did not work).
A medium size mouse cut through the black plastic cover to enter the fresh air ventilation area.

My 2012 Fiat Punto 1.3 MJD Emotion - Ownership Review-img-1.jpg

My first attempt to stop him was a complete failure.

My 2012 Fiat Punto 1.3 MJD Emotion - Ownership Review-img-2.jpg

This is what I did then

Name:  IMG 3.jpg
Views: 511
Size:  52.6 KB

Name:  IMG 4.jpg
Views: 527
Size:  69.1 KB

Name:  IMG 5.jpg
Views: 518
Size:  48.8 KB

Last edited by S.MJet : 24th February 2014 at 19:36.
S.MJet is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Emotion Pack Fiat Punto MJD Ownership Report Crimson Test-Drives & Initial Ownership Reports 146 3rd November 2011 18:44
1978 - Fiat 1100 || 2010 - Fiat Grande Punto Emotion MJD! Sujith1100 Test-Drives & Initial Ownership Reports 146 25th October 2011 21:53
Swift VDI+ABS or Fiat Punto MJD or New Fabia 1.2 Diesel. Edit- Booked Fiat Punto MJD magnanimousdude Hatchbacks 59 27th October 2010 13:18
Punto MJD Emotion Regular v/s Emotion Pack psmith Hatchbacks 15 20th October 2009 09:33


All times are GMT +5.5. The time now is 01:01.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks