[parsh]

Just got confirmation after raising some queries to Toyota and my insurance agents that the painting depreciation regulation amendment is yet to come into effect, is still in draft/proposal, until then atleast Toyota and my insurance company IFFCO-TOKIO will not be charging the same. So those who want to/are in need of claim can take the benefit now until the regulation becomes effective. I am just speculating it could be from the new financial year.

[ramzsys]

is this regulation for 50% depreciation in painting implemented now?. Also, can someone help me with depreciation on metal parts?

I need to make a claim on a December 2009 car for replacing radiator bumper and bonnet.

[parsh]

IRDA seems to have brought in the regulations into effect as of 1 Feb 2013 announced on 9/10 Jan 2013.

This should help you understand:

http://www.moneycontrol.com/news/bus...rt_805706.html

http://www.indianexpress.com/news/ir...-part/1056958/

http://www.myinsuranceclub.com/insur...ainting-claims

However, thing to note that, there is still no unanimity amongst the insurers and car companies. Some car companies still do not segregate paint material and labor but club them together as painting charges. In that case, it is mostly counted as labor. However, it also varies on what the company policy is. For example, Toyota has still not decided to charge this depreciation to customers and it is taken as a single labor component.

Similarly, the insurers still have different policies on their end. So, one should discuss and properly investigate with own car company and insurer on what are the decisions on the same.

If effective, the 50% depreciation is applicable ONLY on the cost of the paint material.

If the car company and insurer has decided to implement it, the regulations imply that any policy with its risk cover starting on or after 1 Feb 2013 will come under its purview and not the policies which came into existence before it. However, also to note, any policy that is not falling within this regulation, will come under it upon renewal next year.

About depreciation:
You are running in the 4th year. The plastic depreciation will be flat 50% and metal depreciation will be 25%

[somrajaec]

Moderator note: Thread merged, please use Search before opening a new thread. Thanks.

Friends,

I want to bring to your attention towards the paint depreciation cost that we all pay during any car repair work . I have a Honda assure insurance policy ( comprehensive) & as per the booklet the total painting cost will be divided into labour cost & material cost as 75 % and 25 %. As a consumer i need to pay 50 % of the material cost bucket , which basically means 12. 5 % . I have also confirmed this with Honda assure customer care centre. But , there was a twist in the story , once i actually went to the body-shop owner and asked him about it .

He bluntly told me the cost that i need to bear is 40 % and not 12. 5 %

The insurance guys gave me the same story ....i escalated the issue to Honda one to one ...but till now nothing has happened !!!

Do any one of you faced similar issue ??

[saket77]

I claimed insurance for my car covered by Maruti Insurance(National insurance) a few months ago after been involved in a freak impact. The other car hit a barricade at high speed and the barricade flew over my car damaging the driver's door and fender.

No panels were changed. It was a dent and paint job which the insurance company covered fully. I had to pay only the compulsory deductibles and 50% for the side indicator lamp on the fender.

There is still ambiguity about how insurance companies are implementing this rule.

Regards,
Saket

[rahulsharma2008]

Even I was charged 50% as paint depreciation the last time I got one of the panels painted on my Swift. Feel highly demotivated to renew my insurance this time around.

I know it is required by Law to have a valid insurance while driving a vehicle, but will it backfire if someone who's not carrying a valid insurance gets into an accident where other parties' vehicles are damaged? Managing the cops for invalid insurance (for day to day drives) will be way cheaper that paying the premiums year after year!

(I would have paid north of 1 lakh in insurance premiums during my ownership of my two cars so far and feel highly cheated)

[saket77]

Originally Posted by rahulsharma2008

I know it is required by Law to have a valid insurance while driving a vehicle, but will it backfire if someone who's not carrying a valid insurance gets into an accident where other parties' vehicles are damaged? Managing the cops for invalid insurance will be way cheaper that paying the premiums year after year!

This is precisely why third part insurance is mandatory. You can opt for just third party insurance and it will cut down your car's insurance cost to a great extent; but of course, it will not cover any damages of your car; hence quite a gamble it is.
And you will not need to 'manage' the cops for third party damages if you have the third party insurance.

[ghodlur]

Originally Posted by rahulsharma2008

I know it is required by Law to have a valid insurance while driving a vehicle, but will it backfire if someone who's not carrying a valid insurance gets into an accident where other parties' vehicles are damaged? Managing the cops for invalid insurance (for day to day drives) will be way cheaper that paying the premiums year after year!

(I would have paid north of 1 lakh in insurance premiums during my ownership of my two cars so far and feel highly cheated)

Are you doing this currently on your vehicles? If so, it will be a surprise to know that a T-BHPian is advocating breaking rules of driving a vehicle without valid insurance and above that coorborating with cops to get out of the situation (with whatever means reqd).

Why not have that peace of mind by buying a TPL only Insurance?

[rahulsharma2008]

Originally Posted by ghodlur

Are you doing this currently on your vehicles? If so, it will be a surprise to know that a T-BHPian is advocating breaking rules of driving a vehicle without valid insurance and above that coorborating with cops to get out of the situation (with whatever means reqd).

Why not have that peace of mind by buying a TPL only Insurance?

Read my post carefully before jumping to conclusions I have clearly mentioned paying premiums to the tune of 1 lakh rupees (over a period of time) and feeling cheated upon payment of 50% depreciation along with increase cost of processing fees for every claim. What I meant was a question to the community of TeamBHP in a conditional scenario (read "if" in my question) as to what will happen. Advocating just doesnt come into the picture when I myself am not sure of the method/consequences.

I hope that helps!

[rahulsharma2008]

Originally Posted by saket77

This is precisely why third part insurance is mandatory. You can opt for just third party insurance and it will cut down your car's insurance cost to a great extent; but of course, it will not cover any damages of your car; hence quite a gamble it is.
And you will not need to 'manage' the cops for third party damages if you have the third party insurance.

Totally agree to you Saket. I was under the impression that insurance companies arent allowed to issuethird party insurance. Thanks for clarifying my doubt.

[saket77]

Originally Posted by rahulsharma2008

Totally agree to you Saket. I was under the impression that insurance companies arent allowed to issuethird party insurance. Thanks for clarifying my doubt.

It is only the insurance companies who can issue any insurance for that matter. However, since the third party premium is very less, they are least interested in that sort of business, hence they are reluctant in offering it; but if you insist, they will have to give you a third party only cover.

[somrajaec]

Guys...the issue is Honda Assure policy says something different, but the insurance people & dakshin honda guys are telling me completely different rules. So, who is wrong here ?