[Guderian]

Shall be happy to answer questions or receive comments.

Link to my ownership thread

Admiral's Insurance - Year III.

It's a sheer coincidence but the hunt ended today exactly one month after it began.

On Jan 12, 2013 when I went to the ASC for the 35K service went to the insurance section and asked them to let me have the insurance proposals for year III. The Y-II insurance was coming to an end in the 3rd week of Feb.
I wanted to continue with Bharati -Axa (who were the insurers for the first 2 years) and had paid Rs.26,020 for the Y-II policy for an IDV of Rs. 17.12 Ls.

I wanted a simple insurance. Basic comprehensive + Zero Depreciation policy as before.As usual came the first set of outlandish proposals which were - Basic Apprehensive+Zero Bank Balance types.

The dealer first came up with B-Axa's proposal which was like an axe swung at me. Rs 42,242...mind rebelled against paying this amount much more than last year. I was told it was due to the zero dep. premium increasing as the vehicle aged. Mind rebelled...rebelliously. Admiral and aged -nevaaah !

This then sounded the bugle - a call to arms. I knew I had a battle at hand and had to get serious or else would end up bleeding from the nose.
Along with the Axe...sorry Axa, was also sent a Toyota Protect Insurance (excuse me, but when did Toyota get into their own insurance business ?) which quoted Rs. 40,016. Both proposals had an IDV at Rs.16.12 Ls. This too was not very acceptable. Too low an IDV for Admiral who is basically...ummm... priceless.

Anyway started my negotiations with the dealer's insurance team and got him to focus on B-Axa - went on and on. The final quote he came up was for Rs 40,727. And this was with a 50% NCB and about 40% additional discount. Seeing no solution went to the company directly hoping for deliverance and the age old attempt to cut out the middleman.
They came back grandly with a quote of Rs. 51K and no going down further. Laughed and cried hysterically. Frankly tried to understand as to what was wrong with their thinking ! No answers.

Meanwhile got in touch with ICICI- Lombard and those street smart guys stuck on to me like limpets. Must give it to them for latching on hard. Their final offer for almost the same kind of offering was Rs 31,633. But had heard quite a few horror stories about their claim settlements and all kinds of hany panky stuff. So was a little wary about them. Though I must say that the LoH's car is insured with them and two claims over the last two years were dealt with satisfactorily (Two claims in two years ? Yeah and the LOH gets upset when I guffaw while talking about her driving habits with friends !).

Anyway coming back to the story.

The ping pong game went on and on (even the Chinese would have got fatigued I tell you) till yesterday when the ASC insurance dealer mentioned very quietly about Tata-AIG and sent me a proposal. Asked him as to why he hadn't mentioned about it earlier and he mumbled something about me being B-Axa fixated. The quote spoke about Rs. 28,827 for an IDV of 16.12Ls. By now the dealer chap was truly tired and slowly losing interest. And I felt sorry for him as well.

Decided to go to the Tata-AIG website which informed me that the IDV of my vehicle should be Rs. 18.36Ls and threw up a quote of some Rs 34K. IDV as per regulations calculated on current vehicle value minus depreciation (30% I guess). Left a message asking someone to get in touch with me. Very quickly someone did. And thankfully it was a 'pucca' Executive of the company and not a stumbling, fumbling, irritating DSA chap. Very professional, very matter of factly and clear in communication and expectation management. Felt good interacting with him.

Checked first whether Tata-AIG has cashless facility with Toyota garages. Confirmed. Was sent the details of the garages on mail.

Negotiated and it came down to Rs 31,894 for an IDV of 18.36Ls. And another round of 'do something about it my friend' discussions to arrive at the final figure of Rs 28,795. All on the phone.

Meanwhile talked to a friend and a fellow TBHPian who has been active on the insurance threads - ghodlur -and got his thumbs up for Tata-AIG in terms of perceptions and general feel. Thanks ghodlur.

Late last evening sent my old policy to the Tata AIG Executive. And this morning he organised a call with his verifier who confirmed all the details and helped me to pay the amount through IVR using my credit card.
And in a couple of hours received the soft copy of the policy. Hardcopy is on its way - should reach me in a week's time.

The details (all figures in Rs.):
IDV - 18.36 Ls
Total premium - 28,795.
Package details:
- 55% discount on basic premium.
- 50% NCB.
- Personal accident cover - 2L /driver cover/7 passengers covered for 1L each.
Pearl Plan Add Ons:
- Zero depreciation reimbursement (limited to 2 claims during the policy period).
- Loss of personal belongings cover.
- Emergency hotel and transport charges cover.
- Key loss/replacement cover.
- NCB protection if plastic, rubber, fiber & glass parts are repaired and not replaced.

Zero dep officially is only for 3 years. But can be considered for 4th & 5th year if the assessors like your face (buying a tube of F & Lovely this evening) and claim record.

What I liked about the policy:
- IDV increased.
- Fairly 'close to last year' premium.
- Some add ons.

What I liked about the interactions with Tata-AIG team:
- User friendly website.
- Professional Executives - calm and poised.
- Clear in communication and no fibbing. Very clear in explanations and expectation management to the point of irritation (!) - to ensure that you have no misconception of the benefits that could lead to fist cuffs later.
- Quick on getting back with responses.
- Comfort in interactions and ease of processes.

Hope the pleasant experience continues though I pray - may I never use the policy benefits by the Grace of God (touchwood !).

And so that was that...

[Devrishi]

Thank you so much HG for the informative post. i am also on the job for insurance renewal and your post has helped me a lot. ICICI is very expensive and i am in the process of negotiations with TATA AIG. Mine is 2nd year insurance i.e. 1st renewal. Lets see. Thanks :-)

[Guderian]

Originally Posted by Devrishi

Thank you so much HG for the informative post. i am also on the job for insurance renewal and your post has helped me a lot. ICICI is very expensive and i am in the process of negotiations with TATA AIG. Mine is 2nd year insurance i.e. 1st renewal. Lets see. Thanks :-)

Thank you Devrishi for the kind words.
Trust you were able to close a great insurance deal for your Fortuner.

[Devrishi]

Originally Posted by Guderian

Checked first whether Tata-AIG has cashless facility with Toyota garages. Confirmed. Was sent the details of the garages on mail.

TATA AIG does not have cashless facility in TOYOTA GARAGE at least in Kanpur & they have quoted me Rs.38,935/- (with Pearl Plan) with an IDV of Rs.18,84,420/-. Can you please share the list of Toyota Garages with cashless facility they have sent you on mail.

Moreover, at the time of purchase of Fortuner, TOYOTA covered my vehicle under ICICI Insurance but in the II year they say that it will be covered under 'IFFCO-TOKIO General Insurance' and the premium they have quoted is Rs.60,437/-. This is Cashless & 0% depreciation scheme & is valid in all the garages of TOYOTA.

I am in dire financial straits and need guidance. I have to insure my vehicle on 28th Feb.

Thanks :-)

[Guderian]

Originally Posted by Devrishi

TATA AIG does not have cashless facility in TOYOTA GARAGE at least in Kanpur & they have quoted me Rs.38,935/- (with Pearl Plan) with an IDV of Rs.18,84,420/-. Can you please share the list of Toyota Garages with cashless facility they have sent you on mail.

That is surprising as they told me they have cashless facility across India in most Toyota ASCs. However they sent me a list of all Toyota ASCs in Maharashtra/Mumbai Area.
Attaching the same.
Tata AIG Cashless Maharashtra Garage List.xls

Has this information been given by the dealer himself ? Then it is likely to be a little doubtful. Check directly with Tata AIG.
And if indeed Tata AIG doesn't have cashless facility with Toyota ASCs in Kanpur - check with ICICI-Lom. They have countrywide cashless facility with Toyota ASCs. They had mentioned it to me for sure.
Please check:
- Whether you are getting your NCB from earlier years if applicable.
- Discount on the basic rate.
- Zero depreciation.
- Unnecessary add ons which are inflating the quote.

[Devrishi]

Originally Posted by Guderian

That is surprising as they told me they have cashless facility across India in most Toyota ASCs. However they sent me a list of all Toyota ASCs in Maharashtra/Mumbai Area.
Attaching the same.
Attachment 1055938

Has this information been given by the dealer himself ? Then it is likely to be a little doubtful. Check directly with Tata AIG.
And if indeed Tata AIG doesn't have cashless facility with Toyota ASCs in Kanpur - check with ICICI-Lom. They have countrywide cashless facility with Toyota ASCs. They had mentioned it to me for sure.
Please check:
- Whether you are getting your NCB from earlier years if applicable.
- Discount on the basic rate.
- Zero depreciation.
- Unnecessary add ons which are inflating the quote.

Here is the link of Garage Locator of TATA AIG:

http://www.tataaiginsurance.in/taig/...e_locator.html

&

here i am attaching the scan copies of Toyota dealers across India...

I have finally taken IFFCO-TOKIO Insurance (cashless) managed by Toyota - it costed me Rs.60,437/- with 0% depreciation.

The cashless facility provided by TATA AIG, for TOYOTA Garages as on today, is not available in the whole state of Uttar Pradesh. It can be checked from Garage locator link given above.

Hope it helps...

[Guderian]

Year -IV Exercise !
Renewed the insurance for year -IV. It was due towards the end of the month and the action started couple of weeks ago with Tata AIG calling in and sending me the renewal proposal. The renewal premium was at 25K however with an IDV of 15.42Ls. This they said was as per their market rates etc. Wasn't acceptable to me as the previous year's IDV was 18.36L. Asked them to increase the same and the discussions began.

Meanwhile also checked out ICICI Pru, Toyota Insurance (through dealer) & United India (through their website). ICICI branch gave a ridiculous quote of 51K which was higher than what their site was offiering for a Zero dep plan ! Toyota offer came down to 43K but could go no further down. And ICICI didn't go anywhere at all. But yes, to be fair there were some differences in the benefits being offered. For eg the toyota plan had one of no payment for consumables.

UIA offered a decent package for their zero dep plan however the IDV was at 15.42 Ls. The premium was at INR 30K.

Finally Tata AIG came back with a significantly higher IDV (17.74Ls) and a premium of INR 28,659. Decided to continue with Tata AIG.
The details (all figures in Rs.):
IDV - 17.74 Ls
Total premium - 28, 659.
Package details:
- 50% discount on basic premium.
- 50% NCB.
- Personal accident cover - 2L /driver cover/7 passengers covered for 1L each.
Pearl Plan Add Ons:
- Zero depreciation reimbursement (limited to 2 claims during the policy period).
- Loss of personal belongings cover.
- Emergency hotel and transport charges cover.
- Key loss/replacement cover.
- NCB protection if plastic, rubber, fiber & glass parts are repaired and not replaced.

So that's that !

[ghodlur]

Originally Posted by Guderian

Finally Tata AIG came back with a significantly higher IDV (17.74Ls) and a premium of INR 28,659. Decided to continue with Tata AIG.
Pearl Plan Add Ons:
- Zero depreciation reimbursement (limited to 2 claims during the policy .
- NCB protection if plastic, rubber, fiber & glass parts are repaired and not replaced.

Hi Guderian,

Great going. Good to know that the admiral is aging gracefully. I was surprised to see Tata Aig offering zero dep for vehicles more than 3 yrs old, atleast thats what the website says. Also the NCB protection clause is strangely funny when one know glass parts cant be repaired but replaced. Which plastic/rubber/fibre parts of the Fort can be repaired?

[Guderian]

Originally Posted by ghodlur

Hi Guderian,

Great going. Good to know that the admiral is aging gracefully. I was surprised to see Tata Aig offering zero dep for vehicles more than 3 yrs old, atleast thats what the website says. Also the NCB protection clause is strangely funny when one know glass parts cant be repaired but replaced. Which plastic/rubber/fibre parts of the Fort can be repaired?

Hi Girish,
As mentioned in last year's report here last year they had warned me that in 4th year onwards it (zero dep) depends on the circumstances. But I think they must be giving it to all. Because even the other companies were offering it.
The NCB protect clause is to prevent the owners from needlessly getting parts changed just because of some chota mota scrapes etc. Like the bumpers for one, rubber beadings and so on. The idea is to motivate guys to reuse whatever they can by getting it repaired or refurbished and save the insurance company and themselves some money I guess.

[redcruiser]

I am thinking to switch from Bajaj to Tata for my insurance.
Does TATA AIG has cashless facility at Volkswagen Workshops?
How long is their claim reimbursement process?