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View Poll Results: Your favourite? | |||
Bajaj Allianz General Insurance Company | ![]() ![]() ![]() | 5 | 20.00% |
Bharti AXA General Insurance Company | ![]() ![]() ![]() | 1 | 4.00% |
Cholamandalam MS General Insurance Company | ![]() ![]() ![]() | 1 | 4.00% |
Edelweiss General Insurance | ![]() ![]() ![]() | 0 | 0% |
Future Generali India Insurance | ![]() ![]() ![]() | 0 | 0% |
HDFC Ergo General Insurance Company | ![]() ![]() ![]() | 1 | 4.00% |
ICICI Lombard General Insurance Company | ![]() ![]() ![]() | 5 | 20.00% |
IFFCO Tokio General Insurance Company | ![]() ![]() ![]() | 1 | 4.00% |
Kotak Car Insurance | ![]() ![]() ![]() | 0 | 0% |
Liberty General Insurance | ![]() ![]() ![]() | 0 | 0% |
National Insurance Company | ![]() ![]() ![]() | 0 | 0% |
New India Assurance Company | ![]() ![]() ![]() | 5 | 20.00% |
Oriental Insurance Company | ![]() ![]() ![]() | 0 | 0% |
Reliance General Insurance Company | ![]() ![]() ![]() | 1 | 4.00% |
Royal Sundaram General Insurance Company | ![]() ![]() ![]() | 2 | 8.00% |
SBI General Insurance | ![]() ![]() ![]() | 0 | 0% |
Shriram General Insurance | ![]() ![]() ![]() | 0 | 0% |
Tata AIG General Insurance Company | ![]() ![]() ![]() | 2 | 8.00% |
United India Insurance Company | ![]() ![]() ![]() | 0 | 0% |
Universal Sompo Insurance | ![]() ![]() ![]() | 0 | 0% |
Other (please specify in your post) | ![]() ![]() ![]() | 1 | 4.00% |
Voters: 25. You may not vote on this poll |
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![]() | #331 |
BHPian ![]() | ![]() My car insurance is due in June this year. The dealer called me for the renewal of the same and I asked the quote to be sent on mail. The amount was higher than most of the insurance providers that I had checked, as expected. But, what took me by surprise was the IDV was more than the invoice value of the car. This is the second year of the car. Is that possible? |
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![]() | #332 |
Senior - BHPian ![]() | ![]() Should not be the case. It may be quite possible that the existing ex showroom cost of the car variant must have increased substantially and the dealer must have calculated the IDV based on the new value. You have two options: 1) Either to go by the dealer calculation which is ex showroom cost less by 10% OR 2) Less 10% than last year's IDV. In case of 1 you will be required to shell out extra premium whereas in 2 it will be lesser premium but lesser IDV. Take an informed decision. |
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![]() | #333 |
Distinguished - BHPian ![]() ![]() Join Date: Dec 2012 Location: Ranchi
Posts: 3,998
Thanked: 8,884 Times
| ![]() Dear BHPians, I want to change my current insurer and the new policy will be issued in my name. The existing policy is in the previous owner's name. For that I entered the details in Bajaj Allianz web site and soon after got a call. They are saying that they can issue me a policy without inspection of the vehicle. I am confused that how can they issue me a policy without inspection of the vehicle and without photographs. Anyone who can enlighten me over this? |
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![]() | #334 | |
Newbie Join Date: Jul 2011 Location: Delhi
Posts: 1
Thanked: Once
| ![]() Quote:
I know this is a reply coming a month late, however I thought I can answer it being involved in the business. So the quotation you got from the dealer is higher because he is not providing you with the discounts that we as brokers can negotiate with the insurances. Not that dealers can't negotiate, but they don't give away that discount easily. As for the IDV, it should not be more than the invoiced value and should ideally be 10% less than the last IDV of your car. So to answer your question, it is not possible. Though a reason of higher quotation is that this time around the Third party insurance premium has been increased by IRDA which has lead an increase in the insurance premium that we have to pay on our cars. Hope i was able to answer your query. | |
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![]() | #335 |
BHPian Join Date: Jul 2011 Location: New Delhi
Posts: 26
Thanked: 12 Times
| ![]() Does anybody have information on which motor insurance company (Public & Private) has the highest claim settlement ratio for 2014-15? Thanks. |
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![]() | #336 |
BHPian ![]() Join Date: Sep 2015 Location: Chennai
Posts: 54
Thanked: 45 Times
| ![]() My car insurance is due for renewal in a few days - 2015 -Renault Duster RXZ AWD. I had taken showroom insurance last year when I purchased the car which was with TAIG for Rs.50,000. This year they send me a renewal quote with premium INR 34000. I did some shopping around and ICICI etc. were willing to match the same IDV and comprehensive for INR 25000. I mailed TAIG requesting them to revise the quote to a reasonable number since I want to continue with them - An executive calls up and sincerely apologises that INR 34000 (whopping 9000 extra) is the best offer they can give!! SERIOUSLY? I was shocked and did another experiment - I called TAIG helpline and tried to buy a "NEW" insurance for my car which is already insured with them - Guess what? They quoted INR 25500 for the same cover on the same car? I instantly told him I want to go ahead with the plan and he asked me old policy details where I told him my old policy is with TAIG ![]() Is the word "IDIOT" written on my forehead? Is this what I get for already paying a hefty premium in the first place? What happened to my NCB, etc.? My insurance is due for renewal in a few days and I am keen on continuing with TAIG who are very keen on ripping me off. Can someone suggest what I should do? ![]() |
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![]() | #337 |
BHPian Join Date: Jul 2011 Location: New Delhi
Posts: 26
Thanked: 12 Times
| ![]() Found the answer to my earlier query, so I'm posting it here. The source is - https://www.irdai.gov.in/ADMINCMS/cm...DF=AR&mid=11.1 |
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![]() | #338 |
BHPian Join Date: Dec 2012 Location: Bangalore
Posts: 35
Thanked: 3 Times
| ![]() My car recently met with an accident and it is a total loss. The insurance company, whilst agreeing to a total loss, is not ready to give the entire IDV. They are deducting about 50 K from the IDV in the name of depreciation. Here are more details: - Honda Jazz 2012 - On road price 7.47 Lacs - IDV was 3.87 Lacs (This was quite low, but I did not notice at the time of renewing my premium) - Insurance provider - Bajaj They are ready to give 3.5 Lacs or so and the rest they are saying that it is gone under depreciation for plastic parts etc., Are they right in doing this or trying to take me for a ride. Would be most grateful for any information or ways to resolve this. |
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![]() | #339 |
Senior - BHPian ![]() | ![]() Your ideal IDV should have been 4.48L and the car was basically under insured. The Insurance co is right in saying about the depreciation but no on the parts but on the IDV which is calculated on pro rata basis. PM me and I will forward you the document which you can refer. I think I had attached the document on the forum but where I do not recollect. |
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![]() | #340 |
BHPian Join Date: Dec 2012 Location: Bangalore
Posts: 35
Thanked: 3 Times
| ![]() Hi Ghodlur - I agree that the car was under insured. No questions on that. However for total loss, can they apply further depreciation on IDV? In this case IDV is 3.8 lacs and they offering 3.3-3.5 lacs. My assumption is that depreciation has been accounted for with in IDV already. Note: I had renewed my insurance about 1 week before the accident. I will PM you for the document, but any tips from other members would be very helpful. Thanks much in advance. Last edited by areddy : 6th July 2016 at 12:56. Reason: typos and grammar |
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![]() | #341 |
Senior - BHPian ![]() | ![]() Yes, they can apply depreciation on pro rata basis. The IDV which you had calculated was during renewal. If considerable time has passed by before your claim for total loss, then Insurance co will depreciate the IDV for the period passed. |
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![]() | #342 |
BHPian Join Date: Dec 2012 Location: Bangalore
Posts: 35
Thanked: 3 Times
| ![]() - The time elapsed between the renewal and accident was less than a week - They already made us pay about 15K in the name of towing charges and estimation charges - The repair estimate given to us is coming to about 7 lacs (The IDV is about 3.8 lacs) - The surveyor is saying that they will give about 3 lacs, as they say that 3 tyres were missing and the entire central console was missing as these items were stolen when the car was left overnight on the highway. -- Here's my take - The incidental charges of towing and estimations have to be covered by insurance - The theft etc., have to be covered under insurance? - They can at max decrease IDV for the elapsed 7 days from the date of renewal in the name of depreciation. If they do not agree, I plan to take it to the court. Any thoughts or experiences? |
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![]() | #343 | ||
BHPian ![]() | ![]() Quote:
Quote:
On a OT, got a threatening from one of the public insurance company for not opting them and going with the existing private one. Her words are like "Sir, I warn you, you will face trouble for going with XXX and you will curse yourself for not opting ours" ![]() These are few hilarious moments during insurance purchasing in my life til date. | ||
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![]() | #344 |
BHPian Join Date: Aug 2015 Location: New Delhi
Posts: 125
Thanked: 219 Times
| ![]() Hello everyone, I am looking to renew my Zest XT Diesel's insurance and I am looking at various policies on coverfox.com. They look a bit better than other websites. The live chat option was available at this hour of the night and the representative even called at this time after taking my permission! He was polite and courteous and not hard selling at all. Other websites representatives call and try to hard sell a lot and that irritates me too much. (Disclaimer : I am not related to coverfox at all) The car is one year old purchased on 28-08-2015, no claims in the last year. The past insurer is New India Assurance. On coverfox I am getting these deals and coverfox is giving me complimentary RSA. Which one is the best one to choose in terms of better service and stress- free claim settlement? ![]() Bajaj's & Universal Sompo's quote is around 5k higher therefore I am unwilling to go for it. I am willing to go for Kotak since it has a better IDV than Bharti AXA and I am doubtful about New India Assurance's service and claim settlement process. Are kotak and Bharti AXA infact good or shall I look at other options? I also got a call from Tata regarding the insurance and they were quoting, IIRC around more than 20k for the insurance and they were hard selling a lot ![]() Thanks! Last edited by parth.jain : 23rd August 2016 at 01:46. |
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![]() | #345 | |
Senior - BHPian ![]() | ![]() Quote:
Whenever you ask for a premium quote ensure that your IDV is calculated correctly as per depreciation table. Not all low premium quoting Insurance co offer stress free claims procedure. If you see the quotes you got: 1) IDV's are different 2) Zero dep add on cover cost is varying vastly. Should be very similar since the calculations is based on IDV. I would use coverfox only for comparison purpose and not for buying. | |
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