[rjvora_2000]

Originally Posted by metropolis

Last year i switched from National Insurance to Reliance after association of more than a decade. Now i want to change to some other company please advice on the same though experience with Reliance is fine but need a better one

Switch to any pvt. insurance company all I would rate better then government company.

[hondadude]

Originally Posted by rjvora_2000

Hello every one,

Since long time (May be a month) I was thinking to start this trend. Finally hear I am replying to all your insurance query and claim information.

Yesterday one of my friend gave me a call and he had a accident in Mumbai. It was his mistake he told me on the first instance. Other person had a TP insurance policy from Royal Sundram and he was stressing on the police complain. My friend told him that you claim from your insurance company what ever is not paid from insurance company he will pay it (because it was his mistake) He was saying he will not get the claim if he does not register the police complain.

One can claim damages to one's own vehicle only if the insurance policy is comprehensive.

One can claim damages from other party's insurance only if the mistake is proven to be of other party.

In your friend's case, other party does not have a comprehensive insurance, hence he is trying to claim the damages from your friend's insurance policy.

To do the above, following must happen

- Complaint needs to be registered in police station
- RTO inspection needs to take place.
- Till RTO inspection is completed, vehicles stay in police station
- After RTO inspection, one can take possession of vehicle.
- After that, affected party has to go to court and claim the money

Usually I would recommend that your friend goes through above procedure. By doing so, he would avoid paying from his own pocket. This is assuming that your friend has valid DL, Insurance and proper registration of the vehicle. Yes, there would be nuisance dealing with cops and some time would be wasted. Some people prefer to pay from their pocket because their time is worth more than what they have to pay.

Disclaimer: I don't work for insurance. I know the above only via personal experience.

[rjvora_2000]

Originally Posted by hondadude

One can claim damages to one's own vehicle only if the insurance policy is comprehensive.

One can claim damages from other party's insurance only if the mistake is proven to be of other party.

In your friend's case, other party does not have a comprehensive insurance, hence he is trying to claim the damages from your friend's insurance policy.

To do the above, following must happen

- Complaint needs to be registered in police station
- RTO inspection needs to take place.
- Till RTO inspection is completed, vehicles stay in police station
- After RTO inspection, one can take possession of vehicle.
- After that, affected party has to go to court and claim the money

Usually I would recommend that your friend goes through above procedure. By doing so, he would avoid paying from his own pocket. This is assuming that your friend has valid DL, Insurance and proper registration of the vehicle. Yes, there would be nuisance dealing with cops and some time would be wasted. Some people prefer to pay from their pocket because their time is worth more than what they have to pay.

Disclaimer: I don't work for insurance. I know the above only via personal experience.

Wow this was new input for me also. But still I will get it conformed from insurance company in some time and then get back to this trend again.

[rjvora_2000]

Originally Posted by hondadude

One can claim damages from other party's insurance only if the mistake is proven to be of other party.

I have checked with two insurance company they both had a same reply.

Claim of the other car in not payable.

If you want to take the benefit of insurance Own damage you have to take the comprehensive insurance. If you have TP insurance then the claim is simply not payable of any kind of damage to the car.

TP mean only third party property (Other then car) and life.

Cholamandalam I meat with one branch manager.
Bajaj I had talk to claim's surveyor.

[Rohini]

Originally Posted by metropolis

Last year i switched from National Insurance to Reliance after association of more than a decade. Now i want to change to some other company please advice on the same though experience with Reliance is fine but need a better one

My first choice will be TATA AIG; next one will be BAJAJ ALLIANZ. These 2 companies are very good in claim settlement.

[rjvora_2000]

Originally Posted by Rohini

My first choice will be TATA AIG; next one will be BAJAJ ALLIANZ. These 2 companies are very good in claim settlement.

No doubt these two are good insurance companies. Insurance claim settlement is a personalized matter so every one will have different experience.

[rjvora_2000]

The biggest change of the motor insurance is coming from this January - 09.



This not the only company who is doing this, all the company will have this changes in there policy.

[rjvora_2000]

One more article on the change coming...

Source: - Premium - A magazine for insurance sales professionals (December 2008) Premium - Home Page


CCF15122008_00004.pdf

CCF15122008_00005.pdf

[rjvora_2000]

When you buy new car's insurance ask for discount's in premium.

Ask for full PA premium this will cost you little high premium but you will get more coverage.

[Torque123]

Hello guys. My car is due for insurance renewal in Jan 2009. I currently have the insurance with Icici Lombard and the IDV is Rs 683000. I got an online quote for the renewal and the IDV is Rs 575600. The premium is going to be Rs 15408. The renewal amount arrived at is after deducting 20% NCB.

Please advice if this a fair deal or should i go in for a different insurance provider or bargain with Icici guys. What should i bargain for? Less premium, more IDV or both? Please put it across in simple terms. I am a nut when it comes to these kind of issues.

[rjvora_2000]

Originally Posted by Torque123

Hello guys. My car is due for insurance renewal in Jan 2009. I currently have the insurance with Icici Lombard and the IDV is Rs 683000. I got an online quote for the renewal and the IDV is Rs 575600. The premium is going to be Rs 15408. The renewal amount arrived at is after deducting 20% NCB.

Please advice if this a fair deal or should i go in for a different insurance provider or bargain with Icici guys. What should i bargain for? Less premium, more IDV or both? Please put it across in simple terms. I am a nut when it comes to these kind of issues.

Deprecation is more then 15% which is high. Please ask them to give you calculation on Rs. 6,14,700 which is 10% down then your last year value. Please tell me which is the car and what you have paid last year, i will calculate the new premium and give you.

[amohit]

ICICI are not considered to be the best in motor insurance.
If you dont have a pressing reason, try getting some quotes from Bajaj allianz, Tata AIG, Royal sundram and Reliance. AFAIK these 4 insurance and numerous others are rated better than ICICI when it comes to claims.

Regards,

[rjvora_2000]

Originally Posted by amohit

ICICI are not considered to be the best in motor insurance.
If you dont have a pressing reason, try getting some quotes from Bajaj allianz, Tata AIG, Royal sundram and Reliance. AFAIK these 4 insurance and numerous others are rated better than ICICI when it comes to claims.

Regards,

Insurance is something which is very much subjective issue. My views will differ from you a bit because I always had a problem in dealing with them. but still I never said it is a bad company or something.

Remember I always say that all the pvt. companies are good.

[rjvora_2000]

Hi guy's this was for your information - "Gross premium collected by non-life insurers within india of motor" (April to September 2008)

Source IRDA web site.

1. Royal - 235.37
2. Tata - 119.48
3. Reliance - 538.76
4. Iffco - 333.58
5. Icici - 643.77
6. Bajaj - 816.21
7. Hdfc - 67.40
8. Chola - 159.21
9. Future - 29.04
10. Universal - 0.01
11. Shriram - 6.88
12. Bharti - 0.24


13. New India - 963.70
14. National - 1068.89
15. United - 740.82
16. Oriental - 736.61

Rs. in Crores

[rjvora_2000]

I had a chat with the BDM (Busniess Development Manager) - Chola and BM (Branch Manager) - Bajaj regarding the change which is coming in motor insurance and they said the premium will go down as discount will still increase and the policy wording will also change. which means every company will offer some thing new to client.

This will be too compitive for insurance companies and for us also because all the companies will offer some thing new.