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Old 5th June 2011, 12:41   #1561
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Default Re: Automobile Insurance - Ask me

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Originally Posted by addyhemmige View Post
Guys, I have a query on insurance for my bike.

My bike is a 2001 Suzuki Fiero and currently I have an insurance policy from Reliance General Insurance which expires on 11th of June, 2011.

In the current policy, the IDV was given as Rs.12,000 and the final premium came upto Rs.482 after discounting the NCB of 35%. Today, I went in to renew the policy. I enquired with Reliance Insurance and Bajaj Allianz and here are their quotes.

Reliance: IDV-11000, NCB-45%, Premium-540

Bajaj Allianz: IDV-14800, NCB-45%, Premium-633.

I also took an online quote from ICICI Lombard: IDV-17920, NCB-45%, Premium-775

My question is this. Comparing all the three quotes, I find Reliance has offered the lowest IDV, ICICI has the highest and Bajaj is in between the two. How is it that the IDV differs so much across the three insurance providers?

I want to know which offer is the better one. I have had a very bad experience with Reliance while renewing the policy last year, so I'm least inclined towards them. Please suggest what I should do.

Thanks
I have renewed my insurance twice with ICICI Lombard and I have had a good experience with them so far.
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Old 5th June 2011, 17:35   #1562
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Default Re: Automobile Insurance - Ask me

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Originally Posted by e-katz View Post
I have renewed my insurance twice with ICICI Lombard and I have had a good experience with them so far.
What do you mean by 'good experience'?
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Old 6th June 2011, 13:33   #1563
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Default Re: Automobile Insurance - Ask me

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What do you mean by 'good experience'?
I was referring to the whole renewal process in terms of service provided and follow up during expiry. I havent had any issues with my vehicle so havent had a chance to experience the claim process.
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Old 7th June 2011, 06:09   #1564
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Default Re: Automobile Insurance - Ask me

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Originally Posted by vkochar View Post
Got the final quote today. As instructed by you I opted for 10% depreciation from last year so at 6 lacs last year it comes to 5.4 lacs this year.

At 5.4 lacs vehicle IDV. They are offering me 25 % NCB & 40 % Discount. Total premium owed to them comes to about 9700 rs which includes PA for 5 people also.

Will give them a cheque on Monday. Hope this is OK rupesh !
This is last year. I refer to this thread always twice a year when both my policies are due.

What should I ask for this year Rupesh ? No claims so far.

How much discount and NCB ?

Thanks.
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Old 7th June 2011, 07:36   #1565
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Default Re: Automobile Insurance - Ask me

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Originally Posted by e-katz View Post
I was referring to the whole renewal process in terms of service provided and follow up during expiry. I havent had any issues with my vehicle so havent had a chance to experience the claim process.
Everyone gives good service during renewal - it's a sale for them. Only thing relevant is the experience during a claim.
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Old 7th June 2011, 12:20   #1566
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Default Re: Automobile Insurance - Ask me

For some reason I am unable to get Bajaj Allianz Insurance - as there are some issues I think in the company.

My agent wants me to get Reliance which I have declined.

I want either Bajaj / Iffco / Tata AIG.

I am also eligible for 40% discount and 25/35% NCB.

Any other suggestions guys ?
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Old 7th June 2011, 16:05   #1567
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Default Re: Automobile Insurance - Ask me

Went to a friend of mine who is a car dealer. He made a few phone calls and looks like Verna Diesel is not a very popular car with Insurance comnpanies - TATA AIG, ICICI, BAJAJ did not even want to do insurance as they had instructions not to get a verna diesel insured ( Mind it - this is only for Agra and not the state / country )

Iffco does not have cashless with Hyundai in Agra and also they were not giving any discount.

Finally found some luck with HDFC ERGO as they have a tie up with Hyundai.

They offered 35% NCB and 20 + 10% discount.

Total comes out to 10190 ( cheque ) - 800 ( cash reimbursement )
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Old 7th June 2011, 18:56   #1568
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Default Re: Automobile Insurance - Ask me

Hey guys,

I bought a June 2006 Corolla in April 2011. The insurance was transferred to my name and is expiring this week.

However just recently my car got a deep scratch on a door and I filed claim. Unfortunately I will not get the car this week. The surveyor has yet not approved the claim amount(I gave it yesterday).

Now I contacted another insurer online and asked for a quote and got a 33% cheaper quote with about 25% higher IDV.

My questions are:
- will my previous insurer not honor the claim I made this week if I dont stick to him and change to the new and lower priced company.
- the new insurer will need to inspect the car before I can change it as the endorsement in my name happened less than 3 months ago. Is it advisable to get the car back(meaning no insurance for 4-5 days) and then get it inspected from the new company?

Thanks a lot!
HR
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Old 7th June 2011, 19:04   #1569
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Default Re: Automobile Insurance - Ask me

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Originally Posted by hell_raiser View Post
Now I contacted another insurer online and asked for a quote and got a 33% cheaper quote with about 25% higher IDV.
That big a diff.? Something must be fishy? Are you sure Third party damage is included and it is a Comprehensive insurance?

The figures you have mentioned are too steep.

Do read the policy document properly.

Quote:
Originally Posted by hell_raiser View Post

- will my previous insurer not honor the claim I made this week if I dont stick to him and change to the new and lower priced company.
- the new insurer will need to inspect the car before I can change it as the endorsement in my name happened less than 3 months ago. Is it advisable to get the car back(meaning no insurance for 4-5 days) and then get it inspected from the new company?
If you get the claim approved before the insurance expires, they should approve it.

It is not necessary that the new Insurer will inspect your car. generally, if Insurance is renewed before the previous lapses, the inspection is waived off; even if you switch Insurers. (We changed Insurers for our Zen after shifting from Pune to Gurgaon; no inspection.)
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Old 7th June 2011, 19:29   #1570
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Default Re: Automobile Insurance - Ask me

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Originally Posted by libranof1987 View Post
That big a diff.? Something must be fishy? Are you sure Third party damage is included and it is a Comprehensive insurance?

The figures you have mentioned are too steep.

Do read the policy document properly.
The other company is Bajaj Allianz and seems to have a better quote overall. Also confirmed with Toyota people regarding cashless facility as well as response time, both of which appears to be good or at par with ICICI.

Quote:
Originally Posted by libranof1987 View Post

If you get the claim approved before the insurance expires, they should approve it.

It is not necessary that the new Insurer will inspect your car. generally, if Insurance is renewed before the previous lapses, the inspection is waived off; even if you switch Insurers. (We changed Insurers for our Zen after shifting from Pune to Gurgaon; no inspection.)
The reason according to the Bajaj agent is that because the insurance changed hands(from prev owner to new) less than three months ago, as per their policy they have to inspect again. He stated that if this had not been the case there would have been no inspection and everything would have been perfect. But its karma that everything happened together

Thanks for the reply!
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Old 8th June 2011, 12:24   #1571
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Default Re: Automobile Insurance - Ask me

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Originally Posted by mayankk View Post
Bajaj seems to be the safest.

you had a bad exp with reliance.
ICICI's stories abound.
I have had good, so far, exp with BA.
So, just pointing out.
I am not sure if we can really trust Bajaj allianz inurance.
I bought my Pulsar 200 in 2007 and dealer provided insurance was bajaj allianz.
2008 renewal- No claims-Same premium as the 1st year.
2009 renewal-No claims-Same premium-
Reason-There are lot of accident claims for Pulsar 200's so we are planning to stop providing insurance to the pulsar 200 owners.
I was like despite having no accident claims for the past 3 years.
Anyway i paid the same premium and renewed my insurance.I am very lazy.

2010 Renewal-Again no claims- But this time they hiked the premium to more than what i paid during the purchase of this bike.
Reason: Same thing but their attitude is if you want it take it or just get out and find some other insurance company.

Went to new india assurance and renewed my insurance there.
Will never go to Bajaj allianz again.They can't give insurance to their own products.

Planning to renew my Indica's insurance with Royal sundaram from new india assurance.
Are they any good?
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Old 8th June 2011, 14:54   #1572
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Default Re: Automobile Insurance - Ask me

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Originally Posted by rock18 View Post
Planning to renew my Indica's insurance with Royal sundaram from new india assurance.
Are they any good?
My Zen has New India Assurance; it has been smooth so far.

The premium along with NCB is adjusted properly during each renewal. Recently, we had an occasion to claim Insurance which too did not have many hassles.
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Old 9th June 2011, 12:16   #1573
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Default Re: Automobile Insurance - Ask me

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Originally Posted by libranof1987 View Post
My Zen has New India Assurance; it has been smooth so far.

The premium along with NCB is adjusted properly during each renewal. Recently, we had an occasion to claim Insurance which too did not have many hassles.
Oh thanks mate.i mainly wanted to shift for cashless claims.
Any info on royal sundaram? Are they good?
or will you advise me to stick on to New india assurance?
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Old 9th June 2011, 12:32   #1574
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Default Re: Automobile Insurance - Ask me

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Originally Posted by rock18 View Post
Oh thanks mate.i mainly wanted to shift for cashless claims.
Any info on royal sundaram? Are they good?
or will you advise me to stick on to New india assurance?
Royal Sundaram is good, I have insurance from them for my fiesta. Had taken the insurance online, alsotheir Mumbai office is very close to my office in Powai. There were couple of doubts for which I had interacted with their chat services on their website and found them very responsive.
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Old 14th June 2011, 13:27   #1575
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Default Re: Automobile Insurance - Ask me

All
I have a query about an insurance quote I received from an insurer for my pre owned Jazz. This is the first time I am taking a policy after hearing about 0% depreciation and trying to get it done.
The quote for regular policy is 12K pa and for 0% depreciation it is around 17K pa. Is this difference in amount normal? Is it worth paying 5K extra per year? I appreciate it if someone can provide an example or real life experience of availing 0% depreciation
thanks again
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