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Old 15th February 2012, 09:24   #1846
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by nd81 View Post
Can someone suggest me which insurance company is better -
1. bajaj allianz
2. Royal Sundaram
3. Reliance - they quoted the least which makes me suspicious.
4. oriental
5. icici
6. any other
The best option would be take online quotes from the ones mentioned and compare. Based on which Insurance co has a cashless tie up with the Ford workshop, you can decide. I am not too sure whether the Public Insurance co do provide an online quote.
One suggestion - Opt for zero % depreciation, might cost a bit more than the usual premium but always better for new car buyers.
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Old 15th February 2012, 13:40   #1847
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Default Re: Automobile Insurance - Ask me

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Originally Posted by n.devdath View Post
Hi Folks,

My friend is buying a new Scorpio and the vehicle will arrive at the dealer yard tomorrow. He needs insurance for the same. He had initially spoken to a few people from Bajaj Allianz, Gurgaon and they gave him a quote of INR 26060.00 for an IDV of INR:10,80,000.00.

However, the Allianz guy, by virtue of being in Gurgaon, is backtracking and hence he needs to get the insurance from someone else at Bangalore. I have a friend who works for HDFC Ergo and he was able to match the quote given by the Allianz guys

BUT

My friend (customer) says that HDFC Ergo does not have "bumper to bumper" insurance which Allianz has.
Is this true?
Moreover, does the quote by Allianz seem fair?
HDFC do have Zero Dep Policy. Quote looks good!

Quote:
Originally Posted by Marlon View Post
This premium is arrived by giving a discount of approx 25% on the Own Damage. Hope he does not have any existing NCB and no other discounts were given.

The same figure could be matched by certain other insurance companies with good negotiation.

But overall this is a good premium
How did you arrive on 25%? According to me its ~42%, I could be wrong. Assuming vehicle is registered in Gurgaon which Zone B, if its Zone A then the discount increases.
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Old 15th February 2012, 20:07   #1848
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Default Re: Automobile Insurance - Ask me

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How did you arrive on 25%? According to me its ~42%, I could be wrong. Assuming vehicle is registered in Gurgaon which Zone B, if its Zone A then the discount increases.
F50,

My understanding is that the Scorpio will be registered in Bangalore.

This does not affect the calculations since most insurance companies dont have the Zone Concept after de-tariffing.

The insurance companies in India use some or all of the below mentioned criteria to decide on the OD rate.

1. Make & Model
2. Location where the Car is used
3. Registration Location
4. Age of Vehicle
5. Fuel Type
6. Vehicle Segment ( Hatch/Sedan/SUV/ Luxury/etc) or CC

Based on the above factors the Insurance Premium without discount is around 35K (incl taxes).
After Discount of 25 % on the OD part the premium works around 27K.

The above premium and the factors vary from company to company.
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Old 16th February 2012, 08:11   #1849
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Default Re: Automobile Insurance - Ask me

My vista's alloy wheel was damaged(chipped) by an errant auto rickshaw. Is this covered by insurance?
BTW, it is with United India Insurance.
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Automobile Insurance Queries? Ask me-img_0765.jpg  


Last edited by petroguzzler : 16th February 2012 at 08:12.
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Old 16th February 2012, 11:00   #1850
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Marlon View Post
F50,

My understanding is that the Scorpio will be registered in Bangalore.

This does not affect the calculations since most insurance companies dont have the Zone Concept after de-tariffing.

The insurance companies in India use some or all of the below mentioned criteria to decide on the OD rate.

1. Make & Model
2. Location where the Car is used
3. Registration Location
4. Age of Vehicle
5. Fuel Type
6. Vehicle Segment ( Hatch/Sedan/SUV/ Luxury/etc) or CC

Based on the above factors the Insurance Premium without discount is around 35K (incl taxes).
After Discount of 25 % on the OD part the premium works around 27K.

The above premium and the factors vary from company to company.
Which Insurance company you work for?

1) It doesn't matter where you register your car, THERE is a Zonal rate. Zone A is metro cities of India and Zone B is Rest of India. Both rates are different and are very much USED for calculations. De-tarrifing of rates doesn't mean instead of Zone A rate of 3.44% you can use 2.50% or any rate you like! It has to be discounted by first using base rate according to the zones.

2) Age of vehicle, Registered Location and CC are the main factors. Make and model depends upon the individual company's claim ratio. I am yet to see type of FUEL affecting premium.

3) N.Devdath has clearly mentioned the quote is 26,060 INR. Quote includes TP premium as well, if you are talking just about OD premium then its only 20k!

Last edited by F50 : 16th February 2012 at 11:01.
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Old 16th February 2012, 12:53   #1851
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Default Re: Automobile Insurance - Ask me

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Originally Posted by F50 View Post
Which Insurance company you work for?

1) It doesn't matter where you register your car, THERE is a Zonal rate. Zone A is metro cities of India and Zone B is Rest of India. Both rates are different and are very much USED for calculations. De-tarrifing of rates doesn't mean instead of Zone A rate of 3.44% you can use 2.50% or any rate you like! It has to be discounted by first using base rate according to the zones.

2) Age of vehicle, Registered Location and CC are the main factors. Make and model depends upon the individual company's claim ratio. I am yet to see type of FUEL affecting premium.

3) N.Devdath has clearly mentioned the quote is 26,060 INR. Quote includes TP premium as well, if you are talking just about OD premium then its only 20k!
F50,

1. I dont work for an Insurance Company. I work as a Insurance Industry Consultant in a IT MNC implementing systems for insurance companies. There is no Zonal Rate Concept anymore atleast in most private insurers

2. Fuel / Segment affects the premium calculation like Diesel vehicle being charged extra premium where all the other parametes (incl IDV ) remains same.I know the algorithms built in these system for premium calculations.
There are plans to introduce other parameters like Color of Vehicle , Age of Insured , etc.

3. TP premium is tariff driven. For CC > 1500 the premium is 2750 + tax. The discount is given only on the OD part. I have taken that into consideration.

I cannot give more information on this forum. Would be happy to discuss & share our knowledge. Please PM.
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Old 16th February 2012, 12:56   #1852
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Default Re: Automobile Insurance - Ask me

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Originally Posted by petroguzzler View Post
My vista's alloy wheel was damaged(chipped) by an errant auto rickshaw. Is this covered by insurance?
BTW, it is with United India Insurance.
Is this alloy part of the standard vehicle or added aftermarket ?

If this is part of standard vehicle then it should be covered.

If this alloys is added later, then unless you add it as an endorsement in Non-Electrical Accessories part you would not be covered.
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Old 16th February 2012, 13:06   #1853
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Default Re: Automobile Insurance - Ask me

I'm taking delivery of a new Skoda rapid TDI in about 2 weeks time in bangalore. The insurance quoted by the dealer is 33k plus 7k for the drive assure { which i think is skoda's version of bumper to bumper insurance} I felt that this was quite high, checked with Royal sundaram and they too quoted the same value since they have a tie up with Skoda. Who are others who offer this kind of a package? If the amount is just 1-2k extra I wouldnt want to bother with some one else, but I dont want to end up paying a huge sum as excess. Any feedback please?

Last edited by motorworks : 16th February 2012 at 13:09.
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Old 16th February 2012, 13:49   #1854
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by Marlon View Post
F50,

1. I dont work for an Insurance Company. I work as a Insurance Industry Consultant in a IT MNC implementing systems for insurance companies. There is no Zonal Rate Concept anymore atleast in most private insurers

2. Fuel / Segment affects the premium calculation like Diesel vehicle being charged extra premium where all the other parametes (incl IDV ) remains same.I know the algorithms built in these system for premium calculations.
There are plans to introduce other parameters like Color of Vehicle , Age of Insured , etc.

3. TP premium is tariff driven. For CC > 1500 the premium is 2750 + tax. The discount is given only on the OD part. I have taken that into consideration.

I cannot give more information on this forum. Would be happy to discuss & share our knowledge. Please PM.
1. I know Bajaj Allianz & New India' system inside out, I have worked for them.

2. Fuel is still not affecting premium, at least not till yesterday evening before I left the office

3. Yes, I know the figures. 26060 was final figure 20,xxx (OD) + tp + tax

PM you too.
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Old 16th February 2012, 15:24   #1855
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by F50 View Post
1. I know Bajaj Allianz & New India' system inside out, I have worked for them.

2. Fuel is still not affecting premium, at least not till yesterday evening before I left the office

3. Yes, I know the figures. 26060 was final figure 20,xxx (OD) + tp + tax

PM you too.
F50,

Hope we have reached consensus over our debate.

For the benefit of larger audience we can conclude that after detariff of Motor Tariff in India, each insurance company is trying innovative methods to categorize the risk and define the premium

Indian Insurance market is still at a very early stage and are evolving towards better risk management. In due course of time we would see various other parameters been added to get a better control over the risk and premium.
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Old 16th February 2012, 17:46   #1856
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Default Re: Automobile Insurance - Ask me

Renewed insurance of our Suzuki Access.
The bike is going to be one year old now.
Cost me Rs. 1019 with Bajaj. The first year insurance was around Rs. 1250 or so.

I opted for accident cover and included two people (that added around Rs. 100-150) to the total cost, but I guess it is worth the extra money -specially when I compare insurance costs of my car.
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Old 16th February 2012, 18:49   #1857
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Default Re: Automobile Insurance - Ask me

Sorry for being a novice on insurance.

I got my insurance free from the dealer as part of the existing offer at that time, so I never inquired about what type it is of, assuming that the dealer do the insurance for all customers equally. How do I identify whether my insurance is third party or comprehensive? Is it the premium paid for 'own damage' and 'liability' make it a comprehensive one? Below are some details of my insurance.

Basic Own Damage Premium = 9,532.00
Basic Liability Premium = 880.00
Compulsory PA cover to Owner Driver of CSI 200000(IMT-15) = 100.00
LLP to paid driver,cleaner & conductor (Endt. IMT- 28) No. of people: 1 = 25.00

Last edited by thoma : 16th February 2012 at 19:00.
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Old 16th February 2012, 20:03   #1858
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by thoma View Post
Is it the premium paid for 'own damage' and 'liability' make it a comprehensive one?
Thoma,
You are correct, Own Damage + Third Party Liability makes it a comprehensive insurance.
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Old 16th February 2012, 20:58   #1859
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Default Re: Automobile Insurance - Ask me

I had gone ahead as per the advice and my policy document is attached. After reading many policies and settlement under this column with ICICI Lombard, am a bit skeptical.
Attached Files
File Type: pdf PolicyDocument.pdf (232.4 KB, 2399 views)
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Old 16th February 2012, 21:27   #1860
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Marlon View Post
Is this alloy part of the standard vehicle or added aftermarket ?

If this is part of standard vehicle then it should be covered.

If this alloys is added later, then unless you add it as an endorsement in Non-Electrical Accessories part you would not be covered.
It is part of standard equipment which came as OE for Indica Vista Limited ed.
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