![]() | #1846 | |
Senior - BHPian ![]() | ![]() 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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![]() | #1847 | ||
Senior - BHPian ![]() Join Date: Mar 2004 Location: Mumbai/USA
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![]() | #1848 | |
BHPian ![]() Join Date: Feb 2008 Location: Chennai
Posts: 273
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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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![]() | #1849 |
BHPian ![]() Join Date: Mar 2010 Location: Madras
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| ![]() 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. Last edited by petroguzzler : 16th February 2012 at 08:12. |
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![]() | #1850 | |
Senior - BHPian ![]() Join Date: Mar 2004 Location: Mumbai/USA
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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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![]() | #1851 | |
BHPian ![]() Join Date: Feb 2008 Location: Chennai
Posts: 273
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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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![]() | #1852 | |
BHPian ![]() Join Date: Feb 2008 Location: Chennai
Posts: 273
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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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![]() | #1853 |
Senior - BHPian ![]() Join Date: Sep 2009 Location: Bangalore
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| ![]() 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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![]() | #1854 | |
Senior - BHPian ![]() Join Date: Mar 2004 Location: Mumbai/USA
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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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![]() | #1855 | |
BHPian ![]() Join Date: Feb 2008 Location: Chennai
Posts: 273
Thanked: 79 Times
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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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![]() | #1856 |
Senior - BHPian ![]() Join Date: Mar 2010 Location: Oslo
Posts: 1,809
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| ![]() 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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![]() | #1857 |
Senior - BHPian ![]() | ![]() 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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![]() | #1858 |
BHPian ![]() Join Date: Feb 2008 Location: Chennai
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![]() | #1859 |
BHPian Join Date: Aug 2008 Location: mumbai
Posts: 176
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| ![]() 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. |
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![]() | #1860 |
BHPian ![]() Join Date: Mar 2010 Location: Madras
Posts: 461
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| ![]() It is part of standard equipment which came as OE for Indica Vista Limited ed. |
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