Team-BHP (https://www.team-bhp.com/forum/)

-   Indian Car Loans & Insurance (https://www.team-bhp.com/forum/indian-car-loans-insurance/)

-   -   Automobile Insurance Queries? Ask me (https://www.team-bhp.com/forum/indian-car-loans-insurance/49712-automobile-insurance-queries-ask-me-128.html)

^^^Is it possible to convert a normal policy to a zero depreciation policy for a car of any age?

If zero depreciation is filed (with IRDA) as an add-on cover in the normal motor product then you can add the cover through endorsement.

Or you can cancel the current policy and buy a zero dep policy. Not sure on the age of vehicles which are applicable. Must be company specific.

^^^Would have to check then. Bajaj has zero dep I hope?

Bajaj has zero dep and so does Tata AIG - but both of them have zero dep only for cars less than 3 yrs old.

Bajaj Allianz offers Zero Dep till 5 years now


Depends on age of your vehicle. Bajaj offers till 5 years and their insurance is the most expensive but their coverage is very wide. Whereas as other companies still sticking to 3 years only.

Hi all,

I am posting this on behalf of my friend.

He was traveling to Chennai 2 weeks back on hi i20 crdi and met with accident. Luckily nothing happened to him not even a scratch but the car front portion is completely damaged.

So the Hyundai service center guys had estimated total repair cost to be around 5 -5.5 lakhs(chassis, engine, etc ..).

Now if he can go for total loss from the insurance company, what is the maximum amount he can get since the insurance guys had said his car was 7.23 lakhs on road and he has insured his car for 5.96lakhs ex showroom price.

The IDV (insured declared value) is calculated on the ex showroom price prevailing at the time the customer has taken delivery. OTR price is not taken into account.

Ex showroom price minus 5 percent of it=IDV, this is the amount that a customer can get in an event of a total loss. A car can only undergo a total loss if the repair cost exceeds 75 percent of the IDV.

Tell your friend to watch out for negotiations from the insurance company. Also refer to Skoda total loss thread for more tips to deal with the insurance guys.

He can go for total loss only if : the amount payable by the Insurance company exceeds the IDV. Of the 5-5.5 lakhs that HASS has quoted, how much will be reimbursed through Insurance?

What is the current IDV?

If it's just a matter of a few 1000s, maybe your friend can push for total loss.

Thank you guys for the reply.

yes, the car is exceeding 75% of idv and insurance company(cholamandalam) has accepted it has a total loss.

what the insurance company has proposed to my friend,
since the hyundai service center proposed 5.5lakhs as the repair cost , they are ready to pay 4.5lakhs(the amount will be paid by insurance company if repaired) + a amount of 70000. in total they are ready to pay 5.2lakhs as total loss claim. is this amount justifiable for 6 months old car?

Since it is a total loss, they are liable to pay the IDV. Your friend should push for it.

Just found this : http://www.team-bhp.com/forum/indian...ml#post2721813

I just got screwed by an insurance agent ! (Sorry for the language)

We have a BMW525i which was insured by Tata AIG inclusive of 0% Depreciation. The insurance was due to expire on 17/03/2012 and as customary, we asked our insurance agent to renew the policy.

Sure enough, he provides us the covernote and everything is hunky dory till we realise that he did not pay the insurance company well in time and therefore the covernote was cancelled.

Trouble is that our car took a mild knock on the underbody part of the front bumper last month damaging the bumper, fog light and grille. We just wanted to renew the insurance before claim and take benefit of added insurance.

Now, Tata AIG wants to inspect the vehicle which means they are sure to notice the damage thereby causing no claim later.

Do I have any saving grace in this whole fiasco? we still have the cheque we gave the agent which he did not lodge at Tata AIG if that helps. Secondly, we also have a copy of the covernote issued by the agent clearly mentioning cheque no. and amount.

Any help will be great.

My Baleno was insured with TATA AIG and had no NCB due to a transfer of name in the owners name. But during the entire year there were no claims and this year when I got it reinsured with continental insurance they didnot give me the NCB. I called them and now they want to get a certificate from TATA that there were no claims. They ahve written to them but claim have not heard from them as yet. The insurance was taken out in December 2011. How can I make them give me NCB to me now?

Tell Tata AIG the whole story and give them the proof of Covernote and Cheque. Tell them you would take legal action. Also tell them you would take insurance with some other insurance company if they do not honor the claim. They might not want a BMW to leave their company considering they need to meet the year end targets

I just read your note again. If the accident has happened during the previous policy period, then there is no problem. You can still claim under the old policy. Your date of loss should be between your previous policy period. They will have to honor the claim. No question about that.

Most insurance companies have a deadline for claims to be filed, say 48 hrs to 1 week. If the accident happened last month, they are bound to reject it since it was not claimed in the stipulated time.