![]() | #1951 | ||
Senior - BHPian ![]() Join Date: Mar 2004 Location: Mumbai/USA
Posts: 1,694
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![]() Exactly, your unfortunate event could only arise from a TP claim. But hey, why take a chance! Great advice from your lawyer buddy. I have few captains as clients but all retired. Im assuming this is applicable to pilots as well? Quote:
As you mentioned, its a new vehicle. Assuming, you have NOT carried forward old car's NCB to the WagonR, you are entitled for 20% NCB at next renewal. Just guessing, the next year's IDV would be Rs. 350,000/- your NCB amount should be 2000 odd. I would suggest claim the accident. P.S - Your fog lamp will NOT be included in the same accident as they both arise from different accidents. Still if you can talk through the surveyor or garage guys they might sneak this one in. Try your luck though! Last edited by F50 : 3rd April 2012 at 15:32. | ||
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![]() | #1952 |
Senior - BHPian ![]() | ![]() Finally the Insurance guy came back with the work sheet on the premium details. Here they are ![]() Quiet shocked looking at Third Party component. Last edited by mayankjha1806 : 3rd April 2012 at 17:30. |
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![]() | #1953 | |
BHPian Join Date: Feb 2012 Location: Bangalore
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When I bought the car, I paid a total insurance amount of Rs. 12,456/- for an IDV of Rs. 3,80,062/. 10% deduction in IDV will be Rs. 342056/- Assuming that the OWN DAMAGE component of the premium is calculated as a percentage of the next year's IDV as calculated above (please correct if wrong), the renewal premium will be around Rs. 9626/- (only OWN DAMAGE). So will the NCB be 20% of this value or the total premium? And for the Fog lamp, its fine. Its just that the plastic cover got dislodged and fell off which anyway costs something around Rs. 50/- so I wont bother about it. Anyway, after looking through the directory, I found the address of Sai Colorium in JP Nagar and they are quoting around 3.5K. So now I am thinking, if I have to pay this much amount anyway, I'd be better off by claiming insurance. That way, since I am still learning driving, if something happens again, I can claim that as well without worrying about loosing the NCB. Whats your opinion on this? Regards Dhrupadh | |
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![]() | #1954 | ||
Senior - BHPian ![]() Join Date: Mar 2004 Location: Mumbai/USA
Posts: 1,694
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Above that, with 342,xxx/- as your IDV your NCB won't cross 22xx. Quote:
![]() Yeah new TP premium rates! Last edited by F50 : 3rd April 2012 at 22:02. | ||
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![]() | #1955 |
Senior - BHPian ![]() | ![]() |
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![]() | #1956 | |
Senior - BHPian ![]() | ![]() Quote:
As per the policy wordings (should be same in your case too) the IDV for vehicles > 5yrs is to be mutually decided between the Insurer and Insured. Have you spoken to the Insurer reg this? | |
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![]() | #1957 | |
Senior - BHPian ![]() Join Date: Mar 2004 Location: Mumbai/USA
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Another Important Notice Guys: W.E.F. today. You have to give a nominee name for Owner Driver or Named Driver covered under TP premium. Example: My car registered on my name, so I become the Owner Driver - I have to give a nominee name while insuring the vehicle, which in my case would be my wife. Similarly, IF you have mentioned another Named Driver say Ramu Kaka then a nominee for Ramu Kaka has to be mentioned, which in this case would be Ramila Kaki Last edited by F50 : 4th April 2012 at 12:52. | |
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![]() | #1958 | |
Senior - BHPian ![]() | ![]() Quote:
http://www.team-bhp.com/forum/indian...ml#post2603073 I had given an application for the same to the Insurer and got a confirmation (verbal) that the nominee has been added in the database. | |
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![]() | #1959 | |
Senior - BHPian ![]() Join Date: Mar 2004 Location: Mumbai/USA
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IRDA may have issued earlier but its strictly put into practice 1st April 2012 onwards. | |
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![]() | #1960 | ||
BHPian Join Date: Feb 2012 Location: Bangalore
Posts: 34
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And I read that IRDA has revised the CD to Rs. 1000/- (for my car category). Dont know if its applicable to currently running insurance or only new/renewed insurance policies. Taking these into considerations, I have decided to do it myself instead via insurance. Lets hope it is the right decision in the long run. Regards Dhrupadh Quote:
So is the impact of the new budget presented in the parliament this year? Regards Dhrupadh Last edited by Jaggu : 4th April 2012 at 14:36. Reason: Back to back post, please use EDIT once the posts are approved. Thank | ||
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![]() | #1961 |
Senior - BHPian ![]() | ![]() No the policy document does not contain the nominees name since the rule to include the same was being implemented but not brought to practice by the Insurers when I was renewing my car insurance. In fact when I pointed out the IRDA ruling, the Insurer rep wasnt even aware of that and hence had to submit the nominee details in an application form and took the acknowledgement on the copy. |
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![]() | #1962 | |||
Senior - BHPian ![]() | ![]() Quote:
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![]() | #1963 | |
Senior - BHPian ![]() | ![]() Quote:
Do you mean i should reduce the IDV, i am fine with that as its a 7+ year old car and i am not sure what would be the market value of such a car. How does one decide what should be the IDV be? Is there any yardstick, or any ball park calculation that can be used. I would have thought the IDV should equal the market value of the car. | |
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![]() | #1964 | |
Senior - BHPian ![]() | ![]() Quote:
Normally the policy wordings talk about the IDV calculation for cars upto 5 yrs. Beyond that they put a clause saying its to be mutually agreed. I am not aware of any calculations, will try to find out. The market value of the car and that evaluated by Insurer will for sure be different. You dont need to reduce the IDV, you can stick to the value quoted by Insurer if on the higher side than the market value. | |
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![]() | #1965 |
Senior - BHPian ![]() Join Date: Nov 2006 Location: Bengaluru
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| ![]() I am looking at renewing my Vento Insurance. ICICI Lombard online shows the following for my one year old car. (Highline TDI) Insured Declared Value (IDV): 784975 Premium Estimate* : 17938 Is this fair? |
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