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Old 3rd April 2012, 15:09   #1951
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by sindabad.sailor View Post
I too initially thought so cause previous car was with me for 5 yrs.

However a lawyer friend suggested that merchant navy professionals in particular should register car on spouse's name. The logic is that in most unfortunate case of our vehicles involving in an accident, court will ask to deposit passport and hence job goes for a toss. If vehicle is on wife's name, no harm depositing her passport. He in fact mentioned a case in hand whereby the involved master (captain) is withheld from sailing for over an year as his vehicle hit a pedestrian who is now good for almost nothing. Interestingly, at that time the vehicle was driven by his saala.

Apologies for going
Hey, no knowledge is

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:
Originally Posted by dhrupadh View Post
Its a new WagonR purchased in Jan'12.

I just asked the Maruti folks Sagar Automobiles who are next to my office and they say its gonna cost between 4K to 4.5K.
Dhrupadh,

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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Old 3rd April 2012, 17:26   #1952
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Default Re: Automobile Insurance - Ask me

Finally the Insurance guy came back with the work sheet on the premium details. Here they are

Name:  Insurance.jpg
Views: 720
Size:  26.3 KB

Quiet shocked looking at Third Party component.

Last edited by mayankjha1806 : 3rd April 2012 at 17:30.
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Old 3rd April 2012, 17:49   #1953
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Default Re: Automobile Insurance - Ask me

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Originally Posted by F50 View Post
Dhrupadh,

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!
You are right. This is my first vehicle so no NCB was carry forwarded.

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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Old 3rd April 2012, 22:00   #1954
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by dhrupadh View Post
You are right. This is my first vehicle so no NCB was carry forwarded.

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?
Yes. 20% on the OD premium only. I think your next year's renewal amount including TP should be less than 10k.

Above that, with 342,xxx/- as your IDV your NCB won't cross 22xx.

Quote:
Originally Posted by dhrupadh View Post
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
Claim it. You are paying premium for that


Quote:
Originally Posted by mayankjha1806 View Post
Quiet shocked looking at Third Party component.
Yeah new TP premium rates!

Last edited by F50 : 3rd April 2012 at 22:02.
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Old 4th April 2012, 10:37   #1955
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Originally Posted by F50 View Post
Yeah new TP premium rates!
Is he taking me for a ride, or i can get this cheaper elsewhere? Overall 9k for a 7+ year old car looks on the higher side to me. Might call Reliance insurance to check if they can give better rates than this.

Any other suggestions?
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Old 4th April 2012, 11:58   #1956
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Default Re: Automobile Insurance - Ask me

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Originally Posted by mayankjha1806 View Post
Is he taking me for a ride, or i can get this cheaper elsewhere? Overall 9k for a 7+ year old car looks on the higher side to me. Might call Reliance insurance to check if they can give better rates than this.

Any other suggestions?
You cant do much on the TP rates, it is fixed by IRDA. The only flexible component is the OD premium. I can see you already have been given the NCB discount+Corporate discount for the OD premium. I think thats the max the Insurer can provide. I guess it should be in the same range by others too. Sincere request - avoid Reliance Insurance (personal opinion).

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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Old 4th April 2012, 12:29   #1957
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Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by mayankjha1806 View Post
Is he taking me for a ride, or i can get this cheaper elsewhere? Overall 9k for a 7+ year old car looks on the higher side to me. Might call Reliance insurance to check if they can give better rates than this.

Any other suggestions?
Ghodlur is right. Those are new TP rates, can't do much about it. Apart from OD part.


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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Old 4th April 2012, 13:04   #1958
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Originally Posted by F50 View Post
W.E.F. today. You have to give a nominee name for Owner Driver or Named Driver covered under TP premium.
This was the case long time back, pls find the link where I had highlighted the same.

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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Old 4th April 2012, 13:38   #1959
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Default Re: Automobile Insurance - Ask me

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Originally Posted by ghodlur View Post
This was the case long time back, pls find the link where I had highlighted the same.

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.
Was the nominee' name written in the policy? If No then thats the answer to verbal.

IRDA may have issued earlier but its strictly put into practice 1st April 2012 onwards.
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Old 4th April 2012, 13:43   #1960
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Quote:
Originally Posted by F50 View Post
Yes. 20% on the OD premium only. I think your next year's renewal amount including TP should be less than 10k.

Above that, with 342,xxx/- as your IDV your NCB won't cross 22xx.

Claim it. You are paying premium for that
I took my car to the service centre and showed them the dent. The service personnel attending me gave a quote of Rs. 2800/- inclusive of taxes. If I did claim insurance, I would have to pay Rs. 500/- (Comp. Ded.) + service tax besides losing ~ Rs. 2K as NCB for the next year premium.

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:
Originally Posted by mayankjha1806 View Post
Finally the Insurance guy came back with the work sheet on the premium details. Here they are

Attachment 911280

Quiet shocked looking at Third Party component.
Rs. 3003/- for TP coverage? Thats shocking!! I just got my insurance policy when I purchased my car three months back and their the TP is mentioned as 740 + 100 + service tax which comes to ~ Rs. 1000.

Quote:
Originally Posted by ghodlur View Post
You cant do much on the TP rates, it is fixed by IRDA.
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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Old 4th April 2012, 13:43   #1961
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Originally Posted by F50 View Post
Was the nominee' name written in the policy? If No then thats the answer to verbal.

IRDA may have issued earlier but its strictly put into practice 1st April 2012 onwards.
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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Old 4th April 2012, 14:53   #1962
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Quote:
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.
I am sure its the right decision, only ensure that you get the repairs done by a reputed FNG or else you will end up losing more than the actual

Quote:
Rs. 3003/- for TP coverage? Thats shocking!! I just got my insurance policy when I purchased my car three months back and their the TP is mentioned as 740 + 100 + service tax which comes to ~ Rs. 1000
The TP quoted for Mayank was for his Baleno (>1500cc), your's is Wagon R (<1500 cc) hence the difference in the rates.

Quote:
So is the impact of the new budget presented in the parliament this year?
No this is the impact of too many TP claims being handled by insurers effecting the profits. This was the case with the large vehicles but had a cascading effect on the small car premiums too.
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Old 4th April 2012, 22:15   #1963
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Default Re: Automobile Insurance - Ask me

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Originally Posted by ghodlur View Post
YSincere request - avoid Reliance Insurance (personal opinion).

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?
Thanks for the advise, will avoid Reliance Insurance, any feedback on HDFC as the guy came in today and said he can better the rates given by Bajaj A

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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Old 5th April 2012, 07:32   #1964
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Originally Posted by mayankjha1806 View Post
Thanks for the advise, will avoid Reliance Insurance, any feedback on HDFC as the guy came in today and said he can better the rates given by Bajaj A

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.
HDFC Ergo is good in terms of claim processing and customer service aspects as told to me by my friends who have taken the insurance from HDFC. They do have an online quote option, try whether the quote you recd is comparable with theirs.

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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Old 10th April 2012, 15:15   #1965
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Default Re: Automobile Insurance - Ask me

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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