Team-BHP > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 3rd May 2012, 15:30   #2011
Senior - BHPian
 
Sn1p3r's Avatar
 
Join Date: Jul 2009
Location: Germany
Posts: 1,022
Thanked: 230 Times
Default

Quote:
Originally Posted by F50

I think value should be around 700,000/- Don't try to match it with the current model because incase of total loss claim they also look at market value of the car which in turn would be lower than the newer one. Try to keep IDV on a tad higher side of your gen City.
Thanks! I have an option to go down 15% on the current IDV. As my variant is VMT that has seen a drop of about ₹ 66,000 I am concerned.

Quote:
Originally Posted by ghodlur
Considering that the renewal is due June 2012, the car would have completed 2 years. So deduct 30% from the present ex showroom cost for the variant to arrive at the IDV. Based on that IDV get an online quote. IMO the IDv should be ideally around 7,02,000/- .

How much Tata AIG quote and at what IDV? Also do you have 2 yrs claim free Insurance?
I had Honda Assure but they did not make it zero depreciation. First year, boot mishap costed me ₹ 32,500 so I did take insurance and they paid 27k and rest was from my pocket.

I just checked the Tata AIG website quote but they are calculating the value of the vehicle to be ₹ 6,07,250/- [ do not know how they calculated this].

Automobile Insurance Queries? Ask me-image2305989491.jpg

Please guide. Thanks!
Sn1p3r is offline  
Old 3rd May 2012, 15:51   #2012
F50
Senior - BHPian
 
F50's Avatar
 
Join Date: Mar 2004
Location: Mumbai/USA
Posts: 1,708
Thanked: 99 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by Sn1p3r View Post
Thanks! I have an option to go down 15% on the current IDV. As my variant is VMT that has seen a drop of about ₹ 66,000 I am concerned.

I just checked the Tata AIG website quote but they are calculating the value of the vehicle to be ₹ 6,07,250/- [ do not know how they calculated this].
607,250/- seems too less. And this doesnt look like Zero Dep premium. This is normal comprehensive policy.

Keep it round 700,000/- and depreciate ~10% every year. A bit higher IDV will also help you when you decide to sell the car.
F50 is offline  
Old 3rd May 2012, 15:59   #2013
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,955 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by Sn1p3r View Post
I just checked the Tata AIG website quote but they are calculating the value of the vehicle to be ₹ 6,07,250/- [ do not know how they calculated this].
I think there is some gross mistake in the quote. the IDV cant be less than 7L. Also the TP liability is shown as 1K+ which is the case for vehicles with engine capacity less than 1500cc. Your TP liability should be around 3K. Also the addon option which I guess is for zero dep cant be surely so low. Pls re check.
Can you try to get the break up of the premium?
Pls find attached the premium when I entered the details.
Attached Files
File Type: docx Doc1.docx (182.5 KB, 353 views)
ghodlur is offline  
Old 3rd May 2012, 16:10   #2014
F50
Senior - BHPian
 
F50's Avatar
 
Join Date: Mar 2004
Location: Mumbai/USA
Posts: 1,708
Thanked: 99 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
I think there is some gross mistake in the quote. the IDV cant be less than 7L. Also the TP liability is shown as 1K+ which is the case for vehicles with engine capacity less than 1500cc. Your TP liability should be around 3K. Also the addon option which I guess is for zero dep cant be surely so low. Pls re check.
Can you try to get the break up of the premium?
Honda City' displacement is 1497cc which falls below 1500. Hence TP rates are fine they should not exceed 1200/-
F50 is offline   (1) Thanks
Old 3rd May 2012, 16:14   #2015
Senior - BHPian
 
Sn1p3r's Avatar
 
Join Date: Jul 2009
Location: Germany
Posts: 1,022
Thanked: 230 Times
Default

Quote:
Originally Posted by F50

607,250/- seems too less. And this doesnt look like Zero Dep premium. This is normal comprehensive policy.

Keep it round 700,000/- and depreciate ~10% every year. A bit higher IDV will also help you when you decide to sell the car.
Quote:
Originally Posted by ghodlur
I think there is some gross mistake in the quote. the IDV cant be less than 7L. Also the TP liability is shown as 1K+ which is the case for vehicles with engine capacity less than 1500cc. Your TP liability should be around 3K. Also the addon option which I guess is for zero dep cant be surely so low. Pls re check.
Can you try to get the break up of the premium?
Pls find attached the premium when I entered the details.
Thank you F50 & Ghodlur,

I have requested a breakup from them, the screenshot was from their online calculator. I have also engaged policy bazar, however their representative was unable to tell me why their quote from Tata was more than my previous premium for an IDV of ₹ 6,98,000 I will update you and get the right guidance in this matter.

One thing the representative mentioned is that Bajaj Allianz is giving a better discount on Honda City. What does that mean, or is it the company trying to gain better % from a particular insurance company? Thanks!

I think ₹ 7,80,000 to 10% will make it 7,02,000 which should keep me in good stead. I will also keep the zero policy going as this is my final year as per IRDA. I hope to get a good quote and an informed decision. Thank you again.
Sn1p3r is offline  
Old 9th May 2012, 20:51   #2016
BHPian
 
SankalpDesai's Avatar
 
Join Date: May 2010
Location: Frankfurt
Posts: 240
Thanked: 68 Times
Default Re: Automobile Insurance - Ask me

Hi guys,

I'm a little lost on the insurance part for my one year old car and this is where I thought I will get some answers.

My Fiat Punto 90hp is about to celebrate its first birthday and it is gonna cost me. Insurance, what else! So, my first year insurance was from Future Generali and it was offerred for free by Fiat. Here's what I am planning to do -

1. Want to change my insurance provider, most probably to TAIG.
2. Planning to go for 0% dep plan.

And here are the questions -

1. How much should be the insurance quote for a 1 year old Fiat Punto 1.3 MJD 90hp? (I know that's the job of an agent, but I wanted to know the ballpark)
2. How do I claim my NCB from my present insurer?
3. Which is the best way to buy motor insurance - off-the-shelf from Tata-AIG website or negotiate with an agent? Will negotiating with an agent get me a better deal and will he also help me with adjusting the NCB in the new policy?

Any advice on this will be sincerely appreciated.
SankalpDesai is offline  
Old 9th May 2012, 23:55   #2017
Senior - BHPian
 
rajeev k's Avatar
 
Join Date: Jul 2009
Location: Emerging Metro
Posts: 3,325
Thanked: 1,890 Times
Default Re: Automobile Insurance - Ask me

My BIL is getting his Ertiga Vdi this weekend. I need an advice.
The dealer says that the Insurance Premium is around Rs 23K whereas new India is offering a premium of Rs 17K. He is confused.
Seeking help to sort the issue out.
rajeev k is offline  
Old 10th May 2012, 07:55   #2018
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,955 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by SankalpDesai View Post
1. How much should be the insurance quote for a 1 year old Fiat Punto 1.3 MJD 90hp? (I know that's the job of an agent, but I wanted to know the ballpark)
2. How do I claim my NCB from my present insurer?
3. Which is the best way to buy motor insurance - off-the-shelf from Tata-AIG website or negotiate with an agent? Will negotiating with an agent get me a better deal and will he also help me with adjusting the NCB in the new policy?
@Sankalp, Tried to anwer your queries number wise
1) Varies from insurer to insurer depending upon the latest exshowroom cost available in their records. The IDV for an year old Punto should come around to 6.14L. The premiums shoudl roughly around 20K. Add the zero dep premium and the cost go around 25K. Just rough figures. Did you get an estimate from Tata AIG.
2)Get a NCB letter from the previous Insurer.
3) Off the Shelf would be the cheapest. Try getting online quotes not only from Tata AIG but also from others and do a comparo. Saves the hassles from Agent, anytime. You also get the policy in hande faster than going through the agent.
Have you confirmed from Fiat workshop that Tata AIG is on their cashless scheme list of Insurers? If not then you will have to go through the manual claim process in case when reqd. What is making you move out to Tata Aig from Future generali - bad service??

Quote:
Originally Posted by rajeev k View Post
My BIL is getting his Ertiga Vdi this weekend. I need an advice.
The dealer says that the Insurance Premium is around Rs 23K whereas new India is offering a premium of Rs 17K. He is confused.
Seeking help to sort the issue out.
@Rajeev,
As Suggested to Sankalp, do try to get an online quote from Insurers for the model. Your BIL is better off getting an online quote rather than from the dealer. The dealer do quote on the higher side for the Insurance.

Hope this helps.

Last edited by ghodlur : 10th May 2012 at 08:01.
ghodlur is offline   (1) Thanks
Old 10th May 2012, 09:03   #2019
BHPian
 
SankalpDesai's Avatar
 
Join Date: May 2010
Location: Frankfurt
Posts: 240
Thanked: 68 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
@Sankalp, Tried to anwer your queries number wise
1) Varies from insurer to insurer depending upon the latest exshowroom cost available in their records. The IDV for an year old Punto should come around to 6.14L. The premiums shoudl roughly around 20K. Add the zero dep premium and the cost go around 25K. Just rough figures. Did you get an estimate from Tata AIG.
2)Get a NCB letter from the previous Insurer.
3) Off the Shelf would be the cheapest. Try getting online quotes not only from Tata AIG but also from others and do a comparo. Saves the hassles from Agent, anytime. You also get the policy in hande faster than going through the agent.
Have you confirmed from Fiat workshop that Tata AIG is on their cashless scheme list of Insurers? If not then you will have to go through the manual claim process in case when reqd. What is making you move out to Tata Aig from Future generali - bad service??
Thanks ghodlur. Your answers will be helpful.

Last night I was up till late and what better way to spend your free time than reading a few threads on Team-BHP? So I started with page 1 of this thread and by the time I reached 131, I was pretty confident with insurance terminologies, procedures, negotiation points and risks attached to automobile insurance. You guys (you, Rupesh and few others who provide insights to users) are doing a wonderful job.

Here are my answers to your questions -

1. Yet to get a quote from insurers. Haven't contacted any of them.
2. Easy.
3. Will confirm it from my dealer on the cashless facility eligibility. I've never used my insurer in the first year and I only interacted with them once when I had to change my correspondence address. I did come to know from reading this thread last night that Future Generali is also considered to be a good player in this industry. So, if their quote matches or is even close to what Tata AIG offers me for a similar IDV and NCB %, I will stick with FG.

Will update this thread with the outcome soon.
SankalpDesai is offline  
Old 10th May 2012, 09:10   #2020
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,955 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by SankalpDesai View Post
I did come to know from reading this thread last night that Future Generali is also considered to be a good player in this industry. So, if their quote matches or is even close to what Tata AIG offers me for a similar IDV and NCB %, I will stick with FG.
FYI, my Fiesta is currently insured with Future Generali, they are relatively new players and try to offer good services and low premiums to capture the market. They do have zero dep option if you are interested.
ghodlur is offline  
Old 14th May 2012, 13:48   #2021
F50
Senior - BHPian
 
F50's Avatar
 
Join Date: Mar 2004
Location: Mumbai/USA
Posts: 1,708
Thanked: 99 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by SankalpDesai View Post
I did come to know from reading this thread last night that Future Generali is also considered to be a good player in this industry. So, if their quote matches or is even close to what Tata AIG offers me for a similar IDV and NCB %, I will stick with FG.
Tata AIG offers more coverages than FG. Depends on what plan you looking at in Tata AIG - pearl, platinum etc

For Zero Dep, I would rate:

1) Bajaj Allianz - their quotes are on higher side but coverages are unmatched

2) Tata AIG - second best in terms of coverage. Their Return to Invoice clause is great

3) Future Generali - offers one of the lowest among the 3 and for someone whose looking at pure Zero Dep and doesn't care about the add-ons then this is really good
F50 is offline  
Old 16th May 2012, 14:54   #2022
BHPian
 
iceman7's Avatar
 
Join Date: Apr 2008
Location: BOM | TLL
Posts: 735
Thanked: 381 Times
Default Re: Automobile Insurance - Ask me

Need some help fella's.

I am making an insurance claim for my Linea which got hit last week. I am currently covered by a Iffco-Tokio policy. The car is going to be repaired at Fortune Motors Thane and they have stated that this will NOT be a cash less transaction.

Is there a way I can check if this is right, or is this a rip off?

Thanks!!

PS - I read earlier in this thread that a member was looking to switch from Future Generali for his Punto. I wouldn't recommend this since most Tata dealerships honor the cash less facility from Future Generali.
iceman7 is offline  
Old 16th May 2012, 15:06   #2023
F50
Senior - BHPian
 
F50's Avatar
 
Join Date: Mar 2004
Location: Mumbai/USA
Posts: 1,708
Thanked: 99 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by iceman7 View Post
Need some help fella's.

I am making an insurance claim for my Linea which got hit last week. I am currently covered by a Iffco-Tokio policy. The car is going to be repaired at Fortune Motors Thane and they have stated that this will NOT be a cash less transaction.

Is there a way I can check if this is right, or is this a rip off?
Check with the policy issuing office and ask whether Fortune Motors is on their cashless list. If not which ones they do have!

Then it depends upon you, if Fortune is not on the list but you very much like the quality of work done by them then you can go ahead. Pay for the repairs and then claim from Iffco.

If not go to one of their cashless setup and have a head-ache free process.

Note - If you decide to with Fortune (which I'm assuming is not cashless) do confirm with Iffco about difference in labor charges. Iffco will not pay if they find Fortune' labor charges are higher than other workshops. Or else this will result in you paying (a bit) towards the claim.

Last edited by F50 : 16th May 2012 at 15:07.
F50 is offline   (1) Thanks
Old 16th May 2012, 15:23   #2024
BHPian
 
iceman7's Avatar
 
Join Date: Apr 2008
Location: BOM | TLL
Posts: 735
Thanked: 381 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by F50 View Post
Check with the policy issuing office and ask whether Fortune Motors is on their cashless list. If not which ones they do have!

Then it depends upon you, if Fortune is not on the list but you very much like the quality of work done by them then you can go ahead. Pay for the repairs and then claim from Iffco.

If not go to one of their cashless setup and have a head-ache free process.

Note - If you decide to with Fortune (which I'm assuming is not cashless) do confirm with Iffco about difference in labor charges. Iffco will not pay if they find Fortune' labor charges are higher than other workshops. Or else this will result in you paying (a bit) towards the claim.
Thanks F50. That clears a few doubts that I had.
iceman7 is offline  
Old 16th May 2012, 15:25   #2025
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,955 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by iceman7 View Post
I am currently covered by a Iffco-Tokio policy. The car is going to be repaired at Fortune Motors Thane and they have stated that this will NOT be a cash less transaction.

Is there a way I can check if this is right, or is this a rip off?
Can you check up with Iffco-Tokio if they offer cashless claims for Fiat cars. Maybe the Tata Dealer might be taking you for a ride. Fortune Motors is notorious for that. The other option you have is to contact other Tata workshops in Thane and find out if they honour cashless settlements from Iffco.

Is this new development post the Fiat breakup with Tata?
ghodlur is offline  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2021, Team-BHP.com
Proudly powered by E2E Networks