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


Reply
 
Thread Tools Search this Thread
Old 6th June 2012, 13:28   #2071
BHPian
 
aghosht's Avatar
 
Join Date: Oct 2009
Location: Thane
Posts: 187
Thanked: 17 Times
Default Re: Automobile Insurance - Ask me

Question I have is - Whether the age of vehicle for purposes of IDV calculated as per
- date of manufacture; or
- date of sale (as mentioned in invoice)

It is relevant since some vehicle that is manufactured in 2011 may be sold 6 months later in 2012. So in that case will first years' IDV be discounted 5% or 15%?
aghosht is offline  
Old 6th June 2012, 14:47   #2072
Senior - BHPian
 
Sn1p3r's Avatar
 
Join Date: Jul 2009
Location: Germany
Posts: 1,022
Thanked: 230 Times
Default

Quote:
Originally Posted by ghodlur

Is the premium same on the Tata AIG website too? Sticking to only Policy bazaar rates as reference is not a good idea. It will be worthwhile to spare some time and get the quotes from Insurers website directly.

I hope you guys are closing in on those Insurers only with whom the workshop has cashless scheme options.
I just spoke with Tata and for me they are depreciating the car @20% as the car value ex-showroom has reduced or something. Grrrr... They did not explain clearly.

₹ 622400 IDV zero dep at ₹ 15,500/-

ICICI Lombard. Is offering me same price of premium but ₹ 7,00,000 as IDV.

I had the ill fornute to see back bashed up in Jan 2011 so I see the car is expensive for repairs. ₹ 4k extra for a year of tension free driving is a good bargain. The only thing I am concerened is if IDV is calculated correctly.

Thank you!
Sn1p3r is offline  
Old 6th June 2012, 15:00   #2073
Senior - BHPian
 
himanshugoswami's Avatar
 
Join Date: Oct 2004
Location: !!!!
Posts: 2,250
Thanked: 2,143 Times
Default Re: Automobile Insurance - Ask me

Hi,

I had a question on Insurance transfer.

I have applied for transferring the registration of my scorpio from company to my own name. the current insurance policy is in the name of the company valid till Oct. Once i get the registration in my name what exactly do i need to do to get the insurance company to reissue the policy on my name.

thanks

Himanshu
himanshugoswami is offline  
Old 7th June 2012, 12:01   #2074
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 noopster View Post
Priyank- as far as I know, you can maintain a "correspondence address" different from the registered address and avoid all this hassle. Am I right?
Correspondence address is for mailing purpose, it will never replace your original address mentioned on RC. Eventually you have to change the address.

Quote:
Originally Posted by himanshugoswami View Post
Hi,

I had a question on Insurance transfer.

I have applied for transferring the registration of my scorpio from company to my own name. the current insurance policy is in the name of the company valid till Oct. Once i get the registration in my name what exactly do i need to do to get the insurance company to reissue the policy on my name.

thanks

Himanshu
Show the RC copy to insurance company and they'll pass an endorsement.
F50 is offline   (1) Thanks
Old 7th June 2012, 13:07   #2075
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 aghosht View Post
Whether the age of vehicle for purposes of IDV calculated as per
date of sale (as mentioned in invoice)
It is based on the date of sale as you will buy Insurance based on the invoice date.

Quote:
Originally Posted by Sn1p3r View Post
I just spoke with Tata and for me they are depreciating the car @20% as the car value ex-showroom has reduced or something. Grrrr... They did not explain clearly.
The only thing I am concerened is if IDV is calculated correctly.
IDV is calculated as depreciated percentage of the current exshowroom cost of the vehicle.

Quote:
The IDV of the vehicle (and accessories if any fitted to the vehicle) is to befixed on the basis of the manufacturer's listed selling price of the brand and model as the vehicle insured at the commencement of insurance/renewal and adjusted for depreciation (as per schedule)

Quote:
Originally Posted by F50 View Post
Correspondence address is for mailing purpose, it will never replace your original address mentioned on RC. Eventually you have to change the address.
Show the RC copy to insurance company and they'll pass an endorsement.
I spoke to the Insurance co for my Fiesta and I was told unless the change of address happens in the RC, they would not accept the change in address requests any time of the policy year. So I will have to first apply for address change in RC and then forward the copy of RC with new address to the Insurance co for the changed address to be effected. This means a couple of visits to RTO first.
ghodlur is offline  
Old 7th June 2012, 13:51   #2076
Senior - BHPian
 
Sn1p3r's Avatar
 
Join Date: Jul 2009
Location: Germany
Posts: 1,022
Thanked: 230 Times
Default

Quote:
Originally Posted by ghodlur
IDV is calculated as depreciated percentage of the current exshowroom cost of the vehicle.
ICICI Lombard, how would you rate them? They are offering me ₹ 7 IDV premium at ₹ 15,000 for zero dep. policy.
Tata is asking 16,800 for same IDV for renewal case.

Please suggest, I will finalize today. Thanks!
Sn1p3r is offline  
Old 7th June 2012, 13:54   #2077
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 spoke to the Insurance co for my Fiesta and I was told unless the change of address happens in the RC, they would not accept the change in address requests any time of the policy year. So I will have to first apply for address change in RC and then forward the copy of RC with new address to the Insurance co for the changed address to be effected. This means a couple of visits to RTO first.
Yes the company will recognize you and your address by RC book only.

Hire an agent, why you want to go through the hassle? Give the necessary documents and he'll get it done quickly than we visiting there.
F50 is offline  
Old 7th June 2012, 13:59   #2078
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 F50 View Post
Hire an agent, why you want to go through the hassle? Give the necessary documents and he'll get it done quickly than we visiting there.
Agent quoted 500/- for the one RC (I have two to be changed -Fiesta & Activa). So a cost of 1K for the RC address change. Time frame - 5 days. Fees for address change as per RTO chart - Rs 20/-.

Add to the above the Driver's Licence too where I will have to do the address change.
ghodlur is offline  
Old 7th June 2012, 14:46   #2079
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
Agent quoted 500/- for the one RC (I have two to be changed -Fiesta & Activa). So a cost of 1K for the RC address change. Time frame - 5 days. Fees for address change as per RTO chart - Rs 20/-.

Add to the above the Driver's Licence too where I will have to do the address change.
Yeah agent charges are more than actual fees. Think as if you are paying premium just to save yourself from the hassle and running from pillar to post.
F50 is offline  
Old 7th June 2012, 15:53   #2080
BHPian
 
mm403's Avatar
 
Join Date: Jun 2011
Location: Pune
Posts: 160
Thanked: 73 Times
Default

Quote:
Originally Posted by Sn1p3r
I am back

iDV quoted for 7Lacs

Tata AiG = 16,871/- (I am currently with them and so the agents not extending discounts)
ICICI Lombard = 15000/-

Do you think this is a good deal for 0 depreciation policy? For June 2010 model Honda City.

Thank you!

I got diff quotes from policybazzar. On going into details realised to reduce premium different vendors were not considering one or other component.
Later checked bajaj allianz web site as my existing policy was bajaj allianz honda assure.policy. Online for idv of 635000 they were quoting a premium of 16535 while the dealer offered me a policy with premium of 15300 approx so finally went for the offer from dealer
mm403 is offline   (1) Thanks
Old 7th June 2012, 17:12   #2081
Senior - BHPian
 
Sn1p3r's Avatar
 
Join Date: Jul 2009
Location: Germany
Posts: 1,022
Thanked: 230 Times
Default

Quote:
Originally Posted by mm403

I got diff quotes from policybazzar. On going into details realised to reduce premium different vendors were not considering one or other component.
Later checked bajaj allianz web site as my existing policy was bajaj allianz honda assure.policy. Online for idv of 635000 they were quoting a premium of 16535 while the dealer offered me a policy with premium of 15300 approx so finally went for the offer from dealer
This might be due to our different registration number. The issue right now for me is that you guys including Libran are taking your iDV for June 2010 model to be near 6L and change. But mine is coming to 7 lacs with 10 % depreciation. Now is this a good idea or not?

Current market valuation ( used car thread on TBhp) suggests that market accepts car worth 6.30L so am I paying extra premium for nothing or is it advantage me for taking only 10 % year on year deprivation.

Thanks!
Sn1p3r is offline  
Old 7th June 2012, 18:43   #2082
BHPian
 
aghosht's Avatar
 
Join Date: Oct 2009
Location: Thane
Posts: 187
Thanked: 17 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
It is based on the date of sale as you will buy Insurance based on the invoice date.
Actually this seems to be a loophole in the policy wordings (which I believe is provided by the IRDA) - please see image below.

"Age" of vehicle is what is considered. So there are a couple of options that the insurance companies are following. I know that Bajaj and Bharti are following the manufacturing date as "age", whereas. TATA is following the date of registration for purpose of calculating "age".
Attached Images
 
aghosht is offline  
Old 7th June 2012, 19:31   #2083
BHPian
 
abdriver2000's Avatar
 
Join Date: Feb 2004
Location: Mumbai
Posts: 330
Thanked: 29 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
Agent quoted 500/- for the one RC (I have two to be changed -Fiesta & Activa). So a cost of 1K for the RC address change. Time frame - 5 days. Fees for address change as per RTO chart - Rs 20/-.

Add to the above the Driver's Licence too where I will have to do the address change.
My suggestion to you is do it yourself since it is a straightforward task. Don't have much idea about Thane RTO, but Mumbai Central RTO is very well organized these days. I went there to renew my licence, filled the forms, paid the fees and collected the licence after a couple of hours.

In a worst case scenario, if you decide to go via agent route, please ensure you bargain hard since 500 is too much for an address change. Find a trustworthy one, since some of them will try to extract money later on after submitting the documents on some pretext or the other.
abdriver2000 is offline   (1) Thanks
Old 8th June 2012, 15:02   #2084
BHPian
 
Join Date: May 2010
Location: New Delhi
Posts: 62
Thanked: 5 Times
Default Re: Automobile Insurance - Ask me

Quote:
Originally Posted by ghodlur View Post
Agent quoted 500/- for the one RC (I have two to be changed -Fiesta & Activa). So a cost of 1K for the RC address change. Time frame - 5 days. Fees for address change as per RTO chart - Rs 20/-.

Add to the above the Driver's Licence too where I will have to do the address change.
My suggestion is that you should do it yourself. I have done this myself for 3 cars and have got my & my spouse's licence also renewed. It is a straight forward and simple job. Suggested way is:
1. Check the website for a) Forms b)Fees c)Supporting Documents required d)Which RTO Office to go to? (In Delhi, there are 9 and unfortunately I Had to visit three different ones. Also, check the fees & penalties. Fees is paltry sum, but penalty amount can be larger. In Delhi it is nil for 14 days and after that 100/= per month.)
2. Fill form, attach documents and submit to concerned RTO office.
3. Go to RTO Office on given day to collect the RC. (In Delhi it varied between 10-14 days for different offices. I went on day 18th and collected all).
Now if the cost and trouble of two visits to the RTO are really troublesome then sure go ahead with an agent otherwise save money.

Licence renewal is a couple of hours job maximum. Again have the form filled and ready with the supporting documents and go to the RTO Office.
ZeroThoughts is offline   (1) Thanks
Old 8th June 2012, 15:40   #2085
Senior - BHPian
 
Sn1p3r's Avatar
 
Join Date: Jul 2009
Location: Germany
Posts: 1,022
Thanked: 230 Times
Default

Thank you gentlemen for helping me finalize.
I finally sent my cheque to ICICI Lombard worth ₹ 15k as premium (0 dep) for IDV ₹ 7L honda city June 2010.
Sn1p3r 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