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Old 24th July 2012, 16:25   #2146
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Racer_X View Post
Thanks mate!

Current insurer is National Insurance
If you are fine with not having cashless service then stick to PSUs their discounts are good otherwise would suggest to move to private players.

Advantages are many:
1) cashless

2) hassle free claims process

3) t.a.t much quicker than PSUs
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Old 25th July 2012, 08:12   #2147
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Racer_X View Post
I have a Swift ZDI purchased last year. I am in the market for renewal.
Please suggest the best insurance provider who will give me good IDV @ minimum premium
If you want cashless option, suggest to enquire with the workshop for the tie ups with Insurers and based on that decide which one to choose. Do an online comparison of the premium and services offered. The advantages are already told by F50

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Originally Posted by F50 View Post
If looking for Zero Dep - Bajaj, Tata AIG, Future Generali (Future has come up with good features in Zero Dep)
Add Royal Sundaram to the list.
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Old 25th July 2012, 10:09   #2148
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I have to renew insurance for my 3 yr old i10 by end of this month. while going through the quote s from different companies I find that IDV Values are different for each quote, one company quotes for 2.8L where as the other quotes 3.13 L, and the IDV value is ranging from 2.85L to 3.2 L. Iím confused which quote I should consider? as the company representative/agent is ready to modify (increase or decrease) the IDV value.

Should I get the quote for the highest available IDV value or settle for low IDV as insurance premium will be low?

Secondly, I didnt quite get the term Voluntary excess, and it is included only in BajajAllianz quote other vendors are not mentioning it. Is it worth going for it ?

Pls suggest..
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Old 26th July 2012, 16:58   #2149
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Default Re: Automobile Insurance - Ask me

Its renewal time for my 2009 Fiesta D. I've been with Bajaj Allianz for last 3 years and no claims so far.

Last year: IDV-600,000. Premium 10,500
This year: IDV-540,000. Premium 9,500 (quoted by Bajaj)

Metro Ford has come up with an offer in which they provide insurance (via Bajaj Allianz) and quote is for Rs. 11500 with an IDV of 540,000. Difference they say is that more body parts are covered and 100% reimbursed for some of the parts which is normally not covered or reimbursed 50% if the policy is directly from Bajaj.

Is this really worth the extra 2k?
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Old 30th July 2012, 16:56   #2150
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Default Re: Automobile Insurance - Ask me

Can some one explain if NCB can be used in my case described below?
I sold my car in March, just before my insurance expired. The buyer then renewed the insurance from a different vendor but still in my name. After the RTO transfer to their name happened, the insurance also had the name transferred.
Now, when I buy a new car, can I claim NCB? If so, please explain the process. Thanks
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Old 30th July 2012, 18:53   #2151
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Default Re: Automobile Insurance - Ask me

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Originally Posted by bluevolt View Post
It's united India Insurance. No one is giving me confirmed time frame for payment - everyone is just quoting 7-21 days i.e. 1-3 weeks. And it's already 10 days since I forwarded my bills to insurance guy!
After over 40 days I got my insurance amount of Rs. 7000 out of Rs. 11,000.

I will try my best to avoid government/semi-government insurance companies in future.
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Old 30th July 2012, 19:22   #2152
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Default Re: Automobile Insurance - Ask me

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Originally Posted by thalavoy View Post
Can some one explain if NCB can be used in my case described below?
I sold my car in March, just before my insurance expired. The buyer then renewed the insurance from a different vendor but still in my name. After the RTO transfer to their name happened, the insurance also had the name transferred.
Now, when I buy a new car, can I claim NCB? If so, please explain the process. Thanks
Yes, you can use the NCB when you buy insurance for your new car. All you have to do is get a NCB letter from the previous Insurer and you are good to go. If you go for the same Insurer, then you dont need the NCB letter too.
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Old 31st July 2012, 11:32   #2153
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Milestone View Post
I have to renew insurance for my 3 yr old i10 by end of this month. while going through the quote s from different companies I find that IDV Values are different for each quote, one company quotes for 2.8L where as the other quotes 3.13 L, and the IDV value is ranging from 2.85L to 3.2 L. Iím confused which quote I should consider? as the company representative/agent is ready to modify (increase or decrease) the IDV value.

Should I get the quote for the highest available IDV value or settle for low IDV as insurance premium will be low?

Secondly, I didnt quite get the term Voluntary excess, and it is included only in BajajAllianz quote other vendors are not mentioning it. Is it worth going for it ?

Pls suggest..
Go for the Highest IDV if the difference in premium is few hundreds and you are ok with higher premium. Higher IDV also means you can get better resale value for your car if you negotiate well.

Voluntary excess means the amount will be deducted from the claim amount.

Eg. Voluntary Excess is Rs 2500, Claim Amount is Rs 10000. You will be paid only 7500 as claim amount.

Suggest that you do not opt for Voluntary Excess.
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Old 31st July 2012, 11:45   #2154
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Marlon View Post
Go for the Highest IDV if the difference in premium is few hundreds and you are ok with higher premium. Higher IDV also means you can get better resale value for your car if you negotiate well.
I have a slightly different opinion here. Higher IDV is never linked or related to the resale value of the car, there are different parameters to measure the resale value. Higher IDV would be useful in case of the vehicle getting totalled as the Insurer is bound to pay the owner the IDV of the car.

The thumb rule should be to calculate the IDV based on the percentage applicable (depending on the no of years of ownership) of the current exshowroom cost of the car variant/model. Then search for the Insurers offering the lowest premium on the IDV calculated.
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Old 31st July 2012, 11:46   #2155
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Default Re: Automobile Insurance - Ask me

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Originally Posted by Marlon View Post
Go for the Highest IDV if the difference in premium is few hundreds and you are ok with higher premium. ......Suggest that you do not opt for Voluntary Excess.
Thanks Marlon for the clearing my doubts, did the same and went ahead with the highest IDV and didnt opt for Voluntary Excess.

In fact got the insururance renewed few days back.
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Old 31st July 2012, 13:17   #2156
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Default Re: Automobile Insurance - Ask me

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Originally Posted by ghodlur View Post
I have a slightly different opinion here. Higher IDV is never linked or related to the resale value of the car, there are different parameters to measure the resale value. Higher IDV would be useful in case of the vehicle getting totalled as the Insurer is bound to pay the owner the IDV of the car.

The thumb rule should be to calculate the IDV based on the percentage applicable (depending on the no of years of ownership) of the current exshowroom cost of the car variant/model. Then search for the Insurers offering the lowest premium on the IDV calculated.
I agree that resale value of car is dependent on various parameters. I have seen atleast few cases where the IDV is used as bench mark for deciding on the market price.

Eg. IDV is Rs 3 lac for a car, As a buyer would you be willing to pay 4 lac ? or as a Seller would you be willing to sell at 2 lac ?

I am of the opinion that IDV will act as a benchmark and will guide the market value of the car based on other parameters.
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Old 4th August 2012, 22:55   #2157
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Default Re: Automobile Insurance - Ask me

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Originally Posted by ghodlur View Post
I have a slightly different opinion here. Higher IDV is never linked or related to the resale value of the car, there are different parameters to measure the resale value. Higher IDV would be useful in case of the vehicle getting totalled as the Insurer is bound to pay the owner the IDV of the car.

The thumb rule should be to calculate the IDV based on the percentage applicable (depending on the no of years of ownership) of the current exshowroom cost of the car variant/model. Then search for the Insurers offering the lowest premium on the IDV calculated.
.

The above is quiet accurate description of IDV/IEV. I may be able to clarify the concept by an example

Where I am currently - reputable insurers like Axa, Royal Insurance, AIG/Chartis etc accept a 15% reduction from the ex showroom price for the big three Japanese Brands (Toyota, Honda, Nissan)for the first three years from new. Whereas for all other makes of cars the thumb rule is 20% right from the 1st anniversary.

The reason for this differenciation is - the better resale value, cost of spares and lower service costs of the big three japs - mainly due to the economy in numbers the big three have acheived in this market.

As the market matures we would hopefully see such polarisation taking place

Just my two bits

Best Regards & Drive/Ride Safe

Ram
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Old 8th August 2012, 07:21   #2158
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Default Re: Automobile Insurance - Ask me

Between HDFC Ergo & ICICI Lombard, which is a better choice for Chevrolet Beat at Bangalore ?
(Same IDV & Same premium)

Thanks for advising

Last edited by shravank30 : 8th August 2012 at 07:35. Reason: Gave further details
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Old 8th August 2012, 07:42   #2159
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Originally Posted by shravank30 View Post
Between HDFC Ergo & ICICI Lombard, which is a better choice for Chevrolet Beat at Bangalore ?
(Same IDV & Same premium)
Go for the one which has a cashless tie up with GM workshop. I hope the services offered by both the Insurers are also same. Is the Insurance being taken from an Agent or online?
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Old 8th August 2012, 08:36   #2160
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Default Re: Automobile Insurance - Ask me

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Originally Posted by ghodlur View Post
Go for the one which has a cashless tie up with GM workshop. I hope the services offered by both the Insurers are also same. Is the Insurance being taken from an Agent or online?
I am taking the insurance online.
ICICI Lombard has Kropex only as the authorized garage which is a GM workshop whereas HDFC Ergo has a long list of garages including several GM workshops but they appear in 2 categories. The GM workshop names are there but they do not appear in the preferred category.
Any suggestions ?

Thanks for advising
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