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Old 16th September 2012, 23:13   #2221
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Default Insurance claim amount- Help Needed!!!

Hello Friends,

I'm Posting this on behalf of my friend as he is still trying to become a member

He recently met with an accident, thanks to seat belt, he is completely fine.

The total bill for damages is INR 50,750.00 , out of this the insurance company paid around INR 30,600 to the service center and the balance INR 20,000 was paid by my friend.

He has a normal policy (No-Zero Depreciation policy), I'm attaching the snap shot of the bill below:

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> His car is almost 2.5 years old

I believe the amount he paid is on higher side, he also paid towing charges of INR 1500, which as per the insurance company has been adjusted in the bill.

Please have a look at the bill and advise if the amount paid by him is justifiable.
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Old 17th September 2012, 00:44   #2222
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Default Re: Insurance claim amount- Help Needed!!!

Which car is this? Guess its a Chevy - from the emblem bill, but which one?

Seems to be a frontal collision, right? most parts in front (left? or right?) has been changed. Luckily, no damage to radiator?

What is your intention? To know if the total bill was higher side? Or your friend paid a higher portion?

If it is later, then can you provide the split up of which one was paid by Insurance, and what percentage.
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Old 17th September 2012, 02:51   #2223
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Default Re: Insurance claim amount- Help Needed!!!

Insurance covers 100% labour and only pays a portion of the parts replaced depending on part kind.

1) Plastic Parts: Insurance pays 50%. Owner pay balance.
2) Metal Parts: Insurance pays depreciated value. Owner pay balance.
3) Glass : Insurance pays full

All parts replaced like headlamps, bumpers, grilles, emblems are only covered by insurance 50%.

He can ask his surveyor for a detailed breakup.
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Old 17th September 2012, 09:20   #2224
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Default Re: Insurance claim amount- Help Needed!!!

Its simple. Like AbhiJ mentioned, you can do the math yourself.

Adding to what AbhiJ has mentioned, painting is covered 100% and any change in oils are not covered. Its better you sit with the surveyor or body shop manager and get a detailed cost breakup on each part if you wish so.
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Old 17th September 2012, 20:50   #2225
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Default Re: Automobile Insurance Queries? Ask me

Hi Friends,

My 2009 Indica Vista Aura- QJT's insurance is up for renewal next week. I bought this car from my friend in Dec 2011 & got the ownership and insurance duly transferred to my name.

I was told that I would lose the NCB as there is an ownership transfer. I called up the showroom today to check the quotes from other insurance companies and was surprised to hear that the insurance is now costing me at-least Rs 2000 higher than what it was last year.

Last year's insurance premium from United India was Rs 9700 and the quotes Am getting from other insurance companies is nothing less than 11500 now for a vehicle value of Rs 2.75 lacs..

There has been no claim on this insurance except for the ownership transfer.. Need the experts help in understanding if the quote I received is genuine or if the dealership is trying to make a fast buck..
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Old 18th September 2012, 11:22   #2226
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Default Re: Automobile Insurance Queries? Ask me

Friend of mine had bought a WagonR last year; the exshowroom price was somewhere around 3.75L, however, the IDV was 3.56L. As usual, the insurance was done by the dealer Popular motors. We were puzzled as why the IDV was bought down so much by the dealer.

Is this a standard practice or something to think about?

I was under the impression that, higher the IDV value, greater the commission for the dealer from the insurance company & this beats the purpose isn't it?

Any specific reason as why this happens?
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Old 18th September 2012, 15:42   #2227
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by s@tan2s@int View Post

Last year's insurance premium from United India was Rs 9700 and the quotes Am getting from other insurance companies is nothing less than 11500 now for a vehicle value of Rs 2.75 lacs..
I am also facing a similar situation. Premium for my car was Rs 10500 last year and now I am getting quotations starting from 11000+. For some reason they are taking IDV higher then last year. This is in spite of 20% NCB.
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Old 18th September 2012, 18:54   #2228
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Default Re: Automobile Insurance Queries? Ask me

Insurance premiums have gone up this year across the board. Its due to some IRDA ruling i think.
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Old 19th September 2012, 03:43   #2229
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Default

If I have 50‰ NCB, If I renew after 6 months ,after expiry,will I lose NCB?
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Old 20th September 2012, 12:26   #2230
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Guna View Post
I am also facing a similar situation. Premium for my car was Rs 10500 last year and now I am getting quotations starting from 11000+. For some reason they are taking IDV higher then last year. This is in spite of 20% NCB.
Insurance company claim that Premium charges were increased from this year, hence one need to pay more.

My car with IDV Rs.4,28,572. they charged me Rs.9558 as Premium.

This amount, after adjusting NCB Rs.3,360(35%) and special discount Rs.1052. (They initially quoted Rs.10,610 but after some negotiation, I got at Rs.9558). Previous year the Premium was Rs.10,804. My Car is insured with National Insurance Co.Ltd.
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Old 20th September 2012, 22:14   #2231
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Default Re: Insurance Renewal -- query

Quote:
Originally Posted by sumeethaldankar View Post
Here you go

Age Of Driver Taken 33 years
Date Of Registration 10/1/2007
I D V of Vehicle 5,05,000
NCB(%) 20%
Profile Based Pricing Actual age considered
OD Premium Rs.7,322.96
Legal Lib to Driver Rs.25
3rd Party Lib Rs.2,853
PA 2lakh to Owner Driver Rs.100
Optional PA(50,000) to UP Rs.125
Service Tax Rs.1,278
Insurance Premium Rs.11,615
Final premium after discount adjustment Rs 10801/-

Previously i had Future Generali as the insurer and IDV was 500000 with premium ~16500 ,clearly a case of day light robbery.At SBI i managed to keep IDV same at 500000 and also paid a lower premium.I was given the option to keep IDV higher but the premium would have been higher as well so opted for 500000 only.If i had known other insurers would have given me a better deal and a better IDV value i would have gone with them instead of Future Generali
Hi there,

Thanks a lot.

I am placing the details of the offer made to me by SBI General below: -

SBI Motor Premium Policy
Type Package Policy
Make & Model HONDA CIVIC 1.8 VMT
Eligible NCB 0%
User IDV of the Vehicle 560000
Own Damage Basic Premium 7,420
Basic Third Party Liability Premium 2853.00
Legal Liability to Driver. (Enter no of paid drivers) 50.00 PA 2 Lakh Cover to Owner Driver 100.00
Total Third Party Liability Premium 3003.00
Road side Assistance 130
Gross Premium 10,553
Service tax 1,304
Final Premium (inclusive of all taxes) 11,857

Looks fairly decent. But no final discount for me, unlike you?

Any comments, Sumeet? Others are also invited to give their opinion.

Thanks in advance.

Last edited by skdking : 20th September 2012 at 22:16.
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Old 22nd September 2012, 09:10   #2232
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Default Re: Insurance Renewal -- query

Quote:
Originally Posted by skdking View Post
Final Premium (inclusive of all taxes) 11,857
Seems decent to me.Ask SBI where they have tie-ups etc at HASS or workshops close to where you stay.Also pit this quote with other insurers and see if you can bargain.
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Old 22nd September 2012, 16:02   #2233
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Default Re: Automobile Insurance Queries? Ask me

The renewal of my 1 year old Honda City's insurance is coming up and I am confused with the variety of options. Original insurance is by Universal Sompo under the Honda Assure brand.

ICICI Lombard is the cheapest for a zero dep policy (2k cheaper) followed up Bajaj Allianz and then TATA AIG. L&T refused to provide a zero dep policy. Honda Assure is most expensive.

The ICICI Plans sound pretty fancy to me, engine protector, unlimited zero dep claims etc. Does anyone have experience on how truthful they are ?

What company do you suggest I go for ? Are there any others you would recommend ?
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Old 23rd September 2012, 12:58   #2234
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Default Re: Automobile Insurance Queries? Ask me

ICICI is pretty good. I would suggest go for it as its the cheapest.
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Old 25th September 2012, 14:31   #2235
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Default Insurance (renewal) advice for Linea TJet

Guys, my Linea TJet's insurance is expiring on Sep 29. I was hoping that either my dealer (Concorde Motors) or existing insurer (Future Generali) would bombard me with calls/SMS/emails at least a month prior to this date. Unfortunately, they have not bothered to reach out till now.

So I decided to check out quotes online and this is what I have gathered. The results have been ranked in my (perceived) order of preference. Sadly, Future Generali don't even have an online quotation facility! And Iffco site was not throwing up results.

Insurer IDV Premium
  • Bajaj Allianz - 7,95,167 - 14,147
  • Tata AIG - 8,79,849 - 19,783
  • HDFC Ergo - 7,22,814 - 17,714
  • Royal Sundaram - 8,13,450 - 13,529
  • ICICI Lombard - 7,51,438 - 21,138
- For standardization, Voluntary Excess is included in all of the above
- Value of electrical accessories (ICE) has been put as RS 30,000 for all the above

Can someone guide me which one to select out of these? Obvious preference is for hassle free & cashless claim and fair valuation.

Also, I'm eligible for a 20% NCB. Is there any other parameter on which I can haggle for lowering the premium?

P.S. I have had policies from Bajaj Allianz and Tata AIG for my Getz in the past. While Tata AIG was better in first 2 years, I feel they cheated me during a major claim in 2010. And moreover, they refused to renew after that. SO I had switched to BA and was happy with them.
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