Team-BHP - Automobile Insurance Queries? Ask me

Quote:

Originally Posted by girish.r (Post 1262059)

Hi Rupesh,

I bought Verna CRDI last May and insurance policy is due for renewal May 1st week. The then IDV was 717182 and it was insured with Bajaj.
A lady from some agency gave the following quotes for Reliance:
Current IDV: 645300 (10% of the last year IDV)
Current premium including 20% NCB and 40% discount from Reliance: 12200(by cheque) and 11676(by cash)
Current premium including 20% NCB from Bajaj: 14000(approx)

The insurance person at the dealer gave the following quotes:
Current IDV: 610000 which is 15% of the last year IDV and this person informed that for the second year it will be 15% depreciation and after completing 2 years the depreciation would be calculated at 10% every year. Is he correct?
Current premium including 20% NCB: 12506
He says that there is no discount as such going on from either Reliance or Bajaj & therefore 12506 is the same amount for both Bajaj and Reliance.

However my dealer has tied up with both Reliance and Bajaj.

Rupesh, I request you to provide info on the following:
1. whether the private agency would be more knowledgeable/professional or the dealer personnel
2. is it 10% depreciation every year or 15% for second year and 10% thereafter
3. is Reliance better/on par with Bajaj?

Thanks in advance,
Girish

Hi Girish,

Small information may be :OT I also have Verna sx with abs which is due in the month May first week.

1. Dealer will always have a less information if compared to a person who's job is to do insurance day in and out.

2. I will do it this way:- 15% first year and 10% there on. (This is my way but it entirely depends on you who much you have used your car.)

3. Please forgive me for my language the difference is of a horse and a donkey. - Bajaj is a Horse in the above line.

Quote:

Originally Posted by lambuhere1 (Post 1262456)

A wierd thought came into my mind.

Do we have anything in auto insurance [ like what we have in life insurance, called TERM POLICY ] lifelong payed insurance, wherein we can pay the premium amount only once and get the coverage for the life long of the car ?

Any ideas guys

No sirji not a wired thought at all there were such policies earlier in the market but now such a product's are band by IRDA in the market.

Quote:

Originally Posted by aka_iitd (Post 1262611)

girish if you car has hardly covered any distance may be within 10K I think you may ask for only 10% depreciation. Insurance company will agree.
Giving cash your insurance is reduced by 500 bucks. I think there is some catch.

It is not, that guy's is paying his part of commission to Mr. Girish. nothing else.

Quote:

Originally Posted by zaks (Post 1254360)

My Palio Multijet's insurance expires in Jun and I have already got calls from Reliance with some quotes. The present one is TATA AIG and I paid about 15k when I bought the car and the IDV was 4.56L.
Now, Reliance called up and said they would offer me 30% discout + NCB if I renew with them. This looks attractive and I checked with my service station they have cashless with Royal Sundaram, Reliance, ICICI Lombard, Bajaj (coming soon) and some others.
I did checkout online quotes and Bajaj is quoting 10,445 and Royal Sundaram is quoting 8,547 which is quite low. They both mention approx 4L as IDV which is low I think.
My service station guys said that RS gives a better deal according to his experience with customers and also covers 100% for plastic parts too. He said Reliance is good too.
I have my bike insured with Bajaj and prefer to go with them going by the feedbacks from others they seem to be good but I don't have any personal experience since I haven't made a claim until now.

Guys what are your opinions please:

I got another offer, this one from HDFC-Ergo,
IDV:4,10,400
TP:925
Tax:10.3%
Premium:9343

This looks good too, any opinions of this provider?
Also how about insuring ICE? what are the rates?

I have Swift Vxi (Jun 2008) and my maruti insurance is up for renewal. I bought the car from Sagar Automobiles, Bangalore and got a call from them for the renewal.

The contact person said that if I renew before Apr 15th I will be getting a Rs1000 discount and my premium will be Rs8016, otherwise it will be Rs9060. On repeated confirmation, it was said that the discount is only for limited period.

I called up Mandovi Motors for double checking and they said that my premium will be Rs 8016 immatter of whenever I renew.

Yesterday I got a call again from Sagar for renew with the premium still being Rs8016 only. When I told them about the earlier incident they were answerless.

What could be the motive behind Sagar Automobiles in fooling me? Is it the agent commision that they get?

What other points that I should be aware off before taking up the renewal.

Just now spoke to an agent from Tata AIG regarding the renewal of my insurance. He was touting a new feature from them, that they were providing 6 months warranty for the parts changed during an insurance claimed.

I told him that that parts would be covered under my extended/normal warranty. But he claimed that this is not the case, normal/extended warranty covered only those parts not changed during accidental repair.

I could not agree with him, also had a argument earlier in the conversation when he said the standard for 1st year depreciation was 20%.

Quote:

Originally Posted by Archish (Post 1268798)

Pls forgive me if this question has already been asked and answered. Pls do it one more time for me.

I have already bought a used Siena. It has insurance till March 2010. I m planning to buy a used Innova with has insurance till Arpil 2010.

Can i transfer the insurance to my name like i transfer name in the Car RTO book?

There is a form or a letter which need to be signed by seller to transfer the insurance to your name and you need a proof of sale which is RTA endorsment in the Registration certificate.
It is a simple process, and its best to do it at earliest.

Quote:

Originally Posted by rajakumar (Post 1271755)

What could be the motive behind Sagar Automobiles in fooling me? Is it the agent commision that they get?
What other points that I should be aware off before taking up the renewal.

Auto insurance is very competitive and Sagar is probably just trying to make sure that you renew with them. The commission is probably a factor too. Dont get swayed by these so called schemes. Shop around. Try policybazaar dot com. They give you comparative quotes. Also remember that you can renew online with maruti insurance if you want to avoid the dealer route.
I have had a relatively good experience with iffco tokio and new india.

Quote:

Originally Posted by rajakumar (Post 1271755)

Make it a point that you have quote in your hand before renewing the policy.

Quote:

Originally Posted by Roy.S (Post 1272526)

Sirji this policybazar is just a good tool to search the different quotes and nothing else. Service wise they are not very good let me tell you that. They also go for that insurance company where they get the maximum income.

I will advice never to go for direct insurance always have some intermediary in the business if you are not very good in insurance.

Quote:

Originally Posted by rjvora_2000 (Post 1272830)

I too have suggested getting only comparative quotes from their website. Would be a sheer waste of time to call every insurance co for a quote when you can get them all in a few clicks. I have never actually renewed through them but the person who called me seemed quite helpful.

Quote:

Originally Posted by anandtheleo (Post 1271845)

This can not be true. The warranty is given by the Car company or the dealer and not by the insurance company. This is valid with all the insurance company including Chola, Hdfc and Bajaj too. - I had check with them.