Team-BHP - Automobile Insurance Queries? Ask me

My Punto diesel will be 3 year old by next month. My insurance will expire by Oct 4th. Current policy is with tata AIG with no claims this year.
for next year im planning to go with Bajaj Allianz as their quote is the lowest. Is it worth going for zero depreciation cover in a 3 year old vehicle??

Quote:

Originally Posted by Soccerfan (Post 2916609)

for next year im planning to go with Bajaj Allianz as their quote is the lowest. Is it worth going for zero depreciation cover in a 3 year old vehicle??

I dont think so you will get the zero dep cover for cars more than 3 yrs old as none of the Insurers IMO offer zero dep for cars more than 3 yrs old (I may be wrong). Suggest to verify. You will have to go for a normal Insurance policy only.

Guys Need some advice:

My Micra's insurance is due for 1st Year Renewal on 3rd October and Bajaj Allianz have given the following quote:

Model : Micra (P) XL
IDV: 396770

Premium: 13026
Discount: (2048)
NCB 20%: (2605)
Basic TP: 925
PA owner : 100
Paid Driver: 50

Net Premium : 9412
ST: 1163

Total Premium to be paid: INR 10575

With Zero Zep Cover it comes to INR 13919

Also I am wondering should i take the Zero dep for the car, cause it will add around 4-5K on the premium amount

Any views?

Sid

Quote:

Originally Posted by siddharthdeb (Post 2916651)

Also I am wondering should i take the Zero dep for the car, cause it will add around 4-5K on the premium amount

Sid,
IMO you should go for a zero dep since you Micra is just an year old. Zero dep has been very useful in case of claims where your contribution towards repair will be next to nothing. Check out this thread by the late Sam kapasi (Yeti).

http://www.team-bhp.com/forum/indian...worked-me.html

Quote:

Originally Posted by ghodlur (Post 2916695)

Yep was thinking the same too (I have zero dep on the Vento), was just wondering if the quote is reasonable. Future Generali Zero Dep comes to INR.13009. I am just waiting for the quotes for ICICI Lombard, as all three have tie ups with the Ichibaan for cashless claims

Sid

Final quote from Bajaj Allianza/Honda Assure 0 dep insurance...for Honda City SMT October 2010 model.

IDV - 6,10,000

Premium - 19K

car will turn two year old this October and has clocked around 13K KMs.

Please tell me if this is the right premium/IDV or not.

Folks,

Need some urgent help.

I picked up a vehicle from Cochin, Kerala. The vehicle is only 4 months old and the previous owner wanted to sell it as he was not in a state to drive anymore.
Now I have transferred the vehicle in my name and have the RC book in my name.

The insurance is issued from Oriental Insurance, Cochin. I have come back to Bangalore with the vehicle. I called up the Oriental Insurance offices in Bangalore and all of them are asking me to go back to Cochin office to transfer insurance to my name.

What are my options here ?

Quote:

Originally Posted by Xryder (Post 2917939)

I called up the Oriental Insurance offices in Bangalore and all of them are asking me to go back to Cochin office to transfer insurance to my name.

Thats a common issue with the PSU Insurers. The best option is to write to Cochin branch an application requesting for the change of name on the policy and attaching the car Insurance policy copy (latest) and the changed RC details. This should not be difficult. I am not too sure if there would be any charge incurred for doing this name transfer.

Alternatively try to contact somebody from the Cochin branch & explain the situation, they might suggest something.

I have a 2001 city..
Bought second hand in 2009.Now last year the insurance for comprehensive insurance was Rs 4242/- and the car was valued at 1,49,000.This year i am supposed to pay more which includes the no claim bonus @ 35%.
This year the car is valued at 1,40,000/-.
And the comphrensive Insurance comes to 4600/-. I expected it to be lower.But the agent tells me that since this is a 11 year old car the premium increases by 28%.
Can someone throw some light on this topic ?

Quote:

Originally Posted by raycers_honda

I think you should enquire more online. I have a 1999 model city and the insurance amount I paid last yr was more than what I paid this year, primarily because of the no claim bonus as the idv was kept the same.

Quote:

Originally Posted by satyamkaushik

Hi everyone,
My swift that i bought last year is due for an insurance renewal this nov.
The first year insurance was provided by the maruti guys only.
The car is a VXi variant and has 12000 kms on the odo.
No claim taken as of now, the car is clean apart from a few scratches on the bumper.

The maruti guys are after my life, calling me day and night telling that there are cheats all around and i should only get the insurance thing done from maruti itself.

Any advices ?
I dont have any knowledge about insurance and stuff.
Please can someone suggest me the correct step i should take at this moment ?

The maruti guys are asking me for a premium of RS.10500 for a normal policy and RS.15000 for a zero dep policy with bajaj Allianz.
The current policy is a normal policy with bajaj Allianz only.
Now totally confused as to what I should do.
Called up bajaj,tata aig,chola ms and future genrali for a quote all of them gave me the same reply "sir our renewal team will get back to you with a quote"

After 2 days just got a call for bajaj Allianz saying "sorry sir I thought you were interested in getting a new policy, please call up the toll free no. and get your self registered for a call back."

Quote:

Originally Posted by raycers_honda (Post 2922229)

And the comphrensive Insurance comes to 4600/-. I expected it to be lower.But the agent tells me that since this is a 11 year old car the premium increases by 28%.

The agent is BSing you, it cant be the reason for the premium increase. Actually the Third party liability premium has gone up since April 2012, that should be the reason for the increase in the premium, nothing else. Get a quote of the premium being charged with the break up and compare it with last year, this will give an insight what component has increased.

Guys

How much should the IDV depreciate from year to year typically? Last year I found it unreasonably low and the agent said to jack it up I could pay more premium. this year again the calculated IDV has dropped by more than 1 lac and the agent will play the same trick.

Is there a fixed percentage by which IDV is supposed to be calculated year after year?

Edit: The IDV table should be made sticky at the first page of this thread. I can search a 130+ pages to find it. Search didn't throw up the relevant post.

Thanks
--R

Quote:

Originally Posted by Ragul (Post 2923809)

How much should the IDV depreciate from year to year typically?

Thetre you go, hope this helps.

The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer's listed selling price of the brandand model as the vehicle insured at the commencement of insurance/renewal and adjusted for depreciation (as per schedule below).

The schedule of age-wise depreciation as shown below is applicable for the purpose of Total Loss/Constructive Total Loss (TL/CTL) claims only.

THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE VEHICLE
AGE OF THE VEHICLE % OF DEPRECIATION FOR FIXING IDV
Not exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20%
Exceeding 2 years but not exceeding 3 years 30%
Exceeding 3 years but not exceeding 4 years 40%
Exceeding 4 years but not exceeding 5 years 50%

IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured.

Quote:

Originally Posted by ghodlur (Post 2923840)

Thanks. Is that percentage calculated on previous years IDV or original ex-showroom price every year?

--R