[ghodlur]

Originally Posted by Ragul

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

--R

It should be on ex-showroom price every year, provided the Insurance company does have the updated ex show room price for that year in their records. Normally this is not the case and hence you see varied IDV figures.

[Kartik Kumar]

I have a 2004 model Fiat Palio and the insurance has lapsed for it (beyond 90 days). My insurance last year was Rs. 3348 and this year I was quoted more than 7K as insurance from Tata AIG. Last IDV was Rs. 1.5L. Even if I have to let go of the no claim bonus (since the policy has expired beyond 90 days or so I'm told) will the premium be so high?

[ghodlur]

Originally Posted by Kartik Kumar

I have a 2004 model Fiat Palio and the insurance has lapsed for it (beyond 90 days). My insurance last year was Rs. 3348 and this year I was quoted more than 7K as insurance from Tata AIG. Last IDV was Rs. 1.5L. Even if I have to let go of the no claim bonus (since the policy has expired beyond 90 days or so I'm told) will the premium be so high?

Have you checked with other Insurers, whats the comparison quote you have got? Could not understand why would youwant to let go of the NCB, thats the reason for less premium till last year isnt it? I would suggest try other Insurers, the premium cant be almost double than last year.

Suggestion: Pls dont drive with out a valid Insurance, get the insurance first the then start driving.

[Kartik Kumar]

Originally Posted by ghodlur

Have you checked with other Insurers, whats the comparison quote you have got? Could not understand why would youwant to let go of the NCB, thats the reason for less premium till last year isnt it? I would suggest try other Insurers, the premium cant be almost double than last year.

Suggestion: Pls dont drive with out a valid Insurance, get the insurance first the then start driving.

Checked with ICICI Lombard also and their quote is more than 6.5K. All are saying that you will lose the NCB since the policy has lapsed and this is, in effect, a new policy that you are buying.

[ghodlur]

Originally Posted by Kartik Kumar

All are saying that you will lose the NCB since the policy has lapsed and this is, in effect, a new policy that you are buying.

Unforutnately thats is the reality, I checked a couple of docs and reconfirmed that indeed even a single day delay in policy renewal will be treated as lapsed policy and renewel would mean buying a new policy in which case you also stand to lose the NCB.

The best thing is (after cursing your luck) find an Insurer who offers the cheapest Insurance and buy it first. Sorry my friend.

[Kartik Kumar]

Originally Posted by ghodlur

Unforutnately thats is the reality, I checked a couple of docs and reconfirmed that indeed even a single day delay in policy renewal will be treated as lapsed policy and renewel would mean buying a new policy in which case you also stand to lose the NCB.

The best thing is (after cursing your luck) find an Insurer who offers the cheapest Insurance and buy it first. Sorry my friend.

with cursing my luck (actually my memory ). So its a new policy for me now and may the lowest quote win (ICICI Lombard so far).

[Marlon]

Originally Posted by Kartik Kumar

with cursing my luck (actually my memory ). So its a new policy for me now and may the lowest quote win (ICICI Lombard so far).

Please check again with other Insurers. You might get a good deal with some new insurance company.

[akj123]

Originally Posted by Kartik Kumar

with cursing my luck (actually my memory ). So its a new policy for me now and may the lowest quote win (ICICI Lombard so far).

Originally Posted by Marlon

Please check again with other Insurers. You might get a good deal with some new insurance company.

Please do recheck - I had similar situation last year where I didnt renew in time and got a new policy ~1 week afterwards - I was still able to use the NCB.

[Marlon]

Originally Posted by akj123

Please do recheck - I had similar situation last year where I didnt renew in time and got a new policy ~1 week afterwards - I was still able to use the NCB.

Please check the original post. He had a break of more than 90 days. NCB can be used upto 90 days after policy lapse

[Prodigyy]

Posting this on behalf of a friend who is not yet fortunate enough to be a part of this community.

He had bought a Punto in January this year, since then he has gone on to meet with an accident and has already claimed for changed door and the rear of his car when a Bus bumped into his car from the rear end.

Unfortunately, very recently some smart little chap in his locality drew sadistic pleasure by drawing up some weird "unrecognizable" objects on the hood, the rear and both the doors on the driver's side.

The authorized service station people have quoted a price of roughly 15-16K for the paint job, and they aren't giving any definitive reply as to whether this would be covered under insurance.

Would be glad if someone could give me a definitive guidance on this one.

Thanks

[ghodlur]

Originally Posted by Prodigyy

The authorized service station people have quoted a price of roughly 15-16K for the paint job, and they aren't giving any definitive reply as to whether this would be covered under insurance.

I guess the Insurance co is hesitant on the second claim within a year, but this should not stop your friend from making an Insurance claim and the Insurer is liable to accept it since it is a case of vandalism.

I would suggest to try a FNG nearby and get a second opinion if the cost is at par.

[F50]

Originally Posted by Prodigyy

Unfortunately, very recently some smart little chap in his locality drew sadistic pleasure by drawing up some weird "unrecognizable" objects on the hood, the rear and both the doors on the driver's side.


Would be glad if someone could give me a definitive guidance on this one.

Yes it is payable. Depreciation on paint could be applicable as many companies consider paint as plastic.

Please Note - if the car was (plastic) coated and that was not covered under insurance, the company would pay the claim on basis of regular paint.

Originally Posted by ghodlur

I guess the Insurance co is hesitant on the second claim within a year, but this should not stop your friend from making an Insurance claim and the Insurer is liable to accept it since it is a case of vandalism.

Insurance companies will pay genuine claims 'n' number of claims untill the sum insured is exhausted.

[revintup]

Zero depreciation or not?

This is the first time am renewing and also have the NCB.

I have got an insurance renewal quote from Royal Sundaram. The IDV is Rs 7,56,840 and the premium is Rs 15,252.

The problem is I had asked for a B2B 0 depreciation insurance and it is not clear to me whether it is 0 depreciation or not.

A depreciation waiver clause has been added to my insurance for Rs 1665. So is this the 0 depreciation fee?

Also is the amount quoted reasonable?

[F50]

Originally Posted by revintup

Zero depreciation or not?

This is the first time am renewing and also have the NCB.

I have got an insurance renewal quote from Royal Sundaram. The IDV is Rs 7,56,840 and the premium is Rs 15,252.

The problem is I had asked for a B2B 0 depreciation insurance and it is not clear to me whether it is 0 depreciation or not.

A depreciation waiver clause has been added to my insurance for Rs 1665. So is this the 0 depreciation fee?

Also is the amount quoted reasonable?

Dep waiver clause fee usually means Zero Dep. I would advise to go through clause carefully. 15k quoted premium for which car?

[revintup]

Originally Posted by F50

Dep waiver clause fee usually means Zero Dep. I would advise to go through clause carefully. 15k quoted premium for which car?

Honda city 2011 nov model. Only Royal sundaram and reliance are giving in the range of 15k.