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Folks, need some expert advice here - so the story is my friend's Spark (make 2010) Delhi registered met with an accident in Varanasi. Since it could not be driven, it was towed to a nearby Chevrolet Service Centre. Estimate for repair given is 1.6 Lakhs ! Insured by Reliance, they say that they don't have provision for Cashless repair in Varanasi and have given 2 options either get the car to Delhi for Cashless repair or get it repaired in Varanasi at own expense and get reimbursed later ! A 2.5 year old car with an IDV of 2.5 lakhs is seeking a cost of 1.6 lakhs to be driven again... Very confusing situation, specially with the statement given by Reliance Insurance, please help

But Reliance site throws up this:

There's more that didn't fit in the screenshot

Car: Dzire ZDI, April 2011 - On road price was 8.65L
I need to renew the insurance this month and here is the quote from Maruti/Royalsundaram,

IDV - 5,05,214
Premium(Without Zero Dep) - Rs. 13,927
With Zero Dep - Rs. 18,184

Please let me know your feedback on this quote. There was a claim last year and hence I will be missing the NCB.

If you are more inclined to Liberty then suggest to go for them. Request you to pen your experience in dealing with them, will help BHPians too.

As Mayank stated in his post, try contacting the dealer to confirm if they have cashless settlement, if not then you can get the Spark repaired and get the amount reimbursed later. But Reliance is notorious of reimbursements, they will play spoilsport later.

The IDV is grossly less, should have been somewhere in the 6.5L range. Try to get a new quote from RS. Is this quote given specifically by Maruti? If so, try RS on their online website.

Thanks ghodlur!
The Ex-Showroom price was 7.21L. So, do you still feel that 5,05,214 is less going in to the 3rd year. Also, is it anything to do with the total KMs run. Currently the ODO is close to 53K.

Sure, I will check directly on the RS website.

If the exshowroom cost is 7.21L then the ideal IDV should be 25% depreciated or 5.4L. I assumed 8.5L as the exshowroom cost, my bad. No, the IDV has nothing to do with the kms run.

As Mayank stated in his post, try contacting the dealer to confirm if they have cashless settlement, if not then you can get the Spark repaired and get the amount reimbursed later. But Reliance is notorious of reimbursements, they will play spoilsport later.

Thanks for this.. and would be able to help and explain the term "cash loss" because, as per latest development, the insurance guys at reliance are behaving unprofessionally and trying to mislead my friend.

I have a 45% NCB from the sale of my previous vehicle and have procured the NCB retention certificate. From reasons beyond my control, I could not use it for the purchase of my new car insurance. The query I had was if I could use this when the insurance is due for renewal next year?

I renewed my brothers civic insurance through Bharti Axa. Pathetic experience. The payment got deducted 4 times before it finally went through. 10 days and I have no policy. Multiple calls and mails to them yielded nothing. Finally picked up all contacts on the site and sent a stinker.

Someone called and took vehicle details again. Then issued the policy. Guess what, the voluntary deductible is 2000 when the industry is at 1000. No wonder they quote the lowest premium.

I will never go with Bharti Axa again, I would advise all members to stay away even if they are 500/1000 bucks cheaper.

Yes, you can use the NCB during the next insurance renewal, the NCB is valid of 3 yrs.
Thanks for sharing your experience. Regarding the compulsory deductible (not voluntary as stated), you can write to IRDA about the grouse. I am sure your complaint will be heard atleast.

yes i meant to say compulsory deductible. thanks for pointing that out.

are there sepcific guidelines around what this amount has to be? IRDA will be in a position to intervene only if its a regulated amount across providers.

Else its very easy for Bharti AXA to get away by saying its in the T&Cs. will give it a try however.

IRDA is responsible for ensuring that the Insurance co adhere to the guidelines mention in the Indian Motor Tariff, hence they will be responsible if Insurance co are overcharging customers. Attaching the snapshot in word document.

Also below is the IRDA link. Hope this helps.
http://www.irda.gov.in/ADMINCMS/cms/...No225&mid=14.2

Bharati Axa website has put in the correct amount for compulsory deductible, wonder why are they overcharging you. You can point it out to the person you are dealing with.
http://adodis.in/balajib/bhartidump/...ory-deductible

Hi guys,

I have a Maruti Omni cargo van(commercial) which is not going to be used this year and is due for insurance renewal, well I would like to get just third party insurance for the van which I guess is mandatory. The van was previously insured with iffco tokio,I inquired at the iffco tokio office for 3rd party insurance and they said that it will be somewhere around 11,000 for the same.I always thought 3rd party was cheap,am I wrong about this and please guide me as to which insurance would be suitable for my case and through which company.

hi, thanks for all the links. i wrote to a contact in bharti axa. IRDA has revised the compulasry deductible to 1000 for <1500CC and 2000 for >1500 cc as of 2012. To that extent they are inline with the regulations.

Any idea what the other insurance providers are charging?

The premium would depend upon which class does your vehicle fit in. Attached is the pdf document of the TP premiums which were recently revised by IRDA. You cant be charged more than that enforced by IRDA. Hope this helps

Thanks for the info, can you attach the circular which proposed the changes in pdf format if posssible. IMO all Insurance co should be charging the same amount as mentioned in the circular.