Team-BHP > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 9th May 2013, 08:06   #2536
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,954 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by theexperthand View Post
Its time to renew the insurance - I am currently evaluating quotes from Bajaj Allianz and Future Generali. My last policy was with FG.

For the next year, FG have given me a quote for 7977 INR, for an IDV of 406620. BA have given me a quote for 7,407 INR for an IDV of 4,20,000 INR. Policy Bazaar is offering me a quote for 7,600 INR for an IDV of 4,00,000 (Policy from BA).

As of now, it seems like a no brainer and I plan to go with BA.

All these quotes are with no voluntary excess - only the mandatory 1000 INR deductible is applicable. For a Voluntary deductible of INR 2500, BA is ready to lover the quote to around 6,200 INR - should I bite the bullet, or go with no Voluntary excess?
Did you negotiate with FG regarding the lower quote offer from BA? Just drop in a word and they might reconsider their offer. Otherwise stick to BA, suggest to not go for the voluntary deductible as for a drop of Rs 1200/- you will pay the double in case of any claims.

Were the quotes you mentioned at par with online quotes?
ghodlur is offline   (1) Thanks
Old 9th May 2013, 11:12   #2537
Senior - BHPian
 
theexperthand's Avatar
 
Join Date: Oct 2008
Location: Bangalore
Posts: 1,519
Thanked: 1,661 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Did you negotiate with FG regarding the lower quote offer from BA? Just drop in a word and they might reconsider their offer. Otherwise stick to BA, suggest to not go for the voluntary deductible as for a drop of Rs 1200/- you will pay the double in case of any claims.

Were the quotes you mentioned at par with online quotes?
Thank you for the inputs.

I tried negotiating with FG, but this is the best quote they came up with. This quote was from a FG agent, and was lesser than online quote.

The BA quote was from a direct BA agent (Got a call from their Pune office) and again, was lesser than online quote. After some more negotiation, BA agreed on a premium of 7,407 for an IDV of 4,20,000.

I just finished renewing the policy online.
theexperthand is offline  
Old 9th May 2013, 14:40   #2538
BHPian
 
Join Date: Dec 2008
Location: Mumbai
Posts: 157
Thanked: 61 Times
Default Re: Automobile Insurance Queries? Ask me

Guys,

I received a quote of INR21K (with Zero Dep) for my vento's first year insurance renewal. Posted the quote here

http://www.team-bhp.com/forum/offici...ml#post3116571


any thoughts?

Sid
siddharthdeb is offline  
Old 10th May 2013, 09:47   #2539
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,954 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by siddharthdeb View Post
I received a quote of INR21K (with Zero Dep) for my vento's first year insurance renewal.any thoughts?
Sid,
Was your First year insurance also from Bharati Axa? The TP liability is OK, the only area where you can negotiate is the OD premium, Try a couple of other Insurer with whom your workshop has a cashless tie up and get a quote from them. The Zero dep add on value is almost at par with other Insurance companies.
ghodlur is offline  
Old 13th May 2013, 10:23   #2540
Senior - BHPian
 
Gansan's Avatar
 
Join Date: May 2009
Location: Chennai
Posts: 3,951
Thanked: 2,603 Times
Infractions: 0/1 (5)
Default Re: Automobile Insurance Queries? Ask me

I went to MSM yesterday to renew the insurance policy for my Alto, as I have been sticking with Maruti Insurance from day one. I never indicate any preference for insurers ( I did not even know I had a choice), so the first year it was Bajaj Allianz, the next two with Royal Sundaram. This year the girl doing the renewal asked me for the first time whether I had any preference for the insurer. I came to know they had four or five insurer partners, including a couple of PSU ones. So I casually asked her which one she would suggest.

She said all were equally good, but RS were generally slower in sending the surveyors than the others. She also said from this year they were demanding an FIR for any kind of accident, even if you bang your own gate while reversing. Now, that will really be a pain, so I opted to go with Bajaj Allianz this year!

This is just for information guys, in case you are contemplating to buy a policy from RS, for whatever car!
Gansan is offline  
Old 13th May 2013, 14:40   #2541
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,954 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Gansan View Post
She said all were equally good, but RS were generally slower in sending the surveyors than the others. She also said from this year they were demanding an FIR for any kind of accident, even if you bang your own gate while reversing.
You fell for it didnt you?. You accepted what the sales girl told you. Wish you had cross checked at RS website which clearly says that FIR is reqd only in case of any third party injury/death/property damage is reported. Maybe RS wasnt parting with the required cut to Maruti Suzuki, hence a negative feedback. The best you could have done was take a comparison quote for the approved Insurers and then decided. What if you have over paid for Bajaj Allianz than what RS must have quoted?
ghodlur is offline  
Old 13th May 2013, 15:20   #2542
Senior - BHPian
 
Gansan's Avatar
 
Join Date: May 2009
Location: Chennai
Posts: 3,951
Thanked: 2,603 Times
Infractions: 0/1 (5)
Default Re: Automobile Insurance Queries? Ask me

^^ The premium will be the same, whatever insurer I choose. I am buying Maruti insurance, I care two hoots who the partner-insurer is! The claim settlement procedure is really hassle free. I know the premium will be higher as compared to what I will pay if I took the policy from, say, policy bazaar; since they give free coupons for water wash and wheel alignment / balancing for renewal, that much will be apparent to anybody!

My brother's wife bought the insurance for her Optra through the lowest bidder route, and we had a harrowing time recently for settlement of accident claim. That reinforced my resolve to stick with Maruti insurance. I made two claims, once when I side swiped our compound gate and once when the workshop guys damaged it inside their premises. I just signed on the dotted line on both occassions and never paid a single rupee.

I posted about the requirement of FIR by RS for the general information of other Bhpians, to verify and confirm for themselves, just in case!

Last edited by Gansan : 13th May 2013 at 15:21.
Gansan is offline  
Old 15th May 2013, 17:09   #2543
BHPian
 
Join Date: Sep 2007
Location: Pune
Posts: 152
Thanked: 53 Times
Default Re: Automobile Insurance Queries? Ask me

Does anyone have an experience with Toyota insurance? A salesperson from the dealer's offshoot is pestering me with calls. Their quote is reasonable - not way off from the competitors, and they claim a hassle-free experience for a claim on Toyota vehicle. Some small freebies are added, too, but they will not make much of a difference on the deal.

I have mostly made up my mind, but I wanted to check with the friends here before I draw out the cheque...

Thanks!
sschivate is offline  
Old 20th May 2013, 12:24   #2544
Newbie
 
Join Date: Jan 2006
Location: Hyd
Posts: 9
Thanked: 0 Times
Default Re: Automobile Insurance Queries? Ask me

Hi,

Last week, my car (ford flair, 2005, Petrol) had a very bad accident on highway while trying to save biker coming on wrong side. Bikers were saved but car crashed to divider and almost smashed. Fortunately, I was spared unharmed (yes, absolutely no harm. I wore seat belt as a mtter of practice).

I had auto insurance with BA and I paid additional premium to increase IDV which is at 470000/- (car was used vaery sparingly, It ran 80,000km only in its life time ands was well maintained.). For all these years, I was paying high premium to keep maximum IDV.

When car moved to workshop, Ford gave estimation which is 5,60,000/-. What are the options I have? Will I be paid IDV? My surveyor seems to be rumbling words around market value and close to 50% amount that I have to pay in the event we go foer repair.

When I looked at the BA policy contract wording, it says the following

1) IDV is the market value of the car in case of Total Loss or Constructive total Loss.

2) Constructive Total Loss declared when Cost of Repairs is more than 75% of IDV.

Looking at the car status, I prefer going for Total Loss and then buy a new car. What are the tricks BA people will play? What should be the startegy that I must adapt?

I appreciate your advice and suggestions

Thanks in advance
Shy

P.S: I miss my car somuch. Thank you ford, for the wonderful design and for saving my life.
shyam29june is offline  
Old 20th May 2013, 14:11   #2545
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,954 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by shyam29june View Post
I had auto insurance with BA and I paid additional premium to increase IDV which is at 470000/- (car was used vaery sparingly, It ran 80,000km only in its life time ands was well maintained.). For all these years, I was paying high premium to keep maximum IDV.

When car moved to workshop, Ford gave estimation which is 5,60,000/-. What are the options I have? Will I be paid IDV? My surveyor seems to be rumbling words around market value and close to 50% amount that I have to pay in the event we go foer repair.

When I looked at the BA policy contract wording, it says the following

1) IDV is the market value of the car in case of Total Loss or Constructive total Loss.

2) Constructive Total Loss declared when Cost of Repairs is more than 75% of IDV.

Looking at the car status, I prefer going for Total Loss and then buy a new car. What are the tricks BA people will play? What should be the startegy that I must adapt?
Shyam,

Its good to know that you have come out of this episode unharmed, I expect the same about the other occupants if any. Since the cost of repair is more than the IDV oof the car, by default the car will be declared a total loss. In this case you are eligible to receive the full IDV. Tell BA clearly that this is a case of total loss and you will not accept anything less than the IDV of the car. They might come up with lot of excuses and offer you a lot of options but stick to your decision.

For reference I have attached a thread one of the BHPians has written when his car was totalled.
http://www.team-bhp.com/forum/indian...loss-case.html
ghodlur is offline   (1) Thanks
Old 20th May 2013, 14:55   #2546
Senior - BHPian
 
Gansan's Avatar
 
Join Date: May 2009
Location: Chennai
Posts: 3,951
Thanked: 2,603 Times
Infractions: 0/1 (5)
Default Re: Automobile Insurance Queries? Ask me

Any insurance company will pay just the IDV as per their table, according to the make and model ib case of total loss. Therefore it is meaningless to declare a higher IDV and pay more premium.
Gansan is offline  
Old 20th May 2013, 15:18   #2547
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,954 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Gansan View Post
Any insurance company will pay just the IDV as per their table, according to the make and model ib case of total loss. Therefore it is meaningless to declare a higher IDV and pay more premium.
+1 to that. However the insurance co is bound to pay the customer the IDV value in case of total loss as mentioned in the Insurance certificate. They encourage customers to go in for a higher IDV which means an increase in premium amount but later hassle for the amount to be paid in case there is a total loss. This is simply double standards.
ghodlur is offline  
Old 20th May 2013, 16:49   #2548
BHPian
 
Dr.Nishath's Avatar
 
Join Date: Oct 2012
Location: BANGALORE
Posts: 47
Thanked: 36 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by sschivate View Post
Does anyone have an experience with Toyota insurance? A salesperson from the dealer's offshoot is pestering me with calls. Their quote is reasonable - not way off from the competitors, and they claim a hassle-free experience for a claim on Toyota vehicle. Some small freebies are added, too, but they will not make much of a difference on the deal.

I have mostly made up my mind, but I wanted to check with the friends here before I draw out the cheque...

Thanks!
+1.I have almost finalized the purchase of a Toyota Etios VD and the SA is pushing for the Toyota insurance saying its hassle-free.He has quoted Rs.30,730 for the zero depreciation/'bumper to bumper' coverage.Inputs from fellow members will be deeply appreciated.

Last edited by Dr.Nishath : 20th May 2013 at 17:05.
Dr.Nishath is offline  
Old 20th May 2013, 17:27   #2549
Newbie
 
Join Date: Jan 2006
Location: Hyd
Posts: 9
Thanked: 0 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Gansan View Post
Any insurance company will pay just the IDV as per their table, according to the make and model ib case of total loss. Therefore it is meaningless to declare a higher IDV and pay more premium.

Thanks a ton for the quick reply.

A reprasentative from BA had just called me and asked me if I want to go for repair and I rejected his proposal. He was telling me that, the estimation given by ford includes body shell (costs around 1,70,000/-) and it is not covered in insurance. I did not understand his logic. He also said that car IDV is too high. (I dont care a bit for his argumant. They should have thought about this in all these years when they were collecting hefty premium from me)

I just referred the car-policy-wording document (also attached in this post) which is at BA website. It clearly states

ON Page 2 UNDER SECTION "SUM INSURED - INSURED'S DECLARED VALUE (IDV)", it clearly states the following (numbered from 1-4 for our reference)

1) The IDV of the vehicle will be deemed to be the 'SUM INSURED' for the purpose of this policy whcih is fixed to the commencement of each policy period for the insured vehicle.

...

2) IDV of the vehicles beyond 5 years of age and of obsolete models of the vehicles is to be determined on the basis of understanding between insurer and and insured.

....

3) IDV shall be treated as the "Market Value" throughout the policy period without any further depreciation for the purpose of the total loss/ constructive total loss claims

4) The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and /or repair of the vehicle, subject to terms and consitions of the policy, exceeds 75% of the IDV of the vehicle.


To getout from item number (3), BA reprasentatiove told me that, outer shell is not covered in insurance. I asked him to send me the document whcih states as such. (Is there really anything as such ? I invite clarifications). Even in such case, total cost of repair is well above 75% of IDV.


He referred me to talk to principal surveyor of BA. Are there any inputs from experts before I talk to him.


Also attached the pic of car at accident spot. I was the only one in car and driving. There were no injuries to any one.

Thanks alot in advance
Shyam


Mod Note: Post Edited. Smiley usage is restricted to two per post on Team-BHP. Please do NOT use more than 2 smileys in a post.

We advise you to read the Forum Rules before proceeding any further.
Attached Thumbnails
Automobile Insurance Queries? Ask me-accident.jpg  

Attached Files
File Type: pdf car-Policy-wording.pdf (2.09 MB, 406 views)

Last edited by Rudra Sen : 22nd May 2013 at 13:14.
shyam29june is offline  
Old 20th May 2013, 17:38   #2550
Newbie
 
Join Date: Jan 2006
Location: Hyd
Posts: 9
Thanked: 0 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Shyam,

Its good to know that you have come out of this episode unharmed, I expect the same about the other occupants if any. Since the cost of repair is more than the IDV oof the car, by default the car will be declared a total loss. In this case you are eligible to receive the full IDV. Tell BA clearly that this is a case of total loss and you will not accept anything less than the IDV of the car. They might come up with lot of excuses and offer you a lot of options but stick to your decision.

For reference I have attached a thread one of the BHPians has written when his car was totalled.
http://www.team-bhp.com/forum/indian...loss-case.html
I was the only one in car when it met accident. No one was harmed in the accident. Thank you.

I had gone thru the link and its very informaive. I will stick to my decision. What is the typical time frame required to get the issue to closure? Just want to keep things ready until for such period.

Thanks a lot for the reply and support.
shyam29june is offline  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2021, Team-BHP.com
Proudly powered by E2E Networks