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Old 28th August 2013, 09:59   #2641
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
OMG, Thats really bad. Glad to know the occupants are safe but I guess you learned the valuable lesson the hard way. Never ever think of driving if you are tired and its taxing on the brain to keep you alert. To answer your questions:
1. No need of any complaint.
2. Yes, the Insurance cover still applies. Take it to the nearest Ford workshop and get an estimate of the damage. Lodge a claim with BA and let their surveyor inspect the vehicle, then take it forward.
3. If the repair costs are more than 75% of the IDV mentioned in the policy, then the car can be written off a Total loss.
4. The IDV will take care of the depreciation costs.

Drive safe.

No issues with the quote except the IDV is off by 15K based on the last year's IDV minus 10% less. Try getting online quotes from Insurers, this way you will find out the comparison of premium rates and whether BA quote is justified.

Thanks for the answers ghodlur. It looks like it is going to be a write off. I'm still waiting for an estimate from ford. I'll update this thread by this weekend or early next week once i hear from BA and Ford. Too many things contributed to this accident and of course, the primary one being my weary brain after an all night rain drive on a state highway, the constant dreary hum from wheel bearing, no music and to top it off, i had all windows shut with AC at 2. As you said it is a bout of carelessness is all that took for this incident
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Old 29th August 2013, 08:15   #2642
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by optimist View Post
I opted out of the return to invoice. Anyway it was available only for one more year during which my percieved risk was neglible for my usage. Now in thinking retrospect i have lost around 20000 for the first 2 years. but no issues.

daily allowance: while buying a new car i thought it would be great. now reading the terms, conditions, and considering that alternative means of transport cost lesser than the premium paid (at least for me) i opted out of this also.

Got the IDV increased to the highest possible. they were quoting renewal premium for a low amount. still I saved approx INR 8000 on account of the discontinued riders.
Oh, Okay. These considerations before opting-in / out make sense. Does bumping up the IDV help you in anyway. I understand that the rules ensure a 10% drop. Was TATA AIG reducing this way lower?
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Old 30th August 2013, 13:28   #2643
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by Philistine View Post
Oh, Okay. These considerations before opting-in / out make sense. Does bumping up the IDV help you in anyway. I understand that the rules ensure a 10% drop. Was TATA AIG reducing this way lower?
No. bumping up the IDV also is just a reasurance. Just that i wanted it to follow the norms instead of reduced values for the sake of less premium, which many companies do now misleading the gullible general public.

I chose to increase the value by 10% after the standard depreciation. Difference on a/c of this is not too much.
Edit: Increasing the value will help to keep a decent value years down the line.

However the best insurance is safe driving practice, always expecting the unexpected.

Last edited by optimist : 30th August 2013 at 13:35. Reason: inline above
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Old 30th August 2013, 13:56   #2644
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Default Re: Automobile Insurance Queries? Ask me

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However the best insurance is safe driving practice, always expecting the unexpected.
Oh yes. As always. No denying this.
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Old 30th August 2013, 17:37   #2645
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Default Re: Insurance Renewal -- query

My new Car Policy is expiring on 18th October.
Got a call from dealer to renew the car insurance.
They are offering various premiums at various IDVs which are as follows:
IDV 559008 Premium 11039
IDV 597000 Premium 11699

After this I called up ICICI Lombard where I have my insurance policy, they are giving me the following quote:
IDV 518xxx Premium 10740

I am not able to understand the variety of quotes from a single insurance provider.
Should I stick with a higher IDV?

The person at ICICI Lomard told me that in cases of total loss, the IDV is calculated as per the latest formula and does not matter what IDV is there on your policy certificate.

I am totally confused. I have time at hand since my policy is expiring in October 2013.

Would appreciate if I can get some light on the above.

Cheers..!!
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Old 31st August 2013, 13:14   #2646
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Default Re: Insurance Renewal -- query

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Originally Posted by abhijeetsng View Post
I am totally confused. I have time at hand since my policy is expiring in October 2013.
Ideally the IDV is calculated as a depreciated percentage based on the years of ownership of the current ex showroom cost of the car model variant. But its been a illegal practice of Insurers and dealers to use every other calculation in the book other than the legal one. Hence the various IDV values and corresponding premiums. Dealers give variety of IDV options depending upon the commission they get from the Insurers. Insurance co on the other hand want to bring new customers, hence they offer lower premiums. And what the ICICI guy said about total loss is BS, dont listen.

A suggestion - stay away from ICICI.
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Old 31st August 2013, 13:27   #2647
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Default Re: Insurance Renewal -- query

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Originally Posted by ghodlur View Post
Ideally the IDV is calculated as a depreciated percentage based on the years of ownership of the current ex showroom cost of the car model variant. But its been a illegal practice of Insurers and dealers to use every other calculation in the book other than the legal one. Hence the various IDV values and corresponding premiums. Dealers give variety of IDV options depending upon the commission they get from the Insurers. Insurance co on the other hand want to bring new customers, hence they offer lower premiums. And what the ICICI guy said about total loss is BS, dont listen.

A suggestion - stay away from ICICI.

Thanks. I have got similar advise from a friend who is into general insurance sector.

I have requested quotes from different insurance companies for my car insurance renewal. (royal sundaram, chola ms, etc.)

Will post the same once I have them to take a final call.

Any suggestions which Insurance provider to prefer.

For my previous car I stuck with Reliance General Insurance. During that period I even had a claim which was processed smoothly.

I get my car serviced at HASS, so almost all insurance provider have tieup with them for cashless as it is Hyundai owned service station. I am absolutely sure about reliance and ICICI having cashless tieup with them.

Cheers..!!
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Old 3rd September 2013, 20:36   #2648
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Default Re: Automobile Insurance Queries? Ask me

I own a 2007 Spark which has NCB of 45% insured with National insurance. This car is being used by parents in my hometown.

Now i have booked a Linea Tjet and planning to transfer NCB without selling my car. Had asked my father to get a NCB certificate and manager told him that he can issue a certificate only if i am selling this car.
Can some one point me to a rule which states that i can get NCB certificate without selling my car?

Any advise on insurance company which provides cashless service for a Fiat Linea Tjet? Preferably tie up with fiat service centre.
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Old 6th September 2013, 08:16   #2649
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Default Re: Automobile Insurance Queries? Ask me

Can the insurance be renewed at another branch of the same company (United India)? I am told by an agent that the NCB is lost as they would treat it as a new policy at the new branch. Is this correct?

PS: I am looking at renewing it the olden way - going to the branch, paying money & getting the printed documentation (and not online). Online renewal shows it can be done only 1 month prior to expiry & my insurance is expiring tomorrow.
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Old 6th September 2013, 11:51   #2650
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Default Re: Automobile Insurance Queries? Ask me

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C Online renewal shows it can be done only 1 month prior to expiry & my insurance is expiring tomorrow.
Are you sure about this? I clearly remember how my friend renewed his i10's insurance online (through policy bazar: Bajaj allianz) 2 days before the expiry of the policy. It was instant. He took out a print out instantly of the policy and the original policy was couriered to his home address.
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Old 6th September 2013, 13:48   #2651
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by saket77 View Post
Are you sure about this? I clearly remember how my friend renewed his i10's insurance online (through policy bazar: Bajaj allianz) 2 days before the expiry of the policy. It was instant. He took out a print out instantly of the policy and the original policy was couriered to his home address.
This is what the UIIC website shows:
Renew your existing United India Insurance policy
Policies that can be renewed Online
* 30 days prior to the expiry.
* Policy up to Vehicle Age 5yrs Only.
* Previous Policy without Claims.
Policies that cannot be renewed online
* Expired Policies.
* Policy with Claims.
* Policy with key information Engine no. , Chassis no, Registration no. missing


PS: I am not looking at renewing it online OR changing the insurance company.
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Old 6th September 2013, 20:16   #2652
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Default Re: Automobile Insurance Queries? Ask me

Can some one tell me which insurance company has cashless tie up with Fiat service Centres (KHT/Vecto/Aadya) in Bangalore except Future Generali?
I will be buying a policy for my tjet in this month.
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Old 6th September 2013, 20:40   #2653
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by djay99 View Post
manager told him that he can issue a certificate only if i am selling this car.
Yes thats correct. NCB is applicable only after the completion of policy year. If you sell the car, it means that you are cancelling/transferring Insurance and the NCB applicable for the year will have to be nullified. In fact you may have to pay back to the Insurance co the NCB amt claimed last year during the policy renewal on pro rata basis.

Quote:
Originally Posted by null View Post
Can the insurance be renewed at another branch of the same company (United India)? I am told by an agent that the NCB is lost as they would treat it as a new policy at the new branch. Is this correct?

PS: I am looking at renewing it the olden way - going to the branch, paying money & getting the printed documentation (and not online). Online renewal shows it can be done only 1 month prior to expiry & my insurance is expiring tomorrow.
The agent is giving you false information. Talk to the Insurance officials for more clarifications. IMO the online mode is the fasted way to pay the premiums and have the policy documents printed. Most of the companies do allow premium payment till a day before the expiry date.

Quote:
Originally Posted by djay99 View Post
Can some one tell me which insurance company has cashless tie up with Fiat service Centres (KHT/Vecto/Aadya) in Bangalore except Future Generali?
I will be buying a policy for my tjet in this month.
Each Fiat dealer may have cashless tie up with different Insurance cos, so the best people who can tell the same are the workshop guys. Call them up & confirm. Can you elaborate on the particular rejection of Future generali?
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Old 6th September 2013, 20:46   #2654
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
Yes thats correct. NCB is applicable only after the completion of policy year. If you sell the car, it means that you are cancelling/transferring Insurance and the NCB applicable for the year will have to be nullified. In fact you may have to pay back to the Insurance co the NCB amt claimed last year during the policy renewal on pro rata basis.
Current NCB is 45%. Insurance is expiring on 10/10/2013. I am planning to talk to manager and request him if he can issue me a NCB certificate.
Can i ask him to cancel this policy now and give me NCB certificate?

Quote:
Each Fiat dealer may have cashless tie up with different Insurance cos, so the best people who can tell the same are the workshop guys. Call them up & confirm. Can you elaborate on the particular rejection of Future generali?
I am aware that future generali has a tie up with fiat. Wanted to know if Bajaj Allianz or some other insurance company has tie up with fiat service as
Reliance/Bharti/Iffco do not list any of the fiat service centres on their cashless garage list
Will call them as per your suggestion.
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Old 6th September 2013, 20:54   #2655
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by djay99 View Post
Current NCB is 45%. Insurance is expiring on 10/10/2013. I am planning to talk to manager and request him if he can issue me a NCB certificate.
Can i ask him to cancel this policy now and give me NCB certificate?
I doubt if the Manager will agree to it easily. But then even if you do so, you will be left with no Insurance on the Spark which is not correct. You will have to buy atleast a TPL cover for the car.

Since you have booked the T-Jet weren't you offered free insurance? If so, then you could have continued the policy for Spark and upon expiry buy a TPL cover and get the NCB letter which you could have used while renewing T-jet's insurance next year.
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