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


Reply
 
Thread Tools Search this Thread
Old 19th May 2009, 10:12   #256
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
Default

Quote:
Originally Posted by anandtheleo View Post
Thanks for the clarification, I spoke to the guy from HDFC today and pressed for additional discounts, the final offer he was ready to give is:

IDV of vehicle Plus Non electrical Accessories- 373975
ODP Premium - 12277.60
OD Discount - 30%
After OD Discount - 8594.32
Age Diiscount - 10%
BASIC PREMIUM - 7734.89

NCB - 20%
OWN DAMAGE PREMIUM - 6187.91 (7734.89 - 20%)

TOTAL LIABILITY PREMIUM - 925

TOTAL PREMIUM PAYABLE (after ST) - 7846

The original renewal quote was for Rs.8608 for the same IDV. How does the new deal sound? Should i ask specifically whether Voluntary excess has been built into this premium, as I don't see it mentioned in the quote given. Thanks in advance.
This is a good deal and I don't think so there is any excess in this quote only one change in liability side is there is no P.A. to unnamed passenger is covered. Go for that cover and your premium will increase by Rs. 100 per person for Rs. 2,00,000/- policy but this is a recommend cover for all of us.

Otherwise this quote look's good to me.
rjvora_2000 is offline  
Old 19th May 2009, 10:22   #257
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
Default

Quote:
Originally Posted by dxconbhp View Post
@rjvora :

Thats interesting...
Not having accurate quotes and not having some covergaes are 2 diffferent things.. btw, which coverages do not appear, please let know this will help layman like me a lot...

The website (Buy Online Insurance, India Car Insurance, Mediclaim & Health Insurance, Life Insurance Policies: Policybazaar) looks more like yatra or makemytrip, just that instead of travel it is insurance.
Sirji you are asking too general question to me. I can answer any specific question.
rjvora_2000 is offline  
Old 19th May 2009, 11:08   #258
BHPian
 
anandtheleo's Avatar
 
Join Date: Jan 2007
Location: Chennai
Posts: 372
Thanked: 223 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
This is a good deal and I don't think so there is any excess in this quote only one change in liability side is there is no P.A. to unnamed passenger is covered. Go for that cover and your premium will increase by Rs. 100 per person for Rs. 2,00,000/- policy but this is a recommend cover for all of us.

Otherwise this quote look's good to me.
Thanks for the confirmation, really appreciate it.
anandtheleo is offline  
Old 19th May 2009, 21:28   #259
BHPian
 
mentos's Avatar
 
Join Date: Feb 2008
Location: Dublin
Posts: 44
Thanked: 0 Times
Default

Quote:
Originally Posted by Rohini View Post
In my opinion, the scratches to the vehicle are payable. But it depends on the insurance company too. As regards multiple accidents, accumulated damages are not payable.
Quote:
Originally Posted by rjvora_2000 View Post
I need to check this with some insurance company please give me time for a day or two. but i don't think so that it is covered.
Please help me with this ..
mentos is offline  
Old 20th May 2009, 09:52   #260
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
Default

Quote:
Originally Posted by mentos View Post
Please help me with this ..
Dear I was waiting for some company to give me answer "yes" but I got it conformed from 3 companies all have said big NO on this issue.
Chola, Bajaj, Oriental.
rjvora_2000 is offline  
Old 20th May 2009, 18:44   #261
BHPian
 
Join Date: Aug 2007
Location: Paradise (wish it was)
Posts: 370
Thanked: 177 Times
Default

Seems like my folks got a call from Reliance insurance & they are willing to give upto 50% discount. Even at a high level, how is this possible?
null is offline  
Old 21st May 2009, 08:45   #262
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
Default

Quote:
Originally Posted by null View Post
Seems like my folks got a call from Reliance insurance & they are willing to give upto 50% discount. Even at a high level, how is this possible?
Please see this link: -
http://www.team-bhp.com/forum/indian...rance-car.html

I have seen this two companies giving the highest discounts and the lowest claims in this industry.

Just because of ICICI and Reliance all the good Pvt. companies have also been affected.
rjvora_2000 is offline  
Old 22nd May 2009, 17:35   #263
BHPian
 
guptad42's Avatar
 
Join Date: Feb 2009
Location: Mumbai
Posts: 126
Thanked: 108 Times
Default Govt rule on IDV/market value

I came to know from a friend that govt had changed rules about determining market value of a car, because insurance companies used to heavily discount claims by saying that current market value is lower.

Also found supporting evidence on maruti insurance website:
"government has made it a rule that the value of the vehicle will be taken according to a fixed structure as per the age of the vehicle and insurance co. should take the premium as well as settle the claim for the same value termed as IDV (Insured Declared Value"

https://www.marutiinsurance.com/faq.aspx

Does anyone know when this rule came into force? Is there a govt/ IRDA notification?
guptad42 is offline  
Old 22nd May 2009, 23:43   #264
BHPian
 
sabret00the's Avatar
 
Join Date: Mar 2006
Location: YYC | BLR | CCU
Posts: 691
Thanked: 50 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
Yes sir the deal look's good to me, I think they have given you 30% to 35% Discount on the premium.
thanks a lot for the help Rupesh Sir. I really appreciate this.
sabret00the is offline  
Old 23rd May 2009, 09:51   #265
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
Default

Quote:
Originally Posted by guptad42 View Post
I came to know from a friend that govt had changed rules about determining market value of a car, because insurance companies used to heavily discount claims by saying that current market value is lower.

Also found supporting evidence on maruti insurance website:
"government has made it a rule that the value of the vehicle will be taken according to a fixed structure as per the age of the vehicle and insurance co. should take the premium as well as settle the claim for the same value termed as IDV (Insured Declared Value"

https://www.marutiinsurance.com/faq.aspx

Does anyone know when this rule came into force? Is there a govt/ IRDA notification?
Sirji I think you are misreading the statement. What this article saying is that there is a fix structure for calculating the IDV as per the age so that insurance company will not and can not harass the customer for setting the insurance claims.

IDV - This word has only one meaning when it comes to insurance and that is INSURED (My friend this is me and you and not the insurance company) Declared Value.

IDV - Schedule (You will find this in your own motor policy as well)

For first 6 months 5% dep.
from 6 to 12 months 15%
from 13 to 24 months 20%
from 25 to 36 months 30%
from 37 to 48 months 40%
from 49 to 60 months 50% of Ex. showroom price.

Above 60 months (5 years) the Value has to be of an understanding between the insurer and insured.

Further if you still read this clause you will understand that it is clearly written that IDV has to be the market value of the car.

I am a firm believer that any law of insurance can not be against the policy holder and even if any such law is there in insurance then it has to change for the benefit of the client.
rjvora_2000 is offline  
Old 23rd May 2009, 23:12   #266
BHPian
 
mentos's Avatar
 
Join Date: Feb 2008
Location: Dublin
Posts: 44
Thanked: 0 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
Dear I was waiting for some company to give me answer "yes" but I got it conformed from 3 companies all have said big NO on this issue.
Chola, Bajaj, Oriental.
I had a word with the maruti insurance guys today and they told me that i can claim the damages by submitting a copy of the police report.

And I saw the insurance guys at MASS hammering a car with a few minor scratches , breaking down the headlight assembly, ripping open the bonut and then taking pictures so that they can make a claim of a much higher value after the customer has left.

Last edited by mentos : 23rd May 2009 at 23:15. Reason: wanted to add more.
mentos is offline  
Old 27th May 2009, 17:10   #267
BHPian
 
Join Date: May 2008
Location: NCR
Posts: 132
Thanked: 35 Times
Default i10 insurance renewal

hi,

The insurance for my i10 era is up for renewal in June-end. But I've already started getting bombarded by calls from various insurers -- all saying special offers if I renew NOW.

It started a month back with Chola sending a mail, quoting 8,400 as premium. A couple of weeks back I got a call from Reliance, quoting Rs7,000 + some free gifts.

Today, I got a call from Chola with a fresh quote -- Rs6,055 (but only if i renew before 31 May).

When I checked with my dealer, they said Reliance is their preferred insurer and they quoted Rs6,000 + a couple of free car washes thrown in.

Should I go with Chola or Reliance? Pls advise.
Thanks
naru is offline  
Old 28th May 2009, 10:17   #268
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
Default

Quote:
Originally Posted by naru View Post
hi,

The insurance for my i10 era is up for renewal in June-end. But I've already started getting bombarded by calls from various insurers -- all saying special offers if I renew NOW.

It started a month back with Chola sending a mail, quoting 8,400 as premium. A couple of weeks back I got a call from Reliance, quoting Rs7,000 + some free gifts.

Today, I got a call from Chola with a fresh quote -- Rs6,055 (but only if i renew before 31 May).

When I checked with my dealer, they said Reliance is their preferred insurer and they quoted Rs6,000 + a couple of free car washes thrown in.

Should I go with Chola or Reliance? Pls advise.
Thanks
Ask your service center guy which is the preferred insurer with him other then Icici and Reliance and go with them. Bajaj is the best in the business.

You have been quoted Rs. 8400 to 6000. I will advice you to check the Idv (car value) for all the quote. Make it sure that the Idv is not below 20% then the last year. It should be in the range of 10% to 20% below the last year's value.
rjvora_2000 is offline  
Old 28th May 2009, 13:22   #269
BHPian
 
Join Date: May 2008
Location: NCR
Posts: 132
Thanked: 35 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
Ask your service center guy which is the preferred insurer with him other then Icici and Reliance and go with them. Bajaj is the best in the business.

You have been quoted Rs. 8400 to 6000. I will advice you to check the Idv (car value) for all the quote. Make it sure that the Idv is not below 20% then the last year. It should be in the range of 10% to 20% below the last year's value.

IDV last year was 351,689.
This year it is 316,520. Is this negotiable??
naru is offline  
Old 29th May 2009, 10:49   #270
BHPian
 
Join Date: May 2008
Location: NCR
Posts: 132
Thanked: 35 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
You have been quoted Rs. 8400 to 6000. I will advice you to check the Idv (car value) for all the quote. Make it sure that the Idv is not below 20% then the last year. It should be in the range of 10% to 20% below the last year's value.
Quote:
Originally Posted by naru View Post
IDV last year was 351,689.
This year it is 316,520. Is this negotiable?? (Both quotes from Chola)
ok, i checked with Bajaj Allianz.

They say the car's IDV is in the range of 3.07 lakh to 3.40 lakh

For 3.4 lakh, the premium is 7,000. (all quotes earlier from Reliance etc had taken IDV @ 3.16 lakh)

Should I get insured for the minimum IDV or the max??

Pls advice

Thanks
naru 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