[ghodlur]

Originally Posted by yosbert

My car got rear-ended by a Volvo recently. The damages are to the rear bumper, rear windshield, rear hatch and both the driver side doors. The total repair estimate with replacement of all the door panels is around Rs. 1 Lakh. Now the IDV of my car is about 64K so the insurance company is declaring total loss.
My question is it possible to go for a combination of repairing + tinkering (not panel replacement) and claim that from the insurance company. Also what would be advisable in this case, take the IDV from total loss or repair the car and try to sell it later. Note that the car is a 11.5 year old Santro. Any suggestions greatly appreciated.

My suggestion - take the IDV declared from total loss, no point in getting the car repaired coz firstly the integrity of the car is lost, secondly no gurantee that the car would be sold higher than the repair cost.

[yosbert]

Originally Posted by ghodlur

My suggestion - take the IDV declared from total loss, no point in getting the car repaired coz firstly the integrity of the car is lost, secondly no gurantee that the car would be sold higher than the repair cost.

Yes, I am aware that this is the most logical option. However the sentimental value attached with this car is only making me think twice. Secondly the car is in perfect driving condition, in fact I drove the car myself all the way to the service station.
Thanks for your suggestion. Also, are you aware if it is possible to claim partial repair charges from the insurance company (instead of total loss)?

[chakri400]

Originally Posted by ghodlur

L&T is a new player in motor Insurance, hence there is no history of their service, claim reimbursement record etc. The lower premium is to garner business. If they have a cashless tie up with your workshop then it will be worth trying or else stick to the big guns only.

Thanks for the advice. I went with HDFC ERGO. Online renewal was very easy. I had TATA AIG before for 2 years. There was neither a reminder this time nor a quote after I started following up :(

[roadjourno]

Originally Posted by carzealot

Roadjurno I would recommend Toyota protect over buying direct policy from insurer. It is just not the Zerodep policy but a lot more like engine, consumable items like gear oil, engine oil etc are covered. It is in true sense going to provide cashless facility all over India. In case of accident if the surveyor doesn't come for survey of the vehicle in 4 hours. Toyota dealership is allowed to click photographs and start repairing the car. Toyota has Iffco tokio, chola and icici as consortiums to provide Toyota protect. Trust it helps.

We did our own insurance from Uiic.co.in

Guess what, toyota protect 95 % idv was 22.2 exshrm pune, but united went one step ahead and offerered exhs+lbt 95% @ 23.4 @having cashless with dealers as well @57k. it is zerodep.

Lots of arm twisting for toyotaprotect happened. Many thanks to ghodlur for your timely guidance. we saved almost 32k. Cheers

[vrprabhu]

Originally Posted by mail4ajo

I received a quote for 14.8K from Bajaj after negotiation. I feel its very close to the 15.3K I paid last year. Any reason why it is not coming down with a reduction in IDV value and 35% NCB.

Originally Posted by carzealot

Please send me your previous policy document and current quote from bajaj.

The details of the insurance of my Palio (2004) with Bajaj Allianz is - IDV 1,60,000; NCB 20%; Premium paid in 2013 Rs. 4,464/-.

I got the renewal notice with quote for Rs. 4,775/-.

I checked online renewal and the quote I got is Rs. 4,382/-!

I tried to insure as if I am a new customer migrating from other company and the quote I got is Rs. 3,849/-!?!

All three quotes are uploaded.....

Existing customer will get fleeced if he doesn't bother to check?

[ghodlur]

Originally Posted by vrprabhu

I got the renewal notice with quote for Rs. 4,775/-.

I checked online renewal and the quote I got is Rs. 4,382/-!

I tried to insure as if I am a new customer migrating from other company and the quote I got is Rs. 3,849/-!?!

Prabhu,

Have you contacted Bajaj regarding the discrepancy in the two quotes? The third quote is understandable as Bajaj thinks you are a new customer hence giving additional discount. Have you tried online quotes from other Insurers too? I would suggest call up Bajaj and show them the facts, they might actually match up the lowest premium.

[vrprabhu]

I have sent a mail to them and am awaiting a response. (The number provided on the renewal notice is not answering the call)

I also tried to get a couple of quotes online - PSU and private. No luck - because it looks like vehicles more than 5 years old are not being encouraged. (In one of the sites Fiat Palio model is not available at all!).

1000 bucks more is not a big deal, as they have kept the IDV intact. Some of the insurers will reduce the IDV and quote a lower premium, which is not much of a benefit.....

[carzealot]

The online quote is lesser because insurance companies save money by doing away with Human intervention. Also, all insurance companies prefer online transaction in order to have complete contact information and address of the Insured so that they can contact them in future for renewal there by increasing their retention ratio. Which variant do u own? When is the policy due for renewal?

[vrprabhu]

Originally Posted by carzealot

Which variant do u own? When is the policy due for renewal?

Palio NV 1.2 Sport. Policy expires on 19th Jan 2014.

SBI General quote was about 4,400 on the same IDV.

The issue is - how do the new customers get better rates and the existing ones have to carry the burden of old (higher) rates.... I'll try to dig up my earlier policy data and compare what was quoted.

BTW, from earlier experience renewing the policy on line was hassle free at Bajaj Allianz - got everything done, including the new policy document, within 15~20 minutes.

[AG10]

My Duster RXL(o) 85 is up for insurance renewal in 2 weeks time. I have been getting calls from several agents, and the experience has been disturbing to say the least. There is rampant mis-selling and these guys add hidden clauses to offer low quotes.

I had some basic questions and would be glad if experienced members could address those

1. Are Airbags covered under Zero Dep Insurance ? One agent tried to push a "consumable cover" stating that Air bags are treated as accessory / consumable and hence not covered fully under Zero Dep insurance.

2. How is the IDV calculated ? - 10% deduction over the last IDV, is that a fair formula ?

3. How useful is engine / gear box protector ? To my knowledge, it protects against the risk of water damage - Any policy that offers as part of the standard package and not as an Add On ?

4. Is there a limit on the number of Zero Dep Claims in a year ?

5. Voluntary Deductible : This is a big one. Most agents tend to cheat here. Is there a standard deductible ? People keep telling me about file charges etc.

Thanks,

AG

[carzealot]

AG10: Airbags are covered 100% in Zero Dep and 50% in comprehensive policy. No. Of zero dep claims vary from 2-3 claims from company to company. As per IRDA guidelines depreciation in IDV should be anything between 5%-10%. Since the resale value of duster is higher I suggest you should push for a depreciation of no more then 7.5%. Engine/gearbox cover in my opinion is not required as your vehicle has a ground clearance of 200mm unless you live in low lying areas of mumbai which tend to get flooded. The phenomenon of water ingress in Engine or transmission is called Hydrostatic lock. BMW's and Mercs are very prone to it due to engine design and Technology. I haven't seen many vehicles from other manufacturers facing this issue. I suggest you don't opt for voluntary access discount. Whenever one intimates a claim with Insurance co. One has to mandatorily pay rs. 1000 for vehicles with engine size less then 1500cc and rs. 2000 for engine size more then that. Voluntary access is a declaration from insured that in case a claim occurs he will pay the opted amount while buying insurance from his own pocket. In lieu of opting voluntary access insurance co. Passes on a very marginal discount which you can easily neglect. Please stay away from choosing voluntary access. Also, look for other abrupt charges like cover for paid driver, PA cover for passengers etc. opt for buying policy on-line or a very reliable and known agent.

[yosbert]

A quick question on total loss claims. Is the insurance company free to sell/auction the vehicle after total loss payment to insured? Also can the buyer from the auction repair and run the car again?
Is there any points that I should take care of in such a case?

[carzealot]

Yosbert: once a vehicle is declared a Total Loss, it becomes the property of Insurance companies and they are free to sell it to any salvage buyer who bids the highest value. Usually, these cars are repaired and sold in the market back again. In a major loss situation the salvage buyer rather then repairing the vehicle sells the parts of it to recover his money and to make some profits on it. As an insured it will become your responsibility to Handover the keys all documents and sign form 29-30 and give it to salvage buyer.

[yosbert]

Originally Posted by carzealot

Yosbert: once a vehicle is declared a Total Loss, it becomes the property of Insurance companies and they are free to sell it to any salvage buyer who bids the highest value. Usually, these cars are repaired and sold in the market back again. In a major loss situation the salvage buyer rather then repairing the vehicle sells the parts of it to recover his money and to make some profits on it. As an insured it will become your responsibility to Handover the keys all documents and sign form 29-30 and give it to salvage buyer.

Thanks for the explanation. My concerns stem from the fact that the car will be repaired and driven by someone again. In such a case, what all do I need to ensure that the ownership and RTO records are completely shifted to the salvage buyer's name?

[carzealot]

Once you have signed form 29-30 any legal liability towards the vehicle will be salvage buyers headache. Please ensure you have a photo copy of form 29-30 with you. Accept the payment via cheque or Draft only.