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Old 24th January 2014, 18:03   #2821
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
1. Form 29 & 30 are RTO ownership transfer forms, yes you can submit a copy of these forms to Insurance co to get the Insurance transferred in your name. But the receipt recd from RTO after submission of the ownership transfer document is a more valid document for insurance transfer. When transferring the ownership of the car, the previous owner's Insurance is a must. I hope you must be having that document or else get it from the previous owner. The RTO will not accept the Insurance in your name coz you cannot have an insurance for a car which you still dont own.
2. The IDV shown in the file - does it match the depreciation rate? To confirm get to know the present exshowroom cost of Civic model/variant and add depreciation of 40% and calculate the IDV. Also do you actually need so much add ons. Enquire with Tata about the cost of just the zero dep addon. Rest of the add on features you can live without it.
Hello,

1. AIG folks says I can have the insurance in my name and then submit the transfer papers, however I will validate this with RTO.

2. In Tata AIG there is GOLD, Pearl and so on.. Pearl is Zero Dep add on to Gold which is the starting range and includes the others like keys etc.

These are the quotes that I am getting,

Tata AIG with Pearl,

1. Max IDV Value 7.7 lacs with a premium of 31635
2. IDV Value of 6.1 Lacs then the premium would be 26000

Vehicle would be declared total loss if the repair exceeds 75% of IDV

Royal Sunderam with Zero Dep,

1. Default IDV is 8.5 lacs with a premium of 34000 (22000 for only comprehensive)
2. Max IDV is 15% plus 9.8 Lacs with a premium of 38500.
3. IDV can be decreased by 15% as well.

Vehicle will not be declared total loss even if it exceeds 75% of the IDV. It depends on what the Garage people tells them about the condition but no such percentage rule applies.

Car Price as per invoice including VAT is 13.2 lacs, If I deduct 40% then the value becomes 792000. Any suggestion which cover looks better?

For almost all the cover the premium looks very high...with zero dep add on..?
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Old 27th January 2014, 17:23   #2822
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Default Bharati AXA vs HDFC Ergo vs Royal Sundaram vs TATA AIG?

Hello Everyone,

I need your inputs on choosing the insurance for my EcoSport TDCi Tit(O) to be delivered this week. The ex-showroom price of my car is Rs. 9.92 lakhs.

I have spoken to few insurance companies and this is what I got:

Bharati AXA is the least expensive at Rs. 20,500 (with 95% IDV) and Rs. 21,500 (with 100% IDV). They also said that they provide the benefit of unlimited number of claims at 0% (what does that mean and is it really a differentiating factor) They also mentioned free Road Side Assistance and all the items are covered such as plastics, glass etc.

HDFC Ergo is providing IDV of 9,42,000 and the premium is Rs. 21,800 and for 100% IDV is 22,800.

Royal Sundaram is for Rs. 28,000. IDV is 9,06,000 but also said that an option of exshowroom price claim is there and the premium mentioned covers the same.

TATA AIG is providing IDV of 9.5 lakhs at a premium of Rs. 28,000.

Please help me select the best option among these. Is more IDV beneficial as the difference in premium amount is only Rs. 1K? Which among these is the best? What all to see before selecting?

Thanks.

Last edited by pc1686 : 27th January 2014 at 17:41. Reason: Received reduced quotes
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Old 28th January 2014, 08:28   #2823
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Default Re: Bharati AXA vs HDFC Ergo vs Royal Sundaram vs TATA AIG?

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Originally Posted by pc1686 View Post
Bharati AXA is the least expensive at Rs. 20,500 (with 95% IDV) and Rs. 21,500 (with 100% IDV). They also said that they provide the benefit of unlimited number of claims at 0% (what does that mean and is it really a differentiating factor) They also mentioned free Road Side Assistance and all the items are covered such as plastics, glass etc.

HDFC Ergo is providing IDV of 9,42,000 and the premium is Rs. 21,800 and for 100% IDV is 22,800.

Royal Sundaram is for Rs. 28,000. IDV is 9,06,000 but also said that an option of exshowroom price claim is there and the premium mentioned covers the same.

TATA AIG is providing IDV of 9.5 lakhs at a premium of Rs. 28,000.

What all to see before selecting?
As I had mentioned in few posts back, check with which Insurance co does Ford workshop have a cashless tie up. If they do have it with Bharati Axa then that the right choice, but I dont feel Ford has any tie up with Bharati. Dont fall for the 100% IDV, ideally your first year IDV should be 5% less of the exshowroom cost i.e 9.42L. What Bharati have quoted is for zero dep.

RS is mnetioning about the return to invoice add on when they talk about exshowroom price claims.

Are the quotes mentioned in your post inclusive of zero dep add on too?
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Old 28th January 2014, 08:36   #2824
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Default Re: Bharati AXA vs HDFC Ergo vs Royal Sundaram vs TATA AIG?

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Originally Posted by ghodlur View Post
As I had mentioned in few posts back, check with which Insurance co does Ford workshop have a cashless tie up. If they do have it with Bharati Axa then that the right choice, but I dont feel Ford has any tie up with Bharati. Dont fall for the 100% IDV, ideally your first year IDV should be 5% less of the exshowroom cost i.e 9.42L. What Bharati have quoted is for zero dep.

RS is mnetioning about the return to invoice add on when they talk about exshowroom price claims.

Are the quotes mentioned in your post inclusive of zero dep add on too?

Thanks ghodlur,

Yes, they are all zero dep policies with bumper to bumper cover. Ford dealers in Bangalore (I checked mine as well as an other one) provide Bharati AXA, Royal Sundaram etc. if you purchase from them but NOT HDFC Ergo. Will also check about the cashless tieup with the workshop as you just suggested.

Any reason you say that the IDV should be 5% less? I checked with AXA and they said there is no other difference between 95% IDV and 100% IDV other than 1K more in the premium amount.

Thanks again.
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Old 28th January 2014, 09:15   #2825
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Default Re: Automobile Insurance Queries? Ask me

Thought will put a few points on the insurance and its coverages:
1. 0 Dep and Bumper-to-Bumper:
There are finer clauses in 0 Dep that one needs to look into. A 0 Dep does not necessarily cover everything. It does however cover the depreciation value of depreciating parts. But it does not necessarily cover consumables like some plastic screws, nuts/bolts, oils etc. However, it is highly possible that some insurance companies 0 Dep may cover these consumables also. A 0 Dep also is noted as an Add-On cover on a policy.

A bumper-to-bumper on the other hand, though it is not mentioned so on any policy and is only so termed, will ideally include all 0 Dep items plus the consumables together. In some insurers/policies it is also an Add-On just like 0 Dep.

Each component has its premium cost added per the add-on.

So if somebody is indeed quoting a policy as Bumper-to-Bumper this is what it should entail and once should check it out thoroughly.

So when looking at 0 Dep, BtoB policies look at these aspects clearly individually.

2. Insurance in case of transfer:
a. The insurance may not be transferred to the new owner and new owner can take a new policy thereof, whatever be the duration passed/remaining.
b. The old policy can be availed of by the old owner for NCB by respective communication with the old insurer/policy provider.
c. If the policy is to be transferred to new owner, it has to be done after the ownership transfer is done. The policy transfer requires atleast the RTO receipt for transfer and not necessarily the new RC/Smart Card.
d. If the policy is transferred as above, the NCB will be transferred to the new owner.

So take decisions accordingly on what to do while doing car transfers.
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Old 28th January 2014, 09:59   #2826
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Default Re: Automobile Insurance Queries? Ask me

Hi there,

I'm in the process of finalizing on a new car and was interested in finding out if ICICI Lombard offers the "Return to Invoice" and "Consumables" riders on top of their normal zero-depreciation policies. I tried doing this online and calling their call center. In both instances, I was told that these covers were not offered by ICICI. I remember reading otherwise from other folks

If you could also let me know which other insurance companies offer this, it would be very helpful to identify if the garage that I'd normally take the car to works with them.

Thanks and regards,
BITF

Last edited by BackInTheFold : 28th January 2014 at 10:00.
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Old 28th January 2014, 10:11   #2827
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Default Re: Automobile Insurance Queries? Ask me

Bharati AXA has such segregation and you can buy 0 Dep Add-On and Consumables Cover Add-On. There may be others too but I am not entirely sure of them. No way related or advocating Bharati AXA but we do have insurance for our other car from them and it is working out well.
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Old 28th January 2014, 10:15   #2828
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Default Re: Bharati AXA vs HDFC Ergo vs Royal Sundaram vs TATA AIG?

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Originally Posted by pc1686 View Post
Any reason you say that the IDV should be 5% less? I checked with AXA and they said there is no other difference between 95% IDV and 100% IDV other than 1K more in the premium amount.
Check the post for the depreciation chart.
http://www.team-bhp.com/forum/indian...ml#post3349686

Insurers will try to sell anything but as per the IRDA rules, IDV should be calculated based on the depreciation chart. Hope this helps.
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Old 29th January 2014, 16:11   #2829
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Default Re: Automobile Insurance Queries? Ask me

I have a Future Generali comprehensive insurance policy for my Chevrolet Spark. The AC condenser got damaged when my car got towed by the traffic police and now it will cost Rs. 6500 to replace it.

Can I claim insurance for such cases?
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Old 30th January 2014, 08:54   #2830
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Default Re: Automobile Insurance Queries? Ask me

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I have a Future Generali comprehensive insurance policy for my Chevrolet Spark. The AC condenser got damaged when my car got towed by the traffic police and now it will cost Rs. 6500 to replace it.

Can I claim insurance for such cases?
It should be claimable as long as the surveyor is conviced and categorizes the incident as accident. The workshop may dismiss this as no claimable but Surveyor will be the right person to decide.

BTW was the condensor only damaged or even the front bumper took a hit? What was the response of the traffic dept to this damage, was this raised to them at all?
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Old 30th January 2014, 11:33   #2831
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
It should be claimable as long as the surveyor is conviced and categorizes the incident as accident.
Ghodlur,

Not too sure about this.

All insurances have a trigger to respond - which in Insurance parlance is called the "proximate cause". Simply its the event or starting point of a chain of events which caused the loss.

In this case the - we need to know why the Traffic Dept/Police Towed the car ?

Was it wrogly parked, was it obstructing any emegency vehicle, was it towed away for some previous legal infrinchments, was it towed away whilst being parked legally, was it being towed away from the legal parking for making way for some security arrangements etc.

In this case towing away is the proximate cause and if it was caused due to the fact that vehicle owner was breaking or had broken some legal prescriptions, then the claim would not be payable as the proximate cause in question was caused by an illegal act committed by the owner and surveyor will not agree to it as well.

This is my two bits

Best Regards & Drive Safe

Ram

Last edited by r_nairtvm : 30th January 2014 at 11:36.
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Old 30th January 2014, 11:59   #2832
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Quote:
Originally Posted by ghodlur View Post
It should be claimable as long as the surveyor is conviced and categorizes the incident as accident. The workshop may dismiss this as no claimable but Surveyor will be the right person to decide.

BTW was the condensor only damaged or even the front bumper took a hit? What was the response of the traffic dept to this damage, was this raised to them at all?
Only the condenser got damaged and somehow all the gas leaked out. My front bumper already has a lot of dings and scratches and a major dent which happened when I banged my car at a mall few weeks back.

Someone suggested me to tell the surveyor that all the damage happened when I drove over a big stone or something, but I'm not too sure about this.

I did call the traffic helpline and they told me to contact the police chowky to claim the damages but I don't have any confidence in these people. I even escalated to the biggies like the traffic commissioner etc but waiting for a response.
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Old 30th January 2014, 12:32   #2833
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Default Re: Automobile Insurance Queries? Ask me

A critical piece of infomration from one of our members, Sidindica, on FB:

"Dear all, please make a note of this important point while taking an insurance claim for an underbody chamber/ oil sump damage:
In case the vehicle is not equipped with an undercarriage protection, and while driving the car, the underbody makes a thud sound and engine oil starts leaking, stop the vehicle immediately and get it towed to the nearest company authorised workshop. In case the tow truck (can be a local crane also) takes time, keep calm and do not start the engine at any cost, inform the workshop immediately and ask them if they can send spare engine oil to top up to keep the engine running without vital damage to the components. In case the vehicle comes to the workshop on time, the same has to be adhered to. And, in case the car is driven and engine seizes and then it comes to the workshop, no claim whatsoever is payable by the insurance for the same. Of late, cases like these are coming to me frequently, so please share with as many people as you can."
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Old 30th January 2014, 12:53   #2834
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by r_nairtvm View Post
In this case towing away is the proximate cause and if it was caused due to the fact that vehicle owner was breaking or had broken some legal prescriptions, then the claim would not be payable as the proximate cause in question was caused by an illegal act committed by the owner and surveyor will not agree to it as well.
Even if the vehicle was breaking any traffic rule, it would not give the traffic authorities to damage the car, they would be needed to take utmost care even while towing. We all know that the towing of vehicles is most of the time contracted. Hence getting any reimbursement from the towing contract is out of question, even it were still the traffic dept would eventually be the accountable for the damage. See the below wordings for the policy, specifically no 6(vi). So ideally the surveyor will have to agree for the claim.

SECTION I LOSS OF OR DAMAGE TO THE VEHICLE INSURED
1. The Company will indemnify the insured against loss or damage tothe vehicle insured hereunder and/or its accessories whilst thereon
i. by fire explosion self ignition or lightning;
ii. by burglary housebreaking or theft;
iii. by riot and strike
iv. by earthquake (fire and shock damage);
v. by flood typhoon hurricane storm tempest inundation cyclone,hailstorm frost
vi. by accidental external means
vii. by malicious act;
viii. by terrorist activity
ix. whilst in transit by road rail inland-waterway lift elevator or air;
x. by landslide rockslide

Quote:
Originally Posted by StrangeWizard View Post
Someone suggested me to tell the surveyor that all the damage happened when I drove over a big stone or something, but I'm not too sure about this.
I did call the traffic helpline and they told me to contact the police chowky to claim the damages but I don't have any confidence in these people. I even escalated to the biggies like the traffic commissioner etc but waiting for a response.
Many a times a false reason would be logical to get the claim lodged, but a lot depends on the Surveyor who if is amicable can accomodate/suggest the above the reason. This will need the Surveyor to be taken into confidence.

Reg the reimbursement from traffic, it will take ages to get the same provided you have the patience. If Mumbat traffic police does have a FB page, you can mention the ordeal there.
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Old 30th January 2014, 14:08   #2835
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
SECTION I – LOSS OF OR DAMAGE TO THE VEHICLE INSURED
1. The Company will indemnify the insured against loss or damage tothe vehicle insured hereunder and/or its accessories whilst thereon
i. by fire explosion self ignition or lightning;
ii. by burglary housebreaking or theft;
iii. by riot and strike
iv. by earthquake (fire and shock damage);
v. by flood typhoon hurricane storm tempest inundation cyclone,hailstorm frost
vi. by accidental external means
vii. by malicious act;
viii. by terrorist activity
ix. whilst in transit by road rail inland-waterway lift elevator or air;
x. by landslide rockslide
Precisely - That is why I raised the question of the reasson of towing by traffic.

We need that to prove that towing was accidental and not as result of any voilation of law.

Since we are quoting policy conditions have a look at this one also

Condition 8.

The due observance and fulfillment of the terms, conditions and endorsements of this Policy in so far as they relate to anything to be done or complied with by the insured and the truth of the statements and answers in the said proposal shall be conditions precedent to any liability of the Company to make any payment under this Policy.

I rest my case & all the best

Best Regards & Drive Safe

Ram

Last edited by r_nairtvm : 30th January 2014 at 14:15.
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