[Immix]

Originally Posted by Gannu_1

Guys, would appreciate some inputs for my insurance renewal queries. This is the first time I am taking up an insurance renewal and am completely clueless about the process! Please help me out.

I am in the same boat. Renewing my insurance for the first time in India and have the same car as Gannu_1 with the policy expiring on 24th September. My Bajaj Allianz insurance premium stood at Rs. 30677.00 without Zero Dep cover for IDV of Rs. 7,90,196.00 and no claims during this policy year so far. Any help will be highly appreciated. Thanks

[Gannu_1]

Originally Posted by Immix

I am in the same boat. Renewing my insurance for the first time in India and have the same car as Gannu_1 with the policy expiring on 24th September. My Bajaj Allianz insurance premium stood at Rs. 30677.00 without Zero Dep cover for IDV of Rs. 7,90,196.00 and no claims during this policy year so far. Any help will be highly appreciated. Thanks

Hey, I forgot to mention it here. I renewed my insurance from Baja Allianz since ICICI Lombard was giving me a ridiculously high offer for the renewal. Copy-pasting the bits from my ownership thread:

Originally Posted by Gannu_1

The insurance on the car was expiring on October 4th and renewed it right away. It took 15 minutes to complete the entire process with the help of the Bajaj Allianz employee through a telecon.

The premium paid for ICICI Lombard last year was Rs. 39000 which was taken via the dealership. ICICI Lombard’s renewal premium for a depreciated IDV of Rs. 660765 was Rs. 29779. For an IDV of Rs. 670000, a 20% NCB discount, a zero depreciation add-on with a voluntary deduction of Rs. 2500, Bajaj Allianz charged me Rs. 22010. That’s a steal and I saved almost Rs. 8000! No more worries during the Kerala trip now.

[thoma]

For both my cars, the insurance policy had some typos/corrections to be made and I had written to them both with necessary documents as mentioned by them in the correction form. One was Future Generali and the other Bharti Axa. Future Generali did respond with a one sentence endorsement to the policy whereas Bharti Axa is still mum even after a reminder.

Corrections include cancellation of hypothecation, engine number (one digit missing), name and house name (minor typo), pincode!!, nominee name age and relationship.

What is the usual practice by the insurance companies for incorporating corrections including cancellation of hypothecation? Will they issue an updated policy document incorporating corrections?

[Immix]

Originally Posted by Gannu_1

Hey, I forgot to mention it here. I renewed my insurance from Baja Allianz since ICICI Lombard was giving me a ridiculously high offer for the renewal. Copy-pasting the bits from my ownership thread:

After getting quotes from many insurance companies' websites and talking to their representatives, I was suggested by a friend to contact the VW dealership where I purchased the car from. So I called Tornado Motors (VW Mumbai West) and got in touch with the insurance executive there. Surprisingly, I have received very good quotes from her. For an IDV of 6,60,000, Zero Dep and no voluntary deductible, following are the rates I got:

Bajaj Allianz - Rs. 24657 (Online quote ~ 27000) includes engine cover
Bharti Axa - Rs. 20201 (Online Quote ~22000)
Future Generali - Rs. 19608 (Online Quote ~21000)

I think I will go with Future Generali simply because of the lower premium. This friend also told me that last year when he contacted the Maruti dealership in Delhi for insurance renewal, he was offered many freebies such as floor mats, car perfume, etc. just to get his insurance done through them and that too for a 10 year old Esteem . So I guess for anyone looking to renew their insurance, a call to the dealership is not such a bad idea.

[ghodlur]

Originally Posted by Immix

I think I will go with Future Generali simply because of the lower premium.

Also check if Future Generali has a cashless tie up with the VW workshop, If yes, then you can think of the option. Have you checked with the workshop about FG's claim settlement track record? Also if you take the Insurance from the dealer, chances of getting instant policy is rare.

I have had this issue with FG when I was renewing my earlier Ford Fiesta and for 15 odd days I was struggling to get the payment receipt leave apart original policy. A few strong and harsh words did get the things moving. Hope you dont encounter such an issue.

[drmohitg]

Hello, I am looking to renew my insurance policy for Corolla Altis. Its in its third year now and will start its 4th year in september end. The policy till now has been a 0% depreciaiton policy from Tata Aig. There quote this time for renewal is Rs. 28k for an IDV of approx. Rs. 7.9L. On the other hand I tried searching on policy bazaar and the best rates they have come up with are Rs 27k from Bajaj Allianz and Rs 24k for L&T insurance, both for an IDV of Rs. 8.4L Rs and both being 0% depreciation policies. I am hence thinking of opting for the L&T insurance. But this is the first time I am buying insurance myself and that too online and hence wanted to know what are the things I should look for/ask for before paying up the money.

[ghodlur]

Originally Posted by drmohitg

But this is the first time I am buying insurance myself and that too online and hence wanted to know what are the things I should look for/ask for before paying up the money.

Just ensure that the Insurance co from whom you are buying the car insurance has a cashless tie up with the workshop where you service your car. Check how's the Insurance co's track record of settling claims - workshop will help here. If buying online, there is no delay in getting the policy and payment receipt, but if bought offline whats the time frame of policy receipt. There have been reports on the forum about cheque being given to the agent which never reached the Insurance co and the policy lapsed. Are the addons (eg zero dep) cost at par with industry? I hope this info is enough to make you think.

[Immix]

Originally Posted by ghodlur

Also check if Future Generali has a cashless tie up with the VW workshop, If yes, then you can think of the option. Have you checked with the workshop about FG's claim settlement track record? Also if you take the Insurance from the dealer, chances of getting instant policy is rare.

FG's website does not show VW garages in Mumbai/Pune as cashless, but I was assured by the VW insurance executive that FG does have cashless facility with VW garages. Will double check with them before I make my final decision. Thanks for the tip about dealers' laggard behavior in such a scenario.

[sfilinto]

I have a 10+ year old car & have never claimed any insurance, thus have a 50% NCB. last year, ( sept 2013) during the renewal of insurance, there was an increase in the premium by over Rs 1000 over the previous year. since I was short on time, I just paid it.

This year, the premium is due for renewal in September & to my surprise I found an increase of about Rs 1000 again. ( no claims ever made ).

I called up the insurance company ( HDFC Ergo ) who gave me some vague answer that the increase was due to the increase in 3rd party insurance component.

I spend some time trolling the internet to confirm this, but could not find any confirmation that this is true.

could somebody confirm if this is true ?

[ghodlur]

Originally Posted by sfilinto

could somebody confirm if this is true ?

Yes, the Third Party Liability (TPL) premium were revised in 2013 and in 2014. Hence the increase in the premium. Just check under which category does your car fit, i.e based on engine cc and confirm the increase.

[sfilinto]

Thanks.
a little more search on the internet with the right keywords gave me this:
http://www.livemint.com/Money/XgPYCb...insurance.html

http://www.smartpaisa.in/2014/04/mot...-increase.html

[Sushubh]

My 2010 Honda Civic AT insurance is expiring on 28th Sept, I'm currently with United India and they do not have Zero Depreciation cover after 3rd year. As per Policy Bazaar, only L&T, Royal Sundaram, Bajaj Allianz and Tata AIG provides Zero Dep after the 3rd year up to the 5th year.

The renewal premium in with United India without Zero Dep is around 15k on IDV of 8.2 lacs. With other private insurer's with Zero Dep cover, the premium is ranging from 28K to 32K

Can you please advice me, if the extra 15K is worth it for Zero Dep cover for a 4 year old Civic? As my car never had any major accidents and i do not costs involved, if my car is involved in one. Your erudite advice will be sincerely appreciated.

[ghodlur]

Originally Posted by Sushubh

The renewal premium in with United India without Zero Dep is around 15k on IDV of 8.2 lacs. With other private insurer's with Zero Dep cover, the premium is ranging from 28K to 32K

Add Future Generali also to the list of Insurers who offer for zero dep upto 5 yrs of vehicle ownership.

The cost of premium with zero dep add on shouldnt be so steep. Just check with the individual Insurance co on their websites for online quotes. You must remember that the TPL premium has also been increased since April 2014. Also check with which Insurer does the Honda workshop where you service regularly has a cashless tie up? Also do enquire with the workshop about the claim settlement process of the shortlisted ones. Once you gather all the information, take an informed call.

Yes these days you need to do the homework for the Insurance buying too.

[Ajitsingh208]

Why is the Insurance preimium of a Tata Safari high, is there a algorithm by which it is calculated?
I got my Insurance renewed for my 2 year old Safari LX with 0%NCB with an IDV of 580000.
The quotes ranged from 39k to 20k.
The previous premium paid was 23k so it should be less than that.
Tata offered me a quote of 20900 while Future Generalli offered me a quote of 21k for Zero Dep. Went with the Zero Dep. although they don't have a cashless tieup with Concorde Motors where I get my car serviced but they do have tie ups with B.U Bhandari & Pandit in Pune.

[Immix]

Originally Posted by Immix

FG's website does not show VW garages in Mumbai/Pune as cashless, but I was assured by the VW insurance executive that FG does have cashless facility with VW garages. Will double check with them before I make my final decision. Thanks for the tip about dealers' laggard behavior in such a scenario.

Updating my post from last week. I inquired at the VW Pune Service center and was told that cashless facility is extended to Future Generali and that there were no untoward incidents with Future Generali in particular. So I finalized my decision to purchase insurance from Future Generali. Yesterday, I came to know that the insurance executive at VW Mumbai West dealership was able to get me a discount of 45% whereas when I called Future Generali, they could only manage a discount of 35%. So I bought insurance from the dealership yesterday for Rs. 19,600 for an IDV of 6.6L and zero dep included. The dealership sent a guy to my office to collect the cheque, a copy of RC and NOC from the bank to remove hypothecation (Since I paid off my loan recently). He also brought a cover note from Future Generali, which is valid for 2 months from the date of inception. Now I only have to follow up with them if I don't receive the policy by mail in 2-3 weeks time. Overall, I am quite satisfied with contacting the dealership again for my insurance renewal needs