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


Reply
 
Thread Tools Search this Thread
Old 8th July 2009, 10:15   #316
BHPian
 
Join Date: Aug 2008
Location: Bangalore
Posts: 608
Thanked: 35 Times
Default

Quote:
Originally Posted by coreolis View Post
hi rjvora2000

I am writing this is witha little smirk on my face after ur post I had given up and taken life with the "hota hai" attitude, guess what tata aig issued me a policy for a lower amount and charged my credit card for a higher amount . I spoke to the cc company and they said please write a written complaint this tantamounts to credit card fraud.
THe games have begun I shall be seeking all your good counsel to make the best of a funny situation... quoting when life gives lemons you make lemon juice orosmething like that.

Coreolis it happened to me also with Bajaj and they charged 120 bucks more. I paid them through CC and they sent me the email saying X amount is being charged from CC for policy. When I got the actual policy(3 days later) there was a difference of 120 bucks. When I wrote the email they returned 120 bucks which was reflected in next CC statement. Better to follow up with TATA AIG rather than CC company
aka_iitd is offline  
Old 8th July 2009, 11:30   #317
BHPian
 
srijit's Avatar
 
Join Date: Jan 2008
Location: Trivandrum
Posts: 598
Thanked: 6 Times
Default

hi rjvora2000,
I had bought a May 2006 Baleno LXI from Maruti TrueValue last November (2008). The insurance policy on that car is in the original owners name, from the Oriental insurance company and will expire this month. I had changed the vehicle over to my name and now I want to change the insurance to Maruti Insurance, NatMar, I believe.
The old IDV is Rs.3,25,000.
Premium was Rs.9,010, Service Tax was 1,114, Total was Rs.10,124

Maruti guys have now quoted a total of Rs.9985 for an IDV of Rs.2,90,500.
They said that since there was a name change they couldnt transfer the No Claim Bonus to the new policy.

Does this sound right? Should I shop around?
Thanks in advance.
srijit is offline  
Old 13th July 2009, 10:25   #318
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,658
Thanked: 53 Times
Default

Quote:
Originally Posted by srijit View Post
since there was a name change they couldnt transfer the No Claim Bonus to the new policy.

Does this sound right? Should I shop around?
Thanks in advance.
Sorry friend for the delayed reply as I was out of station.

NCB is given to the person owning the car and not to THE CAR. So you will not be getting the NCB my friend.
rjvora_2000 is offline  
Old 13th July 2009, 12:13   #319
BHPian
 
srijit's Avatar
 
Join Date: Jan 2008
Location: Trivandrum
Posts: 598
Thanked: 6 Times
Default

Thanks for clearing that up, Rupesh
srijit is offline  
Old 13th July 2009, 12:30   #320
BHPian
 
Join Date: Aug 2008
Location: Bangalore
Posts: 608
Thanked: 35 Times
Default

Quote:
Originally Posted by srijit View Post
hi rjvora2000,
I had bought a May 2006 Baleno LXI from Maruti TrueValue last November (2008). The insurance policy on that car is in the original owners name, from the Oriental insurance company and will expire this month. I had changed the vehicle over to my name and now I want to change the insurance to Maruti Insurance, NatMar, I believe.
The old IDV is Rs.3,25,000.
Premium was Rs.9,010, Service Tax was 1,114, Total was Rs.10,124

Maruti guys have now quoted a total of Rs.9985 for an IDV of Rs.2,90,500.
They said that since there was a name change they couldnt transfer the No Claim Bonus to the new policy.

Does this sound right? Should I shop around?
Thanks in advance.
Srijit you have purchased the vehicle in 2008 and till now insurance was in earlier owners name. I think this is a risk and you would have not got the claimed you you had tried to do so. Rupesh can detail more on this
2.9L and 10K premium it is too much. It should be MAX around 5 to 5.5K. Try Bajaj Allianz site and see what quotation they are giving.
aka_iitd is offline  
Old 14th July 2009, 20:03   #321
BHPian
 
srijit's Avatar
 
Join Date: Jan 2008
Location: Trivandrum
Posts: 598
Thanked: 6 Times
Default

@aka, I know. Didnt have the money at that time.

Rupesh, companies are giving me quotes for various IDV's. Which is better, a low one or a high one, if I am not planning to sell the car in the next 5 years?

Also the current IDV is shown to be 3.20L. Tata-AIG guys claim that the lowest that they could go was 3.14L. They even offerred me 3.45L for IDV, with corresponding high premiums.

Also, I was told that in case of a total-loss claim, the current market value only would be applied. So if I go for a 3.45L claim and I get only 2.75L as current market value, why should I go for higher IDV?

Thanks in advance.
srijit is offline  
Old 14th July 2009, 22:07   #322
Distinguished - BHPian
 
Thad E Ginathom's Avatar
 
Join Date: Jun 2007
Location: Chennai
Posts: 9,928
Thanked: 17,979 Times
Default

Here's a general question about Insurance here in India.

When I read, on threads here about accident damage, and how to pay for it, I often see statements about insurance companies only paying x% for plastic parts or y% for rubber parts.

How is this? Is it an archaic thing based on cars of fifty years ago? Or what? And if so, how are insurers still getting away with it? Have they not noticed that, for instance, the plastic bumpers on their own cars do not disintegrate after a couple of years, but actually last as long as the rest of the car?

It seems crazy, to this "foreigner"!
Thad E Ginathom is offline  
Old 14th July 2009, 22:20   #323
BHPian
 
marlinspike's Avatar
 
Join Date: Sep 2008
Location: Bangalore
Posts: 193
Thanked: 3 Times
Default

Quote:
Originally Posted by Thad E Ginathom View Post
Here's a general question about Insurance here in India.

When I read, on threads here about accident damage, and how to pay for it, I often see statements about insurance companies only paying x% for plastic parts or y% for rubber parts.

How is this? Is it an archaic thing based on cars of fifty years ago? Or what? And if so, how are insurers still getting away with it? Have they not noticed that, for instance, the plastic bumpers on their own cars do not disintegrate after a couple of years, but actually last as long as the rest of the car?

It seems crazy, to this "foreigner"!
Very good point only a "foreigner" can see. This is how it has been here so we didn't it works any other way! now atleast we know the cat needs to be belled, but as for who will do it and when...
marlinspike is offline  
Old 15th July 2009, 08:51   #324
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,658
Thanked: 53 Times
Default

Quote:
Originally Posted by srijit View Post
a low one or a high one, if I am not planning to sell the car in the next 5 years?

Also the current IDV is shown to be 3.20L. Tata-AIG guys claim that the lowest that they could go was 3.14L. They even offerred me 3.45L for IDV, with corresponding high premiums.
This is very easy...

1. Forget all the values given by all the companies.
2. Forget the value which is written in the old policy.
3. Take the actual value in which you have bought the car.
4. Tell all the insurance company that you are the person who is paying premium and the person who will get the money in case of claim.
5. Give all the insurance company a same IDV.
6. Bargain with all the insurance company. (Tell them that other company is cheap)
7. Pay the premium at the earliest.
rjvora_2000 is offline  
Old 15th July 2009, 10:52   #325
BHPian
 
Join Date: Jun 2008
Location: Hyderabad
Posts: 202
Thanked: 23 Times
Default

Quote:
Originally Posted by Thad E Ginathom View Post
How is this? Is it an archaic thing based on cars of fifty years ago? Or what? And if so, how are insurers still getting away with it? Have they not noticed that, for instance, the plastic bumpers on their own cars do not disintegrate after a couple of years, but actually last as long as the rest of the car?
very good observation!!
What should we do now about this?
Quote:
Originally Posted by srijit View Post
hi rjvora2000,
I had bought a May 2006 Baleno LXI from Maruti TrueValue last November (2008). The insurance policy on that car is in the original owners name, from the Oriental insurance company and will expire this month. I had changed the vehicle over to my name and now I want to change the insurance to Maruti Insurance, NatMar, I believe.
The old IDV is Rs.3,25,000.
Premium was Rs.9,010, Service Tax was 1,114, Total was Rs.10,124

Maruti guys have now quoted a total of Rs.9985 for an IDV of Rs.2,90,500.
They said that since there was a name change they couldnt transfer the No Claim Bonus to the new policy.

Does this sound right? Should I shop around?
Thanks in advance.
The premium for IDV 2,90,000 should be around 7000/- without NCB. As already pointed out, you are not eligible for NCB. The premium for IDV 345000 should be around 8K. So the quote is obviously on the higher side.

Last edited by MrinalSinha : 15th July 2009 at 11:01.
MrinalSinha is offline  
Old 15th July 2009, 11:01   #326
BHPian
 
srijit's Avatar
 
Join Date: Jan 2008
Location: Trivandrum
Posts: 598
Thanked: 6 Times
Default

Thank you so much for these tips, Rupesh. Will do.
srijit is offline  
Old 15th July 2009, 19:28   #327
Distinguished - BHPian
 
Thad E Ginathom's Avatar
 
Join Date: Jun 2007
Location: Chennai
Posts: 9,928
Thanked: 17,979 Times
Default

Quote:
Originally Posted by MrinalSinha View Post
very good observation!!
What should we do now about this?
awareness is a first step, I guess.

PIL? --- anyone sufficiently rich and motivated?

Certainly not a thing for a foreigner of very limited means to take on.

Just a few minutes later...

What a coincidence! This could be a good start

Last edited by Thad E Ginathom : 15th July 2009 at 19:32.
Thad E Ginathom is offline  
Old 16th July 2009, 09:12   #328
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,658
Thanked: 53 Times
Default

Quote:
Originally Posted by Thad E Ginathom View Post
What a coincidence! This could be a good start
Sirji let me tell you this product is coming from all the Indian insurer.
rjvora_2000 is offline  
Old 16th July 2009, 13:04   #329
BHPian
 
Join Date: Jan 2007
Location: Cochin
Posts: 69
Thanked: 3 Times
Default

J.D. Power’s 2009 India Auto Insurance Customer Satisfaction Index Study
Attached Thumbnails
Automobile Insurance Queries? Ask me-insurance.jpg  

icar is offline  
Old 16th July 2009, 17:28   #330
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,658
Thanked: 53 Times
Default

Quote:
Originally Posted by icar View Post
J.D. Power’s 2009 India Auto Insurance Customer Satisfaction Index Study
I think this should be the corporate study and not the end user ratings(Like us). As Icici is leading.

Because I have not seen very happy customer's of Icici and Ril.
rjvora_2000 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