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


Reply
 
Thread Tools Search this Thread
Old 27th October 2015, 22:53   #3466
BHPian
 
bravo82in's Avatar
 
Join Date: Oct 2007
Location: HR26
Posts: 300
Thanked: 579 Times
Default Re: Automobile Insurance Queries? Ask me

It depends on the policy. Most zero dep insurance support only two claims in a year, however there are few which support multiple claims but charge a higher premium. I had a multi-claim policy with IFFCO-Tokio but paid Rs 6000 extra for IDV of 4 lacs.
bravo82in is offline   (1) Thanks
Old 28th October 2015, 08:35   #3467
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,955 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by bravo82in View Post
IDV was 11.6 lacs
Workshop repair estimate 17 lacs
Insurance company insisted that their liability is only 5 lacs hence car must be repaired
This is a clear case of total loss. How did the Insurance co come to the conclusion that their liability is only 5L (30% of the repair cost)? Did the Aria have the feature of automatic fuel cut off in case of collision, this feature is std now in most high end and even mid end cars. So even if the engine was running and caused engine damage, how could the owner be held liable for that. IMHO the Insurance co is BSing you, you need to take the issue to the Insurance Ombudsman or write to IRDA if the Insurance co stance is unchanged.

If the car is declared as total loss then it is their responsibility to pay the declared/agreed IDV. If the repair cost exceeds 75% of the IDV value agreed, then it is declared as CTL. Nowhere in the policy document is it mentioned that Insurance co's liability if less than 75% of IDV, then it cannot be declared as total loss. Take the Insurance co to the consumer courts.
ghodlur is offline   (1) Thanks
Old 28th October 2015, 15:39   #3468
BHPian
 
gypsyFreak's Avatar
 
Join Date: Dec 2007
Location: Mysore-Benglur
Posts: 354
Thanked: 221 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post

IMHO, you should stay away from both. Do only these two Insurers have a cashless tie up with the Mahindra workshop where you service the Scorpio? If there are others, it will be worth checking out with them and getting a comparison quote. Have the IDV calculated correctly and then take the online quote.
I am retaining the same IDV as last year, i.e. 7 lakhs
Tata Aig is quoting 22k and Future Generali is quoting 20.6k. Both have tie-ups with Sireesh Auto Hosur.
FG has lesser tie-ups with other garages.
Other than cashless facility, is there any other benefits of tie-ups?
BTW, how is the feedback on future Generali?
gypsyFreak is offline  
Old 28th October 2015, 16:11   #3469
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,510
Thanked: 2,955 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by gypsyFreak View Post
I am retaining the same IDV as last year, i.e. 7 lakhs
Other than cashless facility, is there any other benefits of tie-ups?
BTW, how is the feedback on future Generali?
This means that you are over insuring your car and not applying the correct depreciation. This may be an issue in case of claims (during total loss only).

Apart from smoother financial transactions, there is not other major benefit of cashless tie up. This only makes your life a little bit smoother during claims.

FG is an established Insurance co and they have been aggressively trying to garner market but then again it depends on individuals as to how the Insurance co fared during claims processing. Atleast I had a relatively good experience with my present car Punto and my earlier car Fiesta.
ghodlur is offline  
Old 30th October 2015, 23:31   #3470
Senior - BHPian
 
samaspire's Avatar
 
Join Date: Sep 2015
Location: Manipal / Udupi
Posts: 1,582
Thanked: 4,627 Times
Default Re: Automobile Insurance Queries? Ask me

I'm buying a ford figo aspire and I have to do the insurance tomorrow by 10.30. I have planned to buy it directly from the same guys the dealer buys from - Royal Sundaram. It has a national tie up with ford.

But the dealer says that if I buy it directly, it will not be truly cashless and I have to do all the paperwork and talking to insurer for claims.

Also that after 3 claims the policy will change to comprehensive.

Any truth is these?
samaspire is offline  
Old 31st October 2015, 11:16   #3471
BHPian
 
JohnyBoy's Avatar
 
Join Date: Mar 2013
Location: Navi Mumbai
Posts: 160
Thanked: 240 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by samaspire View Post
I'm buying a ford figo aspire and I have to do the insurance tomorrow by 10.30. I have planned to buy it directly from the same guys the dealer buys from - Royal Sundaram. It has a national tie up with ford.

But the dealer says that if I buy it directly, it will not be truly cashless and I have to do all the paperwork and talking to insurer for claims.

Also that after 3 claims the policy will change to comprehensive.

Any truth is these?
No. It doesn't matter where or how you buy the policy. If it is cashless or not entirely depends on whether the insurance company has tie ups with the workshop. Similarly, the policy becoming comprehensive - is nonsense. The claims process, % deduction etc depends on the policy terms, not where you buy the policy from.

The dealer is trying to scare you into buying insurance from him (and get his commission). You can ask him to match the quote you are getting direct and he will do it 100%.

Last edited by JohnyBoy : 31st October 2015 at 11:19.
JohnyBoy is offline  
Old 31st October 2015, 12:47   #3472
Senior - BHPian
 
schakravarthy's Avatar
 
Join Date: Dec 2013
Location: KA 09 / KA 02
Posts: 1,407
Thanked: 4,350 Times
Default

Quote:
Originally Posted by JohnyBoy View Post

No. It doesn't matter where or how you buy the policy.
Are you sure about this?

My car is insured with National Insurance, the policy issuing office being located at Bangalore.
During a recent claim, despite the provider being marked as having a cashless tie-up with the Tata SVC at Mysore, I was told that the said issuing office didn't qualify for the 'cashless' procedure and that I'd have to foot the bill and then seek a refund from the insurer.
This was independently confirmed by both the SVC and the insurer.
schakravarthy is offline  
Old 31st October 2015, 13:07   #3473
Senior - BHPian
 
samaspire's Avatar
 
Join Date: Sep 2015
Location: Manipal / Udupi
Posts: 1,582
Thanked: 4,627 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by JohnyBoy View Post
The dealer is trying to scare you into buying insurance from him (and get his commission). You can ask him to match the quote you are getting direct and he will do it 100%.
I asked him to reduce his price. He denied and so I got it online and sent him the policy copy. Royal Sundaram has a tie-up with this workshop.
samaspire is offline  
Old 31st October 2015, 20:50   #3474
BHPian
 
JohnyBoy's Avatar
 
Join Date: Mar 2013
Location: Navi Mumbai
Posts: 160
Thanked: 240 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by schakravarthy View Post
Are you sure about this?

My car is insured with National Insurance, the policy issuing office being located at Bangalore.
During a recent claim, despite the provider being marked as having a cashless tie-up with the Tata SVC at Mysore, I was told that the said issuing office didn't qualify for the 'cashless' procedure and that I'd have to foot the bill and then seek a refund from the insurer.
This was independently confirmed by both the SVC and the insurer.
This is news to me.
You are buying a particular (type of) insurance coverage. The services, t&c and provisions cannot be depended on where you buy from. Is this only a case with National Insurance (and other PSU insurers).
I will check with my friends, insurance agents and others. Will update when I get some clarification.
JohnyBoy is offline  
Old 31st October 2015, 21:32   #3475
BHPian
 
Join Date: Sep 2009
Location: Dehradun
Posts: 77
Thanked: 50 Times
Default

My 2010 Nano CX met with an accident. The driver of the other car Swift Dzire at fault absconded leaving his car. The Tata Service Centre did not take my car in saying it was beyond repair. At the persuasion of TATA Motors , against my insurance claim they have now made an estimate of Rs 640000 and say I have to pay estimate charge of Rs 14000. Is this an accepted practice? Isn't the repair estimate very high ? Would be really grateful if any one could advise.The insurance cover is from Oriental. Thanks in advance.
amit162 is offline  
Old 31st October 2015, 21:33   #3476
BHPian
 
ptaneja's Avatar
 
Join Date: Jun 2008
Location: South Pole,Mars
Posts: 715
Thanked: 439 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by amit162 View Post
My 2010 Nano CX met with an accident. The driver of the other car Swift Dzire at fault absconded leaving his car. The Tata Service Centre did not take my car in saying it was beyond repair. At the persuasion of TATA Motors , against my insurance claim they have now made an estimate of Rs 640000 and say I have to pay estimate charge of Rs 14000. Is this an accepted practice? Isn't the repair estimate very high ? Would be really grateful if any one could advise.The insurance cover is from Oriental. Thanks in advance.
6,40,000 for repair vs 3,25,000 for new vehicle ?!! Wont insurance company pay off the IDV value of a totaled car ?
ptaneja is offline  
Old 31st October 2015, 22:38   #3477
BHPian
 
Join Date: Sep 2009
Location: Dehradun
Posts: 77
Thanked: 50 Times
Default

I think that is the idea since they do not want to repair it. Instead just get the insurance company to pay IDV. But the estimate preparing charges appear pretty high and I may barely get 50k or less. Plus my car was absolutely without any issues and going on fine.
amit162 is offline  
Old 31st October 2015, 22:38   #3478
BHPian
 
richie4u's Avatar
 
Join Date: Nov 2009
Location: Goa
Posts: 590
Thanked: 249 Times
Default Re: Automobile Insurance Queries? Ask me

Hey Insurance Gurus, need some advice.

I am purchasing a new car soon. My Tata Nano has insurance with NCB of 45% so is there a way that I can transfer this NCB to my new vehicle? Just to point out I am not selling my Nano and I know that next year onwards my Nano will have 0% NCB if this is possible.So If this is indeed possible then I do I go about it,can someone list out the process I have to do. My insurer is Iffco Tokio.

The other scenario, If the NCB thing does not work out, I would like to purchase my own insurance;probably online (cause the dealer quote is unsurprisingly out to me) So to get an online policy do I need to register the car first or is that later? What documents/data will I need to provide to get the insurance.
richie4u is offline  
Old 31st October 2015, 23:20   #3479
BHPian
 
Join Date: Oct 2008
Location: Bangalore
Posts: 145
Thanked: 111 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by richie4u View Post
Hey Insurance Gurus, need some advice.

I am purchasing a new car soon. My Tata Nano has insurance with NCB of 45% so is there a way that I can transfer this NCB to my new vehicle?

The other scenario, If the NCB thing does not work out, I would like to purchase my own insurance;
1. Approach your insurance company and tell them to cancel the current comprehensive insurance and issue a third-party only policy. Your experience with this approach may vary as they may be reluctant to do this and insist on a car sale papers; but it should be possible. I am not sure of finer details like if you have to pay NCB for the policy being cancelled etc.

2. IMO, you would need to provide the dealer insurance policy before they can register. last time i did this (it's been 4 years so don't recall all details) i think i got the chassis/engine details from the dealer, got the insurance policy and then gave that to the dealer.
akj123 is offline  
Old 2nd November 2015, 12:12   #3480
BHPian
 
Join Date: May 2015
Location: Delhi
Posts: 89
Thanked: 55 Times
Default Re: Automobile Insurance Queries? Ask me

This is the first time I'm renewing a Car Policy so not sure how good of a bargain am I getting. Need your help guys. Last year, I've taken the car insurance with following add-ons :

1. Insurance for all passengers ₹200,000 each
2. Zero Dep
3. paid driver insurance (though wont need it now)

The Car is Tata Zest XT Revotron and the existing policy is from Oriental and costed me about ₹18,500/- including taxes. Currently, the best quote I'm getting is from New India for ₹11,700 (incl. taxes) with all above add-ons and IDV of ₹5,12,000. Along with that, Bajaj Alli. is giving me a quote of ₹12,500/- for the same. These quotes include 20% NCB as well.

Suggestions??
devilicious 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