[swift_guy]

Originally Posted by sanchari

I am looking at zero depreciation policies for Ertiga on policybazaar.com. The agent sent me quotes. New India Assurance is the cheapest and has the highest IDV value. HDFC Ergo has the next highest IDV (around Rs 50k less than NIA), and premium is around Rs 3000 more than NIA. However, HDFC Ergo offers the following additional features over NIA. I am confused on whether to go with HDFC Ergo or NIA. Should I just go with whatever has the highest IDV?

Cashless garages
On site Minor Repairs
Duplicate Keys
Locked/Lost Keys
Battery Jump Start
Tyre Change
Fuel Delivery
Emptying of Fuel Tank

In this case, go with HDFC Ergo.

If you want highest IDV, during the search (or refine) process on PolicyBazaar, manually enter the IDV of your choice and it will show quotes as per your desired IDV. It is generally better to go for insurance policies with cashless and locked/lost keys features.

[ghodlur]

Originally Posted by sanchari

Should I just go with whatever has the highest IDV?

Please dont get enamoured by the quotes which offer highest IDV. You will end up in over insuring your car. Calculate the correct IDV and get quotes accordingly. Use Policybazaar only for comparison of the quotes. When buying visit the Insurance co website online.

When comparing quotes on Policybazaar, cross check if the features mentioned on their website is provided actually by the Insurance co.

[raghuvir]

I have a zero depreciation policy with ICICI Lombard since 2013 for my Harley Superlow. Recently I went through a pothole. Both the alloy wheels have a bend each at the lip, both about 2 inches long. I was advised by the service guys to claim insurance and have both replaced as there is a slight wobble when going over 100km/h. Also, I do long distance riding throughout the year and I was advised that a bent lip might lead to serious trouble. In the meanwhile, the rear fender was also hit by a two wheeler resulting in deformation below the tail light. Insurance surveyor says that my claim is denied as going through a pothole is not considered as an accident and also that the deformed fender is showing rust which means this happened long while ago.
When I told him that I am aware that they have covered bent alloys earlier, and can give them details of other Harley owners whose claims they have settled, he said that they used to do it earlier, and now they don't!! He has told me over the phone that my claim is rejected.
Cost of new alloys and fender is approximately Rs. 80,000. No, it's not a typo, Harley parts are priced exorbitantly high and that's the only reason why almost every Harley owner shells out a bomb for a zero depreciation policy.
I guess I need to fight it out with ICICI. The question is how?

[razorBlades]

Planning to get an insurance from Royal Sundaram for brand new Hyundai Creta. They said on their zero dep policy, we can do as many claims as possible (in contrast with 2 claims, then it becomes a normal policy). Does anyone here hold insurance from Royal Sundram can validate this please?

[ghodlur]

Originally Posted by raghuvir

Insurance surveyor says that my claim is denied as going through a pothole is not considered as an accident and also that the deformed fender is showing rust which means this happened long while ago.

The Surveyor is BSing you. The alloy got bent due to an accidental cause and you are entitled to claim. The surveyor would try to argue the alloy issue and rear mud guard issue as two separate claims. If so, then I think alloy replacement is of priority. Ask the Surveyor to give in writing that the claim is rejected and tell him on the face that you are filing a case in consumer court. Alternatively write to ICICI Lombard regarding the issue and support it with the reference of other Harley owners who have got the alloys replaced in zero depreciation case. Mention clearly that in case of non acceptance of claim, you will be forced to file a case with Insurance ombudsman.

Originally Posted by razorBlades

They said on their zero dep policy, we can do as many claims as possible (in contrast with 2 claims, then it becomes a normal policy)

As per the wordings available on their website for depreciation waiver add on cover, there is no mention on the limit of claims, so it is safe to assume that it should be unlimited unless RS has a seperate wordings other than that displayed online. Re confirm the same in writing again before taking an informed decision.

The Last time I had policy from RS with zero dep add on cover, the limit to claims under the cover was two after which any claims would be treated as normal.

[raghuvir]

Originally Posted by ghodlur

The Surveyor is BSing you......

Had a chat with my agent who in turn spoke with the Insurance guys. Now, they are offering to let go of the "rust" issue and approve the rear fender claim but deny the alloy wheels claim. My agent told me that recently insurance companies have received a notification from IRDA that they have to only approve the last claim. Which basically means, if you go through 2 accidents in one day you can claim for only one of them. Tried searching for the notification, but no luck. I think its the usual BS. I think I will stick with the alloys claim and let go of the rear fender, which IMHO can be repaired. If not that, then I'm taking ICICI headon.

[KK_HakunaMatata]

Hi Guys,

Need some inputs.

After following up for 1 month I have finally received NCB certificate from Oriental mentioning that I am eligible for 25% NCB based on my car insurance policy I had with them (I sold my car in the month of Sep 2015).

My query is, my current insurance policy with Bajaj Allianz for Corolla is next due for renewal in the month of Sep 2016. Should I wait for next renewal to produce the NCB certificate or is there any way I can produce now and get the refund of excess amount paid on the insurance.

Also just to add, I bought pre-owned Corolla in Sep 2015 and insurance policy was taken by the previous owner and I got the policy transferred to my name.

Thanks in advance.

Regards,
KK

[ghodlur]

Originally Posted by KK_HakunaMatata

Should I wait for next renewal to produce the NCB certificate or is there any way I can produce now and get the refund of excess amount paid on the insurance.

Since the Insurance is already paid for the policy year, Insurance co will not to be forthcoming for a refund. You can use the NCB letter during the insurance renewal. But assuming that you will have a claim free year the applicable NCB would be 20% only. Producing the NCB letter for that extra 5% is not going to a huge savings.

Ideally you should have cancelled the Insurance on the car while buying and bought a new Insurance using the applicable NCB. This could have saved a good amount on the Insurance.

Tip: In case (god forbid) you need to make the claim till you renew in Sept 2016, go ahead and do it. This way you can still use the NCB and save on the Insurance premium.

[KK_HakunaMatata]

Originally Posted by ghodlur

Since the Insurance is already paid for the policy year, Insurance co will not to be forthcoming for a refund. You can use the NCB letter during the insurance renewal. But assuming that you will have a claim free year the applicable NCB would be 20% only. Producing the NCB letter for that extra 5% is not going to a huge savings.

Ideally you should have cancelled the Insurance on the car while buying and bought a new Insurance using the applicable NCB. This could have saved a good amount on the Insurance.

Tip: In case (god forbid) you need to make the claim till you renew in Sept 2016, go ahead and do it. This way you can still use the NCB and save on the Insurance premium.

Thanks ghodlur. I expected that you would answer my query and here you are .

I didn't knew that I can get NCB certificate when I was selling and buying car. Only after reading this thread I got to know and took one.

Have one follow up question. I guess I cannot make a claim on pre-existing dents right. If I can claim for this by any chance I would wish to make a claim before renewal.

[ghodlur]

Originally Posted by KK_HakunaMatata

I guess I cannot make a claim on pre-existing dents right. If I can claim for this by any chance I would wish to make a claim before renewal.

Correct. Generally for pre owned cars, the Insurance co before issuing the policy do inspect the cars. In your case if its done, then surely the dents must have been noted, photographed. So you would not be able to claim on repairing those dents.

But then always there can be bigger dents close to the existing spots isnt it?

[bharatbits]

I might be getting home a Dzire Tour today. I have 2 queries:

1. My old car has 50% NCB which i plan to sell. Can i carry that NCB to my new car given that the old car is registered in my dad's name and the new car will be registered in my mom's name. Reason for registering on different names is in Telangana (and a few other states too) you have to shell out 14% of the ex show room price of the vehicle if you already have a 2 wheeler/ 4wheeler on your name. Else, it is 12%.

2. When i took insurance quotes online i got a quote with IDV almost half of the ex show room price of the car. No wonder the premium was less too. I have an option of going in for a nil dep add on cover over this. If i choose this policy will that be a good idea? I mean even if the IDV is less nil dep should ensure you get covered fully say a biker crashes into my rear door and that needs replacement. Am i right in thinking so?

Look forward to replies soon as i need to finalize things in a few hours. Thank you.

[KK_HakunaMatata]

Originally Posted by bharatbits

I might be getting home a Dzire Tour today. I have 2 queries:

1. My old car has 50% NCB which i plan to sell. Can i carry that NCB to my new car given that the old car is registered in my dad's name and the new car will be registered in my mom's name. Reason for registering on different names is in Telangana (and a few other states too) you have to shell out 14% of the ex show room price of the vehicle if you already have a 2 wheeler/ 4wheeler on your name. Else, it is 12%.

2. When i took insurance quotes online i got a quote with IDV almost half of the ex show room price of the car. No wonder the premium was less too. I have an option of going in for a nil dep add on cover over this. If i choose this policy will that be a good idea? I mean even if the IDV is less nil dep should ensure you get covered fully say a biker crashes into my rear door and that needs replacement. Am i right in thinking so?

Look forward to replies soon as i need to finalize things in a few hours. Thank you.

NCB goes with the person and so it cannot be transferred to the new car if it is registered in another persons name.

As I have known, IDV for a new car would be 20% lesser than the ex-showroom price. Going with half the ex-show room price as IDV is not advisable IMO.

Also, please use online policy portals only to compare the policies and if you want to buy, call the company directly as you may get good deals. You will have the option of changing the IDV when you are buying a policy, even in the policy portals.

[callvvijay]

Insurance experts, I had posted a query regarding buying a new insurance in another thread. Not sure if that's the right place. Just posting the URL of my post

http://www.team-bhp.com/forum/showthread.php?p=3913034

Can you please help?

Mods: didn't realize of this thread and am unable to edit now. Please excuse

[ghodlur]

Originally Posted by callvvijay

Can you please help?

Pasting your query here:

I'm going by this route - planning to buy my own insurance for my planned Xcent. Need some help on this -

1. What exactly is the process?
On inquiring with a couple of PSU insurance providers (New India and National), I was told that I will just have to bring in the invoice copy and they would provide me the insurance

2. One of the providers said that they will right-away issue the 'Cover-Note' - and the actual insurance will follow (in a couple of days). Is it possible to go for registration with this 'Cover-Note'? Or, the actual insurance copy mandatory for registering the vehicle?

Its good that you intend to buy the Insurance for your car on your own. Its a fairly simple process.
1. Confirm with the dealer about the ex showroom cost of the car. Pls confirm if the ex showroom cost includes any local taxes too. Also get the details of the car such as engine no, chassis no.
2. Confirm with the dealer with which Insurance co do they have a cashless tie up. Note there is always an Insurance co which has a national tie up with the manufacturer (in your case Hyundai) which means that this Insurance co will have cashless tie up with all workshops across the country. (For eg Future Generali is the Insurance co for Fiat cars).
3. Once you get the information on the list of Insurance co's visit their websites and get a quote on the premium. Pls remember your IDV for the first year will be 5% less than the ex showroom cost. Also remember, most of the Insurance co do not have an updated database on the current ex showroom cost, hence ensure that IDV is manually entered if the calculated IDV on the Insurance website is incorrect. Compare the quotes and take an informed decision.
4. Once all the required information is entered online and payment made, the cover note is generated. Note that on the cover note there is no mention of the registration details.
5. Hand over the Insurance cover note to dealer to proceed with the registration.

Hope this helps.

[callvvijay]

Originally Posted by ghodlur

Its good that you intend to buy the Insurance for your car on your own. Its a fairly simple process.
2. Confirm with the dealer with which Insurance co do they have a cashless tie up. Note there is always an Insurance co which has a national tie up with the manufacturer (in your case Hyundai) which means that this Insurance co will have cashless tie up with all workshops across the country. (For eg Future Generali is the Insurance co for Fiat cars).

4. Once all the required information is entered online and payment made, the cover note is generated. Note that on the cover note there is no mention of the registration details.
5. Hand over the Insurance cover note to dealer to proceed with the registration.

Hope this helps.

Thanks a ton, ghodlur!

My dealer is not very open to talk about other insurance providers - and just says that I'll not be able to make a cashless claim. Any idea how good/bad would National, NewIndia or TataAIG be with respect Hyundai service?

Same as my above point - dealer is claiming that the insurance policy itself is mandatory for going for registration. And cover note wouldn't suffice.

I've got good quotes from National (15k) & NewIndia (17k) and the former is also ready to give me the insurance policy then & there. Not sure on which one to go for as I'm not very sure about their claim settlement and if they would provide cashless options. Tata AIG quoted ~20k and am negotiating with them too.