[swapnil.rahate]

We get benefit of NCB as discount on the insurance premium, such as if you renew the policy for the first year and not made any claims then you will get 20% discount on the current year insurance premium(which is decreased because the car value is depreciated). So if we are making a claim which will be higher than the discount given by the insurer then we should go ahead and make the claim. Am I right??????

[ikoneer]

My NHC is due for renewal this sep 09. What are the offers currently prevailing for ins renewal. I have also made a claim due to which i may not get a NC bonus. Are there any other discounts?

I have been with Royal Sundaram and the experience so far has been very good. Should i change to any other players or hold to Royal Sundaram.

[rjvora_2000]

Originally Posted by AbhiJ

IDV Value = 615090
Insurance Quote = 12600 from bajaj... no ncb transfer.
Am i getting a good deal?

No this is a bad deal as they are not shifting the NCB ask them why they are not offering the NCB? what is the % of other discount?

Get quote from other insurer also.

Originally Posted by swapnil.rahate

We get benefit of NCB as discount on the insurance premium, such as if you renew the policy for the first year and not made any claims then you will get 20% discount on the current year insurance premium(which is decreased because the car value is depreciated). So if we are making a claim which will be higher than the discount given by the insurer then we should go ahead and make the claim. Am I right??????

yes you are right, you should claim.

Understanding of 20% discount is wrong - If you make the claim then you don't get the NCB only depreciation benefit.
If you don't make the claim then you get depreciation benefit + 20% NCB.

Originally Posted by ikoneer

My NHC is due for renewal this sep 09. What are the offers currently prevailing for ins renewal. I have also made a claim due to which i may not get a NC bonus. Are there any other discounts?

I have been with Royal Sundaram and the experience so far has been very good. Should i change to any other players or hold to Royal Sundaram.

If you are happy with one insurance company after claim then you are in a best hand's. - Don't change insurance companies unnecessary.

[rjvora_2000]

Dear Friend's,

After Tata-Aig now Cholamandalam is offering a different product for our car's. The product is called Chola protect, which has 4 different sub-plan's. They are called as Optima, Superior, Elite, 360. Under all the 4 plan's there are few common thing's which are payable like: -

1. Loss of driving license - Rs. 500/-
2. Loss of car key - Rs. 1000/-
3. Loss of personal luggage - Rs. 10000/-
4. Daily cash in case the car in garage - Rs. 500/- in Optima plan and Rs. 1000/- in all other plan's. (Maximum 5 day's in a year.)
5. Elite plan has depreciation waiver benefit - 100% for first two year's, 75% for less then three year's and 50% for the vehicle age less then 5 year's.
6. 360 plan has a cover of replacement of the car - only for age 2 year's of the car.
7. One more benefit called CARE which has lot of sub benefit covered under two different plan's, one is Standard and other is Executive.

Remember there are no discount in this plan's only NCB is given. NCB is not affected if you are claiming point 1,2,3 and few features of CARE plan. There are no changes as far as TP insurance is concern.

Benefit's under CARE plan I will post it later.

[lambuhere1]

Guys, I need a clarification on simple questions. I believe its answered in here, But I need to get my insurance renewed today. So very short time

Previous Insurance : Royal Sundaram

1. How is the current IDV calculated ? Is it the depreciation on last year IDV or based on current years Invoice Value and then add depreciation

2. Is NCB Calculated on OD Basic Premium ? Or is it calculated after discount on OD Basic Premium? What I am asking is NCB Calculated before or after discount on OD Premium ?

Quick Reply is highly appreciated

[sukiwa]

Originally Posted by lambuhere1

1. How is the current IDV calculated ? Is it the depreciation on last year IDV or based on current years Invoice Value and then add depreciation

2. Is NCB Calculated on OD Basic Premium ? Or is it calculated after discount on OD Basic Premium? What I am asking is NCB Calculated before or after discount on OD Premium ?

1. IDV is calculated after applying depreciation on last year IDV. Depreciation is usually 10% after 3rd year.
2. NCB is usually applied after calculating OD premium and special discount if any.

Following example (for cars with 1000cc - 1500cc engine) will explain you better.

Last year IDV 261900
IDV for current year 235800

Own Damage(OD) premium @ 3.283% 7741
Special discount (35%) 2709
NCB (25%) 1258
Total OD premium 3774

Liability 1175
Service tax (10.3%) 510
Total premium 5459

To know more about these calculations, read post by 'csentil' on page 2 of this thread.

[lambuhere1]

Originally Posted by sukiwa

1. IDV is calculated after applying depreciation on last year IDV. Depreciation is usually 10% after 3rd year.
2. NCB is usually applied after calculating OD premium and special discount if any.

Following example (for cars with 1000cc - 1500cc engine) will explain you better.

Last year IDV 261900
IDV for current year 235800

A. Own Damage(OD) premium @ 3.283% 7741
B. Special discount (35%) 2709
C. NCB (25%) 1258
D. Total OD premium 3774

Liability 1175
Service tax (10.3%) 510
Total premium 5459

To know more about these calculations, read post by 'csentil' on page 2 of this thread.

Thanks a ton honey for your reply.

Even I was thinking on similar lines, But the quote I received from the dealer tells me that they dont do it this way.

They take the current years invoice price of the said model, deduct the depreciation of 30% [ car bought in 2007 for me ] and perform all the calculations

Dont know if this is correct or not. Not that it makes much difference, but still...

I was under the impression that NCB [C] listed above is 25% of A, and not 25% of [ A-B ]. Is it actually 25% of [ A - B ] ?


Thanks a ton for the link honey. Will look into the same.

Edit: Does depreciation apply for Anti Theft devices also. Like I-Cats ?

[sukiwa]

Originally Posted by lambuhere1

I was under the impression that NCB [C] listed above is 25% of A, and not 25% of [ A-B ]. Is it actually 25% of [ A - B ] ?

Edit: Does depreciation apply for Anti Theft devices also. Like I-Cats ?

Yes, NCB is calculated after deducting discount if any[A-B]. If insurance company calculates it on base OD premium [A], they would end up paying too much discount.

Depreciation on anti-theft device: May be insurance expert 'rjvora_2000' can answer this. My knowledge is limited about car insurance.

[rjvora_2000]

Originally Posted by lambuhere1

"they dont do it this way."

They take the current years invoice price of the said model, deduct the depreciation of 30% [ car bought in 2007 for me ] and perform all the calculations

Dont know if this is correct or not. Not that it makes much difference, but still...

I was under the impression that NCB [C] listed above is 25% of A, and not 25% of [ A-B ]. Is it actually 25% of [ A - B ] ?


Thanks a ton for the link honey. Will look into the same.

Edit: Does depreciation apply for Anti Theft devices also. Like I-Cats ?

Dealer's way is not the correct way - tell him that. Tell him to check the policy wording in the policy.

IDV means - Insured Declared Value, which is you and not HIM.

Depreciation is applicable to each and ever part of the car, Tape, AT-Device also.

[lambuhere1]

@Sukiwa, Thanks for your clarification

@rjvora_2000, Was eagerly looking for your thoughts on the same. Will definitely get back to the dealer on the same.

Thanks for all your replies

[rjvora_2000]

I would like to tell you guy's one more point that it doesn't make any difference how you calculate the total OD premium will not change.

If you reduce NCB first and then special discount or you reduce special discount first and then NCB, total will not change.

[rjvora_2000]

Dear Friend's,

Some of you must be knowing this fact but for others this information may be help full that how you have been charging the basic Third Party (TP) premium?

TP is charged on the basis of the cubic capacity (CC) of the car.

Not exceeding 1000 cc - TP is Rs. 670/-
Exceeding 1000cc but not exceeding 1500 cc - TP is Rs. 800/-
Exceeding 1500 cc - TP is Rs. 2500/-

Remember there is no other way or parameter on which TP is charged.

[straightdrive]

My insurance policy is due for renewal in a few days. The car is almost two years old. Have been getting calls from the dealer asking me to renew the policy through them and not by paying directly to the insurance company. It seems they have a tie-up with Reliance General Insurance.

The dealer is offering a 29% discount (in addition to 25% NCB and after taking 10% depreciation) and about Rs.2000/- worth of coupons for car service and washing. Total benefit works out to about 5800. The dealer's rep. visited me today and was very disappointed when I said I would get back to him - he told me he gets "points" for every customer who renews a policy through him.

My question - is there likely to be a catch somewhere? I am surprised the dealer is offering me this two years after buying the car. This seems to be a new offer. Last year they just called me to remind me that the renewal date was coming up. I suppose they have some arrangement with the insurance company?

[rjvora_2000]

Originally Posted by straightdrive

My question - is there likely to be a catch somewhere? I am surprised the dealer is offering me this two years after buying the car. This seems to be a new offer. Last year they just called me to remind me that the renewal date was coming up. I suppose they have some arrangement with the insurance company?

No catch or anything these are the normal sales talk. You should ask for more discount I think, you should get 35% (+NCB) discount as you have not been claiming anything. Search of some other GOOD insurance company other then Reliance and Icici, those are the two bad boys of insurance company.

[straightdrive]

Originally Posted by rjvora_2000

No catch or anything these are the normal sales talk......... You should ask for more discount I think, you should get 35% (+NCB) discount as you have not been claiming anything.......

Thanks rjvora_2000.

I found later that I will get 35% if I renew it directly at the company - it seems they don't permit the dealer to offer more than 30%. Will see how it compares in cash terms with the additional benefits the dealer is willing to give.