![]() | #376 |
BHPian ![]() Join Date: Oct 2007 Location: Mumbai
Posts: 103
Thanked: 7 Times
| ![]() 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?????? Last edited by swapnil.rahate : 10th August 2009 at 15:53. |
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![]() | #377 |
BHPian ![]() Join Date: Aug 2007 Location: chennai
Posts: 484
Thanked: 11 Times
| ![]() 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. |
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![]() | #378 | |||
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
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Get quote from other insurer also. Quote:
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. Quote:
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![]() | #379 |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
| ![]() 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: -
Benefit's under CARE plan I will post it later. Last edited by rjvora_2000 : 19th August 2009 at 09:18. |
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![]() | #380 |
BHPian Join Date: Oct 2005 Location: @ Driver's Seat @
Posts: 701
Thanked: 104 Times
| ![]() 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 |
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![]() | #381 | |
Senior - BHPian Join Date: Dec 2006 Location: pune
Posts: 2,066
Thanked: 1,562 Times
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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. | |
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![]() | #382 | |
BHPian Join Date: Oct 2005 Location: @ Driver's Seat @
Posts: 701
Thanked: 104 Times
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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 ? Last edited by lambuhere1 : 19th August 2009 at 10:52. | |
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![]() | #383 | |
Senior - BHPian Join Date: Dec 2006 Location: pune
Posts: 2,066
Thanked: 1,562 Times
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Depreciation on anti-theft device: May be insurance expert 'rjvora_2000' can answer this. My knowledge is limited about car insurance. | |
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![]() | #384 | |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
| ![]() Quote:
![]() 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. | |
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![]() | #385 |
BHPian Join Date: Oct 2005 Location: @ Driver's Seat @
Posts: 701
Thanked: 104 Times
| ![]() @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 |
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![]() | #386 |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
| ![]() 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. |
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![]() | #387 |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
| ![]() 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. |
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![]() | #388 |
BHPian Join Date: Dec 2008 Location: Hyderabad
Posts: 259
Thanked: 5 Times
| ![]() 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? |
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![]() | #389 | |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,656
Thanked: 47 Times
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![]() | #390 | |
BHPian Join Date: Dec 2008 Location: Hyderabad
Posts: 259
Thanked: 5 Times
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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. Last edited by straightdrive : 21st August 2009 at 17:03. | |
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