[ghodlur]

Originally Posted by JMaruru

So you mean to say, for policybazaar they have a difference policy than the one they offer on their official website. Why would they do so?

If so, I just have to shortlist insurers on policybazaar and buy it from their official website.

Insurance cos do not have different policies for one on their website and one for Policy Bazaar. Policy bazaar in an attempt to sell policies often sell without the actual terms and conditions and this mostly applies to the add on covers.

It is best to use Policy Bazaar only for premium quotes and comparison, the shortlisted one can be bought online on the Insurance co's website. If the online price is way different from the ones quoted on Policy Bazaar then same to be discussed with both to under stand the huge disparity and who is the correct one.

Originally Posted by archat68

How can I take a policy for a new car from policybazar? What are the documents that needs to be submitted? Please clarify.

All you will need is your engine and chassis no when buying insurance for new car. If you have previous NCB, then NCB certificate would be required. You don't need any documents for new car insurance.

[tilt]

Originally Posted by ghodlur

You are already a high risk customer for BA due to claims in two successive years. Imagine you paying approx 20K for premium and claiming 60K in return is actually a loss for BA. Hence they would not offer you the said package. Did you try getting the zero dep add on cover separately? I don't think there is any specific add on cover for gearbox.

If BA is not offering you the said deal, try with those Insurance co with which your workshop has cashless tie ups.*SNIPPED FOR RELEVANCE*

Thank you for responding.

I paid almost a lakh as first year premium and almost 90K as second year premium, claims being 60K and unknown (for windshield). Certainly no loss for them. However, I do understand your point.

It just feels to me like they want me to buy insurance but never claim at all. Anyway...

I have one question - isn't there any concept of fault assignment in case of claims? I can understand if I am being penalised for a claim that arose due to my fault, but in both my claims the fault was not mine. The first claim - an eagle flew low across my car and got hit, in the second case it was a stone-chip. Not my carelessness or negligence or anything.

At least in North America, they have the concept of "no-fault_ where any claims made where fault was not assigned to me is not considered to be a claim for the purpose of no-claim-bonus. Here it seems to be that any claim irrespective of fault is penalised. That is not fair. But hey, I have always maintained since I was an adolescent that insurance is the biggest scam going on. Dad and I used to have huge fights about this - he was an insurance surveyor and loss-adjuster, and I have passed the exams too to qualify to be one.

There is separate coverage for engine/gearbox with other insurers and that's what I finally did - went from Bajaj-Allianz to Bharti-Axa. Still, the premium is around 68K. Basically the same policy as Bajaj refused to give me.

Problem is, VW has cashless tie-ups with only Bajaj-Allianz and Bharti-Axa. Well, let me elaborate: Other insurers too have cashless tie-ups with VW, but that's only limited to certain service centres in each town. The two that I mentioned have tie ups with any VW service centre in India.

Again, thanks for responding.

Cheers

[ghodlur]

Originally Posted by tilt

I have one question - isn't there any concept of fault assignment in case of claims? I can understand if I am being penalised for a claim that arose due to my fault, but in both my claims the fault was not mine.

Unfortunately there is no such concept in India. Irrespective of the fault, its the car which gets damaged and is liable for claims.

So you are now an Insurance surveyor, good for the forum. You can now give more insights to the Insurance related queries.

I don't think any manufacturer will have national tie ups with two Insurance co, if that's the case then better. Check out with which Insurance co other than the two you mentioned have a cashless tie up with the workshop where you would normally service your car.

[tilt]

Originally Posted by ghodlur

*SNIP*
So you are now an Insurance surveyor, good for the forum. You can now give more insights to the Insurance related queries.*SNIP*

Oh no, I am not. I wrote the exams and qualified around thirty years ago, and never had any intention of pursuing it as a career (I only did it to be able to argue with my father without being ignorant of the industry and practices); so any "knowledge" I now have is either obsolete or completely incorrect.

Cheers

[tortoise]

I have got a question on zero depreciation insurance. We purchased a zero depreciation insurance that came as benefit along with the car. Essentially, the dealer is paying for insurance. When I checked the IDV value, it is quoted as lower than the Ex-showroom value by huge margin. The insurance cost is also lower than what was declared in the cost breakdown while booking. When I confronted the dealer, I was told that for zero dep insurance the IDV will always be lower than the ex-showroom price by 5 percent. Would like to understand if this is true.

[Vysakh]

Originally Posted by tortoise

I have got a question on zero depreciation insurance. We purchased a zero depreciation insurance that came as benefit along with the car. Essentially, the dealer is paying for insurance. When I checked the IDV value, it is quoted as lower than the Ex-showroom value by huge margin. The insurance cost is also lower than what was declared in the cost breakdown while booking. When I confronted the dealer, I was told that for zero dep insurance the IDV will always be lower than the ex-showroom price by 5 percent. Would like to understand if this is true.

It's not specific to Zero Dep. IDV is 95% of ex showroom price for comprehensive as well.

[ghodlur]

Originally Posted by tortoise

I have got a question on zero depreciation insurance. We purchased a zero depreciation insurance that came as benefit along with the car. Essentially, the dealer is paying for insurance. When I checked the IDV value, it is quoted as lower than the Ex-showroom value by huge margin. The insurance cost is also lower than what was declared in the cost breakdown while booking. When I confronted the dealer, I was told that for zero dep insurance the IDV will always be lower than the ex-showroom price by 5 percent. Would like to understand if this is true.

The dealer is fooling you. IDV is no way related to the zero depreciation, but zero depreciation add on cover cost is dependent on the IDV. The dealer is right in saying that the IDV for a new car would be 5% less than the ex showroom rate but again not because of zero dep.

[vinukm]

Originally Posted by JMaruru

My 2009 old swift VDi is up for renewal by 15th. The National Insurance via Maruti Insurance is quoting me INR 82XX/- as premium and when i check on policybazaar am able to get quotes around INR 55XX - 62XX/- as annual premium. The Maruti insurance guys are saying ease of claim/no hassles/cashless transactions at their dealerships as their unique proposition.

Does these guys NOT honor insurance bought online? Are they just plain blackmailing us to go via them? They are easily 25% more than the online market rates. Am I missing anything here?

Please advise.

I am in the same delimma now. I have received a quote from Maruti Insurance for my CIAZ which is higher than my previous premium with NCB. The difference is 4K from a competitive quote. When I checked with the competitor he said the dealer does not have a tie up with the insurance company and hence he cannot avail cashless in that dealership.
It looks like a nexus between the insurance companies and the dealership. End of the day its the users who lose :(

[JMaruru]

Originally Posted by vinukm

I am in the same delimma now. I have received a quote from Maruti Insurance for my CIAZ which is higher than my previous premium with NCB. The difference is 4K from a competitive quote. When I checked with the competitor he said the dealer does not have a tie up with the insurance company and hence he cannot avail cashless in that dealership.
It looks like a nexus between the insurance companies and the dealership. End of the day its the users who lose :(

This time, I buckled to the pressure from the dealer and have gone with him. For next renewal shall prepare ahead, and will go with a competitive service.

This is a day time loot from Maruti and their dealers!

[earthian]

I had asked my dealer to provide me with the Star Protect Platinum policy of Mercedes-Benz, which in a nutshell covers this:

I received this today and i was curious to understand whether what was promised has been delivered or not:

Could some expert kindly comment?

[ayankm]

I have to renew my car's (Hyundai Eon 1.0, 2016 June registered) insurance by next couple of months and I am getting the following quotes from calls by agencies (most of them are claiming they have tie up with Hyundai) as well as online portals like coverfox, turltemint etc.
Any assistance on which insurance would be better?
I currently have insurance from New India Assurance.

1. New India Assurance - 12,064 with IDV of 3.36L (zero dep + towing charges + engine protect + return to invoice)

2. Future Generali - 12,718 with IDV of 4L (zero dep + loss of keys + loss of personal belonging + RSA)

3. ICICI Lombard - 11,188 with IDV of 3.65L (zero dep + RSA + Keycover)

4. Reliance - 14,185 with IDV of 3.8L (zero dep)

5. Bharati AXA - 12,627 with IDV of 3.8L (zero dep + RSA + legal liability paid driver)

6. Bajaj Allianz - 12,482 with IDV of 3.8L (zero dep + RSA + engine protect)

7. Oriental Insurance - 10,277 with IDV of 3.57L (zero dep)


Also, is there any tool that I can use to determine the IDV of my vehicle?
If someone can throw some light on the rule that insurance companies use to come with the IDV.

Thanks in advance.

[promit]

I am about to enter the fourth year of ownership for my 2014 Hyundai Grand i10 and need to renew insurance. Quotes that I have been receiving are ~13K for Tata AIG & HDFC Ergo for zero depreciation coverage. Only thought is that I have paid exactly 12-13K for year 2 & 3 as well. Am I missing something? Is this solely because of the increase in the third party premium?

Secondly, I see IDV range to be between 2.75L and 4L. What would be ideal?

Thanks in advance.

[binand]

Originally Posted by ayankm

Also, is there any tool that I can use to determine the IDV of my vehicle?

I think the insurance company has some leeway in fixing the first IDV (for a brand new vehicle coming out of the showroom). The rules only say that the IDV has to be "based on listed selling price".

For renewals, it follows this pattern:

1. First renewal (vehicle considered as "exceeding 1 year of age"): 20% depreciation.
2. Second renewal: 30% depreciation.
3. Third: 40%
4. Fourth: 50%.

(Percentages to be calculated on the first IDV and not the previous year's).

Beyond this, it is again left to the insurance company. In my case for one car HDFC Ergo reduces the IDV by 10% of the previous year's every year, but for the other car Tata AIG did it only by 5%. And when I switched from Tata to HDFC, they (HDFC) reduced the IDV for that year by 30% - to adjust for the lower depreciation of Tata - and then onwards 10% like the other car.

[ghodlur]

Originally Posted by ayankm

Also, is there any tool that I can use to determine the IDV of my vehicle?

There is a calculation mentioned in every Insurance policy. It is % of depreciation based on the year of ownership times the ex showroom rate of the model/variant. Generally this calculation is widely disregarded to the easier calculation of 10% less than last year's IDV. The reason being un updated database of the Insurance co of the ex showroom rates and the fluctuating car prices.
The best way to start is
1) Calculate the correct IDV
2) Confirm with with Insurance co does the workshop has a cashless tie up.
3) Check with those Insurance co either on their official websites or any comparator sites like Policy bazaar or coverfox to estimate the premium.
4) Take informed decision and buy the Insurance cover

Originally Posted by promit

Is this solely because of the increase in the third party premium?

Secondly, I see IDV range to be between 2.75L and 4L. What would be ideal?

Yes, the hike over the last couple of years in the TPL premiums have been substantial and coupled with service tax component to increase the premium of Insurance cover.

Please check the above explanation of calculating the correct IDV.

[ghodlur]

Originally Posted by JMaruru

This is a day time loot from Maruti and their dealers!

This is clearly arm twisting tactic by the Maruti dealers. You should bring this out to MS management, post on their official FB pages and other social networking sites. Parallely write to IRDA also. Atleast someone might benefit from your attempts.

Originally Posted by earthian

I received this today and i was curious to understand whether what was promised has been delivered or not:

All the add on covers opted in the said package are being charged to you as per the invoice. Have you received the wordings of the add on covers too, suggest you go through them to understand the T&C.

Is this a new car insurance?

The premium is quite hefty one.