![]() | #3961 |
BHPian Join Date: Mar 2010 Location: Bangalore
Posts: 406
Thanked: 195 Times
| ![]() Just a heads up, IRDA has renewed third party premium rates ![]() Motor.pdf Last edited by RaguHolla : 18th April 2017 at 09:11. |
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![]() | #3962 |
BHPian ![]() Join Date: Jan 2016 Location: Ahmedabad
Posts: 593
Thanked: 2,048 Times
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![]() | #3963 |
Senior - BHPian ![]() | ![]()
Why are you shocked may I ask ? Are you talking about the premium for the "add on covers" The OD sum Insured is INR 58,00,000/- that makes it an OD premium rate of about 1.37% (OD Prem: 79,814) Aren't rates in that range - 1.15 to 1.45% usually (after the so called de-tariff discount) for private cars ? On cost of "add on covers" no comments. Best Regards & Drive Safe Ram |
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![]() | #3964 | |
Senior - BHPian ![]() Join Date: May 2008 Location: Bangalore
Posts: 1,124
Thanked: 476 Times
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![]() IRDA brought this because there were lots of claims and was leading to losses for the insurance companies. What about the losses to the general public who do not make any claims? There should be a mechanism for refund of certain amount of the TP premium if no claim has been made. | |
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![]() | #3965 |
Senior - BHPian ![]() Join Date: Dec 2009 Location: Kolkata/NCR
Posts: 1,624
Thanked: 1,965 Times
| ![]() Guys I am really frustrated with the amount of insurance premium I have to pay every year. It just keeps on increasing every single year. My insurance is with TATA AIG and I paid a premium of INR (IDV: INR 3,15,000) 11,990 last year. In spite of having accumulated NCB of 2 years, this year's premium is more INR 12,500. I have been trying to obtain the break up of the amount as i want to compare the components. I asked the TATA AIG guy who called me for renewal to send me the break-up but he did not. The standard reason that they give is "Sir, 3rd party insurance has become expensive". Any way out. Please suggest. Car: Hyundai i20 Year: 2011 Note: The insurance policy includes zero depreciation clause. Last edited by Pancham : 18th April 2017 at 14:49. |
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![]() | #3966 | |
Team-BHP Support ![]() Join Date: Sep 2010 Location: All over!
Posts: 6,069
Thanked: 11,930 Times
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One reason could be selecting a higher IDV than the system recommended, which raises the premium. Another could be, selecting more services (roadsite assistance, key replacement etc.) Try websites such as policybazaar or another vendor. | |
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![]() | #3967 |
BHPian ![]() Join Date: Mar 2011 Location: Ludhiana
Posts: 756
Thanked: 637 Times
| ![]() So I did convince the Maruti guys to give me a quotation without insurance. The manager still insists that I am wrong and that we cannot buy liability only insurance for a new car. I am unable to find anything online regarding this. I need help from you guys to figure it out. |
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![]() | #3968 | |
BHPian ![]() Join Date: Sep 2013 Location: Canada / B'lore
Posts: 681
Thanked: 2,027 Times
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So, I emailed VW about this notification, and they said they have forwarded this to Bharti-Axa and will let mw know once they respond. I honestly do not have any hope that my premium would come down, however insignificantly, but I am curious to see how they handle this. Cheers | |
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![]() | #3969 | |
BHPian ![]() | ![]() Quote:
A word of caution : Please demand official email from the dealership which clearly shows that the car has been allocated to your name and verify the Engine and Chassis numbers. For the number (while performing the insurance) you can enter NEW. Also, please select the insurance company from the policy bazaar webpage, but perform the insurance from the respective company's official site. There are two reasons for that (though during mine, I was only aware of the former) :-
This is how I performed the insurance of my new car and saved a good amount (bypassing the dealership). Likewise, you can you also perform the self registration at RTO and end up saving at least 10K there. | |
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![]() | #3970 | |
Senior - BHPian ![]() Join Date: Dec 2009 Location: Kolkata/NCR
Posts: 1,624
Thanked: 1,965 Times
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Let me check after reducing the IDV although I doubt it would make a big difference. Cab any one please confirm if I can avail zero depreciation policies since my car is a 2011 model. I had zero depreciation last though but the policy bazaar guy said I cannot since my car is more than 5 years old. Last edited by khan_sultan : 28th April 2017 at 09:39. Reason: Edited quoted post for better readability | |
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![]() | #3971 |
Senior - BHPian ![]() | ![]()
If you have a good no claim record through out your ownership, the existing Insurer might extend the zero depreciation add on cover provision to you during the renewals. But generally most of the Insurance cos offer the add on cover till 5 years of ownership only. Few are known to offer till 7 years too. |
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![]() | #3972 | |
Senior - BHPian ![]() Join Date: Dec 2009 Location: Kolkata/NCR
Posts: 1,624
Thanked: 1,965 Times
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But the policy bazaar guy said it's as per the IRDA rules that you can avail zero depreciation policy with a car more than 5 years old. What about that?? | |
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![]() | #3973 |
Senior - BHPian ![]() Join Date: Dec 2009 Location: Kolkata/NCR
Posts: 1,624
Thanked: 1,965 Times
| ![]() Guys any idea of the above? I need some suggestions to renew my insurance. |
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![]() | #3974 | |
Senior - BHPian ![]() | ![]() Quote:
PS: Pls use policy bazaar only for comparison of premium quote, I would suggest to buy from the Insurance co official website. | |
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![]() | #3975 | |
Senior - BHPian ![]() Join Date: Dec 2009 Location: Kolkata/NCR
Posts: 1,624
Thanked: 1,965 Times
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I asked them for documents to substantiate this but they just said sir this is the rule and you can it check it in the IRDA website. Policy bazaar has very silly and weird ways of doing business. They said I cannot opt for tata aig because I already had it last time. I have to opt for a different insurer this time. What logic is this? | |
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