[RaguHolla]

Just a heads up, IRDA has renewed third party premium rates. New premium rates are little less than what was published earlier. I am attaching you file with new premium rates downloaded from IRDA site at this link.
Motor.pdf

[earthian]

Originally Posted by ghodlur

Is this a new car insurance?

The premium is quite hefty one.

Thank you for responding.

How is the premium calculated? From the insurance company point of view?
What would be the break even figure?

[r_nairtvm]

Originally Posted by ghodlur

Is this a new car insurance?

The premium is quite hefty one.

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

[dass]

Originally Posted by RaguHolla

New premium rates are little less than what was published earlier.

I saw this news in the papers today. What it doesn't mention though is what about people who have already brought/renewed their insurance between the 1st and 18th of April. The reduction is quite less as well.

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.

[Pancham]

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.

[libranof1987]

Originally Posted by Pancham

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.

Very surprising that your premium is going up every year, despite not having claims.

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.

[drsingh]

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.

[tilt]

Originally Posted by dass

I saw this news in the papers today. What it doesn't mention though is what about people who have already brought/renewed their insurance between the 1st and 18th of April. The reduction is quite less as well. *SNIP*

Well, I renewed my policy the day before this announcement and paid the premium too. The policy is in effect only from May 6th though.

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

[Majumdarda]

Originally Posted by drsingh

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.

For my car purchase purchase from the Renault, below is what I did with regards to the insurance.

1. I asked the sales executive to share the quotation details, which will also have the insurance quote.
2. Now approach any site, like policybazaar etc and get the quotation for your desired car, with the particular variant.
3. Compare the rate quotes between the insurance company and the dealer. Chances are that your dealer is quoting you a higher rate.
4. Ask the dealer if he can match the rates else take the one from the insurance company.
5. To perform the actual insurance, you need the Engine and Chassis number from the dealer. He should be able to provide the same to you after you have paid the booking amount (plus a few days more to process the request)
6. Once you get the soft copy of the insurance, have it delivered to the dealership via email, so that they can perform the RTO registration.

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) :-

• The webpage of policy bazaar had a higher quote than the insurance company for the same set of options.
• Later I read, that there are differences in clauses as well between the sites advertising the insurance policies and respective insurance companies.

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.

[Pancham]

Originally Posted by libranof1987

Very surprising that your premium is going up every year, despite not having claims.
========
Try websites such as policybazaar or another vendor.

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.

[ghodlur]

Originally Posted by Pancham

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.

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.

[Pancham]

Originally Posted by ghodlur

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.

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??

[Pancham]

Guys any idea of the above? I need some suggestions to renew my insurance.

[ghodlur]

Originally Posted by Pancham

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??

IRDA has not set any rules about zero dep add on cover to be provided for car with ownership of not more than 5 yrs. It is upto the Insurance co to provide the same. Have you communicated to Policy bazaar to provide any document to substantiate their statement.

PS: Pls use policy bazaar only for comparison of premium quote, I would suggest to buy from the Insurance co official website.

[Pancham]

Originally Posted by ghodlur

IRDA has not set any rules about zero dep add on cover to be provided for car with ownership of not more than 5 yrs. It is upto the Insurance co to provide the same. Have you communicated to Policy bazaar to provide any document to substantiate their statement.



PS: Pls use policy bazaar only for comparison of premium quote, I would suggest to buy from the Insurance co official website.

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?