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Old 12th November 2017, 22:52   #4126
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Default Re: Insurance Renewal -- query

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Originally Posted by GranvilleDsouza View Post
But it makes me think I've been paying the insurance without claiming it and I should make use of it!

Suggestions welcome
No need to claim insurance. I am judging by the premium and also by the age of the vehicle, you don't have any add on covers. Moreover, old scratches/dents may be declined during an insurance claim.

However, there is a silver lining to it and it's that you can get a NCB certificate for yourself at the time of purchase of a new car and can transfer this NCB to the next vehicle, which will significantly bring down the insurance premium for the new vehicle.
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Old 12th November 2017, 23:02   #4127
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Default Re: Insurance Renewal -- query

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Originally Posted by GranvilleDsouza View Post
Car: Swift DZire 2008
NCB: 50%
Premium: 6,082
IDV: 2,00,000
Hello Sir, Did you check the online insurance renewal portals like coverfox, policybazar etc? I just checked on coverfox and the quote was coming to around Rs. 4500.

Regarding the damages that you are trying to fix, I think you should first check how much you will have to shell out from your pocket. Since your car is about 10 years old, so I am guessing it doesn't have a zero dep.
Also you will lose the 50% NCB next year if you use insurance to cover your damages. Take the call after analysing the loss & gain.

Hope this helps.
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Old 12th November 2017, 23:49   #4128
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Default Insurance Renewal -- query

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Originally Posted by tp_dominator View Post
No need to claim insurance. I am judging by the premium and also by the age of the vehicle, you don't have any add on covers. Moreover, old scratches/dents may be declined during an insurance claim.
Yes, that's the plan although will have to register the vehicle in my moms name, should not be an issue.

Quote:
Originally Posted by ayankm View Post
Hello Sir, Did you check the online insurance renewal portals like coverfox, policybazar etc? I just checked on coverfox and the quote was coming to around Rs. 4500.
I did Check cover fox for the 2lac IDV got something similar. Just went ahead with it as I didn't want any additional headache of sorts.
Yeah, won't be worth the money saved on next cars premium. Thanks for the inputs.

Last edited by moralfibre : 21st November 2017 at 09:16. Reason: Fixing format.
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Old 17th November 2017, 20:30   #4129
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Default Re: Automobile Insurance Queries? Ask me

Got my new car, two weeks back.
Got small dents and scratches in parking lot today.

Attached pics, will insurance cover it ?.

It's a zero dep insurance from Bajaj Allianz.
Should I claim it. ?

I'm yet to get the RC.
Attached Thumbnails
Automobile Insurance Queries? Ask me-psx_20171117_202654.jpg  

Automobile Insurance Queries? Ask me-psx_20171117_202633.jpg  

Automobile Insurance Queries? Ask me-psx_20171117_202600.jpg  

Automobile Insurance Queries? Ask me-psx_20171117_201947.jpg  

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Old 18th November 2017, 01:36   #4130
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by AtticusFinch View Post
It's a zero dep insurance from Bajaj Allianz.
Should I claim it. ?

I'm yet to get the RC.
Hi AtticusFinch,

This would depend on whether you have no claims bonus from your previous vehicle. If you are not claiming NCB then you should get this fixed and claim insurance.

However you can use rubbing compound and see how much paint is actually lost. If its minor scratch underneath and does not bother you then you should let it be.

Regards.
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Old 18th November 2017, 06:16   #4131
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Default Re: Automobile Insurance Queries? Ask me

I have a doubt that bugs me every time i am about to renew insurance.

My Linea Classic Plus' insurance is due for renewal in a couple of days. It's entering second year of ownership since purchased new. Now, i have a zero dep policy and am going in for a zero dep this year as well. No claims last year. Touchwood.

I got different quotes with different amounts with different IDVs. As you try to increase the IDV the premium also increases. But, since i have a zero dep policy how does the IDV matter?

Scenario 1:
Say, a biker crashes into my rear door and have to get it done under insurance. Whatever the IDV i'll get covered fully since its's zero dep. Is that right? In this scenario higher IDV or lower IDV - how does it matter?

Scenario 2:
The call centre guy told me i was right but in case of total loss you get the IDV amount. I don't understand this since i paid additional premium for zero dep which means zero depreciation on the cost of purchase (or invoice value) . So, should i not be getting full invoice value? Else, what was the point of paying the premium for zero dep if my vehicle was anyway depreciating to lower IDV s every year?

Look forward to inputs.

Last edited by bharatbits : 18th November 2017 at 06:19.
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Old 18th November 2017, 08:44   #4132
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by antardaksh View Post
Hi AtticusFinch,

This would depend on whether you have no claims bonus from your previous vehicle. If you are not claiming NCB then you should get this fixed and claim insurance.

However you can use rubbing compound and see how much paint is actually lost. If its minor scratch underneath and does not bother you then you should let it be.

Regards.
Thanks for your comment.

This is my first vehicle, haven't taken insurance for a vehicle before.

For the rear scratch, there is some dent in the body as well.The body has moved in slightly, so over a period of it should become lose and will make shattering noise. since it's a part close to regular movement, I think it might become a problem later.


1. Will they honor the claim and what will be covered by them, will they cover replacing the body parts as well ?
2. Will I not having a RC yet, have any impact on the claim.
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Old 18th November 2017, 17:26   #4133
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Default Re: Insurance Renewal -- query

My Skoda Rapid TDI Elegance 2011 insurance is up for renewal. I have only TATA AIG quote for zero dep. insurance policy. The quote I got for IDV of 5,20,00/- with 50% NCB is 21,260/-.

Here are my queries
Does this quote reasonable?
Are there any other insurer who offers zero dep. policy for 7th year of ownership with cashless claims?

On a side note, I have been paying the premium around 20K for last three years. Even though
1. NCB increased from 35% to 50%
2. IDV came down from ~7L to ~5L
But third party premium and service taxes have been increasing at much higher pace and making our life difficult
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Old 19th November 2017, 10:45   #4134
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Default Re: Insurance Renewal -- query

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Originally Posted by hillsnrains View Post
Here are my queries
Does this quote reasonable?
Are there any other insurer who offers zero dep. policy for 7th year of ownership with cashless claims?
Hi,
The quote seems pretty reasonable considering the zero dep cover and IDV. Other insurers like Iffco tokio and New India do offer zero dep cover for the 7th year of ownership but I would suggest you to opt for Tata AIG only.
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Old 19th November 2017, 10:55   #4135
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by bharatbits View Post
I have a doubt that bugs me every time i am about to renew insurance.

My Linea Classic Plus' insurance is due for renewal in a couple of days. It's entering second year of ownership since purchased new. Now, i have a zero dep policy and am going in for a zero dep this year as well. No claims last year. Touchwood.

I got different quotes with different amounts with different IDVs. As you try to increase the IDV the premium also increases. But, since i have a zero dep policy how does the IDV matter?

Scenario 1:
Say, a biker crashes into my rear door and have to get it done under insurance. Whatever the IDV i'll get covered fully since its's zero dep. Is that right? In this scenario higher IDV or lower IDV - how does it matter?

Scenario 2:
The call centre guy told me i was right but in case of total loss you get the IDV amount. I don't understand this since i paid additional premium for zero dep which means zero depreciation on the cost of purchase (or invoice value) . So, should i not be getting full invoice value? Else, what was the point of paying the premium for zero dep if my vehicle was anyway depreciating to lower IDV s every year?

Look forward to inputs.
A zero dep policy covers only the depreciation charged on metal, rubber, fibre etc parts of the vehicle and not the depreciation in the invoice value of the vehicle. There is a separate add on cover typically known as Return to Invoice (RTI) cover which is usually offered by different insurance companies typically upto two years of vehicle age.

The IDV mentioned on your policy is the maximum liability of any insurance company payable to the insured in the event of a total loss or theft of the car unless you haven't opted for the RTI cover in which case it will be the invoice value of the car. So, whatever may be your IDV, you will anyways get the insurance claims of damages caused to the vehicle without any depreciation charged on the parts mentioned but if its a total loss then its a different ballgame altogether.
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Old 19th November 2017, 11:06   #4136
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Default Re: Insurance Renewal -- query

Quote:
Originally Posted by tp_dominator View Post
Hi,
The quote seems pretty reasonable considering the zero dep cover and IDV. Other insurers like Iffco tokio and New India do offer zero dep cover for the 7th year of ownership but I would suggest you to opt for Tata AIG only.
Sir, as per my knowledge, New India just stopped 0 Dep insurance after 5 years of car age.
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Old 19th November 2017, 13:15   #4137
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by bharatbits View Post
I got different quotes with different amounts with different IDVs. As you try to increase the IDV the premium also increases. But, since i have a zero dep policy how does the IDV matter?

Scenario 1:
Say, a biker crashes into my rear door and have to get it done under insurance. Whatever the IDV i'll get covered fully since its's zero dep. Is that right? In this scenario higher IDV or lower IDV - how does it matter?

Scenario 2:
I don't understand this since i paid additional premium for zero dep which means zero depreciation on the cost of purchase (or invoice value) . So, should i not be getting full invoice value? Else, what was the point of paying the premium for zero dep if my vehicle was anyway depreciating to lower IDV s every year?
I guess you got the basics wrong. IDV is the agreed value of the Insurance of the car and not on the cost of the car. You need to calculate the correct IDV for the car based on which you will need to get the premium quotes. No point in over insuring or under insuring the car by changing the IDV.

Zero depreciation is an add on cost which is offered by the Insurance co which will cover the basic components. Please note consumables cost will be charged separately during claim even if you have zero dep add on.

Quote:
Originally Posted by AtticusFinch View Post
1. Will they honor the claim and what will be covered by them, will they cover replacing the body parts as well ?
2. Will I not having a RC yet, have any impact on the claim.
1. Will depend on the claim raised.
2. No impact. There is already an Insurance taken on the car and it will be honoured.
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Old 20th November 2017, 00:33   #4138
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Default Re: Automobile Insurance Queries? Ask me

My motorcycle's insurance has lapsed this September. The RC is in my name, however the insurance was in the previous owner's name. I was going through online portals for a new policy and I have a few doubts:

- The only detail they want about the motorcycle is the registration number! Is that enough for buying a new policy? Don't they need the RC copy or anything?
- The IDV is coming as 20,235/- for my 2009 Pulsar. That is higher than what I paid for the bike. The comprehensive insurance quote is 1,201/-. Is there a way to reduce the IDV and thereby the quote?
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Old 20th November 2017, 08:01   #4139
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Geo_Ipe View Post
- The only detail they want about the motorcycle is the registration number! Is that enough for buying a new policy? Don't they need the RC copy or anything?
- The IDV is coming as 20,235/- for my 2009 Pulsar. That is higher than what I paid for the bike. The comprehensive insurance quote is 1,201/-. Is there a way to reduce the IDV and thereby the quote?
If you are buying a new policy, then only registration details are sufficient.

If the IDV quoted is by the Insurance co based on the age details submitted by you, then why worry. If you can recall the last year's IDV, then caclulate the new IDV less the depreciation (by age of the bike) and get the quotes online.
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Old 20th November 2017, 08:34   #4140
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Default Re: Insurance Renewal -- query

Quote:
Originally Posted by hillsnrains View Post
Does this quote reasonable?
Are there any other insurer who offers zero dep. policy for 7th year of ownership with cashless claims?
Have you compared with other Insurance co quotes provided the IDV calculated is correct?

I am surprised that even after applying 50% NCB, the premium crosses 20K. I guess time to move away from Tata AIG, check out with which Insurance co does the Skoda workshop have cashless tie up and get the quotes from them and compare.
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