[AtticusFinch]

Originally Posted by AtticusFinch

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.

Took the Car to the Nexa service center, they quoted the repair costs as 15k.
Checked with my RM at Nexa, he advised to go for Insurance claim.
Will it have any effect on my future claims (if any) ?

[hillsnrains]

Originally Posted by ghodlur

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.

Present IDV is 90% of existing policy IDV.
For 7th year ownership TATA AIG is the only option who have cashless tie-up with Skoda.
Checked with online portals like coverfox, policybazaar. They always quote less IDV (hence less premium) that to no zero dep. policies only.

Here is the TAT AIG quote for reference

[ghodlur]

Originally Posted by hillsnrains

Here is the TAT AIG quote for reference

Am I the only one to find this quote confusing or what?

What is the CD amount charged? What components add up to Final OD premium? What is the TP amount?

I feel the zero dep add on cost is on the higher side, it should be somewhere around 4.5 - 4.8K (0.87% of IDV). IMO the actual premium should be {4696 (Final OD) + 5281 (TPL) + 4500 (Zero dep add on)} * 18% GST = 17802. Here the variable factor is zero dep add on. Can you challenge Tata's quote and each component?

[hillsnrains]

Originally Posted by ghodlur

Am I the only one to find this quote confusing or what?

What is the CD amount charged? What components add up to Final OD premium? What is the TP amount?

I feel the zero dep add on cost is on the higher side, it should be somewhere around 4.5 - 4.8K (0.87% of IDV). IMO the actual premium should be {4696 (Final OD) + 5281 (TPL) + 4500 (Zero dep add on)} * 18% GST = 17802. Here the variable factor is zero dep add on. Can you challenge Tata's quote and each component?

Thanks for looking into details
CD is cash discount.
Base premium is 4696+8040+2292=15028
Zero dep. premium=6232

Grand Total=21,260/-

NOTE:
1. Base premium is at par or slightly better than online portals (for this 5.2L IDV)
2. I don't have any other zero. dep amount to compare.

[ghodlur]

Originally Posted by hillsnrains

Zero dep. premium=6232

This is the only component which can be reduced now, please ask Tata AIG for the justification of this amount. IMO Zero dep is on the higher side.

So this time its a double whammy actually. April saw a hike in Third party premiums, July saw a hike in the taxation component. That's the reason for the bump in the total premium charges.

One question: Do you actually need zero dep add on now since you are already in 7th year?

[ghodlur]

Originally Posted by AtticusFinch

Took the Car to the Nexa service center, they quoted the repair costs as 15k.
Checked with my RM at Nexa, he advised to go for Insurance claim.
Will it have any effect on my future claims (if any) ?

No effect on any claims in this year's policy period although there will be limit on the no of claims accepted under zero dep add on.

In any case your NCB for the next year will be zero. As suggested earlier by BHPian, you could get the scratches checked if can be removed with polishing.

[AtticusFinch]

Originally Posted by ghodlur

No effect on any claims in this year's policy period although there will be limit on the no of claims accepted under zero dep add on.

In any case your NCB for the next year will be zero. As suggested earlier by BHPian, you could get the scratches checked if can be removed with polishing.

Ok, Thanks.
Its just not scratches, there are some dents as well. Needs some repair and paintjob.
So getting the claim processed.

[hillsnrains]

Originally Posted by ghodlur

This is the only component which can be reduced now, please ask Tata AIG for the justification of this amount. IMO Zero dep is on the higher side.

So this time its a double whammy actually. April saw a hike in Third party premiums, July saw a hike in the taxation component. That's the reason for the bump in the total premium charges.

One question: Do you actually need zero dep add on now since you are already in 7th year?

I have bargained and failed miserably. As per them zero dep component will increase with age of the car.

For me, 6K is really worth paying for one year complete peace of mind (especially in Bangalore). If there is an option I will go with zero dep even next year

[tp_dominator]

Originally Posted by hillsnrains

I have bargained and failed miserably. As per them zero dep component will increase with age of the car.

For me, 6K is really worth paying for one year complete peace of mind (especially in Bangalore). If there is an option I will go with zero dep even next year

The add on rates for each year is totally fixed by any insurance company and it increases with every passing year. In my opinion, you can still bargain on the CD% (detariff discount) and push to see whether they can offer more but i doubt its going to be the case since they have already given you 50% OD discount.

Also Loss Ratios (LR) of insurance companies for different car models vary and typically Skoda cars do have bad LRs. I think you can go ahead with the quote.

Originally Posted by The Great

Sir, as per my knowledge, New India just stopped 0 Dep insurance after 5 years of car age.

True that. I suppose only Iffco Tokio and Tata Aig provide them now. Tata AiG also offers zero dep to the 7th year customers only if they carry NCB as per my knowledge.

[ghodlur]

Originally Posted by hillsnrains

I have bargained and failed miserably. As per them zero dep component will increase with age of the car.

For me, 6K is really worth paying for one year complete peace of mind (especially in Bangalore). If there is an option I will go with zero dep even next year

That's a wrong information about add on cost increase with age of the car. The zero dep add on is actually calculated based on the IDV of the car and City tier rating where it is registered. So ideally as the IDV reduces the zero dep add on cost should also reduce or max remain same as last year. If it is increased, it means the Insurer is taking advantage.

FYI, the zero dep add on cost for my Punto has more or less remained same for the past 3 years. This was the last year of zero dep actually.

[pkrish]

Hi guys, need some help with the following questions I have.

I own a Global Ford Fiesta 1.5 TDCi (2011 make, 2012 Jan registered), and current insurance (plain comprehensive) with ICICI expires on 16 December. I am the second owner and got the car + insurance transferred to me this year (about 5 months ago). I am trying decide on a Zero dep policy instead of just comprehensive though car is more than 5 years old.

Got one quote from IFFCO Tokio on their website for a zero dep policy with a premium of about 25k. According to their website / customer care agents, they supposedly offer it for cars upto 8 years old. They seem to promise a lot of additional services apart from what's covered in insurance as well. But I am a bit skeptical about their assurance, after seeing many bad reviews online.

Does anyone have any experience with IFFCO Tokio (or any other insurers) with zero dep claims on cars of ~6-7 years age or older? Do you think I should go for this online insurance or should I try to get one from dealers / agents. Customer care was promising that it's all good and mainly stressing it being a zero dep for older cars (upto 8 years), but I have seen some horror stories on some review sites even for IFFCO's normal comprehensive claims. Not sure if this is the same scene in Bangalore.

----------

Also got to know just today that New india assurance offers zero dep insurance for older cars as well in one of the threads here, but don't know much about them. Any experience/suggestions about their zero dep claims for 6+ year old cars? And if they are good, should I opt for their online policy or through their office/agent.

Any additional suggestions would help me a lot. I am based in Bangalore, so any pointers about Ford related insurance claims in Bangalore would help too. Sorry that the post is a bit long.

~TLDR
Basically looking for a safe + reliable, zero depreciation cover insurance for my ~5-6 year old global fiesta (insurance expires in another 15 days). I am ok with the premium being high, since in case of damage repairs, the parts seem to cost quite a bit which would be a bigger financial blow to me, so zero dep makes sense.

Thanks in advance,
pkrish

[r_devakumar]

Is Aadhaar is mandatory for insurance claims now? ICICI Lombard is asking me to link the Aadhaar and says without which claims will not be processed. Is there any specific timeline for this (as per the Government, i hope we have time till end of this year).

[ghodlur]

Originally Posted by pkrish

Basically looking for a safe + reliable, zero depreciation cover insurance for my ~5-6 year old global fiesta (insurance expires in another 15 days). I am ok with the premium being high, since in case of damage repairs, the parts seem to cost quite a bit which would be a bigger financial blow to me, so zero dep makes sense.

Two things to be done before Insurance purchase:
1) Calculate the correct IDV
2) Check with which Insurance co does the Ford workshop have cashless tie up. Get quotes for the above IDV and compare.
If Iffco tokio has ticked the above two, then you may deal with them. To know about their claims process, Ford workshop will be a good place to start with. Enquire about the claim settlement process of Iffco and decide.

Originally Posted by r_devakumar

Is Aadhaar is mandatory for insurance claims now? ICICI Lombard is asking me to link the Aadhaar and says without which claims will not be processed. Is there any specific timeline for this (as per the Government, i hope we have time till end of this year).

Yes, now its mandatory to link the Insurance policy with Aadhaar. The deadline is end of the year.

https://www.ndtv.com/business/insura...o-know-1773084

[feluda86]

Query regarding Aadhaar linking.

I read the notification that says we need to link Aadhaar to all insurance policies. However, on calling Royal Sundaram and Honda Assure, I was told that, we need not link the policy to Aadhaar at this point. However, to file a claim, Aadhaar number in the name of policy holder is mandatory.

Is this true? I am confused with what to do with so many conflicting opinion going around.

[ghodlur]

Originally Posted by feluda86

Query regarding Aadhaar linking.

I read the notification that says we need to link Aadhaar to all insurance policies. However, on calling Royal Sundaram and Honda Assure, I was told that, we need not link the policy to Aadhaar at this point. However, to file a claim, Aadhaar number in the name of policy holder is mandatory.

Is this true? I am confused with what to do with so many conflicting opinion going around.

IRDA has specifically circulated to all General Insurance cos about the mandatory linkage of the insurance policies to Aadhaar number. Please see the attached circular for reference.

Why wait till the claim is raised for linking the Aadhaar to to the Insurance policy.