Team-BHP > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 27th September 2018, 09:53   #4171
BHPian
 
shijanto4's Avatar
 
Join Date: Apr 2017
Location: Bengaluru
Posts: 102
Thanked: 65 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ank.nsit View Post
The cops clearly mentioned that this is the letter as per Supreme Court directive and is valid all over India.

I am still not sure of the reason for providing me the alternative in the first place? I am attaching this letter and would request the members to help me make sense of it.

The letter states "initiating the proceedings for suspension"? Does this mean that the license will be suspended after the 90 days? But then why would the cops ask me to collect the DL from the police station after 90 days?

Attachment 1801460
The letter you have attached here seems genuine and valid, but from what I could interpret, it states up to 90 days you are allowed to drive with this letter and then, after 90 days, it would be decided whether your DL remains suspended or not. So, you may not be able to drive after these 90 days if your DL suspension is not revoked. I guess they are going to monitor you for any additional offences in these 90 days, and if at all cops haven't matured still, maybe they would release your DL for a bribe after the 90-day period.
shijanto4 is offline   (1) Thanks
Old 9th October 2018, 03:22   #4172
BHPian
 
advaninilesh's Avatar
 
Join Date: Aug 2014
Location: Bombay
Posts: 26
Thanked: 61 Times
Default Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ashis89 View Post
Even if it was mistaken for the new gen Octavia, the IDV is still low for such high quotes. I did a quick search on Policy Bazaar and the lowest quote for comprehensive insurance was 13.7k from Digit. I feel it’s still pretty high for such an old car. Am I wrong here?

Yes sir, you are missing out on one crucial factor that your Octavia is a car with cubic capacity of more than 1500 so considering that just the public liability component of your insurance premium would sum up to around 10K ie TP liability, PA cover for owner driver, unnamed passengers and 18% GST.

So what remains of 13.7k quoted by Digit is your own damage premium which is dirt cheap for an IDV of 3L 😊

Name:  ImageUploadedByTeamBHP1539035480.272296.jpg
Views: 974
Size:  135.4 KB

Last edited by advaninilesh : 9th October 2018 at 03:25.
advaninilesh is offline   (1) Thanks
Old 18th October 2018, 02:40   #4173
BHPian
 
Join Date: Mar 2008
Location: N Delhi/Pune/Kolkata/Schwarzenfeld
Posts: 883
Thanked: 286 Times
Default Re: Automobile Insurance Queries? Ask me

Greetings! How's Coverfox? Been seeing a lot of their ads.

Saw a similar advert as Coverfox on facebook, forgetting the name of that agent now.

How much should be the premium for Sept 2009 (Registered April 2010) Fiat Grande Punto 1.3 Emotion Pack for an IDV of approximately 2 lakhs (I have 50% NCB)?

I am in Delhi and the car is registered here.

Any pointers to a good agent in South Delhi? Or advice on other online sources like Policy Bazaar, etc. besides Coverfox?

Thanks!

Mods: I have posted this query on three threads, as I am not sure which one is followed. Kindly delete the multiple posts, if inappropriate.
Prabal is offline  
Old 18th October 2018, 13:12   #4174
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,431
Thanked: 2,820 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Prabal View Post
Greetings! How's Coverfox? Been seeing a lot of their ads.
Many on the forum have bought motor insurance from Coverfox. Personally I use the website only for comparison purpose. Based on the options available, go the Insurance co website and buy directly. The prices on coverfox are generally cheaper than the Insurance co websites but before you buy check the T&C on coverfox is same as that on the Insurance co website.

Apart from Coverfox, you could also check out Acko and Digit Insurance co. They are relatively newer and offer some mouth watering premium rates. Take an informed decision.

https://www.acko.com/?buy=null&advisor=null

https://www.godigit.com/motor-insurance/car-insurance
ghodlur is offline   (1) Thanks
Old 19th October 2018, 16:42   #4175
BHPian
 
Join Date: Mar 2008
Location: N Delhi/Pune/Kolkata/Schwarzenfeld
Posts: 883
Thanked: 286 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Many on the forum have bought motor insurance from Coverfox. Personally I use the website only for comparison purpose...
Apart from Coverfox, you could also check out Acko and Digit Insurance co.
Thank you very much for the response; much appreciated! I finally bought my policy renewal from Coverfox. I had to pay Rs. 5937/- (including GST) for an IDV of 207,000/- for my Sept 2009 Punto (registered April 2010), for a comprehensive policy from National Insurance Co (United India Assurance was offering the same deal), while Liberty was giving it at approximately Rs. 600/- less, but for an IDV of 187,000/-

My regular insurance agent had quoted Rs. 7342/- for an IDV of 200,000/- from National Insurance and 7120/- for an IDV of 180,000/- from Bajaj Allianz (including GST in both cases), with similar T&Cs as in the policy from Coverfox. So, it was a no-brainer! However, I didn't get down to checking from Acko and Digit as you advised (since, due to a multitude of pending tasks I'd already renewed the policy earlier in the day before reading your very useful suggestion) - maybe, could've got a sweeter deal from them. Shall keep that for a brighter future now!

TP premium being just a thousand five hundred less than a comprehensive policy for a 1000-1500 cc now (which is quite strange, if you ask me!), made no sense to not continue with a comprehensive policy, although something that otherwise doesn't make much sense spending on a car already eight years old with little resale/residual value. That and the desire to keep my 50% NCB going (for the next replacement vehicle) is what necessitated taking a comprehensive cover! Thank you again, and regards!
Prabal is offline   (1) Thanks
Old 23rd October 2018, 22:53   #4176
Newbie
 
gauravkhastgir's Avatar
 
Join Date: Jun 2014
Location: Kolkata
Posts: 15
Thanked: 14 Times
Default Re: Automobile Insurance Queries? Ask me

Hey Hey guys,

Iím currently negotiating a deal on the Audi A3 Diesel and trying to get a better offer on insurance as well.

When I spoke to the SE over the phone and asked for the insurance cost, he said it would be around 1-1.25 Lakh!

When I told him that I was getting better offers on CoverFox or other online sites and I would opt out of Audi insurance as their rates are high, he simply said I can't do that!

His excuse being that Audi and Reliance have some sort of partnership and that audi bears 50% of the cost and that if I don't want to take insurance from them, I have to pay 50k penalty!!

I found this claim quite obnoxious and thought I'd take all of your opinion.

Thanks in advance!!

Regards
gauravkhastgir is offline  
Old 24th October 2018, 08:06   #4177
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,431
Thanked: 2,820 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by gauravkhastgir View Post
His excuse being that Audi and Reliance have some sort of partnership and that audi bears 50% of the cost and that if I don't want to take insurance from them, I have to pay 50k penalty!!
The SA is simply arm twisting you. There is nothing which stops you from taking the Insurance from outside if it is cheaper and beneficial to you. Show him the quote you received from Coverfox and ask them to match the premium. If they do you can buy Insurance from the dealer itself. If they still refuse to allow you buying Insurance from outside, ask them to give it writing regarding the tie up and the penalty clause and that you would raise it with IRDA.

Check out this thread for reference.
https://www.team-bhp.com/forum/india...ml#post4261502 (IRDA issues guidelines for car dealers selling insurance)

Take a print of PDF document attached to the post, show the dealer point no 11 of the pdf document.

If they still dont budge, check out with other Audi dealers (if any) in the city.

Last edited by ghodlur : 24th October 2018 at 08:07.
ghodlur is offline   (1) Thanks
Old 24th October 2018, 15:21   #4178
Distinguished - BHPian
 
saket77's Avatar
 
Join Date: Dec 2012
Location: Ranchi
Posts: 3,926
Thanked: 8,358 Times
Default Re: Automobile Insurance Queries? Ask me

Insurers badly hit by the Kerala floods. Most of the exposure is from the automobile segment and mostly by the PSU players.

https://www.moneycontrol.com/news/bu...e-3079081.html

When damages paid surpass the collective premiums collected, its underwriting loss for the insurer. Wondering if this will this spark another round of increase in the premiums.
saket77 is offline   (1) Thanks
Old 24th October 2018, 15:42   #4179
Distinguished - BHPian
 
arunphilip's Avatar
 
Join Date: May 2007
Location: Bangalore
Posts: 1,975
Thanked: 5,973 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by saket77 View Post
Insurers badly hit by the Kerala floods. Most of the exposure is from the automobile segment and mostly by the PSU players.

When damages paid surpass the collective premiums collected, its underwriting loss for the insurer. Wondering if this will this spark another round of increase in the premiums.
Very good question! I do think it will nudge premiums upwards :-(.

The actuaries at insurance companies will definitely have observed the trend of extreme weather patterns and poor infrastructure that combine to cause flooding in urban and rural areas (e.g. Chennai in 2015/2016, Kerala/Nagaland in 2018, etc.), and will aim to mitigate the risk.

The cost of reinsurance (i.e. insurance taken by insurers) will also go up as insurers seek to further indemnify themselves against such large-scale events, and that cost is also likely to be passed on.
arunphilip is offline   (1) Thanks
Old 29th October 2018, 22:01   #4180
Senior - BHPian
 
McLaren Rulez's Avatar
 
Join Date: Dec 2007
Location: Mysore
Posts: 2,855
Thanked: 2,058 Times
Default Re: Automobile Insurance Queries? Ask me

We're renewing the insurance on a 2015 Polo Comfortline (1.2 MPI Petrol) and the IDV is stated to be 2,75,000. This seems rather low considering the resale value of the car. The insurer is Bajaj Allianz and it's been the same policy since the car was bought new. The quote on coverfox for Bajaj Allianz is the same but has a much higher IDV (4,15,000).

Can I get them to match the online quote? Or should I just switch providers?

Last edited by McLaren Rulez : 29th October 2018 at 22:31.
McLaren Rulez is offline  
Old 30th October 2018, 08:05   #4181
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,431
Thanked: 2,820 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by McLaren Rulez View Post
We're renewing the insurance on a 2015 Polo Comfortline (1.2 MPI Petrol) and the IDV is stated to be 2,75,000. This seems rather low considering the resale value of the car. The insurer is Bajaj Allianz and it's been the same policy since the car was bought new. The quote on coverfox for Bajaj Allianz is the same but has a much higher IDV (4,15,000).

Can I get them to match the online quote? Or should I just switch providers?
The IDV stated by Bajaj allianz must be based on 10% less than last year's IDV. To calculate the correct IDV, use the depreciation table in the policy wordings document. The correct IDV should be 30% less than the ex show room cost of the car.

Parallely you could send the screenshot of the BA quote on coverfox to get the IDV normalized.
ghodlur is offline   (1) Thanks
Old 30th October 2018, 09:05   #4182
BANNED
 
Join Date: Apr 2008
Location: BLR
Posts: 8,720
Thanked: 7,024 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
The IDV stated by Bajaj allianz must be based on 10% less than last year's IDV. To calculate the correct IDV, use the depreciation table in the policy wordings document. The correct IDV should be 30% less than the ex show room cost of the car.

Parallely you could send the screenshot of the BA quote on coverfox to get the IDV normalized.
My 7 year old Yeti is due for renewal of insurance. The present (adjusted last year) IDV is 10 Lac.
I wish to keep it at the same level since the condition of the vehicle is the same as last year and has been driven around 5000 kms in the intervening 12 months since the last Insurance renewal.
Saying this, I ve knocked off the Zero Dep because it is any way not offered any more. The vehicle is out of warranty etc.
I m looking at standard comprehensive insurance with co passenger cover of the max available - 2 lacs.

Last year, I paid Rs 22K premium. This year, with the adjusted IDV the premium is coming to 23K.

Ive remained with the same insurer Bajaj Allianz, for the last 7 years. In end Nov, when the renewal is due, it will be for the 8th year running.

So far no claims, so I get 50% NCB.

Are there any better alternatives? Can anyone suggest what the sensible steps for achieving this are?

Any input would be appreciated.

Thanks
shankar.balan is offline  
Old 30th October 2018, 19:11   #4183
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,431
Thanked: 2,820 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by shankar.balan View Post
The present (adjusted last year) IDV is 10 Lac.
I wish to keep it at the same level since the condition of the vehicle is the same as last year and has been driven around 5000 kms in the intervening 12 months since the last Insurance renewal.

I m looking at standard comprehensive insurance with co passenger cover of the max available - 2 lacs.
IDV is no way related to the condition of the car, purely depends on the depreciation due to ownership. Could not understand why would you want to keep the IDV same as last year, suggest to depreciate it by 10% than last year's IDV.

Does the BA quote of Rs 23K is inclusive of the Compulsory Personal Accident cover premium of Rs 750/- for a cover of Rs 15L? Did you check Coverfox, Digit, Acko for an alternate quote just for comparison purpose?

One add on cover which you could opt for is NCB protection which will not reduce your NCB to zero in case of any claims.
ghodlur is offline  
Old 30th October 2018, 19:29   #4184
Senior - BHPian
 
PrideRed's Avatar
 
Join Date: May 2012
Location: BLR/PTR
Posts: 2,074
Thanked: 4,236 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by shankar.balan View Post
Are there any better alternatives? Can anyone suggest what the sensible steps for achieving this are?

Any input would be appreciated.

Thanks
Try Acko, heard they are cheapest . Not sure if the IDV is configurable with Acko. Every year your car depreciates and hence the IDV, now since you want same IDV as last year, your premium is higher. Unless you plan to put your car on total loss, higher IDV is not going to be of much help.
PrideRed is offline  
Old 1st November 2018, 19:45   #4185
BHPian
 
sumzup's Avatar
 
Join Date: Mar 2015
Location: Bangalore
Posts: 154
Thanked: 130 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by shankar.balan View Post
My 7 year old Yeti is due for renewal of insurance. The present (adjusted last year) IDV is 10 Lac.
I wish to keep it at the same level since the condition of the vehicle is the same as last year and has been driven around 5000 kms in the intervening 12 months since the last Insurance renewal.
Saying this, I ve knocked off the Zero Dep because it is any way not offered any more. The vehicle is out of warranty etc.
I m looking at standard comprehensive insurance with co passenger cover of the max available - 2 lacs.

Last year, I paid Rs 22K premium. This year, with the adjusted IDV the premium is coming to 23K.

Ive remained with the same insurer Bajaj Allianz, for the last 7 years. In end Nov, when the renewal is due, it will be for the 8th year running.

So far no claims, so I get 50% NCB.

Are there any better alternatives? Can anyone suggest what the sensible steps for achieving this are?

Any input would be appreciated.

Thanks
Hi Shankar, my yeti has completed 6 years recently and over the years I've used four insurers based purely on costing when the inclusions remained common across all insurance cos. The best I got was from ICICI Lombard but that was way back and I opted out because their renewal was higher than their previous policy. When I dug deeper, I was told that they normally charge more for their renewal which would reduce if I'd take a standalone policy. So, I went in for HDFC Ergo which was good enough and the premium was not bad either. It continued for another year as the premium reduced a bit and they give me the top of the line product. During the fifth year of renewal, I moved to Tata AIG as most of the insurers stopped offering Zero dep and engine protect. I' wanted these due to the car's character and having extra protection wouldn't be a bad thing also they offered me NCB protect. I've been happy with them and looks like they are happy with me as they have given me a zero-dep policy again for the sixth year which is quite a surprise as nobody in the market does so for the 6th year. But again, with your car it is seventh year so I really don't know how it would be. Specifically, Bajaj was the worst of all insurance cos in my case as they not only were higher but also were least accommodating.

Quote:
Originally Posted by ghodlur View Post
IDV is no way related to the condition of the car, purely depends on the depreciation due to ownership. Could not understand why would you want to keep the IDV same as last year, suggest to depreciate it by 10% than last year's IDV.

Does the BA quote of Rs 23K is inclusive of the Compulsory Personal Accident cover premium of Rs 750/- for a cover of Rs 15L? Did you check Coverfox, Digit, Acko for an alternate quote just for comparison purpose?

One add on cover which you could opt for is NCB protection which will not reduce your NCB to zero in case of any claims.
I don't think there would be an NCB protect available for a 8th-year car if so yes it definitely makes sense to have it. A point to remember here is that if you have a claim in the existing policy and want to move to a different insurer the next year then the NCB reduces automatically as your present insurer will not transfer the protect.

Quote:
Originally Posted by PrideRed View Post
Try Acko, heard they are cheapest . Not sure if the IDV is configurable with Acko. Every year your car depreciates and hence the IDV, now since you want same IDV as last year, your premium is higher. Unless you plan to put your car on total loss, higher IDV is not going to be of much help.
Hi Pride, did try them for my other car Amaze and found them to be more than what my agent who is also a friend quoted with HDFC Ergo, so I stuck with the same insurance and got it renewed. Also, my Amaze is turning 6 years and the same issue about zero-dep not available was getting flagged on all the websites whereas my existing insurer was giving me. Cheers
sumzup is offline  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright ©2000 - 2020, Team-BHP.com
Proudly powered by E2E Networks