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Old 1st November 2018, 21:44   #4186
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Default Re: Automobile Insurance Queries? Ask me

@GHODLUR: IDV as per my experience, is configurable. I can choose to pay a higher premium for a higher IDV basis the condition of MY car.
BA Quote includes add on personal accident cover of 2 lacs for passengers. And general personal accident cover for the driver. I ll need to check the value of this.

NCB is no longer available across most insurers for a 7 year old car. But if I kick Bajaj a bit they will probably offer it to me albeit at a higher premium, because of my track record.


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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.
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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.
@ PRIDERED: Acko has a configurable IDV upto a max of 7.7 lacs for MY car. I dont mind higher premium for higher IDV.

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Originally Posted by sumzup View Post
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.



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.


@SUMZUP: There is the full 50% NCB on my car since I havenít claimed. My own previous experience with Tata AIG has always been good. But I was forced to change to the Bajaj guys when I bought the Yeti. Because of the dealer deal with them. I went along at the time because they matched the AIG deal. But now I ve been with Bajaj for 7 years and this is the 8th...let me think if I want to switch back to AIG...


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: Zero Dep was stopped in my Yetiís 7th year renewal. I had it until the 6th. They did offer it for the 7th but the overall premium was almost 35K. So I opted out. Iím sure if I push Bajaj they ll offer Zero Dep for this year too but the premium will be very high. Thatís why Iím opting out of Zero Dep in general.
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Old 2nd November 2018, 18:24   #4187
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Default Re: Automobile Insurance Queries? Ask me

Dear all,

Going to renew the insurance of my car which is entering in 2nd year of it's life.

Zero dep policy by default, additionally they have also quoted INR 1300 for "Engine protect" and "Return to invoice" options.

Wanted to know if it makes sense to go for these additional options when opted for zero dep policy and car has a total of 5 years of warranty.

What is the difference between Zero dep and Return to invoice?

Is it the IDV against the invoice amount?

Last edited by MunnabhaiMBBS : 2nd November 2018 at 18:37.
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Old 2nd November 2018, 19:09   #4188
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by MunnabhaiMBBS View Post
What is the difference between Zero dep and Return to invoice?

Is it the IDV against the invoice amount?
Engine protect makes sense if there are chances that your vehicle wades through flooded areas either during monsoon or other wise where water ingress can damage the engine during your normal route of travel. Otherwise you can skip it.

Return to Invoice is helpful only when the car is totalled. This means that the Insurance co is liable to pay you the amount equal that of the vehicle invoice during purchase. During such times the IDV is superceded by the Return to Invoice

Zero depreciation is add on cover where the Insurance co bears the expenses of repair excluding the consumables and the compulsory deductible. Some Insurance cos offer unlimited claim repairs while most of the Insurance co offer it for 2 claims per policy year. Anything claim repair expenses beyond 2 will have to be borne by the vehicle owner.
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Old 11th November 2018, 13:29   #4189
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Default Liability on a zero dep bumper to bumper insurance

Hi folks
Recently I had the misfortune of being an accident victim. Thankfully all is well no injuries to anyone. The car had serious frontal damage.
There is Zero depreciation insurance with bumper to bumper coverage so still do i have to pay any amount other than a policy excess fee of 1500 INR.kindly help understand. I will share the accident details later and the story too. Thanks
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Old 12th November 2018, 07:55   #4190
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Default Re: Liability on a zero dep bumper to bumper insurance

Quote:
Originally Posted by Dieseldunk View Post
Hi folks
Recently I had the misfortune of being an accident victim. Thankfully all is well no injuries to anyone. The car had serious frontal damage.
There is Zero depreciation insurance with bumper to bumper coverage so still do i have to pay any amount other than a policy excess fee of 1500 INR.kindly help understand. I will share the accident details later and the story too. Thanks
In additional to compulsory deduction, you will also have to pay for the consumables unless you have an add on for the consumables too.
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Old 12th November 2018, 08:29   #4191
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Thanks Ghodlur. Let me choose that too.
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Old 12th November 2018, 16:57   #4192
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Default Re: Automobile Insurance Queries? Ask me

Hi Everyone,

My Nov-2013 car's insurance is due for renewal at the end of this month, at which time it will be 5 years old. I'm currently with Bajaj Allianz and I have the 0-depreciation and engine protect add-on as well.

I know that 0-depreciation is usually not allowed for cars beyond 5 years, but when I go on the Bajaj Allianz website to renew - they're giving me the option to take the 0-depreciation package.

So, my question is that if (God forbid) the time comes - will Bajaj Allianz honour it since I have paid for it (and presuming that I have met all their other required criteria at the time of the claim)?

I also went through the detailed T&Cs, and there wasn't any mention of age of car under the exclusions for 0-depreciation.

Some websites say that the 5-yr age limit is more like a guideline than a norm and insurers may provide it depending on the owner's history.

Anybody have any history with this? Insurance gurus, what is your take?

PS: I'm reluctant to call the company as I'm sure they'll probably just say yes to everything now, and then just mess up my life later.

Last edited by sidpunjabi : 12th November 2018 at 16:59.
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Old 12th November 2018, 17:17   #4193
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Originally Posted by sidpunjabi View Post
Anybody have any history with this? Insurance gurus, what is your take?
7 is the new 5; quite a few companies now routinely offer 0-dep policies up to the 7th year of the car (meaning, before your car completes 8 years). The one pre-requisite I've seen is that the expiring policy should have 0-dep. I've had a 0-dep on my City till it completed 8 years.
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Old 12th November 2018, 18:46   #4194
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Quote:
Originally Posted by sidpunjabi View Post
I know that 0-depreciation is usually not allowed for cars beyond 5 years, but when I go on the Bajaj Allianz website to renew - they're giving me the option to take the 0-depreciation package.

So, my question is that if (God forbid) the time comes - will Bajaj Allianz honour it since I have paid for it (and presuming that I have met all their other required criteria at the time of the claim)?
Zero dep is an add on cover which isn't govered by IRDA rules, it is upto the Insurance co to provide the same. If BA if offering you the zero dep add on, I would suggest to take it. Generally Insurance cos don't mess up with zero dep claims unless they feel the reason otherwise.
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Old 12th November 2018, 19:48   #4195
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Quote:
Originally Posted by libranof1987 View Post
7 is the new 5; quite a few companies now routinely offer 0-dep policies up to the 7th year of the car (meaning, before your car completes 8 years). The one pre-requisite I've seen is that the expiring policy should have 0-dep. I've had a 0-dep on my City till it completed 8 years.
Oh, superb!! I have always, at least, had the 0 dep cover so I have no intention of letting go of it.

Quote:
Originally Posted by ghodlur View Post
Zero dep is an add on cover which isn't govered by IRDA rules, it is upto the Insurance co to provide the same. If BA if offering you the zero dep add on, I would suggest to take it. Generally Insurance cos don't mess up with zero dep claims unless they feel the reason otherwise.
Gotcha. I was just concerned about some weird technical clause that I may have overlooked and BA could pop up later. But if it's not uncommon to provide a 0 dep cover at this age, then that's a relief.

Last edited by sidpunjabi : 12th November 2018 at 19:50.
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Old 16th November 2018, 07:13   #4196
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My 2011 Toyota Corolla Altis was covered under Zero depreciation cover till now. Since we were planning to sell it off now, this time I didn't opt for the Zero depreciation add on ( even though it was available) and instead went ahead with regular comprehensive insurance since the extra cost was not justified. But due to NGT rule, the prices being quoted are way too low and we have decided to instead keep the car for longer as its well maintained. Now my query is that can I add the Zero Dep cover to my policy now by paying the extra premium. The policy in question was renewed on 24th Sept, 2018.
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Old 16th November 2018, 07:56   #4197
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Originally Posted by drmohitg View Post
My 2011 Toyota Corolla Altis was covered under Zero depreciation cover till now. Since we were planning to sell it off now, this time I didn't opt for the Zero depreciation add on ( even though it was available) and instead went ahead with regular comprehensive insurance since the extra cost was not justified. But due to NGT rule, the prices being quoted are way too low and we have decided to instead keep the car for longer as its well maintained. Now my query is that can I add the Zero Dep cover to my policy now by paying the extra premium. The policy in question was renewed on 24th Sept, 2018.
Unfortunately you cannot add the add on cover mid year, you will need to wait till the policy ends and then if the Insurer gives an option of adding the cover, you may do so.

Enquire with the Insurance co if you can cancel the existing policy and a buy a new one with the add on cover. Chances are slim but worth trying.
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Old 20th November 2018, 20:38   #4198
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Hi All,

I had recently bought a used Car for a friend. The new RC Book has his last name spelled incorrectly. They have replaced “E” with “A” in the surname. There was an issue in getting the car transferred. The RTO had misplaced the original RC and it took more than 4 months to get the car transferred. Getting the name change would take aunother couple of weeks. Though a small mistake wouldn’t hamper us my question is would we face any problem if we have to claim insurance at a later stage. Just because “E” in his surname has been replaced with “A”?
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Old 21st November 2018, 08:32   #4199
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Originally Posted by nik0502 View Post
Getting the name change would take aunother couple of weeks. Though a small mistake wouldnít hamper us my question is would we face any problem if we have to claim insurance at a later stage. Just because ďEĒ in his surname has been replaced with ďAĒ?
If the application for the name change has been submitted to RTO, subsequent application to the Insurance co regarding the same would help. If the Insurance co is aware of the name change process, it should not be an issue when it come to claim processing. Keep the application copy submitted to Insurance co in the car.
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Old 23rd November 2018, 17:45   #4200
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Damage 1 (minor)- Didn't claim insurance immediately. I thought I will claim and get it repaired in some time.
Damage 2 after a month (major) - Claimed insurance. previous damage was not included as it was not part of the same accident.
Later I went to claim insurance for the previous damage as insurance is due for renewal and one zero dep claim remaining.
Surveyor rejects claim saying they have the photographs of the vehicle from last claim and the damages already existed.

Now my question is -
Should I renew insurance with same company (HDFC Ergo) or with a different company?
Do the insurance companies share claim data (pics) with one another or does IRDA has any centralised database of all the claim details?

Because if that is the case, even changing the company is not going to help.

Last edited by chandra1 : 23rd November 2018 at 17:46.
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