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


Reply
 
Thread Tools Search this Thread
Old 27th December 2018, 19:37   #4231
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,431
Thanked: 2,822 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by F150 View Post
Hi All,

Please help me with the below clarification.

Should the loading discount be applied before NCB or After NCB ?

Regards,

AP.
Any discount offered by Insurance co will be before NCB.
ghodlur is offline  
Old 28th December 2018, 06:35   #4232
Senior - BHPian
 
F150's Avatar
 
Join Date: May 2011
Location: PUNE
Posts: 1,685
Thanked: 815 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Any discount offered by Insurance co will be before NCB.
Thank you Ghodlur for responding.

Then saving NCB doens't make any sense any more.
Below is the renewal quote we got for Ameo TDi DSG.

OD Premium : 24072
Loading Discount on OD: 48%
OD Premium after discount : 12517
NCB : 25%
OD Premium after NCB : 9388.
So NCB is only 3.1K.

NCB discount is not applied on the below.

TP Premium : 2863
Compulsory PA: 750
Depreciation Cover : 3667
Engine and Gearbox Protect : 1500

When is the loading discount applied ? Will it not be applied in case of a claim ?
F150 is offline  
Old 28th December 2018, 09:23   #4233
Senior - BHPian
 
Join Date: Dec 2006
Location: pune
Posts: 2,051
Thanked: 1,480 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by F150 View Post
NCB discount is not applied on the below.
NCB is always applied on OD premium and not on third party or other items. As part of driving very well and not having caused any Own Damage(OD),hence no claims, insurance company gives a discount on OD premium.

Quote:
When is the loading discount applied ? Will it not be applied in case of a claim?
My understanding is loading discount doesn't get applied every year and discount % also varies. Perhaps 'Ghodlur' can explain/confirm this better.
sukiwa is offline   (1) Thanks
Old 28th December 2018, 10:07   #4234
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,431
Thanked: 2,822 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by F150 View Post
Then saving NCB doens't make any sense any more.

When is the loading discount applied ? Will it not be applied in case of a claim ?
Why do you say so? The NCB amount you saved is quite good.

The loading discount is usually given by the Insurance co either to retain existing customer or get new one. This is Insurance co dependant and varies with your bargaining power and the willingness of the Insurance co to provide you one. This is no way involved in Claim processing.

NCB - your eligibility by law
Loading discount - your eligibility by Insurance co.

In case of any claims, NCB becomes zero and the loading discount offered by the Insurance co during renewal also drops coz you will be seen as a high risk customer.
ghodlur is offline   (2) Thanks
Old 28th December 2018, 17:12   #4235
BHPian
 
GrandTourer's Avatar
 
Join Date: Aug 2018
Location: Bangalore
Posts: 221
Thanked: 448 Times
Default

Hi guys,

My car is up for renewal next month and unfortunately I have one claim in the last year. I have a quote from my current insurer (Reliance General) of Rs. 28k + gst for an IDV of Rs. 7,97,715.
I have another quote from HDFC ERGO of 24k + gst for an IDV of Rs. 8,27,300. That's a savings of 5k after gst.

My questions:
1. How has your experience been with HDFC ERGO? I have had a smooth claim experience with Reliance so far. Also, I see that my ASS is listed in the cashless garages for HDFC ERGO.

2. I read in the beginning of the thread that IDV should be reduced by at least 10% from previous year. Can someone explain the reason behind that. I'm not very well versed with how insurance works. My previous IDV year IDV was Rs. 8,73,620, which means that new IDV should be less than Rs. 7,86,258.
GrandTourer is offline  
Old 28th December 2018, 18:40   #4236
BHPian
 
Join Date: May 2009
Location: Chennai
Posts: 216
Thanked: 41 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by GrandTourer View Post
1. How has your experience been with HDFC ERGO? I have had a smooth claim experience with Reliance so far. Also, I see that my ASS is listed in the cashless garages for HDFC ERGO.

Even I have the same question, if there's a reply to it that would also help me.


Quote:
Originally Posted by GrandTourer View Post
2. I read in the beginning of the thread that IDV should be reduced by at least 10% from previous year. Can someone explain the reason behind that. I'm not very well versed with how insurance works. My previous IDV year IDV was Rs. 8,73,620, which means that new IDV should be less than Rs. 7,86,258.
IDV range is as per Motor insurance Act, based on the fact that the value of a car depreciates over a period of time. However insurers can increase IDV based on request through exception basis.
Crank is offline  
Old 28th December 2018, 18:43   #4237
BHPian
 
GrandTourer's Avatar
 
Join Date: Aug 2018
Location: Bangalore
Posts: 221
Thanked: 448 Times
Default

Quote:
Originally Posted by Crank View Post
IDV range is as per Motor insurance Act, based on the fact that the value of a car depreciates over a period of time. However insurers can increase IDV based on request through exception basis.
What issues would I face if my IDV is less than 10% depreciated? Or are there any benefits to a higher IDV. I would rather reduce the IDV if there are no real benefits.
GrandTourer is offline  
Old 28th December 2018, 18:45   #4238
BHPian
 
Join Date: May 2009
Location: Chennai
Posts: 216
Thanked: 41 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by GrandTourer View Post
What issues would I face if my IDV is less than 10% depreciated? Or are there any benefits to a higher IDV. I would rather reduce the IDV if there are no real benefits.

IDV is the amount that the insurer will pay you in case of the car gets totaled (i.e.) damaged beyond repair in an accident.
Crank is offline  
Old 29th December 2018, 09:51   #4239
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,431
Thanked: 2,822 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by GrandTourer View Post
My questions:
1. How has your experience been with HDFC ERGO? I have had a smooth claim experience with Reliance so far. Also, I see that my ASS is listed in the cashless garages for HDFC ERGO.

2. Can someone explain the reason behind that. I'm not very well versed with how insurance works. My previous IDV year IDV was Rs. 8,73,620, which means that new IDV should be less than Rs. 7,86,258.
You might want to rephrase the sentence highlighted in bold.

I have my car's insurance from HDFC Ergo and had a claim last year. The claim settlement was fast and to my satisfaction. If HDFC Ergo is listed in the cashless Insurance co list with your workshop, then you should go ahead with them if their quote is the best.

There is a depreciation table mentioned in your insurance policy document. Based on that table the IDV is calculated. As a general thumb rule, 10% is the depreciation taken into account when calculating the IDV during renewals. This is as per the Motor Vehicle Act.

Quote:
Originally Posted by GrandTourer View Post
What issues would I face if my IDV is less than 10% depreciated? Or are there any benefits to a higher IDV. I would rather reduce the IDV if there are no real benefits.
Over insuring or under insuring the car is definitely not advisable. Just to save a few rupees in the premium can cost you in case of a total loss or Constructive total loss. Would suggest you to read through the policy document for more details.
ghodlur is offline   (2) Thanks
Old 29th December 2018, 15:34   #4240
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 GrandTourer View Post
Hi guys,

My car is up for renewal next month and unfortunately I have one claim in the last year. I have a quote from my current insurer (Reliance General) of Rs. 28k + gst for an IDV of Rs. 7,97,715.
I have another quote from HDFC ERGO of 24k + gst for an IDV of Rs. 8,27,300. That's a savings of 5k after gst.

My questions:
1. How has your experience been with HDFC ERGO? I have had a smooth claim experience with Reliance so far. Also, I see that my ASS is listed in the cashless garages for HDFC ERGO.

2. I read in the beginning of the thread that IDV should be reduced by at least 10% from previous year. Can someone explain the reason behind that. I'm not very well versed with how insurance works. My previous IDV year IDV was Rs. 8,73,620, which means that new IDV should be less than Rs. 7,86,258.
Hi, regarding the insurer, I've been on HDFC Ergo for couple of years and was more than satisfied with their price and service. Of course, I did have only one claim with my windshield and that was handled very well and did not face any issues. In fact, their price is very competitive so it should save us a few thousands depending on the IDV and other add-ons.

Quote:
Originally Posted by Crank View Post
Even I have the same question, if there's a reply to it that would also help me.

IDV range is as per Motor insurance Act, based on the fact that the value of a car depreciates over a period of time. However insurers can increase IDV based on request through exception basis.
IDV range is governed by the IRDA rules but there are a few liberties with respect to it. I've always kept my IDV on the higher side and there was no concerns to note. IMHO, I don't think there is any exception to the IDV increase. It is not mandatory to keep the IDV reducing by 10% every year.

Quote:
Originally Posted by GrandTourer View Post
What issues would I face if my IDV is less than 10% depreciated? Or are there any benefits to a higher IDV. I would rather reduce the IDV if there are no real benefits.
There won't be any issues except an increase of premium but on the positive side you would be entitled for the same IDV in case of a total loss.
sumzup is offline  
Old 29th December 2018, 17:21   #4241
BHPian
 
GrandTourer's Avatar
 
Join Date: Aug 2018
Location: Bangalore
Posts: 221
Thanked: 448 Times
Default

Thank you ghodlur and sumzup for your inputs.

Quote:
Originally Posted by ghodlur View Post
You might want to rephrase the sentence highlighted in bold.
Classic example of the importance of punctuations





Quote:
Originally Posted by sumzup View Post
Hi, regarding the insurer, I've been on HDFC Ergo for couple of years and was more than satisfied with their price and service. Of course, I did have only one claim with my windshield and that was handled very well and did not face any issues. In fact, their price is very competitive so it should save us a few thousands depending on the IDV and other add-ons.



IDV range is governed by the IRDA rules but there are a few liberties with respect to it. I've always kept my IDV on the higher side and there was no concerns to note. IMHO, I don't think there is any exception to the IDV increase. It is not mandatory to keep the IDV reducing by 10% every year.



There won't be any issues except an increase of premium but on the positive side you would be entitled for the same IDV in case of a total loss.
I think I'll go with HDFC after all.
GrandTourer is offline  
Old 11th January 2019, 12:21   #4242
Newbie
 
Join Date: Dec 2014
Location: Singara Chennai
Posts: 11
Thanked: 4 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by GrandTourer View Post
Thank you ghodlur and sumzup for your inputs.


I think I'll go with HDFC after all.
I am looking to renew my expired POLO GT TSI car insurance (Somehow missed the Dec due date.)

@ GrandTourer: Did you go with HDFC Ergo ? If yes whats the insurance cost overall you paid ? How does it fare in terms of cashless garages across mumbai ?

@ Everyone : My VW SA is recommending reliance general insurance as they are faster & smoother with claims + preferred by VW it seems. (over the expired UNITED INDIA INSURANCE that I had)

Quote from Reliance is INR 27,502 (for IDV of 7.5L). With requisite add on covers. Secure home motor premium cover is what they call it . (bumper to bumper incl. NIL Dep, Consumables, Engine Protector, Key Protect, RSA)

From what I see, Reliance has more cashless garages across Chennai but INR 1000 more than HDFC ERGO for the same cover.

I am looking at HDFC ERGO or Reliance . Any inputs / pointers to be mindful of between these 2 ones ?
KartAttack is offline  
Old 12th January 2019, 07:55   #4243
BHPian
 
Ithaca's Avatar
 
Join Date: Sep 2017
Location: MH 43 // MH 46
Posts: 313
Thanked: 703 Times
Default Re: Automobile Insurance Queries? Ask me

Insurance co. plied bank officials, auto execs with gifts for selling its policies

Quote:
Email exchanges between ICICI Lombard executives reveal it spent crores funding foreign holidays and expensive gifts for pliable business associates, a practice barred by Insurance Regulatory and Development Authority of India
Source: Mumbai Mirror Article

In other earth shaking news, Water is Wet.
Ithaca is offline   (2) Thanks
Old 12th January 2019, 09:07   #4244
BHPian
 
Join Date: Dec 2017
Location: Mumbai
Posts: 274
Thanked: 429 Times
Default Re: Automobile Insurance Queries? Ask me

The insurance of my Ecosport will be up for renewal in a month's time.

If I am opting for "Right To Invoice", is the IDV important?
suku_patel_22 is offline  
Old 12th January 2019, 12:54   #4245
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,431
Thanked: 2,822 Times
Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by suku_patel_22 View Post
The insurance of my Ecosport will be up for renewal in a month's time.

If I am opting for "Right To Invoice", is the IDV important?
Right to Invoice is an add on cover and is beneficial only when the car is totaled or is stolen when the invoice amount will be paid to the Insured. IDV will be important in all other claims. If you buy the add on cover, then the invoice amount will be considered for claim reimbursement instead of IDV.

Before you opt for the add on cover, please read the T&C's.
ghodlur is offline   (1) Thanks
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

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