![]() | #4246 | |
Distinguished - BHPian ![]() ![]() | ![]() Quote:
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![]() | #4247 |
Senior - BHPian ![]() | ![]() Suggest you read through the T&C of this add on cover. It varies from one Insurance co to another. |
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![]() | #4248 | |
BHPian ![]() Join Date: Apr 2017 Location: Bengaluru
Posts: 102
Thanked: 65 Times
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Invoice price protection is an add-on that keeps your purchase value stable throughout the policy period without standard depreciation. In my opinion, from where I live, both aren't really useful and are mere addition to the overall premium. However, your geographical location should be considered while deciding on engine protection cover - if your location is prone to flooding, water-logging, etc., it may be worth opting for. Invoice price protection doesn't help us in getting a better resale value either. It would just ensure that we get the original/purchase value from insurance company in case the car is totaled, stolen, or deemed unfit for any further use. Also, I believe these add-ons are applicable only for the first five years of a car from the date of its original sale (that's what my insurance company says). Please verify this with National Insurance in case you decide to go ahead with these. Thanks. Last edited by shijanto4 : 29th April 2018 at 09:49. | |
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![]() | #4249 |
BHPian Join Date: Feb 2017 Location: DEL-TN-KA
Posts: 67
Thanked: 96 Times
| ![]() I didn't check the IDV amount while renewing my insurance with Bharati AXA. This has landed me in a soup and need advice on how to deal with this mess. I had renewed my insurance through a popular online insurance aggregator. I have a IDV value of Rs. 2.46L ![]() Now, I have seen many cases where people have contested lower IDV in consumer court and won! Also, understand that every insurance company has its way of calculating IDV, but close to 45% depreciation, when it should have been 10%-20% as per IRDA is plain ridiculous. Ideally,IDV should be around 3.8L to 4.2L for a 1.5 yr old car, as confirmed by many and also suggested by IRDA's IDV calculator. Need suggestions on taking this ahead please! Last edited by k88k : 3rd May 2018 at 12:02. Reason: Added Insurance company name |
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![]() | #4250 | |
BHPian Join Date: Dec 2016 Location: BANGALORE
Posts: 215
Thanked: 669 Times
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Following are the policy wordings from IRDA regarding IDV "The IDV of the vehicle (and sidecar/ accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model as the vehicle insured at the commencement of insurance/renewal and adjusted for depreciation (as per schedule below). The schedule of age-wise depreciation as shown below is applicable for the purpose of Total Loss / Constructive Total Loss (TL/CTL) claims only. The Schedule of Depreciation for fixing IDV of the Vehicle Age Of The Vehicle % Of Depreciation For Fixing IDV of The Vehicle Not exceeding 6 months 5% Exceeding 6 months but not exceeding 1 year 15% Exceeding 1 year but not exceeding 2 years 20% Exceeding 2 years but not exceeding 3 years 30% Exceeding 3 years but not exceeding 4 years 40% Exceeding 4 years but not exceeding 5 years 50% IDV of the vehicle beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured. IDV shall be treated as the ‘Market Value’ throughout the policy period without any further depreciation for the purpose of Total Loss / Constructive Total Loss (TL/CTL) claims. The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and / or repair of the vehicle, subject to terms and conditions of the policy, exceeds 75% of the IDV of the vehicle." Last edited by aadya : 3rd May 2018 at 12:24. Reason: additional info. | |
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![]() | #4251 | |
BHPian ![]() Join Date: Mar 2013 Location: Navi Mumbai
Posts: 160
Thanked: 226 Times
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1) You paid the premium for the lower IDV. Now when an incident happened you want to increase the IDV. Would you have gone to the insurance guys to increase the IDV if the incident hadn't happen? 2) The cases of lower IDV, I believe is of cases where insurance companies give an amount lower than the IDV stating that it's the market value, depreciation etc. Not case like yours. Good if you can pull of something form the insurance company. All the best. | |
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![]() | #4252 | |
BHPian Join Date: Feb 2017 Location: DEL-TN-KA
Posts: 67
Thanked: 96 Times
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Every insurance company might have an algorithm for arriving at IDV, but almost doubling the depreciation % for a 1.5 yr old vehicle calls for a few answers at least. When I raised the issue with the aggregator, I got a response that they inform the ramifications of lower IDV, but when I asked if they give it in writing, they had no clue. All they said was we inform "Verbally". Neither it is given anywhere in policy document. The main question here is: To what extent the IDV can be reduced by insurance companies when the set rules by IRDA indicate 10% to 20% depreciation YOY for vehicles <5 years old. Tomorrow a new company would come up offering 80% depreciation for lowest premium. People would still buy the insurance while being ignorant. But is it right? As a insurance company it should be up to them to give the right IDV options to choose from and not give a rock bottom number. When I had asked for lower premium / IDV value, I never meant to purchase insurance breaking the set rules / guidelines for depreciation. Important thing to note is, except a counter argument from the aggregator & insurer that "Sir, you chose the IDV, we didn't ask you to chose", they do not have any thing else to say. No comments on IRDA defined rules or ideal depreciation %! Anyway, I have raised the issue through proper channels and with IRDA as well. Hoping for a resolution and relief. | |
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![]() | #4253 | ||||
BHPian ![]() Join Date: Mar 2013 Location: Navi Mumbai
Posts: 160
Thanked: 226 Times
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Friend, don't think i'm supporting the insurance companies. No. I hate them. I am saying is you made a mistake, accept it and move on. The more you think about it and refuse to accept, you will spend more time and effort and will lose your peace. Let this be a lesson for you and me and others. | ||||
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![]() | #4254 | |
BHPian ![]() Join Date: Apr 2017 Location: Bengaluru
Posts: 102
Thanked: 65 Times
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Last edited by shijanto4 : 6th May 2018 at 12:29. | |
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![]() | #4255 |
BHPian Join Date: May 2017 Location: KA22/KA25/KA01
Posts: 78
Thanked: 61 Times
| ![]() Dear All, I've a dilemma about insurance claim and it'll really be helpful if you could advice. Today I met with a minor accident where a truck changed lanes without any indicator and grazed my one year old car. I got the estimate from Hyundai and the quote is 12-13k. The RH back door and quarter panel will be painted after dent removal. Now I recently renewed my insurance and the premium was 19.5k with a 20% NCB. What I'm confused about is, whether I should claim insurance and lose the NCB for next year or get the repairs done by paying from my pocket. Which would be a better option for me? What I'm also worried about is, since the insurance has just started for this year, it's still 12 months to go. I can only claim the insurance 2 times (B2B insurance). If I claim for this amount then I will be left with only one claim for the entire year. Murphy is like my best friend since last year. So I'm a bit worried about his law coming to bite me again. ![]() Kindly advice. Thanking you in advance. Regards, Dhananjay |
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![]() | #4256 | |
BHPian ![]() Join Date: Dec 2016 Location: Pune
Posts: 125
Thanked: 392 Times
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AFAIK Hyundai Assured Program has just started unlimited zero dep claims for all the partner companies. I would suggest you to check with your dealer whether you have a Hyundai Assured policy and you are eligible for the benefit or not. Please get them in writing about the same and you would we good to go. | |
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![]() | #4257 | |
BHPian Join Date: May 2017 Location: KA22/KA25/KA01
Posts: 78
Thanked: 61 Times
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However in case they still haven't introduced this here, what would you suggest? Should I claim or should I pay from my pocket? Regards, Dhananjay Last edited by Dhananjay_Desai : 8th May 2018 at 20:38. Reason: Adding additional text | |
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![]() | #4258 | |
BHPian ![]() | ![]() Quote:
![]() Not to confuse you but another thing to try is to get one more price quote for a own payment repair. That may actually be 10k or thereabouts, just as an example. Now if you add the NCB + out of pocket that you would have to pay when claiming insurance repair, if it is above this 10k then you should spend on it yourself. | |
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![]() | #4259 | |
BHPian Join Date: May 2017 Location: KA22/KA25/KA01
Posts: 78
Thanked: 61 Times
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My 20k service in due in another couple of weeks which will easily Cost me 10-11k as I'm opting for synthetic oil. So was confused as both would be a bit heavy on the pocket. Thank you once again. | |
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![]() | #4260 | |
BHPian ![]() Join Date: Apr 2017 Location: Bengaluru
Posts: 102
Thanked: 65 Times
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Last edited by shijanto4 : 13th May 2018 at 14:28. | |
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