[the_skyliner]

Originally Posted by ghodlur

No harm to check with the comparator website like cover fox, policy bazaar etc to evaluate whats the premium offered by different Insurance cos. Use this only for comparison purpose. I hope the IDV calculated is correct, based on that get the premium quotes.

Did that and almost all quotations were in the same range with 5% difference. Anyways, almost decided to go with Bajaj Alliance as it has better support across the country as per the dealer.

[rupdeb]

My current insurance is from Bajaj Allianz and the IDV is Rs 3,01,036 and the NCB is at 45%.

For renewal, Bajaj Allianz is quoting Rs 6700 as net premium for system generated IDV of Rs 2,85,192 with 24*7 RSA whereas other companies are quoting between Rs 4800-6900 for an IDV of Rs 2,70,000 in CoverFox and PolicyBazaar.

1> Shouldn't the IDV be 10% less than last year i.e around Rs 2,70,000 and not Rs 2,85,000?
2> Other companies are giving quite a less quote, is it okay to switch to another insurer?

Regards,
Debrup.

[shijanto4]

Originally Posted by rupdeb

My current insurance is from Bajaj Allianz and the IDV is Rs 3,01,036 and the NCB is at 45%.

For renewal, Bajaj Allianz is quoting Rs 6700 as net premium for system generated IDV of Rs 2,85,192 with 24*7 RSA whereas other companies are quoting between Rs 4800-6900 for an IDV of Rs 2,70,000 in CoverFox and PolicyBazaar.

1> Shouldn't the IDV be 10% less than last year i.e around Rs 2,70,000 and not Rs 2,85,000?
2> Other companies are giving quite a less quote, is it okay to switch to another insurer?

Regards,
Debrup.

Hi Debrup,

Though standard depreciation is around 10%, there is no hard-and-fast rule on that. There can be variation based on certain factors in the policy too. If the difference in quoted premiums is not very high, then it may make sense to opt for a higher IDV (this helps in case of total loss or theft). From the figures you have quoted above, don't see a major difference in IDV, so you may choose the one that gives the lowest premium for the highest IDV. However, please keep in mind service standard of the insurance company while renewing - no point in struggling with a company that gives you lowest premium now and a difficult time during a claim. Hope this helps.

Thanks.

[ashis89]

My car insurance is with Iffco Tokio which I keep renewing on their website. For last year, the IDV for my car was 179xxx. In this year's quote, the IDV is 1839xx, an increase of 4k. Since my NCB increase, my premium amount is lower than last year. Is this normal?

[ghodlur]

Originally Posted by ashis89

My car insurance is with Iffco Tokio which I keep renewing on their website. For last year, the IDV for my car was 179xxx. In this year's quote, the IDV is 1839xx, an increase of 4k. Since my NCB increase, my premium amount is lower than last year. Is this normal?

For a change your car is appreciating than depreciating.

Your IDV should be generally 10% less than last year's IDV. If the Insurance co has quoted a higher IDV and your NCB eligibility has increased, then the OD premium would have been reduced which is seen in the overall premium cost reducing. This is quite normal.

[djay434]

I have a question which relates to IDV and car re-sale -

My current car insurance which is with Royal Sundaram is about to expire on 6th July and last year when purchasing this policy I paid Rs. 2723/- more and availed the Depreciation Waiver clause in my policy. This year, my car's IDV has remained intact (at least on Royal Sundaram's calculation sheet).

As this is renewal time, my question is to understand how much does a car's IDV impact on the resale value? If this year I don't take the Depreciation Waiver clause, the car's IDV will drop for next year's renewal i.e. 2019. If after 3 years (total of 5 years of ownership of car) I plan to sell it, do prospective buyers take into account the IDV of the value or is a car sold on other parameters for e.g. make, model, kms run, general health of the vehicle, etc. ?

[the_skyliner]

Originally Posted by djay434

I have a question which relates to IDV and car re-sale -

As this is renewal time, my question is to understand how much does a car's IDV impact on the resale value? If this year I don't take the Depreciation Waiver clause, the car's IDV will drop for next year's renewal i.e. 2019. If after 3 years (total of 5 years of ownership of car) I plan to sell it, do prospective buyers take into account the IDV of the value or is a car sold on other parameters for e.g. make, model, kms run, general health of the vehicle, etc. ?

IDV is just for insurance purpose and has no impact on the re-sale value. Some choose lowest IDV to reduce premium while others go for highest possible to cover risk in case of total loss.

[djay434]

Originally Posted by the_skyliner

IDV is just for insurance purpose and has no impact on the re-sale value. Some choose lowest IDV to reduce premium while others go for highest possible to cover risk in case of total loss.

Interesting! thanks mate for the info. I'll go ahead and remove this clause, check what offers I get from other insurers and proceed with the renewal.

Cheers!

[ghodlur]

Originally Posted by djay434

I have a question which relates to IDV and car re-sale -

Since most of your queries is already answered by the_skyliner, I would like to stress on one thing i.e zero depreciation add on or Depreciation waiver as you may call it. Take this add on as long as the Insurance co is ready to offer. If you already have NCB eligibility then you can protect it with NCB protection add on cover too.

Irrespective of whether you opt or not for the add on covers, car's IDV will keep reducing every year.

[sidpunjabi]

Hi Everyone,

A slightly noob question here.

I read a lot of posts on performance mods, but what about insurance on the modded vehicle?
At what point, are the modifications too much for the insurance company to refuse cover?

For example, in my experience a simple change like up-sizing tyres and alloy wheels will not really cause an issue. Whereas more complex high performance turbo mods, remaps, etc are likely to get rejected by insurers outright.

So where does 1 draw the line here?

For example - would say a Cold Air Intake conversion that'll probably increase power marginally, if at all - would that attract a higher premium or will the vehicle be denied any form of cover?

Seniors / modders - What has been your experience here?

Any suggestions / thoughts are welcome.

[ghodlur]

Originally Posted by sidpunjabi

Any suggestions / thoughts are welcome.

You can get the information in this article. You will need to check with the Insurance co for the final premium hikes.

https://www.policybazaar.com/motor-i...car-insurance/

[ank.nsit]

What if a mob attacks and damages your car? Is that repair covered in insurance?

Got this thought after watching the videos on this post.

[sidpunjabi]

Originally Posted by ghodlur

You can get the information in this article. You will need to check with the Insurance co for the final premium hikes.

https://www.policybazaar.com/motor-i...car-insurance/

@ghodlur: Great informative article. Thanks

Originally Posted by ank.nsit

What if a mob attacks and damages your car? Is that repair covered in insurance?

Got this thought after watching the videos on this post.

From what I know, that is not covered. If you read the list of exclusions in the T&C, they always say something like "damage from act of terrorism/riot/nuclear war is excluded / not covered".

[r_nairtvm]

Originally Posted by sidpunjabi

From what I know, that is not covered. If you read the list of exclusions in the T&C, they always say something like "damage from act of terrorism/riot/nuclear war is excluded / not covered".

Fortunately the above is incorrect.

The IRDA Handbook on Motor Insurance and the Motor Insurance Policies cover the following as standard (what you are mentioning is true incase of other property insurances). See the relavant page of the IRDA Handbook below;



The link to IRDA handbook is: http://www.policyholder.gov.in/uploa...%20English.pdf

Its available in all major Indian languages as well.

Best Regards & Drive Safe

Ram

[stanjohn123]

Guys I just got 2 quotes from Royal Sundaram for my 2012 Fluidic Verna. One was with 0 dep add on cover and the other just a comprehensive policy without it.

Now the issue is, the basic premium and NCB protector add on on the comprehensive policy is higher than the 0 dep policy although IDV value is same.

Is this normal or can I ask the agent to give me the lower premium and NCB protector rate on the comprehensive policy ?