![]() | #4306 | |
BHPian Join Date: Sep 2015 Location: MAA-GGN-LKO
Posts: 28
Thanked: 59 Times
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1. NCB protector should be in the range of 20-25% for a 6 year old car, depending upon what was your last NCB value - check what is the amount they are charging and do you want this add-on or not? 2. Basic premium is something you can negotiate on. When I was renewing my policy last month, I negotiated the hell out of Royal Sundaram and they finally quoted me 2.5k less than what they had initially proposed and after modifying some Add-on covers which I needed. Sales executives can always play around the Basic Premium value, add-on covers are a bit tricky, the latter might be a part of a bundle deal and individually reducing the prices won't be possible for them (at-least what I gathered in my research). -Djay. | |
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![]() | #4307 |
BHPian ![]() Join Date: Feb 2018 Location: Delhi
Posts: 840
Thanked: 2,052 Times
| ![]() Hello members, I need some help in deciding IDV for my Yamaha R15 and Maruti Swift. My vehicles aren't always parked in gated area and are generally theft-prone. Till now, I have kept my IDV higher than the market value. This time, I am thinking to go as per the norms set by IRDA for calculation of IDV based on vehicle age. The bike is 2 year old and the car is 4 year old. Can someone tell me how much depreciation shall be charged? And is it charged on ex-showroom price (at the time of purchase)? Is there any harm in going for IDV higher than market value? Thanks in advance. Last edited by self_driven : 17th August 2018 at 10:42. |
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![]() | #4308 | |
BHPian ![]() Join Date: Apr 2017 Location: Bengaluru
Posts: 102
Thanked: 65 Times
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Going for a higher IDV is not harmful if you don't mind paying a relatively higher premium for that, and moreover, since you mentioned yours is a theft-prone area, it may be really worth opting for. Otherwise, generally, paying extra for higher IDV for a running vehicle doesn't yield much as resale value of the vehicle is not dependent on IDV mentioned in the policy. Hope this helps. Thanks. Last edited by shijanto4 : 19th August 2018 at 09:03. | |
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![]() | #4309 |
Senior - BHPian ![]() | ![]()
In addition to the Insurance, it may be worth investing in a good anti theft device for your bike and car and getting it added in the electrical accessories by paying a small premium. In case of vehicle getting stolen the Insurance process for the pay offs will take its own sweet time due to the bureaucracy involved. |
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![]() | #4310 |
BHPian ![]() Join Date: Jan 2013 Location: Pune
Posts: 86
Thanked: 94 Times
| ![]() I am getting a zero-dep insurance policy for 7th year from Royal Sundaram. My car is Ritz vxi 2012 registered. On further querying, I have been told that, I can have the zero-dep for max. 8 years from the date of registration. I have put so much of time and resources in maintaining my car, that I was afraid that it all would be in vain as I was just about thinking of selling the car sans zero-dep insurance. Quote: 11400/- IDV: 220000/- Break up [Basic - 3676, TPPD - 2863, depreciation waiver - 3071, GST - 1747], numbers rounded. Acche din ![]() Last edited by Ritzvxi : 22nd August 2018 at 14:33. Reason: Adding more details |
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![]() | #4311 |
Senior - BHPian ![]() Join Date: Sep 2017 Location: Anand(GJ23)
Posts: 1,489
Thanked: 5,581 Times
| ![]() My first insurance renewal is due on 15/09/2018. Car : Maruti Vitara Brezza ZDI Make : 2017 Deliver Date : 17/09/2017 Policy issue: 16/09/2017 IDV : 831223 I studied this entire thread. It says IDV should be kept higher in case of heavy usage of the vehicle on highways. I use my car for long official trips on highways. My car odometer says 34000 in just 11 months. Is it advisable to go for higher IDV, let's say something around 7.90lacs or 8 lacs? ( as per 10% rule, its 7.50 lacs). This the list of available add-ons. Which add-ons should I opt for a one-year-old car?
I shortlisted below four add-ons.
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![]() | #4312 | |
Senior - BHPian ![]() | ![]() Quote:
Amongst the list of add on Zero depreciation & NCB protection I can recommend. 24 X 7 Road side assistance is generally provided by the manufacturer for the initial years of ownership, you might want to check that. Engine protection add on cover would be useful if your travel requires through water logged areas. In addition I would suggest Return to Invoice or Invoice Price add on cover if you are OK with the bump in the premium cost. | |
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![]() | #4313 | |
Senior - BHPian ![]() Join Date: Sep 2017 Location: Anand(GJ23)
Posts: 1,489
Thanked: 5,581 Times
| ![]() Thanks for Input, ghodlur Sir. Quote:
By the way, so far I am clear with my requirements but confused in selection of insurance provider company. Any input on that matter? My current Insurance is from Royal Sundaram. | |
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![]() | #4314 | |
Senior - BHPian ![]() | ![]() Quote:
It may happen that workshop may promote a specific Insurance co due to monetary benefit in terms of commission. In such cases, few direct questions can reveal the intention of promotion. After all your aim should be correct repair and smoother claims process. | |
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![]() | #4315 |
BHPian ![]() Join Date: Feb 2018 Location: Hyderabad
Posts: 237
Thanked: 271 Times
| ![]() Having higher IDV shall help in getting better resale value for your car. So IMO, its always to be better with the insurance company offering higher IDV. However it impacts the insurance cost. So you need to be balancing them. Till now, for 4 years of my car ownership, I was with HDFC with a single claim every year and getting zero depreciation till now. No hassles whatsoever. Off the topic TIP: Please get the extended warranty for the car for the period the OEM is willing to offer. Its worth it. |
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![]() | #4316 | ||
BHPian ![]() Join Date: Feb 2018 Location: Delhi
Posts: 840
Thanked: 2,052 Times
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![]() | #4318 |
BANNED Join Date: Nov 2007 Location: Bangalore
Posts: 323
Thanked: 29 Times
Infractions: 0/2 (9) | ![]() Reposting to correct thread. My fully watterlogged Alto Lxi is declared as total loss by Surveyor. But when I contacted insurance company, they are handling it as "salvage loss" or may be as "constructive total loss". They want to auction the car to salvage buyer, and salvage buyer will give me DD for salvage value. After this, Insurance company will give me IDV - salvage value. Is this the correct process ?. I am under the impression that I can can insist insurance company to give me IDV instead of going for this salvage loss procedure ? Any tips ? |
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![]() | #4319 | |
Senior - BHPian ![]() | ![]() Quote:
In either case, pls ensure that you handover the original RC to the Insurance co after the financial transactions are done. You also need to recover the road tax paid but I doubt if the Insurance co will help you out in that. | |
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![]() | #4320 | |
BANNED Join Date: Nov 2007 Location: Bangalore
Posts: 323
Thanked: 29 Times
Infractions: 0/2 (9) | ![]() Quote:
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