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Old 12th August 2018, 08:16   #4306
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Default Re: Insurance Renewal -- query

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Originally Posted by stanjohn123 View Post
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 ?
Whatever I researched during the time I had to purchase the policy was that 0-dep supercedes everything!

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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Old 17th August 2018, 10:40   #4307
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Default Re: Automobile Insurance Queries? Ask me

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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Old 19th August 2018, 09:01   #4308
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by self_driven View Post
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.
As per my knowledge, the IDV begins at 5% less than the ex-showroom price of a vehicle when newly purchased and thereafter reduces 5% after 6 months of purchase and then keeps reducing annually by a margin of around 10% for the first 5 years. After 5 years, there is no IRDA rule set for IDV calculation and it would be at insurance company's discretion. Also, the IDV of a vehicle is calculated based on the ex-showroom price of the vehicle at the time of policy renewal and not the price at which the vehicle was purchased. This link may be of help: https://www.mintwise.com/blog/car-de...dv-calculator/.

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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Old 20th August 2018, 08:52   #4309
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by self_driven View Post
My vehicles aren't always parked in gated area and are generally theft-prone.
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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Old 22nd August 2018, 14:27   #4310
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Default Re: Insurance Renewal -- query

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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Old 24th August 2018, 11:13   #4311
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Default Re: Automobile Insurance Queries? Ask me

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?
  • Zero DepreciationRECOMMENDED
  • 24x7 Road Side Assistance
  • Engine Protection Cover
  • NCB Protector
  • Key & Lock Replacement
  • Consumables
  • Daily Allowance
  • Invoice Price
  • Tyre Protector
  • RIM Damage Cover
  • Loss of Personal Belongings
  • External AccessorieNon-Electrical
  • External Accessories - Non Electrical

I shortlisted below four add-ons.
  • Zero DepreciationRECOMMENDED
  • 24x7 Road Side Assistance
  • Engine Protection Cover
  • NCB Protector
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Old 24th August 2018, 12:34   #4312
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by SJM1214 View Post
It says IDV should be kept higher in case of heavy usage of the vehicle on highways.

I shortlisted below four add-ons.
  • Zero DepreciationRECOMMENDED
  • 24x7 Road Side Assistance
  • Engine Protection Cover
  • NCB Protector
Wrong conception that IDV should be higher for highway runs. IDV for the first 5 years always need to be calculated based on the depreciation table (can be seen in the policy wording document). No point in over insuring the car.

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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Old 24th August 2018, 12:59   #4313
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Default Re: Automobile Insurance Queries? Ask me

Thanks for Input, ghodlur Sir.

Quote:
Originally Posted by ghodlur View Post

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.
Invoice Price add-on seems an interesting concept. As far as I understood, Invoice Price add-on will give IDV+ RTO fees(100%) in case of theft or total loss. I am ok with a slightly higher premium, as far as it gives me some peace of mind.

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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Old 24th August 2018, 13:51   #4314
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by SJM1214 View Post
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.
Just check with the Maruti workshop where you generally would service your car about the Insurance co with whom they have cashless tie ups. If possible, have a word with the workshop team to check which of the tie up Insurance co have a better claims process in terms of surveyor appointment, claims approvals, repairs etc. This will give you an idea.

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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Old 25th August 2018, 09:02   #4315
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Default Re: Insurance Renewal -- query

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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Old 25th August 2018, 21:23   #4316
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
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.
Quote:
Originally Posted by shijanto4 View Post
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.
Thanks guys. I have kept IDV ~8% more than the recommended value. Got the car insured with Bajaj Allianz for Rs. 13k and bike's policy renewed from HDFC Ergo for Rs. 2.6k.
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Old 30th August 2018, 09:14   #4317
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Default Re: Automobile Insurance Queries? Ask me

Any feedback / experience / viewpoint on Digit (Auto) Insurance?

Seems to be a new technology driven player with no branches and online presence only; backed by Fairfax
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Old 5th September 2018, 18:48   #4318
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Default Re: Automobile Insurance Queries? Ask me

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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Old 6th September 2018, 08:27   #4319
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Default Re: Automobile Insurance Queries? Ask me

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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 ?
Absolutely. You have full rights to ask for the IDV from the Insurance co. There are two ways you can manage this - 1) Ask Insurance co to pay the IDV and let them keep the salvage amount 2) You sell the salvage directly and claim the balance amount from Insurance co.

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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Old 6th September 2018, 09:31   #4320
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
Absolutely. You have full rights to ask for the IDV from the Insurance co. There are two ways you can manage this - 1) Ask Insurance co to pay the IDV and let them keep the salvage amount 2) You sell the salvage directly and claim the balance amount from Insurance co.

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.
Is there a provision for them to recalculate the IDV value, lower than what is mentioned in the policy ?. I read somewhere that IDV value in case of total loss is the "current market value", which need not be same as what is in the policy ?
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