[Oxy]

Originally Posted by SJM1214

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 shortlisted below four add-ons.

• Zero DepreciationRECOMMENDED
• 24x7 Road Side Assistance
• Engine Protection Cover
• NCB Protector

I believe if your vehicle is under warranty, you don't really need the Engine Protection Cover add on. I may be wrong though.

[Thad E Ginathom]

Originally Posted by Oxy

I believe if your vehicle is under warranty, you don't really need the Engine Protection Cover add on. I may be wrong though.

I think that you are wrong. Your warranty will not cover you for any sort of accidental, or, eg water, damage to your engine. Check what is covered by a particular company's "engine protection cover," consider the risk, and buy of appropriate.

[samaspire]

Originally Posted by SJM1214

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.

• Zero DepreciationRECOMMENDED
• 24x7 Road Side Assistance
• Engine Protection Cover
• NCB Protector

In addition to those:

• Key & Lock Replacement - keys cost upwards of 5000k
• Consumables - these add up to a lot during accident repairs
• Daily Allowance - good to have. I bought new fog lamps from the money I got from this clause.
• Invoice Price - definitely (but applicable only in a total loss scenario)
• Tyre Protector - wouldn't this be covered otherwise?
• RIM Damage Cover - same query as above

[Oxy]

Originally Posted by samaspire

In addition to those:

• Key & Lock Replacement - keys cost upwards of 5000k
• Consumables - these add up to a lot during accident repairs
• Daily Allowance - good to have. I bought new fog lamps from the money I got from this clause.
• Invoice Price - definitely (but applicable only in a total loss scenario)
• Tyre Protector - wouldn't this be covered otherwise?
• RIM Damage Cover - same query as above

Thanks for this.

One noob question - does it make sense to go with the lowest possible IDV if we are opting for the Invoice Price? Or does it make more sense to keep the IDV at 10% lower than the previous IDV and not opt for the Invoice Price?

[samaspire]

Originally Posted by Oxy

Thanks for this.

One noob question - does it make sense to go with the lowest possible IDV if we are opting for the Invoice Price? Or does it make more sense to keep the IDV at 10% lower than the previous IDV and not opt for the Invoice Price?

Why go for lowest possible IDV? Don't forget that insurance companies do not always give even the IDV amount. They try to give as less as possible quoting various reasons. Invoice Price clause will save you there. And how much are you paying for it anyway? Eg. 10% deducted from a 10 lakh rupees (ex-showroom) car is 9 lakh which is your IDV. You may have to pay about 2000 extra (?) to add this clause which will give you back the full 10 lakhs in case of a claim - isn't it worth it?

Further, as the years add up you have pay lesser on lower IDVs, but you still get the full 10 lakh on claim (for up to 5 years).

[Altocumulus]

Originally Posted by Oxy

Thanks for this.

One noob question - does it make sense to go with the lowest possible IDV if we are opting for the Invoice Price? Or does it make more sense to keep the IDV at 10% lower than the previous IDV and not opt for the Invoice Price?

I follow this method myself. The range for IDV for online quotes are significant. Also in case of a total loss (god forbid), the 75% would also be a less applicable amount. I personally wouldn't want to drive around in a car with significant/expensive repairs. With RTI you should get the ex-showroom plus Road tax through the insurance company itself.

After five years when RTI is not applicable anymore, you can chose a higher IDV by switching to another insurer online.

[bhavik.1991]

Originally Posted by Oxy

Thanks for this.

One noob question - does it make sense to go with the lowest possible IDV if we are opting for the Invoice Price? Or does it make more sense to keep the IDV at 10% lower than the previous IDV and not opt for the Invoice Price?

You can opt for Invoice price add-on only for first 5 years of the car. If you go with lower IDV, it can affect you after 5 years (as IDVs will continue to decrease over previous policy's IDV)

[Thad E Ginathom]

Look for value, certainly, but to "nickel-and-dime" on insurance cover is not always a good idea, and can end up being costly. My thinking is to look for the cover you want, look for a company whose reputation for customer care matches what you hope for... and pay the price.

There is, however, one very good way of maybe reducing premiums a little. Don't insure against what you can afford to pay for anyway. What this means, for motor insurance, is deciding how much you can easily afford (and maybe wouldn't even bother to make a claim for) to pay for a repair, and increase the amount you will have to pay anyway, the "excess," to that amount.

[ptaneja]

Guys, its about time I renew the insurance for the car - old one would expire on second week of October.

Been comparing various options, and If I specifically compare Maruti Insurance(via National Ins) with that of Reliance Insurance -

there is a difference of about 5000rs between them using the same IDV, same benefits, same deductibles etc.

Any feedback regarding Reliance Insurance ?

[ghodlur]

Originally Posted by ptaneja

Any feedback regarding Reliance Insurance ?

Although personally not experienced, but have heard a lot of horror stories from few friends who had raised claims from Reliance insurance. Lot of hassles were mentioned.

Did you check online at the comparative websites? Are you getting the premium quotes on similar prices. If so, you could buy online directly instead of through Maruti.

[ptaneja]

Originally Posted by ghodlur

Although personally not experienced, but have heard a lot of horror stories from few friends who had raised claims from Reliance insurance. Lot of hassles were mentioned.

Did you check online at the comparative websites? Are you getting the premium quotes on similar prices. If so, you could buy online directly instead of through Maruti.

Wow - I was just about to go ahead with Reliance !!

Which one would you suggest ?

With IDV value of 6.40 L, 50% NCB, getting the following on Policy Bazaar -
(excluding GST)
Future Generali - 9880
United India - 10111
Oriental - 10354
Iffco Tokio - 13961


But for way lower IDV ( 6.0 L )
Maruti Ins via National - 15500 including GST

[self_driven]

Originally Posted by ptaneja

But for way lower IDV ( 6.0 L )
Maruti Ins via National - 15500 including GST

It's almost always better to go with online renewal unless the automaker has very thin dealership network with only one or two workshops near you. Since it is Maruti in this case, I'm sure there would be no such problems.

If you want some recommendation: I have made 2 claims with Tata AIG in the past and my experience has always been very smooth. Not only that, I found their customer support more helpful and proactive in case you want to make a correction in the policy, or want a hardcopy delivered, or something on the same lines.

Going by your Ciaz ownership thread, it looks like you're from Gurgaon side. My service advisor at Maruti workshop often says that Tata AIG, Bajaj Allianz and most others have a sorted and quick claim settlement process at Maruti workshops in NCR. So do check out premium quotes from these insurers as well.

Don't rely on Policy Bazaar completely for comparison. Just pick the top three or four insurers with reasonable premium quotes and visit their websites. This is where you'll find what all covers you can opt for (engine, return to invoice, ncb protect, etc.) and then go for the one which offers best value according to you.

[ghodlur]

Originally Posted by ptaneja

Future Generali - 9880
United India - 10111
Oriental - 10354
Iffco Tokio - 13961

Which of these Insurance co have a cashless tie up with the Maruti workshop where you normally service your car? Before finalizing, try to have a word with workshop people to check if the claims processing is good enough. You dont want to end up choosing the cheapest insurance where claims processing will be a nightmare.

As said by self_driven, use the comparator websites only for comparison purpose, buy Insurance from the Insurance co website directly.

[ptaneja]

Originally Posted by ghodlur

As said by self_driven, use the comparator websites only for comparison purpose, buy Insurance from the Insurance co website directly.

Originally Posted by self_driven

It's almost always better to go with online renewal unless the automaker has very thin dealership network with only one or two workshops near you. Since it is Maruti in this case, I'm sure there would be no such problems.

Going by your Ciaz ownership thread, it looks like you're from Gurgaon side.

Almost all of them are providing cashless on Maruti Auth centres .

Quotes gathered from their own respective sites -

IDV 6.40 L ( last year quote was 7.11 )
NCB 50%

Tata AIG > 14689/-
Bharti AXA > 14399/-
HDFC Ergo > 17683/-
Iffko > 15043/-


Maruti Ins with IDV of 6.04L is quoting around 15K - didnt see an option to increase IDV.

What should be the ideal IDV for car ? Based on car age/mileage/variant, or based on a standard rate of 10% depreciation from last year policy ?

[advaninilesh]

Originally Posted by ptaneja

Almost all of them are providing cashless on Maruti Auth centres .



Quotes gathered from their own respective sites -



IDV 6.40 L ( last year quote was 7.11 )

NCB 50%



Tata AIG > 14689/-

Bharti AXA > 14399/-

HDFC Ergo > 17683/-

Iffko > 15043/-





Maruti Ins with IDV of 6.04L is quoting around 15K - didnt see an option to increase IDV.



What should be the ideal IDV for car ? Based on car age/mileage/variant, or based on a standard rate of 10% depreciation from last year policy ?

Yes sir, IDV ideally should be ex-showroom value less 5% at the time of purchase and less 10% every subsequent year.