![]() | #4381 |
Distinguished - BHPian ![]() ![]() Join Date: Dec 2012 Location: Ranchi
Posts: 4,102
Thanked: 10,091 Times
| ![]() Insurers badly hit by the Kerala floods. Most of the exposure is from the automobile segment and mostly by the PSU players. https://www.moneycontrol.com/news/bu...e-3079081.html When damages paid surpass the collective premiums collected, its underwriting loss for the insurer. Wondering if this will this spark another round of increase in the premiums. |
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![]() | #4382 | |
Distinguished - BHPian ![]() ![]() | ![]() Quote:
The actuaries at insurance companies will definitely have observed the trend of extreme weather patterns and poor infrastructure that combine to cause flooding in urban and rural areas (e.g. Chennai in 2015/2016, Kerala/Nagaland in 2018, etc.), and will aim to mitigate the risk. The cost of reinsurance (i.e. insurance taken by insurers) will also go up as insurers seek to further indemnify themselves against such large-scale events, and that cost is also likely to be passed on. | |
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![]() | #4383 |
Senior - BHPian ![]() Join Date: Dec 2007 Location: Mysore
Posts: 3,119
Thanked: 3,503 Times
| ![]() We're renewing the insurance on a 2015 Polo Comfortline (1.2 MPI Petrol) and the IDV is stated to be 2,75,000. This seems rather low considering the resale value of the car. The insurer is Bajaj Allianz and it's been the same policy since the car was bought new. The quote on coverfox for Bajaj Allianz is the same but has a much higher IDV (4,15,000). Can I get them to match the online quote? Or should I just switch providers? Last edited by McLaren Rulez : 29th October 2018 at 22:31. |
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![]() | #4384 | |
Senior - BHPian ![]() | ![]() Quote:
Parallely you could send the screenshot of the BA quote on coverfox to get the IDV normalized. | |
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![]() | #4385 | |
BANNED Join Date: Apr 2008 Location: BLR
Posts: 8,987
Thanked: 8,518 Times
Infractions: 0/3 (13) | ![]() Quote:
I wish to keep it at the same level since the condition of the vehicle is the same as last year and has been driven around 5000 kms in the intervening 12 months since the last Insurance renewal. Saying this, I ve knocked off the Zero Dep because it is any way not offered any more. The vehicle is out of warranty etc. I m looking at standard comprehensive insurance with co passenger cover of the max available - 2 lacs. Last year, I paid Rs 22K premium. This year, with the adjusted IDV the premium is coming to 23K. Ive remained with the same insurer Bajaj Allianz, for the last 7 years. In end Nov, when the renewal is due, it will be for the 8th year running. So far no claims, so I get 50% NCB. Are there any better alternatives? Can anyone suggest what the sensible steps for achieving this are? Any input would be appreciated. Thanks ![]() | |
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![]() | #4386 | |
Senior - BHPian ![]() | ![]() Quote:
Does the BA quote of Rs 23K is inclusive of the Compulsory Personal Accident cover premium of Rs 750/- for a cover of Rs 15L? Did you check Coverfox, Digit, Acko for an alternate quote just for comparison purpose? One add on cover which you could opt for is NCB protection which will not reduce your NCB to zero in case of any claims. | |
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![]() | #4387 |
Senior - BHPian ![]() Join Date: May 2012 Location: BLR/PTR
Posts: 2,956
Thanked: 7,864 Times
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Try Acko, heard they are cheapest . Not sure if the IDV is configurable with Acko. Every year your car depreciates and hence the IDV, now since you want same IDV as last year, your premium is higher. Unless you plan to put your car on total loss, higher IDV is not going to be of much help. |
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![]() | #4388 | |||
BHPian ![]() Join Date: Mar 2015 Location: Bangalore
Posts: 156
Thanked: 133 Times
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![]() | #4389 | |||
BANNED Join Date: Apr 2008 Location: BLR
Posts: 8,987
Thanked: 8,518 Times
Infractions: 0/3 (13) | ![]() @GHODLUR: IDV as per my experience, is configurable. I can choose to pay a higher premium for a higher IDV basis the condition of MY car. BA Quote includes add on personal accident cover of 2 lacs for passengers. And general personal accident cover for the driver. I ll need to check the value of this. NCB is no longer available across most insurers for a 7 year old car. But if I kick Bajaj a bit they will probably offer it to me albeit at a higher premium, because of my track record. Quote:
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![]() | #4390 |
BHPian Join Date: Jul 2014 Location: -
Posts: 338
Thanked: 762 Times
| ![]() Dear all, Going to renew the insurance of my car which is entering in 2nd year of it's life. Zero dep policy by default, additionally they have also quoted INR 1300 for "Engine protect" and "Return to invoice" options. Wanted to know if it makes sense to go for these additional options when opted for zero dep policy and car has a total of 5 years of warranty. What is the difference between Zero dep and Return to invoice? Is it the IDV against the invoice amount? Last edited by MunnabhaiMBBS : 2nd November 2018 at 18:37. |
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![]() | #4391 | |
Senior - BHPian ![]() | ![]() Quote:
Return to Invoice is helpful only when the car is totalled. This means that the Insurance co is liable to pay you the amount equal that of the vehicle invoice during purchase. During such times the IDV is superceded by the Return to Invoice Zero depreciation is add on cover where the Insurance co bears the expenses of repair excluding the consumables and the compulsory deductible. Some Insurance cos offer unlimited claim repairs while most of the Insurance co offer it for 2 claims per policy year. Anything claim repair expenses beyond 2 will have to be borne by the vehicle owner. | |
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![]() | #4392 |
BHPian Join Date: Dec 2010 Location: Chennai,Bangalo
Posts: 435
Thanked: 287 Times
| ![]() Hi folks Recently I had the misfortune of being an accident victim. Thankfully all is well no injuries to anyone. The car had serious frontal damage. There is Zero depreciation insurance with bumper to bumper coverage so still do i have to pay any amount other than a policy excess fee of 1500 INR.kindly help understand. I will share the accident details later and the story too. Thanks |
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![]() | #4393 | |
Senior - BHPian ![]() | ![]() Quote:
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![]() | #4394 |
BHPian Join Date: Dec 2010 Location: Chennai,Bangalo
Posts: 435
Thanked: 287 Times
| ![]() Thanks Ghodlur. Let me choose that too. |
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![]() | #4395 |
BHPian ![]() Join Date: Jul 2018 Location: Bombay
Posts: 155
Thanked: 119 Times
| ![]() Hi Everyone, My Nov-2013 car's insurance is due for renewal at the end of this month, at which time it will be 5 years old. I'm currently with Bajaj Allianz and I have the 0-depreciation and engine protect add-on as well. I know that 0-depreciation is usually not allowed for cars beyond 5 years, but when I go on the Bajaj Allianz website to renew - they're giving me the option to take the 0-depreciation package. So, my question is that if (God forbid) the time comes - will Bajaj Allianz honour it since I have paid for it (and presuming that I have met all their other required criteria at the time of the claim)? I also went through the detailed T&Cs, and there wasn't any mention of age of car under the exclusions for 0-depreciation. Some websites say that the 5-yr age limit is more like a guideline than a norm and insurers may provide it depending on the owner's history. Anybody have any history with this? Insurance gurus, what is your take? PS: I'm reluctant to call the company as I'm sure they'll probably just say yes to everything now, and then just mess up my life later. Last edited by sidpunjabi : 12th November 2018 at 16:59. |
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