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Old 17th October 2019, 11:44   #4411
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Default Re: Automobile Insurance Queries? Ask me

I had renewed by Car insurance from Reliance a month ago. Yesterday I get a message to pay an additional Rs 340 towards NCB otherwise policy would be void. I paid the amount. This incident has made me rethink if buying any Reliance products in future. I would advice others to avoid Reliance insurance at all costs.
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Old 17th October 2019, 11:51   #4412
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by FrozeninTime View Post
I had renewed by Car insurance from Reliance a month ago. Yesterday I get a message to pay an additional Rs 340 towards NCB otherwise policy would be void. I paid the amount. This incident has made me rethink if buying any Reliance products in future. I would advice others to avoid Reliance insurance at all costs.
Why you had to pay? Did you declare incorrect NCB while purchasing the policy?
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Old 17th October 2019, 11:53   #4413
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by FrozeninTime View Post
I had renewed by Car insurance from Reliance a month ago. Yesterday I get a message to pay an additional Rs 340 towards NCB otherwise policy would be void.
Did you ask why? Perhaps the NCB discount was wrongly calculated at the time of policy issue based on the number of years without claim. While I'm no fan of any one company, either the demand was valid or should be contested.
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Old 20th October 2019, 17:04   #4414
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Default Re: Automobile Insurance Queries? Ask me

Planning to renew my car insurance with GoDigit (as they are the cheapest & seems ethical). HDFC Ergo quoted a much higher renewal rate compared to what they show on their website for the same IDV & NCB!

Why do these insurers take their existing customers for a ride like this? I had renewed blindly last year. Just checked and the pre-GST renewal letter/SMS quote is ~20% higher (Rs 1000+) for a slightly lower IDV as compared to Digit. Even their website shows Rs500+ more than the quote from Digit's website.

Coming to my question:
Digit has a roadside assistance add-on for Rs 102 which seems useful considering the highway runs I may nowadays - "When your car breaks down, we’ll be there to make sure you don’t have a break down! This add-on provides 24x7 roadside assistance for your car up to 500 kms from the city. This includes assistance in scenarios such as a flat battery or tyre and other minor repairs, medical co-ordination, accommodation benefits, legal assistance, towing facilities, etc."

Is this realistic (as in really useful in terms of their response, arrival timeliness, no additional charges/expenses when towing etc)? Should I go for it? Any feedback?

Thanks.

Last edited by Akshay1234 : 25th October 2019 at 02:49. Reason: editing extra space
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Old 23rd October 2019, 13:29   #4415
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by null View Post
Why do these insurers take their existing customers for a ride like this? I had renewed blindly last year. Just checked and the pre-GST renewal letter/SMS quote is ~20% higher (Rs 1000+) for a slightly lower IDV as compared to Digit. Even their website shows Rs500+ more than the quote from Digit's website.

Is this realistic (as in really useful in terms of their response, arrival timeliness, no additional charges/expenses when towing etc)? Should I go for it? Any feedback?
Hello,

Digit is a new company with aggressive sales strategy which compels them to undercut the competition. Just compare the premium they are charging for OD part with HDFC or others. Digit is acquiring business at crazy speed. Any new entrant generally adopts aggressive pricing strategy to gain market share. This was rarely seen in insurance space until few years ago because licencing was tedious & business operations required patient work. Now the number of new entrants in insurance space has increased well, this is good for customers. Digit's services and responsiveness has been acceptable so far if not exceeding the incumbents.

The likes of HDFC on the other hand suffer from legacy issues & baggage of existing channels. For example, HDFC/ICICI will have lot of existing OEM tieups that forbid them to reduce the premium on insurer's direct retail platform. Yes, the dealer/distributor lobby of OEMs is so strong that they literally disallow insurer to discount premium because that'll in-turn reduce their commission or lose the insurance business altogether since customers would prefer to buy the insurance themselves outside (IRDAI has since then stepped-in to make it difficult for dealers to treat customers unfairly if they prefer not to get insurance from dealer). While the number of people now researching on their own to buy insurance during new vehicle purchase is growing, still the majority new car buyers get insurance from their dealer showroom in India. Naturally the OEM dealer channel revenue is quite big for likes of HDFC/ICICI, therefore they neglect the direct channel complaints of high-premium (even for renewal cases because the trailing channel gets commission no matter you renew insurance with dealer agent or insurer's website.) Digit does not have to worry about this issue because it does not have large OEM tieups, and therefore it can discount eh premium significantly.

I am no supporter of large or small insurer, just putting the business rationale behind high premiums of existing insurers Vs the new ones. I myself have Digit Insurance, because the savings are quite significant.

Now about Road Side Assistance, I will say its absolutely necessary to have good RSA package for your Car if you are going to venture out of city-limits. RSA does not cost much (Digit has discounted that addon as well), but can be very helpful in the region where you do not know trustworthy garages or any service point altogether. Also emergencies can surprise anytime during travel. I prefer to opt for RSA every time, even though I had rare occasion of utilizing it. RSA service may not always work like a charm as they describe in advertisements, but you'd at least not be stranded with no sight of help at a bad time in a bad place. I do not expect the service levels & swiftness of response time to match the AAAs of developed countries because lets face it, overall infrastructure in our country lags much behind. But don't shy away from getting RSA addon with insurance unless you have other trustworthy option.
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Old 24th October 2019, 19:56   #4416
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Default Re: Automobile Insurance Queries? Ask me

My Himalayan is turning 1 year old this month, and it is time to renew the insurance.My insurance company currently is Liberty General Insurance, and I had purchased it from the dealer at the time of delivery. From what I understand, I have 5 years of Third Party cover and 1 year of Own Damage cover.

My queries:
- Now that the OD cover is up for renewal, can I get it done from another company?

- If yes, my OD cover and TP cover will be from different companies! Is that alright?

- What is the public opinion on Liberty General Insurance? There is a thread on our forum which doesn't inspire too much confidence!
https://www.team-bhp.com/forum/india...ent-claim.html (Liberty General Insurance Company not honouring accident claim)
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Old 28th October 2019, 16:18   #4417
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Quote:
Originally Posted by Pancham View Post
Ok I just did some calculations on this and the 3 year insurance does not make any sense at all. This is because the one year insurance plan (Premium = INR 20222) already contains the Third Party Premium for 3 years. And we all know the Third Party Premium is the major component (in my case it forms 63% of my total insurance premium). So obviously the 2nd and 3rd year premiums will be say max 6K and 5K respectively since there is no TP premium.

.
From what I can see, own damage insurance component is more expensive than third party alone. Does that mean the 3 year offer is better deal?

What happens to the IDV in each year if you take 3 year package, does anyone know?
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Old 11th November 2019, 14:57   #4418
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I just thought I would mention a few things I came to know from Policy Bazaar sales representatives.

I asked them first about the Cashless Self-video claims they offer. I was told that is limited to the claim value of less than 25000. The usual surveyor visit is required for claim value more than that.

Regarding the Cashless claims in general, I was told they are usually limited to the claim value of 50000. Anything more than that is most likely going to not be cashless. I figured this may apply even if I buy an insurance policy from another online broker, or even directly from the insurance companies.

Considering this, I ended up renewing my car's insurance from the VW dealership as they offer cashless claims without the restrictions. Moreover, the price difference was about Rs 500, and I happily paid that for the peace of mind, in case the need to make a claim arises.
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Old 12th November 2019, 13:46   #4419
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Default Re: Automobile Insurance Queries? Ask me

I recently renewed my Tata Zest Car Insurance via Policy Bazaar and the Insurance company is Tata AIG, though I have a few doubts and hope bhpians can help me:

1. My car registration date is Nov, 2014 so it'll complete 5 years this month so I wanted Return to Invoice add-on for my car but researching online, came to know that it is only offered upto 3 years. However, I got Return to Invoice offered and I happily accepted it via Policy Bazaar and they told me that since I paid for it, there will be no issues while filing a claim for the same. Can you guys elaborate if that's the case?

2. Since I got Return to Invoice, I opted for a low IDV of ₹2,35000 instead of ₹4,05000 to lower the premium. Hope this won't be a problem while taking a policy next year when Return to Invoice is not given and I want higher IDV!?


I wanted to confirm in this forum before I speak to Tata AIG directly.
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Last edited by devilicious : 12th November 2019 at 14:00.
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Old 13th November 2019, 14:09   #4420
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Default Re: Automobile Insurance Queries? Ask me

My car (Vento) insurance is coming up for renewal in a few days and I am seriously considering Acko as their quote is significantly cheaper than the others. I tried Digit and their quote is quite absurd as it is the most expensive (among all insurers) and almost double that of Acko. I will appreciate any feedback on the claim experience by anyone who have done it as that is the most important part. This is for a comprehensive policy since the car will be 5 years old and zero depreciation is not available any more.

Last edited by Mohan Mathew A : 13th November 2019 at 14:25.
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Old 15th November 2019, 11:03   #4421
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Default Re: Automobile Insurance Queries? Ask me

Not insuring your car keys can cost you heavily now:

Quote:
If you have a car with remote-key/keyless FOB, taking insurance cover for your car keys becomes important. A car key insurance add-on in your policy covers the cost of replacing complete key lockset in a situation where you have lost your car keys.
Quote:
While cost of replacing keys of manual locking cars is comparatively reasonable, the cost of a new set of keys for remote or keyless locking cars can cost between Rs 8,000 for high-end cars like Hyundai Verna, Volkswagen Polo and up to Rs 1 lakh for premium cars like Fortuner
Link

Last edited by volkman10 : 15th November 2019 at 11:04.
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Old 15th November 2019, 14:04   #4422
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Rs 8,000 for high-end cars like Hyundai Verna, Volkswagen Polo and up to Rs 1 lakh for premium cars like Fortuner
8,000 is bad enough, but 1 lakh seems like a bad joke! How can that possibly be justified, I wonder?
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Old 17th November 2019, 22:31   #4423
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Default Re: Automobile Insurance Queries? Ask me

I have a query which is unanswered since some time.

Situation:
My Linea is due for insurance renewal. I have two quotes from the same insurer one for a IDV of 3.5 lakhs and one for a IDV of 5 lakhs. Both have zero dep addon. Now, i know incase of a total loss it is the IDV amount that will get paid to me.

But, say a bike hits my left door and i need to get it replaced under insurance then what difference does it make whether i have a policy with a 3.5 lakhs IDV or a 5 lakhs IDV since both of them have zero dep addon. Zero dep addon means zero depreciation on any part that's covered under insurance. Am i right? Will the insurance cover in full the cost of the door replacement?
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Old 18th November 2019, 09:43   #4424
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by bharatbits View Post
I have a query which is unanswered since some time.

Situation:
My Linea is due for insurance renewal. I have two quotes from the same insurer one for a IDV of 3.5 lakhs and one for a IDV of 5 lakhs. Both have zero dep addon. Now, i know incase of a total loss it is the IDV amount that will get paid to me.

But, say a bike hits my left door and i need to get it replaced under insurance then what difference does it make whether i have a policy with a 3.5 lakhs IDV or a 5 lakhs IDV since both of them have zero dep addon. Zero dep addon means zero depreciation on any part that's covered under insurance. Am i right? Will the insurance cover in full the cost of the door replacement?
You will need to calculate the IDV based on the calculations i.e 10% less than last year's IDV if the ownership is equal or less than 5 yrs. If more than 5 yrs ownership, it has to be mutually agreed with the Insurance co.

Coming to your query, Insurance will cover the repair cost under the zero dep add on cover till 75% of the IDV. Beyond that the vehicle will be declared as total loss. So IDV does play a major role during insurance renewal.
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Old 18th November 2019, 12:10   #4425
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by bharatbits View Post
...
But, say a bike hits my left door and i need to get it replaced under insurance then what difference does it make whether i have a policy with a 3.5 lakhs IDV or a 5 lakhs IDV since both of them have zero dep addon. Zero dep addon means zero depreciation on any part that's covered under insurance. Am i right? Will the insurance cover in full the cost of the door replacement?
Yes. The IDV doesn't matter for 'small claims'. Your insurance will cover the entire cost irrespective of whether the idv is 3.5 or 5 L.

Like you said idv comes into play in a major claim - total loss or huge amount.


Quote:
Originally Posted by ghodlur View Post
..
Coming to your query, Insurance will cover the repair cost under the zero dep add on cover till 75% of the IDV. Beyond that the vehicle will be declared as total loss. So IDV does play a major role during insurance renewal.
For most of the claims (smaller ones which will be less than 75% of 3.5 lacs), it's same, rt?
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