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Old 30th November 2019, 19:06   #4426
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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:
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?
Hi

IDV of the vehicle, low or high, doesn't have any bearing on repair-claims and partial losses. Zero dep add-on is applicable only in case of partial losses / repair claims.

Nevertheless the IDV of the vehicle is important not just in case of total loss but also in case of 'Constructive total loss (CTL)'. An insurer can invoke CTL if the repair cost of the vehicle is more than / equal to 75% of the IDV. Now, if you keep the IDV very low (so that you pay less own damage premium) in case of any accident of major nature insurer will surely invoke CTL clause and settle the claim on total loss basis. In such a scenario you would not get the fair value for your car.

Make it a point not to keep IDV lower than the prevailing market price in used car market.
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Old 11th December 2019, 21:25   #4427
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Default Re: Automobile Insurance Queries? Ask me

In need of some advice. My car insurance is expiring on 13th December midnight. I have already paid the premium for renewal of the policy online. The insurance company has acknowledged that they have received the money. However the new policy has not been sent to me yet. I am going on an outstation trip for the weekend. I have already called the customer care and they said they will issue the new policy soon. What are my options in case the issuance of the new policy is delayed beyond 13th December. Thank you.
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Old 12th December 2019, 00:35   #4428
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by adi.mariner View Post
I am going on an outstation trip for the weekend. I have already called the customer care and they said they will issue the new policy soon. What are my options in case the issuance of the new policy is delayed beyond 13th December.
If you are renewing with the same insurer they must be having all the required details for issuance of policy and chances are your policy will be generated in one or two working days. Ask the customer care to email you the soft copy while hard copy may be despatched in due course.

In case you are renewing with some other insurer and your policy is delayed please find out if any details is missing or you need to submit any more document. Be after the customer care guy. Ask them to send you revenue stamp fixed and signed copy of money receipt.

Carry your expiring policy with you along with money receipt provided by insurer.
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Old 12th December 2019, 01:57   #4429
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Default Re: Automobile Insurance Queries? Ask me

Hi Guys, Need your advice...


I have a 2012 Model Brio Automatic car.
My current insurance expires on 13 Dec 2019 Midnight, just like Adi's couple of posts before me.

I had it issued through Policy Bazaar and From HDFC Ergo.
Only problem is that today I noticed
1. The Current HDFC Policy states my vehicle to be MANUAL transmission (I missed it all these days, and checked just now, online when I clicked their email offer to compare. No incidents to flash it in the past year either).
2. The IDV is ~ 223000


Previous years details- insurer Bharati Axa, IDV - 302000

I spoke to the Policy bazaar guys today and got it corrected in their systems to Automatic. Now I can see new quotes (as opposed to manual transmission quotes from yesterday which were based on IDV lower than what my present HDFC ergo IDV of ~223000) for comprehensive policies by various insurers.

Questions:
Q1. When I now check quotes, I see wide discrepancy in IDV
I am inclined to go for Bajaj Allianz as I have good experience with them in the past. Problem is that their IDV is higher (!) than my last insurance IDV.
Can I go with Bajaj All. for the insurance? Will the increased IDV make an issue during claims? Their premium is the highest, but that is probably due to the high IDV..
Please see the attached image for comparison of insurer offers on Policy bazaar. These are plain vanilla offers, I may go for Personal cover and unnamed passenger cover. 24*7 road assistance looks needed to me. I may also take up engine protection plan.



Q2: How do I get the IDV lowered, and should I get it lowered? My car is 7 years old now..

Q3: to how much can I get it lowered?


Thanks guys!
Attached Thumbnails
Automobile Insurance Queries? Ask me-insuranceoptions.png  


Last edited by benbsb29 : 12th December 2019 at 04:33. Reason: Edited to remove font tags.
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Old 12th December 2019, 06:48   #4430
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by nishikant View Post
Questions:
Q1. Can I go with Bajaj All. for the insurance? Will the increased IDV make an issue during claims?
Q2: How do I get the IDV lowered, and should I get it lowered? My car is 7 years old now..
Q3: to how much can I get it lowered?
Beyond 5 years of ownership the IDV has to be based on mutual agreement between the customer and the Insurance co. Your ideal IDV should be rs 2L. Based on this IDV, get the quotes from the Insurance co and then compare. If you are inclined with Bajaj, then suggest to negotiate the IDV and the premium accordingly.
There is a wrong notion that a higher IDV means higher benefits.
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Old 12th December 2019, 07:49   #4431
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Default Re: Automobile Insurance Queries? Ask me

Need a few queries answered - having just bought an used car.

For the last 8 years I have been a customer of Bajaj Allianz.
I havent had any claims and have been insuring my vehicle with them repeatedly basis a mutual agreement on the IDV etc. (Last count, my Yeti IDV was 9.5 lacs) I enjoy a priority customer status with Bajaj.

Recently l onward sold that vehicle, right bang on at the time its insurance was coming up for renewal. I made sure the vehicle was transferred immediately in the RTO and that the new owner took out comprehensive insurance for it in front of me. I made sure also to get my NCB certificate from Bajaj Allianz.

Now, at the same time, I bought an used car which is of a higher segment and presently has a higher IDV of ~12 Lacs. This car is insured with HDFC Ergo and the insurance still has another 7 months to run and the previous owner has also been enjoying a 50%NCB. The previous owner also gave me the signed Insurance Transfer Note along with the Form 29/30 etc.
The vehicle has transferred into my name as per the RTO records and I have the RC Card and every other shred of document.

Now, I spoke to the HDFC chaps, who have asked me to meet them asap, so that the name change can be carried out in the Insurance Certificate. They have also mentioned that I may need to pay some “difference amount” to them, as regards the policy, since it still has 7 months to run.

I have the following queries:
1. Is it at all possible to switch over this remaining 7 months of Insurance from HDFC Ergo to Bajaj Allianz?
2. What is this difference that HDFC ERGO is asking me to pay? Is it because of the difference in IDV?
3.Because I surmise that both the previous owner and I, are respectively enjoying 50% NCB, hence there ought not to be any real difference in Premium on this account.
4. I do believe driving the car without making the change in name, will be illegal and hence, will never do that.
5. Should I go to HDFC and change over the name and pay up this difference while showing them the Bajaj Allianz 50% NCB certificate so as to reduce the impact?
6.If I do change the name in this manner and remain with HDFC Ergo so as to take advantage of the premium that the previous owner has paid, then when the Insurance comes up again for renewal in July 2020, and at that time, if I want to go back to Bajaj Allianz because I am a priority customer, then will I have to ask HDFC Ergo for an NCB Certificate (provided no claim has actually been made during the time)?
7. Or should I just chuck it and go straight back to Bajaj Allianz right away and buy myself fresh Insurance from them using my existing relationship and the 50% NCB Certificate?

Your inputs on this would be greatly valued.

Thanks!
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Old 12th December 2019, 11:28   #4432
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Default Re: Automobile Insurance Queries? Ask me

Ok So I just went ahead and spoke to HDFC ERGO Office in BANGALORE at 10 am today when they opened.

A most helpful gentleman there by name Sunil, simply asked me to go online to HDFCERGO.com, upload the requisite document copies like the RC Book with name change, policy number etc and pay that small difference amount of Rs 4500 odd to have the name change instituted.

The whole process was self guided and user friendly via their web site. And Sunil stayed with me on the phone, walking me through the whole process.

No need to battle through 2 hours of time in the horrible traffic and chaos to get from HSR to MG Road and meet them personally and show them the car and all the rest of it.

I get the 7 months of benefit in this way because the previous owner has paid the premium until July 2020.

Next year at the time of renewal all I have to do is present the NCB letter and renew.

And the best thing of all - I completed the whole online process at 10.25 am.

Within 5 Min of making the difference payment and saving the transaction record, I have also received their acknowledgement emails and thank you notes and all that, and within ONE HOUR - 11.15 am - I have received the ENDORSED POLICY also with the name changed and address updated as well!

Truly this is fantastic.
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Old 12th December 2019, 11:59   #4433
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Beyond 5 years of ownership the IDV has to be based on mutual agreement between the customer and the Insurance co. Your ideal IDV should be rs 2L. Based on this IDV, get the quotes from the Insurance co and then compare. If you are inclined with Bajaj, then suggest to negotiate the IDV and the premium accordingly.
There is a wrong notion that a higher IDV means higher benefits.

Thanks for your reply..
I also wanted the community's opinions on the listed insurers Honda ASC or even 3rd party.. sorry if this is


Secondly is it ok if I go with the sub 2L IDV from the options in policy bazaar.. ? Also, how low should we go for the reduction in IDV (I know one aspect is about reduction of premium v/s the amount one receives when car is scrapped).

Right now, I'm thinking between Bajaj Allianz, Bharati Axa, Iffco Tokio of which, only Bharati Axa has sub 2L IDV. Still, the premium is costly for the stated IDV.



Finally why do different companies have so wide assessment of IDV?
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Old 12th December 2019, 12:30   #4434
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by nishikant View Post

Secondly is it ok if I go with the sub 2L IDV from the options in policy bazaar.. ? Also, how low should we go for the reduction in IDV (I know one aspect is about reduction of premium v/s the amount one receives when car is scrapped).
=====
Finally why do different companies have so wide assessment of IDV?
For more than 5 years of vehicle age IDV is an agreed value ( an agreed amount between the insured and insurer) and hence this wide variation
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Old 12th December 2019, 13:27   #4435
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by PAkshay View Post
For more than 5 years of vehicle age IDV is an agreed value ( an agreed amount between the insured and insurer) and hence this wide variation
One piece of advice someone gave me. No point increasing the IDV un necessarily. It doesn’t give any benefits except perhaps a salve to one’s own conscience if one has kept the car well through the years of usage.

The main function of IDV is to establish a fair and equitable value for the vehicle, in case of (God Forbid), the necessity for a Total Loss Settlement.
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Old 12th December 2019, 14:27   #4436
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by shankar.balan View Post

The main function of IDV is to establish a fair and equitable value for the vehicle, in case of (God Forbid), the necessity for a Total Loss Settlement.
Not only in case of a total loss but CTL (constructive total loss) too! Whenever repair cost of the damaged vehicle is more than 75% of the vehcle idv the insurance company will setlle the claim on CTL basis and you will be paid full amount minus policy deductible.

Now if you keep the value too low CTL can trigger in not so major damages also. The insurer will take possession of your car and sell it.

It is desirable that you keep the idv to atleast prevailing market value in the used car market.
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Old 12th December 2019, 14:35   #4437
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Originally Posted by PAkshay View Post
It is desirable that you keep the idv to atleast prevailing market value in the used car market.
Yes, I completely agree. My Yeti - the recommended IDV for its 9th year, as per Bajaj Allianz who had insured it from the outset, was Rs 8.87 Lac, down from Rs 9.5 Lac in its 8th year.

The Cooper I just bought - its IDV is 12.1 Lac as of now. I think by next July when it comes up for renewal,this will fall by another 15-20%.

But it is worth keeping in mind the simple thumb rule on these older cars (more than 7 years old) and keeping the IDV at about 30-35% of the original invoice value.
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Old 12th December 2019, 16:24   #4438
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
Beyond 5 years of ownership the IDV has to be based on mutual agreement between the customer and the Insurance co. Your ideal IDV should be rs 2L. Based on this IDV, get the quotes from the Insurance co and then compare. If you are inclined with Bajaj, then suggest to negotiate the IDV and the premium accordingly.
There is a wrong notion that a higher IDV means higher benefits.

Thanks all, but again at risk of repitition, but do we have any rankings for

hdfc ergo, bharati axa,etc.. please inform asap
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Old 12th December 2019, 17:28   #4439
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Default Re: Automobile Insurance Queries? Ask me

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Thanks all, but again at risk of repitition, but do we have any rankings for

hdfc ergo, bharati axa,etc.. please inform asap
No Rankings, purely TBHPian experiences on claim processing. I have had Insurance from Royal Sundaram, HDFC Ergo, Future Generali and all of them were superb during the claim processing.
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Old 12th December 2019, 20:41   #4440
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Default Re: Automobile Insurance Queries? Ask me

I have a situation I'm hoping you guys can help me with.

I'm buying a used car from a broker/used car dealer. The car is still registered to the original buyer but the current insurance has lapsed on 7th Sep 2019. I have a loan on the vehicle so the bank will not disburse the loan until insurance is renewed. The broker will not do the name transfer until the disbursement is made. So in this scenario do I take insurance in the same of the person in whose name the car is currently registered and once the name transfer happens (about a week I'm told) get the insurance changed to my name. Is there any way I'll get the NCB bonus if there was no claims by the previous owner?
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