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Old 12th December 2019, 20:53   #4441
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Default Re: Automobile Insurance Queries? Ask me

How come the insurance "3Year OD+ Zero Dep" for Hector Style D is more expensive than Compass Sport via HDFC Egro "coverfox".
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Old 13th December 2019, 00:31   #4442
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Quote:
Originally Posted by PAkshay View Post
Be after the customer care guy.
Your advice worked. Had sent a mail to their Customer care and also called up a couple of times. They sent the policy document on mail immediately. The hard copy will be sent later. Thanks.
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Old 13th December 2019, 01:21   #4443
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Quote:
Originally Posted by nishikant View Post
Thanks all, but again at risk of repitition, but do we have any rankings for

hdfc ergo, bharati axa,etc.. please inform asap
Hi

There could be certain objective parameters to judge service level of an insurer. Following are two such yardsticks:

1. Claim settlement ratio - this is expressed in % and means how many claims are settled by an isurer out of 100 claims reported. Higher the ratio better is an insurance company. I would give you a glimpse of this ratio for major insurers

2. Claim reputation ratio - this ratio states how many claims are rejected by an insurer out of every 100 reported claim. Lower the ratio better the insurer.

On both these parameters Iffco tokio, royal Sundaram, bajaj allianz, hdfc ergo fares better than competitors.

Data source : report published by IBAI

Apart from these you must find out if the insurer has cashless tie up with dealer at your location or not.
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Old 13th December 2019, 19:03   #4444
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Originally Posted by PAkshay View Post
On both these parameters Iffco tokio, royal Sundaram, bajaj allianz, hdfc ergo fares better than competitors.
Where are the data for new age digital players like 'Digit' and 'Acko'?

Is there any place where we can get some data on them?
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Old 13th December 2019, 19:20   #4445
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Originally Posted by JMaruru View Post
Where are the data for new age digital players like 'Digit' and 'Acko'?

Is there any place where we can get some data on them?
The most authentic place to look up claim settlement ratios is annual report published by IRDA.

Link - https://www.google.com/url?sa=t&sour...=1576244813838

However IBAI, policy bazar and likes also publich their own data.
Insurance information bureau also publishes such data.
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Old 14th December 2019, 15:53   #4446
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Default Re: Automobile Insurance Queries? Ask me

Can some one pick the best of the lot? Currently on NIA, never claimed. Is Tata AIG any good? Most of them have cashless tie ups, hence not a worry.
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Old 14th December 2019, 18:36   #4447
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Quote:
Originally Posted by Aditya_Bhp View Post
Can some one pick the best of the lot?
Which vehicle? What is the year of manufacturing? Which are the covers you opting for?

Quote:
Currently on NIA, never claimed. Is Tata AIG any good?
What is the percentage of NCB allowed in your current policy?

Tata Aig doesn't have national tie up with many manufacturers. Please check if they have any local tie up for cashless in your location for your make of vehicle.

Quote:
Most of them have cashless tie ups, hence not a worry.
Not really! All insurers don't have cashless tie ups with everywhere. Please check with local dealers first.

Please refer to my earlier post wherein i had share useful claim settlement and claim repudiation ratios of different insurers. This will give you some idea on their efficiency.
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Old 15th December 2019, 12:23   #4448
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Quote:
Originally Posted by PAkshay View Post
Which vehicle? What is the year of manufacturing? Which are the covers you opting for?
A 2011 Ritz, just a comprehensive package with no add-ons, with 50%NCB.
IDV is 2 lakhs. No Personal Accident cover needed.

Most insurance companies have tie ups with one or the dealers here. So its not a problem.
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Old 15th December 2019, 13:10   #4449
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Quote:
Originally Posted by Aditya_Bhp View Post
A 2011 Ritz, just a comprehensive package with no add-ons, with 50%NCB.
IDV is 2 lakhs. No Personal Accident cover needed.
If I were you I would have chosen
Bajaj over Tata given the difference in premium is just 600 odd.

Reasons:

1. Bajaj has Pan india tie up with all maruti service centers.

2. More branch networks.

3. Better claim settlement as per record.

Royal Sundaram is also good at servicing maruti networks.
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Old 26th December 2019, 12:26   #4450
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Quick question: Is a Personal Accident Cover (for car insurance) required if the insured person does not have a driving licence?

Last year I bought a policy with bundled PA cover on the insured's name. The insured person doesn't hold a driving licence. Now, at the time of renewal, I can see an option of opting out of PA by selecting "the insured does not hold a valid driving licence".
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Old 26th December 2019, 15:00   #4451
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Quote:
Originally Posted by self_driven View Post
Quick question: Is a Personal Accident Cover (for car insurance) required if the insured person does not have a driving licence?

Last year I bought a policy with bundled PA cover on the insured's name. The insured person doesn't hold a driving licence. Now, at the time of renewal, I can see an option of opting out of PA by selecting "the insured does not hold a valid driving licence".
Hi,

Personal accident cover is compulsory but can be deleted in certain circumstances as enumerated below:

1. If the owner of the vehicle doesn't hold an effective / valid driving license.

2. If the vehicle is owned by a company , partnership firm , corporate body and / or any organization - in short where the vehicle is not owned by a person holding valid driving license.

3. Where a person owns more than one vehicle , compulsory PA cover can be granted for only one vehicle as opted by him / her. So for the second vehicle's insurance PA cover premium will not be applicable.

In all other cases personal accident (PA) cover is mandatory.

PS: PA cover is provided to the owner driver while driving the vehicle including mounting into / dismounting from or traveling in the insured vehicle as a co-driver also.
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Old 28th December 2019, 23:05   #4452
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Default Re: Automobile Insurance Queries? Ask me

Have a query with respect to IDV in case of discounts.

Say I get a net discount of 1.3 Lac. Company declared ex-showroom price is 15 Lac. Road tax too will be calculated on the ex-showroom price. And payment to be made to dealer is ex-showroom price + road tax - discount.

What would be the right method for the insurer to go about with IDV in this matter?

I asked my dealer, he said IDV will be 95% of ex-showroom price. But now I'm thinking whether it would be 95% of invoice value.
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Old 28th December 2019, 23:22   #4453
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Quote:
Originally Posted by TROOPER View Post
I asked my dealer, he said IDV will be 95% of ex-showroom price. But now I'm thinking whether it would be 95% of invoice value.
Hi

IDV of any vehicle depends on the listed selling price (read ex-showroom price) of that make & model- it will not factor in any discount you get. Hence your invoice price will not be used for calculation of IDV.

Age-wise depreciation is applied on ex-showroom price to arrive at IDV. Depreciation chart reads like this:

1. Vehicle age not exceeding 6 months - 5%

2. Vehicle age exceeding 6 months but not exceeding 1 year - 15%

3. Vehicle age exceeding 1 year but not exceeding 2 years - 20%

4. Vehicle age exceeding 2 years but not exceeding 3 years - 30%

5. Exceeding 3 years but not exceeding 4 years - 40%

6. Exceeding 4 years but not exceeding 5 years - 50%

7. Exceeding 5 years - agreed value between Insured and Insurer.
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Old 7th January 2020, 23:24   #4454
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Quote:
Originally Posted by TROOPER View Post
That's impossible. Sit in the showroom or at your home with your laptop. Log on to New India Assurance, have them on call with them logged in to Tata insurance and check what quote you get.
Quoting here from Hexa thread.

So fellow BHPian TROOPER and I were discussing about appropriate insurance premium for my soon-to-be-delivered Hexa XM+.

I am using New India Assurance website to generate the said premiums.

Hexa XM+ ex-showroom price in Pune (2019 price) - 15,89,338
95% IDV - 15,09,871
Comprehensive (1 year Own Damage + 3 Year third party) - 42,937 excluding GST
GST - 18%
Premium Including Tax - 50,665



Zero Dep - 49,549
Premium Including Tax - 58,467



I hope I am doing it right.

TROOPER managed to get almost similar quote for his Hexa XT with some NCB.
Point of discussion was that we were expecting significant difference in premiums because of higher ESP of XT variant.

But I guess in the end a higher IDV by ~1.5-2 lakhs doesn't make much difference in insurance premium, may be to the tune of 4k or so only.
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Old 14th January 2020, 22:49   #4455
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Query on pre-owned car and NCB percentage.

For the sake of convenience, abbreviations as below.

PO - Previous Owner
CO - Current Owner
PP - Previous Policy
CP - Current Policy
PP Period of Insurance - Sep 3, 2018 to Sep 2, 2019
CP Period of Insurance - Sep 3, 2019 to Sep 2, 2020

Ownership change date - Sep 18, 2018
Insurance name change date - Dec 2, 2018

No claims done in PP. NCB % for PP - 0%. INR 8xx paid to previous insurer HDFC Ergo for name transfer.

Policy document received clearly mentioning period of Insurance same as in PP with new name endorsed.

CP renewed with Bajaj Allianz with NCB 20%.

Is there any IRDA rule stating that I am ineligible for NCB 20% since I have not completed 365 days with new name in previous policy?

If above is valid, then what happens to used cars which undergo a name change?

Do all of them have to go for NCB 0% option for consecutive two years since it is impossible to have RC name transfer, CP start date, CP name transfer all on the same day?

What next, hours and minutes also would be counted?

I spoke to couple of folks in the industry and also went through the policy wordings and IRDA rules and there is no such rule published there.

This is how the CP provider is trying to arm-twist.

Experts please chip in. Have already escalated to grievance and head of customer service. Next in line is the Ombudsman.
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