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Old 28th December 2018, 18:45   #4441
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by GrandTourer View Post
What issues would I face if my IDV is less than 10% depreciated? Or are there any benefits to a higher IDV. I would rather reduce the IDV if there are no real benefits.

IDV is the amount that the insurer will pay you in case of the car gets totaled (i.e.) damaged beyond repair in an accident.
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Old 29th December 2018, 09:51   #4442
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by GrandTourer View Post
My questions:
1. How has your experience been with HDFC ERGO? I have had a smooth claim experience with Reliance so far. Also, I see that my ASS is listed in the cashless garages for HDFC ERGO.

2. Can someone explain the reason behind that. I'm not very well versed with how insurance works. My previous IDV year IDV was Rs. 8,73,620, which means that new IDV should be less than Rs. 7,86,258.
You might want to rephrase the sentence highlighted in bold.

I have my car's insurance from HDFC Ergo and had a claim last year. The claim settlement was fast and to my satisfaction. If HDFC Ergo is listed in the cashless Insurance co list with your workshop, then you should go ahead with them if their quote is the best.

There is a depreciation table mentioned in your insurance policy document. Based on that table the IDV is calculated. As a general thumb rule, 10% is the depreciation taken into account when calculating the IDV during renewals. This is as per the Motor Vehicle Act.

Quote:
Originally Posted by GrandTourer View Post
What issues would I face if my IDV is less than 10% depreciated? Or are there any benefits to a higher IDV. I would rather reduce the IDV if there are no real benefits.
Over insuring or under insuring the car is definitely not advisable. Just to save a few rupees in the premium can cost you in case of a total loss or Constructive total loss. Would suggest you to read through the policy document for more details.
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Old 29th December 2018, 15:34   #4443
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by GrandTourer View Post
Hi guys,

My car is up for renewal next month and unfortunately I have one claim in the last year. I have a quote from my current insurer (Reliance General) of Rs. 28k + gst for an IDV of Rs. 7,97,715.
I have another quote from HDFC ERGO of 24k + gst for an IDV of Rs. 8,27,300. That's a savings of 5k after gst.

My questions:
1. How has your experience been with HDFC ERGO? I have had a smooth claim experience with Reliance so far. Also, I see that my ASS is listed in the cashless garages for HDFC ERGO.

2. I read in the beginning of the thread that IDV should be reduced by at least 10% from previous year. Can someone explain the reason behind that. I'm not very well versed with how insurance works. My previous IDV year IDV was Rs. 8,73,620, which means that new IDV should be less than Rs. 7,86,258.
Hi, regarding the insurer, I've been on HDFC Ergo for couple of years and was more than satisfied with their price and service. Of course, I did have only one claim with my windshield and that was handled very well and did not face any issues. In fact, their price is very competitive so it should save us a few thousands depending on the IDV and other add-ons.

Quote:
Originally Posted by Crank View Post
Even I have the same question, if there's a reply to it that would also help me.

IDV range is as per Motor insurance Act, based on the fact that the value of a car depreciates over a period of time. However insurers can increase IDV based on request through exception basis.
IDV range is governed by the IRDA rules but there are a few liberties with respect to it. I've always kept my IDV on the higher side and there was no concerns to note. IMHO, I don't think there is any exception to the IDV increase. It is not mandatory to keep the IDV reducing by 10% every year.

Quote:
Originally Posted by GrandTourer View Post
What issues would I face if my IDV is less than 10% depreciated? Or are there any benefits to a higher IDV. I would rather reduce the IDV if there are no real benefits.
There won't be any issues except an increase of premium but on the positive side you would be entitled for the same IDV in case of a total loss.
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Old 29th December 2018, 17:21   #4444
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Thank you ghodlur and sumzup for your inputs.

Quote:
Originally Posted by ghodlur View Post
You might want to rephrase the sentence highlighted in bold.
Classic example of the importance of punctuations





Quote:
Originally Posted by sumzup View Post
Hi, regarding the insurer, I've been on HDFC Ergo for couple of years and was more than satisfied with their price and service. Of course, I did have only one claim with my windshield and that was handled very well and did not face any issues. In fact, their price is very competitive so it should save us a few thousands depending on the IDV and other add-ons.



IDV range is governed by the IRDA rules but there are a few liberties with respect to it. I've always kept my IDV on the higher side and there was no concerns to note. IMHO, I don't think there is any exception to the IDV increase. It is not mandatory to keep the IDV reducing by 10% every year.



There won't be any issues except an increase of premium but on the positive side you would be entitled for the same IDV in case of a total loss.
I think I'll go with HDFC after all.
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Old 11th January 2019, 12:21   #4445
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by GrandTourer View Post
Thank you ghodlur and sumzup for your inputs.


I think I'll go with HDFC after all.
I am looking to renew my expired POLO GT TSI car insurance (Somehow missed the Dec due date.)

@ GrandTourer: Did you go with HDFC Ergo ? If yes whats the insurance cost overall you paid ? How does it fare in terms of cashless garages across mumbai ?

@ Everyone : My VW SA is recommending reliance general insurance as they are faster & smoother with claims + preferred by VW it seems. (over the expired UNITED INDIA INSURANCE that I had)

Quote from Reliance is INR 27,502 (for IDV of 7.5L). With requisite add on covers. Secure home motor premium cover is what they call it . (bumper to bumper incl. NIL Dep, Consumables, Engine Protector, Key Protect, RSA)

From what I see, Reliance has more cashless garages across Chennai but INR 1000 more than HDFC ERGO for the same cover.

I am looking at HDFC ERGO or Reliance . Any inputs / pointers to be mindful of between these 2 ones ?
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Old 12th January 2019, 07:55   #4446
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Default Re: Automobile Insurance Queries? Ask me

Insurance co. plied bank officials, auto execs with gifts for selling its policies

Quote:
Email exchanges between ICICI Lombard executives reveal it spent crores funding foreign holidays and expensive gifts for pliable business associates, a practice barred by Insurance Regulatory and Development Authority of India
Source: Mumbai Mirror Article

In other earth shaking news, Water is Wet.
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Old 12th January 2019, 09:07   #4447
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Default Re: Automobile Insurance Queries? Ask me

The insurance of my Ecosport will be up for renewal in a month's time.

If I am opting for "Right To Invoice", is the IDV important?
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Old 12th January 2019, 12:54   #4448
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by suku_patel_22 View Post
The insurance of my Ecosport will be up for renewal in a month's time.

If I am opting for "Right To Invoice", is the IDV important?
Right to Invoice is an add on cover and is beneficial only when the car is totaled or is stolen when the invoice amount will be paid to the Insured. IDV will be important in all other claims. If you buy the add on cover, then the invoice amount will be considered for claim reimbursement instead of IDV.

Before you opt for the add on cover, please read the T&C's.
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Old 12th January 2019, 22:33   #4449
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Default Re: Automobile Insurance Queries? Ask me

My parents have a 50% NCB on their 06' Alto. The current policy expires in April, 3 months from now.

Can this current policy be converted to a 3rd party policy and NCB certificate be requested?

Current Insurer is HDFC ERGO.
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Old 13th January 2019, 12:15   #4450
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by Dry Ice View Post
My parents have a 50% NCB on their 06' Alto. The current policy expires in April, 3 months from now.

Can this current policy be converted to a 3rd party policy and NCB certificate be requested?

Current Insurer is HDFC ERGO.
The policy cannot be converted mid year of the policy. Either you wait for the renewal in April or you can cancel the insurance and buy a fresh one. In either of case you can request for the NCB eligibility. NCB certificate is issued only if you sell the car. NCB eligibility endorsement by HDFC is valid when buying insurance for any other car provided the car is registered in your parent's name.
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Old 14th January 2019, 13:38   #4451
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Quote:
Originally Posted by KartAttack View Post

@ GrandTourer: Did you go with HDFC Ergo ? If yes whats the insurance cost overall you paid ? How does it fare in terms of cashless garages across mumbai ?

@ Everyone : My VW SA is recommending reliance general insurance
Hi KartAttack,

I finally went ahead with HDFC ERGO today. I enquired with the Insurance guy at my A. S. S. and they seem to have a tie-up for cashless claims. I saved a whopping 7.4k after tax.
Policy includes comprehensive cover with nil dep. The similar one costs 33.5k after tax with Reliance.

Yes, there are more cashless garages with Reliance, but since my car is only a year old, I'll be sticking to VW service centres for now. Don't want to mess up with warranty.

Also, it's not always the case that all VW SCs will have a tie up with Reliance (supposedly preferred). One autobahn in Mumbai has a tie-up, while another one in Mumbai itself doesn't.
So make sure your A.S.S. has a cashless claim tie-up. Otherwise it's a hassle.
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Old 16th January 2019, 19:35   #4452
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Default Re: Automobile Insurance Queries? Ask me

Dear Members

Please help me on one Insurance query.

I have bought a Ford Aspire and have given my old Alto car in exchange to the dealer.

Alto Insurance has 50% NCB and is with Reliance General Insurance. The sale was done after 5 months of renewal of Alto insurance.

Ford Aspire was insured by the dealer with TATA AIG. I could not force them to apply the NCB as I had to procure the NCB reserving letter and Reliance was dilly dallying on it. Having given the Alto car, I was under pressure to procure the new car and hence I decided to get the new car first on priority.

Now, Reliance has asked for NCB Recovery amount to be paid to them prior to NCB reserving Letter since NCB cannot be applicable for myself on 2 cars simultaneously. I have to relinquish one to transfer to another.

I did not argue much and hence simply paid up the NCB recovery amount and now I am in possession of the NCB Reserving Letter.

Now, with this letter in hand, I have written to TATA AIG to apply NCB on my existing policy OD premium in THIS year itself. Tata Aig is telling me , since the policy is issued, NCB cannot be applied retrospectively and hence it will be considered by them in the NEXT year renewal only.

Please advice me if the thing that they are saying is correct ? I thought it was possible for them to pay me the excess OD premium which would not have applied in my case if the NCB would have been loaded ? Just because that the policy is already issued, is it cast on stone that I cannot have the fairness of loading the NCB retrospectively ?
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Old 20th January 2019, 11:15   #4453
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by amohan78 View Post
Please help me on one Insurance query.
I have bought a Ford Aspire and have given my old Alto car in exchange to the dealer.
Based on my experience, what TATA AIG has told you is incorrect! I went through the same situation like you when I changed my car but could easily load my NCB in between the policy year (i.e., after about 7 months of issuing) with ICICI Lombard. They promptly refunded me the NCB discount amount. So, I guess it's the insurance company's prerogative. Try questioning them and probably threatening to move out at next renewal if they don't honor your valid NCB certificate. By the way, in my case, ICICI Lombard was the insurer of both my old and new cars - not sure if that made things simple for me. Thanks.

Last edited by ampere : 3rd February 2019 at 14:46. Reason: Trimmed quoted post
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Old 3rd February 2019, 13:52   #4454
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Default Re: Automobile Insurance Queries? Ask me

Query on Policy with Bumper to Bumper


Ciaz purchased in 2018, and still in first year
NCB was transferred from previous car.
The car has a Bumper-to-Bumper coverage


Today, the car had a small incident and one panel needs some painting.

Query:
If we go to Maruti ASS, and get the work done under Insurance, will we lose the NCB ?
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Old 4th February 2019, 16:20   #4455
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by condor View Post
Query:
If we go to Maruti ASS, and get the work done under Insurance, will we lose the NCB ?
If you claim insurance, you will lose the NCB irrespective of whether the work is done at MASS or any other garage (approved by your insurance provider).

If you don't claim insurance even at MASS, the NCB will be remain unharmed.
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