[ghodlur]

Originally Posted by bharatbits

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.

[JohnyBoy]

Originally Posted by bharatbits

...
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.

Originally Posted by ghodlur

..
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?

[PAkshay]

Originally Posted by bharatbits

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.

[vsrivatsa]

Originally Posted by Rajeevraj

Trying to renew insurance for 7th year of my Vento and surprised to see that only Iffko Tokio and Edelweiss are offering Zero Dep option. First time hearing of these two as Insurance providers!!

Is that expected?

Over phone Tata AIG agreed to provide Zero Dep but they are yet to email the quote. Other than that I am also seeing only Iffko Tokio and Edelweiss.
Edelweiss seems priced lower than Iffko Tokio. I am looking for insurance for my 2014 City.

Were you able to gather any addl. inputs on Iffko or Edelweiss?

[PAkshay]

Originally Posted by Rajeevraj

Trying to renew insurance for 7th year of my Vento and surprised to see that only Iffko Tokio and Edelweiss are offering Zero Dep option. First time hearing of these two as Insurance providers!!

Hi

Iffco tokio is an established player with over more than 16-17 years of existence. To the best of my knowledge iffco is the only major auto insurer which offers zero dep up to 7 yrs of vehicle's age.

On the other hand Edelweiss is kne of the newest entrants and a very small player.

Please try to find out if any of these have a cashless tie up with VW dealer in your location.

If there is not much of a difference in price oferred by both players you may choose Iffco over edelweiss.

[Rajeevraj]

Originally Posted by vsrivatsa

Were you able to gather any addl. inputs on Iffko or Edelweiss?

Not much. Among the 2 Iffko seemed to be more established.

Originally Posted by PAkshay

Hi
Please try to find out if any of these have a cashless tie up with VW dealer in your location.

Finally boiled down to this point . Both of them did not have cashless tie up with the VW center I normally would go to. One of them had no cash less tie up with VW at all. Felt that was more important and hence dropped the zero dep plan and went with Bajaj Allianz itself for a regular 7th year plan with some add-ons.

[PAkshay]

Originally Posted by vsrivatsa

Over phone Tata AIG agreed to provide Zero Dep but they are yet to email the quote.

Tata Aig's zero dep cover comes with a limiting condition - up to a maximum of two claims with zero dep facility only. If you lodge 3rd claim in the same policy period normal depreciation will be deducted.

Ask the tata guy to confirm if they have a cashless tie up with Honda in your location else you will end up paying from your pocket first and you will have to wait for reimbursement - not an ideal scenario

[adi.mariner]

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.

[PAkshay]

Originally Posted by adi.mariner

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.

[nishikant]

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!

[ghodlur]

Originally Posted by nishikant

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.

[shankar.balan]

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!

[shankar.balan]

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.

[nishikant]

Originally Posted by ghodlur

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?

[PAkshay]

Originally Posted by nishikant

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