[shankar.balan]

Originally Posted by PAkshay

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.

[PAkshay]

Originally Posted by shankar.balan

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.

[shankar.balan]

Originally Posted by PAkshay

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.

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

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

[ghodlur]

Originally Posted by nishikant

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.

[sabret00the]

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?

[Brishti]

How come the insurance "3Year OD+ Zero Dep" for Hector Style D is more expensive than Compass Sport via HDFC Egro "coverfox".

[adi.mariner]

Originally Posted by PAkshay

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.

[PAkshay]

Originally Posted by nishikant

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.

[vsrivatsa]

Originally Posted by Rajeevraj

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

Originally Posted by PAkshay

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

I now have 3 quotes:
1. Tata AIG Zero Dep + Engine Protect
2. Ifko Tokio Zero Dep
3. Royal Sundaram Zero Dep + Engine Protect

Tata AIG has the limitation of 2 Zero Dep claims.
Ifko Tokio guys say that Engine Protect is Built-In and not an add-on - can anyone validate this?

I am still checking on the cashless tie ups. Royal Sundaram guy was confident that they have a tie up with Honda.

EDIT:
Checked and Royal Sundaram lists all Honda Dealers in Bangalore (Magnum/Dakshin/Whitefield) [URL]
Ifko-Tokio also lists all the major Honda Dealers for Cashless [URL]
Tata AIG supports Magnum/Whitefield/Brigade Honda but not Dakshin Honda (strange)...

[PAkshay]

Originally Posted by vsrivatsa

Ifko Tokio guys say that Engine Protect is Built-In and not an add-on - can anyone validate this?


EDIT:
Checked and Royal Sundaram lists all Honda Dealers in Bangalore (Magnum/Dakshin/Whitefield) [URL]


Tata AIG supports Magnum/Whitefield/Brigade Honda but not Dakshin Honda (strange)...

Tata and Iffco doesn't have pan india tie up. They strike deals with local dealers for cashless hence they may not have tie ups with all dealerships in a location.

Royal Sundaram has pan india tie up and hence cashless facility will be available at all dealer network.

Regarding iffco engine protection inbuilt cover - ask the customer care to mail you the policy terms, if the same is mentioned there you may trust them

[JMaruru]

Originally Posted by PAkshay

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?

[PAkshay]

Originally Posted by JMaruru

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.

[Aditya_Bhp]

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.

[PAkshay]

Originally Posted by Aditya_Bhp

Can some one pick the best of the lot?

Which vehicle? What is the year of manufacturing? Which are the covers you opting for?

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.

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.