Team-BHP > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 15th December 2019, 12:23   #4666
BHPian
 
Aditya_Bhp's Avatar
 
Join Date: Nov 2018
Location: KL08
Posts: 410
Thanked: 1,064 Times
Default Re: Automobile Insurance Queries? Ask me

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.
Aditya_Bhp is offline  
Old 15th December 2019, 13:10   #4667
BHPian
 
Join Date: Nov 2019
Location: Kolkata
Posts: 41
Thanked: 85 Times
Default Re: Automobile Insurance Queries? Ask me

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.
PAkshay is offline   (3) Thanks
Old 24th December 2019, 20:41   #4668
BHPian
 
Join Date: Jun 2019
Location: Bengaluru
Posts: 437
Thanked: 1,060 Times
Default Re: Insurance Renewal -- query

Have a query folks.

For a 5 year old vehicle, Is it better to go with higher IDV with no zero dep (provider I am with currently, 10k) or lower IDV with zero dep with a different insurance provider.(quote is 14k )


What do i need to be careful while switching providers. Vehicle usage will be on the lower side next year.

Appreciate any feedback.
SideView is offline  
Old 24th December 2019, 21:18   #4669
BHPian
 
Join Date: Nov 2019
Location: Kolkata
Posts: 41
Thanked: 85 Times
Default Re: Insurance Renewal -- query

Quote:
Originally Posted by SideView View Post
Have a query folks.

For a 5 year old vehicle, Is it better to go with higher IDV with no zero dep (provider I am with currently, 10k) or lower IDV with zero dep with a different insurance provider.(quote is 14k )
Zero dep cover will insulate you from unnecessary deduction in partial losses - basically you can enjoy a replacement cost basis cover for all your partial losses. Please remember IDV of the vehicle doesn't have any bearing on partial / repair damage claims.

Having said that you must be wary in keeping your IDV too low. As a thumb rule do not keep the IDV of your vehicle less than the prevailing market price in the used car market for the same model.

Quote:
What do i need to be careful while switching providers. Vehicle usage will be on the lower side next year.
If your existing insurance doesn't have zero dep cover then the prospective Insurer will thoroughly inspect your vehicle before providing zero dep. In case your vehicle has any pre-existing damages it will get excluded from cover. So be careful. If your vehicle has existing dents / damages just get it renewed from existing insurer with existing terms else you would not be able to claim for these damages in future!
PAkshay is offline   (1) Thanks
Old 26th December 2019, 12:26   #4670
BHPian
 
self_driven's Avatar
 
Join Date: Feb 2018
Location: Delhi
Posts: 789
Thanked: 1,948 Times
Default Re: Automobile Insurance Queries? Ask me

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".
self_driven is offline  
Old 26th December 2019, 15:00   #4671
BHPian
 
Join Date: Nov 2019
Location: Kolkata
Posts: 41
Thanked: 85 Times
Default Re: Automobile Insurance Queries? Ask me

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.
PAkshay is offline   (3) Thanks
Old 28th December 2019, 19:11   #4672
BANNED
 
Join Date: Apr 2008
Location: BLR
Posts: 8,741
Thanked: 7,123 Times
Default Re: Insurance Renewal -- query

Quote:
Originally Posted by SKB View Post
Experts here, can you please take a look at the quote given by my insurance company (Honda Assure Bajaj Alianz) and let me know your opinion.
Wow - almost 19K for a Honda Jazz insurance!
Where has the world gone to?
For my 7 year old Mini Cooper S with an IDV of approx 12.5 lacs, the insurance premium paid by the previous owner is in the above ball park.
Really no comparison!
shankar.balan is offline  
Old 28th December 2019, 23:05   #4673
BHPian
 
TROOPER's Avatar
 
Join Date: Jul 2019
Location: BOM<->IXE
Posts: 366
Thanked: 2,963 Times
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.
TROOPER is offline  
Old 28th December 2019, 23:22   #4674
BHPian
 
Join Date: Nov 2019
Location: Kolkata
Posts: 41
Thanked: 85 Times
Default Re: Automobile Insurance Queries? Ask me

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.
PAkshay is offline   (4) Thanks
Old 6th January 2020, 13:12   #4675
BHPian
 
Pferdestarke's Avatar
 
Join Date: Nov 2013
Location: Vijayawada
Posts: 619
Thanked: 1,244 Times
Default Re: Insurance Renewal -- query

Just renewed the standalone OD policy for my Abarth as it came bundled with 3 years TP coverage with the first policy.

After comparing many quotes, finally chose HDFC Ergo. They've offered best quote with NCB protection, Emergency assist and highest IDV.

The process of online policy purchase was so seamless and user friendly.
Pferdestarke is offline   (1) Thanks
Old 7th January 2020, 23:24   #4676
Newbie
 
Join Date: Dec 2019
Location: Pune
Posts: 18
Thanked: 32 Times
Default Re: Automobile Insurance Queries? Ask me

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.
Attached Images
  
destrukt is offline  
Old 8th January 2020, 12:03   #4677
Distinguished - BHPian
 
Join Date: Jan 2015
Location: Chennai
Posts: 1,571
Thanked: 6,379 Times
Default Re: Insurance Renewal -- query

My 2 year old TUV 300 is coming up for its 3rd policy term soon and I'm receiving phone calls of all sorts. The funniest one is - "we're calling from the Mahindra manufacturing plant. We have an insurance discount for you."

I asked them to send me their IRDA issued brokerage license details first before I'll speak to them any further. I'm still waiting.
locusjag is offline  
Old 14th January 2020, 22:49   #4678
Senior - BHPian
 
Join Date: Nov 2009
Location: India
Posts: 1,772
Thanked: 1,771 Times
Default Re: Automobile Insurance Queries? Ask me

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.
DRIV3R is offline   (1) Thanks
Old 15th January 2020, 00:35   #4679
BHPian
 
Join Date: Nov 2019
Location: Kolkata
Posts: 41
Thanked: 85 Times
Default Re: Automobile Insurance Queries? Ask me

Hi

Before I reply to your queries point - wise please make a note of following points:

1. Owner of the vehicle , that is a person , is eligible for the NCB and not the vehicle itself for which the policy is taken.

2. Owner of the vehicle becomes eligible for NCB only if full 12 months of policy is completed in his / her name without any claim.

3. Motor policy terms and conditions were guided by (now defunct) TAC published India Motor Tariff ( download link : https://iib.gov.in/tac )

4. In India motor tariff general regulation 27 ( GR 27) deals with the concept and eligibility of NCB.

Now follows some point specific replies:

Quote:
Originally Posted by DRIV3R View Post
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
From the date of change of ownership to the inception date of CP (3rd se 2019) full 12 months has not been completed. Hence current owner cannot claim NCB eligibility.


Quote:
CP renewed with Bajaj Allianz with NCB 20%.
This is wrongly allowed - refer to my earlier point above.

Quote:

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?
Refer to my earlier point.

Quote:

If above is valid, then what happens to used cars which undergo a name change?
This will be based on the merit of each case. But in your case since full 12 months of policy has not run in your name you are not eligible for NCB at renewal.


Quote:

What next, hours and minutes also would be counted?
No. Days/ months to be counted - full 12 months / full 1 year / 365 days.

Trust this helps!

Regards
PAkshay is offline   (1) Thanks
Old 15th January 2020, 00:47   #4680
BHPian
 
Join Date: Dec 2019
Location: TN09/KA04/KL05
Posts: 40
Thanked: 40 Times
Default Re: Automobile Insurance Queries? Ask me

I have a doubt here. I have recently purchased a Ciaz Alpha petrol. The dealer has given me 1 year B2B insurance and 2 years of comprehsive. Is there a way I can pay some additional money now and make it a 3 year B2B insurance? My car is only a few weeks old.
born.4thnov is offline  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2021, Team-BHP.com
Proudly powered by E2E Networks