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Old 28th February 2020, 19:15   #4711
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by locusjag View Post
Anyway, coming back to the issue at hand -what this means is that even if you set the current term's IDV at anything greater than 90% of the prior term's IDV, you'll pay extra premiums for that IDV, but when it's time to settle a claim, that extra premium that you paid will amount to nothing!
Thank you for reaffirming what has been stated many a times here. But what I have read on insurers' websites is that after 5 years, the IDV has to be 'mutually agreed' and 'not with the intention to fraud'. Also had a talk with salesman from Policybazaar, and he stated that some companies take minimum 5% reduction in IDV and some take minimum 10% reduction. So that varies as per him (he may be misleading to jack up the premium amount).

Anyways, I think I will go with IDV of 10% less than last year, to be on the safer side. Now which insurer is better among the lot, for Delhi NCR region?
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Old 29th February 2020, 11:13   #4712
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My car (i20, sportz+) insurance is about to expire in the next week or so and I got a call from the dealer where I bought the car from last year about renewal of insurance.

Last year, I had a 1-year first party and 3-year third party insurance (liability) and the total premium I paid was 32,000.
The IDV quoted last year was 6,66,000 odd and they sent me a quotation that has an IDV of 5,95,000 odd (basically 90% of previous IDV). I see some add on coverages called ZD, EP, CM, RTI, PB and KP - Google search gave some answers but not all. A 20% discount towards NCB has been added.

The total quotation for renewal is close to 16,000. Is this along expected lines? Is there any component that can be negotiated?

Apologies for such basic question but I have no experience with insurance and I appreciate your help.
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Old 1st March 2020, 13:37   #4713
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by pandey.jai View Post
My car (i20, sportz+) insurance is about to expire in the next week or so and I got a call from the dealer where I bought the car from last year about renewal of insurance.

Last year, I had a 1-year first party and 3-year third party insurance (liability) and the total premium I paid was 32,000.
The IDV quoted last year was 6,66,000 odd and they sent me a quotation that has an IDV of 5,95,000 odd (basically 90% of previous IDV). I see some add on coverages called ZD, EP, CM, RTI, PB and KP - Google search gave some answers but not all. A 20% discount towards NCB has been added.

The total quotation for renewal is close to 16,000. Is this along expected lines? Is there any component that can be negotiated?

Apologies for such basic question but I have no experience with insurance and I appreciate your help.
Explanation of the abbreviated terms:-
ZD:- Zero Depreciation Cover
EP:- Engine Protector Cover
CM:- Consumable Expenses Cover
RTI:- Return to Invoice Cover
PB:- Personal Belongings Cover
KP:- Key Protect Cover

According to me, the price seems fair including all the above mentioned add-on covers. If you take out the 18% GST, nealy 13.5k is your OD premium (since this year you will be renewing Own Damage only).

Although, it seems fair, you can ask them for more discounts citing outside premium or take a quote from an online aggregator and pitch them against it. Maybe you would be able to knock-off a couple of thousands more.
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Old 5th March 2020, 09:53   #4714
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by Jagann13 View Post
Is this wise considering the NCB loss?
NCB for first claim free year will be 20%. You'll not get this deduction on the next year's Own Damage premium amount if you claim insurance. Make a rough calculation of next year's NCB and add that amount to 1500 (your file charges + deductible) to know the actual hit to your wallet.

Quote:
Repair on own or replace using insurance?
Both are good options. Go for insurance claim if ASS agrees for a replacement (unlikely) otherwise pay 6500 and get it repaired on your own.

Quote:
Can't I claim insurance for a self damage after a year?
No. You will have to purchase own damage insurance cover when the first year policy expires (for own damage claims like these).

EDIT: Just realised this is an old query. I've asked mods to delete this post.

Last edited by self_driven : 5th March 2020 at 09:54.
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Old 5th March 2020, 10:05   #4715
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by self_driven View Post
NCB for first claim free year will be 20%. You'll not get this deduction on the next year's Own Damage premium amount if you claim insurance. Make a rough calculation of next year's NCB and add that amount to 1500 (your file charges + deductible) to know the actual hit to your wallet.

No. You will have to purchase own damage insurance cover when the first year policy expires (for own damage claims like these).

EDIT: Just realised this is an old query. I've asked mods to delete this post.
Not a problem at all! I am learning new things everyday and this one also counts.

The car is back home after the tailgate replacement. The total charges was close to 21k and we had to shell out Rs.1300 as the claim charges as you said. The NCB lost was Rs.2200.

Infact, your statement gave me a clarity on the own damage insurance. Our family is a noob to car insurances and we are all clear now!

PS: We have 3 motorcycles and never in its history, we claimed insurance.
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Old 10th March 2020, 05:35   #4716
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Default Re: Automobile Insurance Queries? Ask me

I have a query on insurance renewal of my Octavia.

Background: I had taken a long term insurance last year with Bajaj Allianz. First year is own damage + 3 years third party.
First year own damage premium (included drive assure) was 41k which I have to renew now. IDV was 19.5 lacs.

When I called Bajaj allianz for renewal now, they are charging 40k again just for own damage insurance although I should be getting 20% NCB. IDV is reduced to a shocking 15lacs.

I called up policy bazaar and they are giving new India assurance own damage policy for 20k (IDV of 17.8 lacs)

My queries
1. Does taking an own damage insurance from new India assurance make sense. This means I have two insurances - one for own damage and one for third party ( for 2 more years) . Is there any issue in this?

2. Does new India assurance have tie up with Tafe service center. How easy or difficult it will be to process claims. Bajaj Allianz have tie up and claims processing is pretty easy.

3. How do I get a better quote from Bajaj Allianz? Policy bazaar advisor told me that unless I'm switching insurance provider I won't get a better quote. Could this be true?

Please advise.
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Old 10th March 2020, 08:10   #4717
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Default Re: Automobile Insurance Queries? Ask me

Bajaj Allianz is abusing the fact that they have national tie up with SKODA.
I am in the same boat as you are.
I paid 22900 last year for my Skoda Rapid with OD + DriveAssure Economy +TP
The IDV has reduced this year by 10%, but my premium is still 23,000.
Basically they are offering discount on OD premium.They are not offering any discount on DriveAssure Economy.

Check with your local dealer about the cashless tie-up for New India.
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Old 10th March 2020, 08:46   #4718
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by Lambydude View Post
This means I have two insurances - one for own damage and one for third party ( for 2 more years) . Is there any issue in this?
There's no compulsion to have OD and third party coverage from the same insurer. You can go with standalone 1 year OD cover from any insurance provider of your choice.

Quote:
Does new India assurance have tie up with Tafe service center. How easy or difficult it will be to process claims.
Call up New India and they'll be glad to tell you. Without a tie-up with the workshop, claims won't be as seamless but nothing to worry about if the premium difference is substantial.

Quote:
Policy bazaar advisor told me that unless I'm switching insurance provider I won't get a better quote. Could this be true?
No. Try contacting Bajaj Allianz on phone. Most insurance providers that I've called directly have given me some or the other discount on insurance premium.
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Old 13th March 2020, 12:44   #4719
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by self_driven View Post
There's no compulsion to have OD and third party coverage from the same insurer. You can go with standalone 1 year OD cover from any insurance provider of your choice.

.
Thank you for the guidance.

I got a quote from different vendors for bumper to bumper own damage.

Tata AIG - 26k
Royal Sundaram - 31k
Bajaj Allianz - 34k

Tata AIG says zero depreciation as depreciation reimbursement whereas other two call it depreciation waiver and zero depreciation. Bajaj has engine protector also added but not sure if I need it as I already have 6 years warranty from Skoda.

Can you guide me on the difference between zero dep, depreciation waiver and depreciation reimbursement? I'm a bit sceptical about Tata AIG as the quote is too low compared to others. Just worried if something is hidden.
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Old 13th March 2020, 13:09   #4720
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by Lambydude View Post
Bajaj has engine protector also added but not sure if I need it as I already have 6 years warranty from Skoda.
Hi,
Engine protect from an insurance company is very different from the manufacturer's warranty. They are mutually exclusive.
The Engine protect will cover hydrostatic lock (water ingress and resulting seizure of the engine in case of flooding), which the manufacturer warranty will not cover.
Engine (+ Gearbox) protect add on includes the following from the insurance company
- Hydrostatic lock (This is not covered in the standard insurance cover, even though it includes flood damage)
- Engine internal damage in case of a hit to the engine oil sump by an object/speed breaker and seizure of engine due to oil loss
- Similarily, damage to transmission, in case there is leakage of oil in case of external impact. Very important for automatic transmissions.

For expensive cars (like skoda etc.), it is advisable to take engine(+ Transmission protect) add on. Also, it would be good to add Consumables cover, as otherwise in normal insurance, in case of damage, the insurer does not pay for engine oil, A/C gas, nut and bolts, coolant etc. in case it needs to be changed.

For example, in cars like BMW & Audi, many nuts and bolts are not reused and are replaced every time they have to be loosened. And they can cost 500-1000 rupees each.

Rgds
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Old 13th March 2020, 13:41   #4721
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Lambydude View Post
Bajaj has engine protector also added but not sure if I need it as I already have 6 years warranty from Skoda.
As explained above, engine protect is important and provides more coverage than a manufacturer provided warranty.

Quote:
the difference between zero dep, depreciation waiver and depreciation reimbursement?
These are all fancy terms for zero depreciation add-on.

Quote:
Tata AIG - 26k
Royal Sundaram - 31k
Bajaj Allianz - 34k
In my opinion, all three insurance providers are decent. I've made 2 claims through Tata AIG (for my Maruti car) and the process was smooth.

Quote:
Just worried if something is hidden
Premium amount varies across different insurance providers and also depends on vehicle IDV, voluntary deductible and selected add-ons such as zero dep and engine protect. Just make sure you are getting all required add-ons and correct IDV for your car.

Last edited by self_driven : 13th March 2020 at 13:44.
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Old 13th March 2020, 14:03   #4722
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Default Re: Automobile Insurance Queries? Ask me

I'm trying to renew my >5yr old car policy and would like some advice on getting a zero dep insurance. Here are the facts:

Reg date: April 2014
Current NCB: 65%
Current add ons: Zero dep + engine cover
Last premium paid: ~50K
Insurance provider: Royal Sundaram

Now I'm looking to renew with the same add ons (Zero dep + engine cover), but none of the online options like policybazaar have any options there. Even digit / acko do not cover my car.

Royal sundaram quoted almost 60k this time, which is more than what I paid last year, despite the 10% reduction in IDV.

HDFC does not offer zero dep for cars over 5 yrs old. Period.

Tata AIG is quoting ~45K with zero dep + engine cover, but they are only giving a 50% NCB - are they supposed to honor the full 65% or can they reduce this discount to 50%?

Any other options that I should check, or should I go ahead with Tata AIG?
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Old 14th March 2020, 09:49   #4723
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by self_driven View Post
As explained above, engine protect is important and provides more coverage than a manufacturer provided warranty.
Thanks a lot. Your inputs were really helpful.

I finally decided to go with Bajaj Allianz itself. Other providers quotes also went up when engine protector was added. So it made better sense to continue with Bajaj Allianz as I felt they were more premium and provided hassle free service due to their tie-up with Skoda

Last edited by Lambydude : 14th March 2020 at 09:52.
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Old 15th March 2020, 19:37   #4724
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Default Re: Automobile Insurance Queries? Ask me

My Fortuner insurance is expiring this month. I searched and finalised on Royal sundaram policy.
Request experienced people here on their claim experience with Royal sundaram policy

If it is too bad, I will get some other policy quotes
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Old 15th March 2020, 20:25   #4725
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by d3mon View Post
Reg date: April 2014
Sometimes even Policy Bazaar does not list insurance providers correctly when add-ons are selected. You'll have to check insurer websites individually for a quote.

At times, I've seen the opposite too. Policy Bazaar would show a quote with a single selected add-on even when the insurance company provides it only as a bundle (and not separately). Best practice is to check and purchase directly from the insurance company website.

Quote:
are they supposed to honor the full 65% or can they reduce this discount to 50%?
Not sure about this. IIRC 65% NCB limit was prevailing many years ago. Almost every insurer offers maximum 50% NCB nowadays.

Quote:
Any other options that I should check?
Check with Iffco Tokio once. They offer zero dep for 5+ yr old cars.

Last edited by self_driven : 15th March 2020 at 20:27.
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