[hserus]

Your insurer will probably send you an email with a link to renew the third party cover addon or you can go to their website and find the option.

If you have multiple cars you can get a separate PA cover policy such as new india assurance’s rasta apatti kavach.

[Divya Sharan]

Is engine protection cover (water ingress in floods) not available or bikes? My car has an add-on package for the same but Reliance Insurance insists no such thing is available for bikes and only external damage to metal parts would be covered.

At first, they said engine is automatically covered but when I insisted will it be covered if my bike gets seized in a flooded area, they said no insurer provides that cover!

I iterated that cars have that cover, when they said no such add-ons are available for bikes.

Can someone clarify this? I'll look up Policy Bazaar closer to the renewal date as they start calling you as soon as you log on and enter details.

[tp_dominator]

Originally Posted by Divya Sharan

Is engine protection cover (water ingress in floods) not available or bikes?

AFAIK, this is true for bikes. Most insurers do not provide an engine protection add on cover for bikes. However, this may differ if it is a high-end bike and some OEMs with their tie-ups with insurers do provide this cover which is generally not available on their websites or insurance aggregator websites.

[Divya Sharan]

Originally Posted by tp_dominator

AFAIK, this is true for bikes. Most insurers do not provide an engine protection add on cover for bikes. However, this may differ if it is a high-end bike and some OEMs with their tie-ups with insurers do provide this cover which is generally not available on their websites or insurance aggregator websites.

It's a 2019 Ninja 650.
I was called directly by the insurer as my insurance expires around May end.

I shall enquire with other insurance firms as well.

[saket77]

I renewed my car’s policy in April. Previous insurer was Bajaj Allianz. I renewed with another insurer this time as Bajaj quoted a higher figure.
It’s over one month now since I renewed my policy but Bajaj keeps mailing me a about renewal. What I feel is alarming in those mails is that it has only a link to payment gateway requesting the premium amount directly. Also it says that my policy will expire on 12 may where actually it has expired a month ago.
Also, how can a company renew a lapsed policy without fresh underwriting. These two practices are unfair in my opinion.

[hrman]

Originally Posted by saket77

I renewed my car’s policy in April. Previous insurer was Bajaj Allianz. I renewed with another insurer this time as Bajaj quoted a higher figure.
It’s over one month now since I renewed my policy but Bajaj keeps mailing me a about renewal. What I feel is alarming in those mails is that it has only a link to payment gateway requesting the premium amount directly. Also it says that my policy will expire on 12 may where actually it has expired a month ago.
Also, how can a company renew a lapsed policy without fresh underwriting. These two practices are unfair in my opinion.

A close possible reason I think could be because the Finance ministry has allowed insurance policies expired between 21st March and 3rd May to be allowed to be renewed upto 15th May, due to the COVID situation. This is only for 3rd party motor insurance though. Comprehensive is not mentioned.

I faced a similar problem with Policy Bazaar. They are still sending me reminders for my Royal Sundaram policy, which I renewed directly from the RS website in the 1st week of April with expiry of 17th April.

https://www.thehindu.com/business/Ec...le31353702.ece

[Rehaan]

Dhruba Bora wrote in with his case:

Please do share any advice you may have...

Hello, This might irritate you but I am going through some difficult times. I hope you all might help me out or give some suggestions regarding my problem.

My Venue met with a major accident during the lockdown (had all essential services pass from authority) and the estimate repair cost is coming around ₹7lacs (IDV ₹9.06lacs). Now the thing is the service repairing cost is more than 75% of IDV so it should come under TOTAL LOSS CLAIM. But the insurance company (New India Assurance) is saying that there's no such policy/ rule of Total Loss these days it has been lifted and they will only provide ₹6lacs settlement and they will give me the damaged car which I can sell to any scrap dealer or whatever I want and the Registration of the vehicle will be cancelled (they have accounted ₹3lacs as salvage amount of my car). I had talked to the Divisional Manager of New India Assurance and he's also stating the same thing. They are kind of forcing me to take the ₹6lacs and the damaged car.help





Here the thing is Workshop has not even lifted the bonnet and gave the estimate where they missed some parts and we have to tell them. On Tuesday I went to the workshop as they missed to add the door panel speakers and till now I didn't get the service report with the added parts even after repeated calls. At 4pm when I called the Service manager told me not to pressurize him he will give whenever feasible but they are charging ₹250/day. I had enough of it and the way am being treated, it feels like I have committed some crime they way they are behaving. Service workshop manager is adamant to dismantle the vehicle so as to increase the estimate (when asked why the bonnet was not lifted or checked for engine damage). According to Surveyor the assessment figut is coming around 74.8% of IDV and he's not taking it as total loss.

Plus the surveyor and the Divisional Manager is stating that these days the Total loss claim rule where in case of 75% damage (on IDV) full IDV is/was payable.



Infact these days the there is a salvage value which the manager is stating as ₹3lacs will be deducted and I will be getting ₹5.60/5.70 lacs with the damaged car with registration being cancelled. So the vehicle without any further registration is of scrap value. Although most of the part are fine still where and why me should take the salvage. This was never mentioned to me before. So I might get max to max 7 lacs & end up losing ₹5.2lacs (11.2 on road price ).

[shijanto4]

Originally Posted by Rehaan

Dhruba Bora wrote in with his case:

Please do share any advice you may have...

Extremely sorry to hear and see the situation you are in (please don't forget to thank God for making it out safe from there)!!

Don't know how much of a help this info is going to be for you currently. I shared your incident yesterday with one of my friends who has been working for ICICI Lombard for quite a long time. According to him, in motor vehicle policies, total loss/salvage clauses are purely insurer based and policy specific, meaning it can vary from an insurance company to another and also from a particular policy to another. Hence, you may be able to get only generic advice from others and not pertinent to New India Assurance unless there is someone here with first-hand knowledge of going through a similar situation with your insurer.

Also, I was also told, since the lockdown, there has been a steady decline in motor vehicle insurance renewals and recoveries, and hence, most insurers are under pressure to set off some of their annual losses against potential claims. So, this may also act as a deterrent in your case due to the bad timing. However, one advise he gave specifically was to review your policy document carefully to see what exactly the underwriting says in the event of total loss, and in case it isn't the same as what they are offering now, you can refuse and counter it. He is pretty sure all policies would have this clause underwritten.

Thanks.

[2000rpm]

Guys, I got an insurance quote for my 2011 polo with IDV at 2 lakhs.

The quote was 10000. 5% of IDV. How has insurance premium become so high?!!

Is this because of recent government policy changes?

[tp_dominator]

Originally Posted by Rehaan

Dhruba Bora wrote in with his case:

Please do share any advice you may have...

First of all, do ask him whether it is a Hyundai Assurance policy. Two scenarios arise out of the answer.

If the answer is yes, the insurance company is bound by the insurance claim clause under the program and should consider it as a total loss instead of a cash loss which they are considering it as right now. He should ask for a detailed estimate of repair charges and make sure that they are not leaving anything behind. If the dealership is not co-operating, he may consider taking the car to any other Hyundai dealership but only after contacting them beforehand.

If the answer is no, he should still ask for a detailed estimate and if it comes to over 75% of IDV, he can claim it as a total loss. As mentioned above, the policy document should also be read thoroughly for the underwriting practice followed by New India for such claims and he can take the insurance ombudsman route. Also, talking to other dealerships which may have a good rapport with New India Assurance might help here.

Lastly, if everything fails or is too much of a hassle and time consuming, he may look up scrap dealers online and negotiate a price for the car and get the six lakhs from New India plus whatever the scrap dealer offers. It will not be easy but will contain the loss to maximum possible extent and he can even negotiate with New India for increasing the cash loss amount to an extent. Such claims are tricky and time consuming since the amount involved is high.

I hope the above points help him and do keep us updated on the outcome.

[ManasN95]

Hello,

I'm looking at a used Vento (heart's choice) 2014 model, and it's current insurance would be over by August.

Model: 1.6L MPI Petrol, 27xxx KMs on the odometer.

I have read about high costs of the VW.

What are the things that I should be keeping in mind when I get a new insurance so that I can be at a peace of mind considering I'm driving a Vento?

[r_nairtvm]

Originally Posted by Rehaan

Dhruba Bora wrote in with his case:

Please do share any advice you may have...

I thought it would be relevant to put the IDV Clause of the Motor Comprehensive Insurance here once again for the benefit of all.



Slightly clearer version is below;



Its quiet clear that you are well within your rights to demand full estimate from the dealer/workshop - as per your eligibility and Insurer are bound to consider the claim on its merits. The Offer of cash loss is strictly not the CTL that is mentioned in the Tariff - If it can be forced on you is a million dollar question, which needs to be legally looked in to on the basis of past decided cases.

What I would like point out is the fixing of IDV

The GR.8 of India Motor Insurance Tariff stipulates the following

"The IDV of the vehicle is to be fixed on the basis of manufacturer’s listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation"

Will state it with an example of - Honda Amaze 2013 1.2 VX AT.

Renewal Date - 1 July 2020
Ex show room in 2015 - INR 7.50,000.00
Ex Show room in 2020 - INR 8,75,900.00
Maximum Depreciation - 50% from the 2020 list price
IDV can be up to 50% of 2020 list price - 4,37,950

It should/need not be 50% of 2015 list price - 3,75,000.00

Yes one would end up paying slightly more premium for higher IDV, then that is a trade off you have to take a call on.

Sometimes you gain, sometime you loose - THAT IS INSURANCE and THEORY of PROBABILITY

NOTE: IRDA had proposed few changes in the above, not too sure if they have been implemented or not.

Best Regards & Drive Safe

[wildsdi5530]

So my 5 year old car's insurance is expiring in another 4 days. It is the dreaded Honda Assure serviced by Royal sunderam. I have stayed with Honda Assure inspite of the 30% commission that Honda charges because they don't accept any other insurance i.e. No cashless facility. Paying and reimbursing esp arranging the vehicle inspection, bribe to the inspector, etc are mot possible for me so I just pay up. Last year at renewal the cost had gone up and was given several reasons, but due to time constraint, I just paid up.
This year again the total amount has gone up. How can my IDV come down but premium increase, every year?
Also I have been quite happy with Royal sunderam but this year they want me to change to Iffco Tokyo to continue Zero Dep cover.
Please advice whether I should just pay up or do something else?

[tp_dominator]

Originally Posted by wildsdi5530

How can my IDV come down but premium increase, every year?
Also I have been quite happy with Royal sunderam but this year they want me to change to Iffco Tokyo to continue Zero Dep cover.
Please advice whether I should just pay up or do something else?

Few reasons for premium going up despite decreasing IDV:-

1. Since the car is now in its sixth year, the rating for OD premium calculation also goes up after the fifth year.

2. The add-on costs increase with age and you can compare the last year's add on costs compared to this year's.

3. The possible switching of insurance companies maybe due to Royal not offering Zero Dep cover post 5 years in the Honda Assurance program.

4. You also don't have No Claim Bonus (NCB) which further increases the insurance cost.

You can check with other dealers whether they have a tie up with any other insurance company which is not there in Honda Assure so that you can keep your costs down. This will enable you to make an informed decision since 27k for a 5 year old car is too hefty of a premium to pay.

[Red Liner]

I received these two insurance quotes for my 2012 Ford Figo.





Sundaram is offering a depreciation cover and the car is in its 8th year. However their IDV is lesser.

Tata is not offering a depreciation cover but is offering in the range of 40-60% of depreciation reimbursement on things like glass,metal,fiber etc.

I think TATAs claim ratio is also better than Royal Sundaram.

But I don't see an NCB discount in the TATA policy. They did however say that they are giving me some kind of a discount for this policy renewal (really? )

What am i missing, if anything? Whats the general consensus in insurance renewals of older, sub 3lakh cars?