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Old 2nd December 2020, 01:56   #4906
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by diyguy View Post
My TUV insurance renewal is due in about 30 days for its year 4. Should i be worried about IDV if i take "invoice cover" add on? I have never claimed so far and have 25% NCB so far.
Hi

In my preview, you need not be worried about the IDV if there is Return to Invoice cover, however, let me lay the specifics as I understand them for you.

1. IDV - Will come into play only when the vehicle insured is not considered a total loss and is repairable. So, if the IDV of a car is 5 Lakhs but the repair cost is 7 lakhs, the insurer is bound to pay only 5 Lakhs to the insured.

2. RTI - Return to Invoice - Will come to play only when a vehicle is considered a total loss. The full amount inclusive of the Road Tax paid by the insured is reimbursed by the insurer.

--Kalyan

Quote:
Originally Posted by ATULSHI View Post
Its 75%. No Insurance Co can change that.
Sir, I understand the rules. But, the OP mentioned "told by my insurance company that if the cost of repair is above 65% of IDV they would be considering it a total loss?" in his post. I was merely replying to that aspect.

--Kalyan

Last edited by kalyan_hyd : 2nd December 2020 at 01:59. Reason: Added another reply
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Old 2nd December 2020, 08:53   #4907
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by diyguy View Post
Should i be worried about IDV if i take "invoice cover" add on?
Ideally you should not. When you purchase return to invoice add-on, you'll be paid the entire on-road price in case of a total loss claim.

However, insurers do consider IDV to decide if a vehicle can be classified as total loss or not. Your insurer will allow a specific range of IDV based on vehicle age.

Suppose the correct IDV of your vehicle is 7 lakhs but you select IDV as 6 lakhs (with invoice cover add-on). Vehicle is declared total loss if repair cost exceeds 75% of IDV. Your insurance company (which otherwise would've covered repairs upto 5.25 lakhs) will declare your car as total loss if repair bills are in excess of 4.5 lakhs. That's the only issue I can see here.

Unless there is a significant decrease in premium by selecting a lower IDV, I'd suggest going with insurer-recommended IDV only (which shall be ~10% less than current IDV).
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Old 7th December 2020, 22:20   #4908
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Default Re: Insurance Renewal -- query

Hi,

I am completely new to insurance scene and until now have renewed the insurance directly with Maruti Insurance since the car purchase.

Vehicle: Ertiga Diesel
Purchased: Dec 2015
Registered: Jan 2016
Initial IDV: 8,28,883

Previous IDV: 4,36,254
Previous Premium (Comprehensive with Zero Dep, no RSA): 15,467
Previous Insurer: National Insurance (via Maruti)

From internet search, I have selected IFFCO Tokio since public companies are not offering Zero Dep and I am getting the following quotes (incl. 18% GST):
  • Maruti portal IFFCO Tokio (IDV: 3,92,629 - Comprehensive with Zero Dep, NO RSA)- 14,716
  • Policy bazaar IFFCO Tokio (IDV: 3,95,000 - Comprehensive with Zero Dep, with RSA) - 13,700
  • Coverfox IFFCO Tokio (IDV: 3,95,000 - Comprehensive with Zero Dep, with RSA) - 14,000
  • IFFCO Tokio website (IDV: 3,95,000 - Comprehensive with Zero Dep, with RSA)- 13,436

Me and my brother are residing abroad and hence the vehicle is primarily used by my parents. In this case I would like to opt for Maruti Insurance since it will be hassle free for my parents in case of any claim even though the premium is slightly high (read somewhere that Maruti is not offering cashless for any insurance taken not via Maruti Insurance even though insurance companies mention that they offer cashless pan India). But my only concern is if I take IFFCO via Maruti, then they donít offer RSA add-on whereas other 3 portals offer RSA as free add-on.

Please let me know whether will I get RSA add-on if I opt for IFFCO via Maruti Insurance. I am ready to pay additional price for RSA if possible.

In general, I feel the insurance premium is high because in my case the premium is close to the last yearís premium even though the vehicle IDV is decreased and NCB is increased. For two wheeler insurance also, I was informed by the dealer that the premium is high this year due to Covid. Is it true?
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Old 8th December 2020, 10:49   #4909
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Default Re: Automobile Insurance Queries? Ask me

Cross posting from another thread. Please help.

Quote:
Originally Posted by gopi_rm View Post
Hi,

I am completely new to insurance scene and until now have renewed the insurance directly with Maruti Insurance since the car purchase.

Vehicle: Ertiga Diesel
Purchased: Dec 2015
Registered: Jan 2016
Initial IDV: 8,28,883

Previous IDV: 4,36,254
Previous Premium (Comprehensive with Zero Dep, no RSA): 15,467
Previous Insurer: National Insurance (via Maruti)

From internet search, I have selected IFFCO Tokio since public companies are not offering Zero Dep and I am getting the following quotes (incl. 18% GST):
  • Maruti portal IFFCO Tokio (IDV: 3,92,629 - Comprehensive with Zero Dep, NO RSA)- 14,716
  • Policy bazaar IFFCO Tokio (IDV: 3,95,000 - Comprehensive with Zero Dep, with RSA) - 13,700
  • Coverfox IFFCO Tokio (IDV: 3,95,000 - Comprehensive with Zero Dep, with RSA) - 14,000
  • IFFCO Tokio website (IDV: 3,95,000 - Comprehensive with Zero Dep, with RSA)- 13,436

Me and my brother are residing abroad and hence the vehicle is primarily used by my parents. In this case I would like to opt for Maruti Insurance since it will be hassle free for my parents in case of any claim even though the premium is slightly high (read somewhere that Maruti is not offering cashless for any insurance taken not via Maruti Insurance even though insurance companies mention that they offer cashless pan India). But my only concern is if I take IFFCO via Maruti, then they donít offer RSA add-on whereas other 3 portals offer RSA as free add-on.

Please let me know whether will I get RSA add-on if I opt for IFFCO via Maruti Insurance. I am ready to pay additional price for RSA if possible.

In general, I feel the insurance premium is high because in my case the premium is close to the last yearís premium even though the vehicle IDV is decreased and NCB is increased. For two wheeler insurance also, I was informed by the dealer that the premium is high this year due to Covid. Is it true?
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Old 8th December 2020, 19:53   #4910
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Default Re: Automobile Insurance Queries? Ask me

Came across this insurance company on Policy Bazaar while comparing quotes - Navi Insurance. Has anybody tried them out.

https://www.naviinsurance.com/
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Old 9th December 2020, 00:18   #4911
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by gopi_rm View Post
Cross posting from another thread. Please help.
Hi

Whether RSA will be offered when this policy is taken from Maruti is something you will need to check with the Maruti dealer. It is possible sometimes such fine lines are missed in the initial quote but maybe if IFFCO Tokyo offers RSA by default it can get added. And there are times when the dealer(Maruti n this case) removes such covers to keep the margin to themselves.

It is tough to guess which one of the two above conditions apply in your particular case. I would suggest you to kindly call the dealer and ask for a quote with RSA if you feel taking the insurance from the dealer is beneficial even if expensive.

--Kalyan
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Old 9th December 2020, 08:40   #4912
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Default Re: Automobile Insurance Queries? Ask me

So, I bought an i10 for my wife a few days before the covid lockdown, and sent the insurance transfer note to HDFC Life, with which it was insured, along with an NCB transfer letter I had from a previous car that I had sold.

No particular reason to apply NCB on a cheap car like a 2012 i10 except that I'd get a little more NCB percentage added on rather than leave the NCB letter idle for the next two or three years when I'd sell the Scorpio or i10 and get a new car.

The lockdown put a big dent in this process because the HDFC Life office in Chennai, to which I had couriered the letter, was closed for several months and all employees were working from home.

I kept asking about the NCB and was told to wait till the office reopened so that they could access the NCB letter.

During this time the previous policy expired and I renewed it online. <- big mistake, as it turns out.

After that, lockdown restrictions were eased, the offices around India started to reopen and I reopened the same ticket with HDFC asking if they could at least process the NCB renewal now.

After a few days, I got a reply that "you have renewed the policy with us and so we cannot apply NCB on a renewed policy". My pointing out that I sent the NCB letter last year with the insurance endorsement paperwork wasn't any use.

So I probably set a record for the longest time a ticket has remained open - over a year.

I'm left convinced that it was a mistake for me not to switch insurance to my usual insurer New India right back then itself - their offices were functioning with 25% staff, but I didn't want to risk covid by going to any office to get the car inspected and endorsed.
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Old 9th December 2020, 10:54   #4913
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by kalyan_hyd View Post
Hi

Whether RSA will be offered when this policy is taken from Maruti is something you will need to check with the Maruti dealer. It is possible sometimes such fine lines are missed in the initial quote but maybe if IFFCO Tokyo offers RSA by default it can get added. And there are times when the dealer(Maruti n this case) removes such covers to keep the margin to themselves.

It is tough to guess which one of the two above conditions apply in your particular case. I would suggest you to kindly call the dealer and ask for a quote with RSA if you feel taking the insurance from the dealer is beneficial even if expensive.

--Kalyan
Thanks for your reply. I called up Maruti Insurance call centre and the guy informed me that RSA is not available with any provider for my vehicle and in case of emergency I can use Maruti Roadside Assistance but it is chargeable.

So I finally went ahead directly with IFFCO since they provide RSA and higher IDV for the same premium that Maruti charges. Since IFFCO is also part of Maruti Insurance and in their list of cashless workshops I see all Maruti dealers in my region, I hope in case of claim there would not be any issue in cashless option.
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Old 11th December 2020, 16:41   #4914
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Default Re: Automobile Insurance Queries? Ask me

I have recently transferred my car registration from KA to KL and got a new registration number. What shall I do with the insurance? Insurance is still valid until March 2021. Do I need to get the registration number changed in the existing policy?
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Old 16th December 2020, 09:25   #4915
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Romins View Post
I have recently transferred my car registration from KA to KL and got a new registration number. What shall I do with the insurance? Insurance is still valid until March 2021. Do I need to get the registration number changed in the existing policy?
Yes, you should write to your insurer with the case in point and send a copy of the new RC card. They will match the details like the engine no/ chassis no and endorse the new Registration no on the policy.

--Kalyan
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Old 16th December 2020, 15:36   #4916
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Default Re: Automobile Insurance Queries? Ask me

Hello everyone,
So my car insurance is up for renewal on 1st January and I am trying to renew just the OD portion of it. Presently with Maruti insurance (New India).
The Maruti guy suggested to go on with my current insurer but policy bazaar is giving me different kinda rates with some weird IDV numbers.

Need help regarding the correct IDV figure alongwith which insurer to go forward with as presently Sompo is the cheapest one but yet to see the IDV it gives me (have written to Maruti regarding the breakup for the same)

Any other issues which I should be wary about would be supremely helpful!
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Old 17th December 2020, 15:37   #4917
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by arindam.dino View Post
Hello everyone,
So my car insurance is up for renewal on 1st January and I am trying to renew just the OD portion of it.

Need help regarding the correct IDV figure
Hello!
I'm in a very similar situation. I have to renew my policy by 1st January as well. I'm struggling to find out what the deal with this varying IDV value is.
From what I understand IDV = MANUFACTURER LISTED PRICE - DEPRECIATION.

My question is about the "manufacturer listed price". Is it the price on the sales invoice or is it a value declared by the manufacturer publicly?

Any suggestions would be appreciated.
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Old 17th December 2020, 21:00   #4918
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by kalyan_hyd View Post
Yes, you should write to your insurer with the case in point and send a copy of the new RC card. They will match the details like the engine no/ chassis no and endorse the new Registration no on the policy.

--Kalyan
I did that and they sent me an updated insurance copy. RTO name still remains the original one. Hope that is not a major issue.
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Old 17th December 2020, 22:35   #4919
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Default Re: Automobile Insurance Queries? Ask me

Is there any insurance option for after-market add-on fitments done to a car? For Theft especially then damage also...
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Old 18th December 2020, 08:06   #4920
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Romins View Post
I did that and they sent me an updated insurance copy. RTO name still remains the original one. Hope that is not a major issue.
While it's not a major issue, if you write or call them out, they could change that on your policy or send a new endorsement to that effect.

--Kalyan
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