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Old 19th December 2020, 18:08   #4921
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Re: Automobile Insurance Queries? Ask me

I have a quick query. My Verna's insurance is due for renewal on 4th January. This will be the third year/second renewal. Last year I did my research and went ahead with Royal Sundaram (RS) since Reliance (which was taken when buying the car) was quoting upwards of INR 20k, and RS ended up quoting 16700 with add-ons (Zero-dep, Return to Invoice, Engine Protect and Key replacement) with an IDV of 11.13L. (The car cost me 15.5L on-road, 14.7 with ex-showroom and Road Tax)

This year, strangely, RS has quoted renewal premium at 15k but reduced the IDV significantly to 8.14L. They are also claiming that the RTI value goes down every year and they're calculating the IDV value by applying depreciation to that value. Unfortunately, all other quotes are upwards of 21k as well with similar add-ons with TataAIG offering the best value at 21k with all add-ons.

I have the following questions:
1. Is it worth going with RS in such a scenario?
2. Is it true that the RTI value goes down with every passing year? I thought it was linked straight to the invoice for my car.
3. Is there a known preferred insurer in the team-bhp family?
4. Is it worth taking an engine protect cover in Bangalore?

Thanks in advance for all the help!
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Old 21st December 2020, 11:14   #4922
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Re: Automobile Insurance Queries? Ask me

Hi guys,

Can the IDV value of the vehicle be set at a higher amount than last years?

Last year my IDV was around 6.32L

I am seeing while renewing HDFC shows possibility of 6.54L as the max value.

What happens if I select higher amount to last year( would my policy be rendered invalid?). If this isnt valid why is HDFC showing it?

Appreciate any inputs on the same.
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Old 21st December 2020, 18:18   #4923
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Re: Automobile Insurance Queries? Ask me

Hello fellow bhpians,

Anyone has any experience with my above query? Thanks
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Old 22nd December 2020, 11:06   #4924
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by alok9345 View Post
I have the following questions:
1. Is it worth going with RS in such a scenario?
2. Is it true that the RTI value goes down with every passing year? I thought it was linked straight to the invoice for my car.
3. Is there a known preferred insurer in the team-bhp family?
4. Is it worth taking an engine protect cover in Bangalore?
Responding to your queries:
1. The dilemma of increasing insurance premium during renewals will always be there. Compare the premiums and go for the renewal with the insurance co which offers the best value for money.
2. No the RTI value doesnt change, it is always constant. Insurance co is BSing you
3. Go for the Insurance co with which Hyundai has a national tie up, makes things far smoother and faster during any claims. Why depend on others, research and take an informed decision.
4. If your daily drive is through waterlogged areas or parking is in basement and chances of flooding is high then engine protect add on is a must.

Quote:
Originally Posted by SideView View Post
Can the IDV value of the vehicle be set at a higher amount than last years?
No point in over insuring the car, better to insure at the correct IDV. Higher IDV means higher premium.
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Old 22nd December 2020, 14:46   #4925
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Re: Automobile Insurance Queries? Ask me

My almost one-year old Civic is up for insurance renewal. What's the general perception of the Honda Assure program? From whatever I've read, no one likes it (since it's relatively expensive) but eventually go with it anyway for the convenience and peace of mind.

I have a quote from Honda Assure that is almost twice the cost of getting insurance separately and that is insane. I'm yet to check with other insurance providers (present insurance is with Reliance General Insurance) that have a tie-up with Honda Assure and I'm in the process of doing that. But I'm mainly posting to solicit advice and to know if there are people here who've decided to drop out of Honda Assure and don't regret it.

Thanks in advance!
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Old 22nd December 2020, 18:06   #4926
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by SideView View Post
Hi guys,

Can the IDV value of the vehicle be set at a higher amount than last years?
=====
Appreciate any inputs on the same.
Hi

IDV calculation as per current selling price of your car (Ex-Show room price) and in case if your vehicle age around 5 years and depreciation rate would be 50% of IDV from the date of RTO registration. Also compare the total premium cost through Policy Bazaar.
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Old 23rd December 2020, 18:48   #4927
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Re: Automobile Insurance Queries? Ask me

As part of my XUV300 purchase, I got the details of Loan (5lakh) from Yes bank.

They have mentioned 4200 as Loan insurance fee.

Not sure what that meant and is it something that can be waived off.
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Old 23rd December 2020, 20:12   #4928
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by shashant View Post
As part of my XUV300 purchase, I got the details of Loan (5lakh) from Yes bank.

They have mentioned 4200 as Loan insurance fee.

Not sure what that meant and is it something that can be waived off.
They are just trying to cross sell insurance. Tell them to get lost. Buy insurance elsewhere - online, not from an agent and especially not from a bank relationship manager, and have the bank hypothecation endorsed in it that’s enough.
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Old 23rd December 2020, 21:54   #4929
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
Responding to your queries:
1. The dilemma of increasing insurance premium during renewals will always be there. Compare the premiums and go for the renewal with the insurance co which offers the best value for money.
2. No the RTI value doesnt change, it is always constant. Insurance co is BSing you
3. Go for the Insurance co with which Hyundai has a national tie up, makes things far smoother and faster during any claims. Why depend on others, research and take an informed decision.
4. If your daily drive is through waterlogged areas or parking is in basement and chances of flooding is high then engine protect add on is a must.


No point in over insuring the car, better to insure at the correct IDV. Higher IDV means higher premium.
Quote:
Originally Posted by SVMBLR View Post
Hi

IDV calculation as per current selling price of your car (Ex-Show room price) and in case if your vehicle age around 5 years and depreciation rate would be 50% of IDV from the date of RTO registration. Also compare the total premium cost through Policy Bazaar.
Thanks folks appreciate the inputs.

One more query if I may, if I have an office policy covering Group Personal Accident(GPA), do still need to purchase personal accident cover specifically for car insurance.

Multiple places where I searched it only mentions if you have multiple vehicles you dont need to buy for second one, but it doesn’t mention the above scenario.
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Old 24th December 2020, 05:02   #4930
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by SideView View Post
Thanks folks appreciate the inputs.

One more query if I may, if I have an office policy covering Group Personal Accident(GPA), do still need to purchase personal accident cover specifically for car insurance.

Multiple places where I searched it only mentions if you have multiple vehicles you dont need to buy for second one, but it doesn’t mention the above scenario.
It is always good to have your own PA cover as an addon. You might quit the office that's providing you the cover and take a week off before joining your new office that gives you similar cover .. and have an accident in that one week
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Old 24th December 2020, 10:40   #4931
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Insurance for personal car after 5 years

Greetings BHPians,

Hope you all are doing well.

I bought my Hyundai EON on 24th of December 2014. Its been 5 years, it changed states and now the new Hyundai dealers from whom I always get the insurance issued from, for obvious reasons, is telling me that after 5 years Bumper-to-bumper ie 100% coverage insurance can no longer be done and it automatically becomes 50%.

Is there any rule like that, I guess my esteemed knowledgeable BHPians might help me out in this!

Stay safe, all.

Merry Christmas and a Brighter New year.
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Old 24th December 2020, 11:43   #4932
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by SideView View Post
One more query if I may, if I have an office policy covering Group Personal Accident(GPA), do still need to purchase personal accident cover specifically for car insurance.
The office GPA policy is more than sufficient, no need to buy an additional PA cover.

Quote:
Originally Posted by m_anirbanghosh View Post
Is there any rule like that, I guess my esteemed knowledgeable BHPians might help me out in this!
No such rule. Better try outside Hyundai for a change, I am sure you will get an Insurance co who will offer zero dep add on cover which will cover your bumper to bumper expenses.
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Old 25th December 2020, 02:50   #4933
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
No such rule. Better try outside Hyundai for a change, I am sure you will get an Insurance co who will offer zero dep add on cover which will cover your bumper to bumper expenses.
Sir, after speaking to Bajaj, who was my last year insurer, I found this document of IRDA which says that from 5 to 10 years there will be a depreciation of 40% on the bill amount. I am attaching that file herewith. My Hyundai service centre said that even if you insure for a higher amount you wont get it and in some cases the entire claim might be denied if you try to tamper the system generated IDV!

Please help.
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Old 25th December 2020, 10:04   #4934
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by m_anirbanghosh View Post
Sir, after speaking to Bajaj, who was my last year insurer, I found this document of IRDA which says that from 5 to 10 years there will be a depreciation of 40% on the bill amount.
IDV comes into play in total loss or theft cases. You will get complete IDV amount in these cases. The depreciation that your insurer is referring to is applied to damaged parts in case of vehicle repair claims. For example, you have to bear a certain amount of the bill if you replace a bumper because (similar to how a car depreciates) the part depreciates as the vehicle ages. This % of depreciation is different for metal, fiber, rubber and glass parts. Your insurer might be correct about the "50% coverage" in insurance claims based on vehicle age but that coverage is not dependent on IDV but part/repair cost.

Zero dep coverage exists for this very reason. It covers the depreciation cost of parts for the customer. Some insurers (such as Iffco Tokio) provide zero dep coverage for upto 10 years also. You will need to search around a bit on aggregator websites to find one which fits your need. You can then proceed to get the cover directly from insurer website.

Regarding the IDV bit, you have to gradually reduce it over the years. There is a certain IDV range your insurer will allow to choose from. Ideally your car's IDV should be 10% less than what it was for the previous year. There is no need to stick to the system generated IDV always because in some cases it is set to the minimum to offer a lower premium.
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Old 28th December 2020, 15:50   #4935
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by ghodlur View Post
The office GPA policy is more than sufficient, no need to buy an additional PA cover.


No such rule. Better try outside Hyundai for a change, I am sure you will get an Insurance co who will offer zero dep add on cover which will cover your bumper to bumper expenses.
Quote:
Originally Posted by self_driven View Post
IDV comes into play in total loss or theft cases. You will get complete IDV amount in these cases. The depreciation that your insurer is referring to is applied to damaged parts in case of vehicle repair claims. For example, you have to bear a certain amount of the bill if you replace a bumper because (similar to how a car depreciates) the part depreciates as the vehicle ages. This % of depreciation is different for metal, fiber, rubber and glass parts. Your insurer might be correct about the "50% coverage" in insurance claims based on vehicle age but that coverage is not dependent on IDV but part/repair cost.

Zero dep coverage exists for this very reason. It covers the depreciation cost of parts for the customer. Some insurers (such as Iffco Tokio) provide zero dep coverage for upto 10 years also. You will need to search around a bit on aggregator websites to find one which fits your need. You can then proceed to get the cover directly from insurer website.

Regarding the IDV bit, you have to gradually reduce it over the years. There is a certain IDV range your insurer will allow to choose from. Ideally your car's IDV should be 10% less than what it was for the previous year. There is no need to stick to the system generated IDV always because in some cases it is set to the minimum to offer a lower premium.

Thank you, sir. I finally got a quote from Royal Sundaram, through my Hyundai service centre itself, who does a No Dep Add on and Engine protect although reducing the IDV of my car to only 50% of the invoice price.

Anyways, I hope it sorts my issue for now, and I became a Pro in Car insurances, Thanks to senior BHPians for helping novices out!

Wish all BHPians, a Happy New year.
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