[libranof1987]

Originally Posted by IP_Man

My three years old car is due for insurance renewal in coming few days, can I take only third party insurance now and again switch to zero dep. next year?

A lot of insurers offer 0-Dep only if the expiring policy has 0-dep. Do check. Also, taking only third-party insurance doesn't make sense unless the vehicle is so old / outdated that repairing it is pointless. On a three year old car, you ought to have own damage cover.

[Aviator_guy]

Originally Posted by libranof1987

A lot of insurers offer 0-Dep only if the expiring policy has 0-dep. Do check. Also, taking only third-party insurance doesn't make sense unless the vehicle is so old / outdated that repairing it is pointless. On a three year old car, you ought to have own damage cover.

Along with other comments, also keep in mind that many insurance companies provide zero-dep option only up to 3 years. Getting zero dep for 4th or 5th year will need some follow up and look around. If you are planning a gap in OD for a year, you may face risk of not getting zero dep at all. So weigh in your options carefully.

[IndigoXLGrandDi]

I am not sure if to post these queries here or under some Driving License Thread.

Mods, please move to appropriate thread if required.

While filing an insurance claim, one is required to submit Valid Driving License copy alongwith claim form.

1. Does this affect in any way to the Holder of Driving License? Negative Points, Suspension of DL for some duration, etc.

2. If DL of Chauffeur (Driver) is submitted alongwith the Claim Form, does the Surveyor not pass the full claim? Is it recommended to submit DL of Owner, or family member to aid smooth passing of claim?

3. Why is Copy of PUC required for filing Insurance Claim?

[safari_lover]

I bought an used car recently. The car has a valid insurance comprehensive till Jan 2022. The insurance company will charge me about 2K to get it transferred into my name.

I can get a new zero depreciation insurance from Tata AIG for about 10K. I am inclined to buy this new insurance instead of transferring the old as this is more VFM, I feel.

If I go for the new one, the car will have two insurance from two different providers under two different names, for the next 3 months. Will this be okay?

[ghodlur]

Originally Posted by safari_lover

I bought an used car recently. The car has a valid insurance comprehensive till Jan 2022. The insurance company will charge me about 2K to get it transferred into my name.

I can get a new zero depreciation insurance from Tata AIG for about 10K. I am inclined to buy this new insurance instead of transferring the old as this is more VFM, I feel.

If I go for the new one, the car will have two insurance from two different providers under two different names, for the next 3 months. Will this be okay?

You can close the existing insurance and buy new insurance for the car but suggest to do this post the ownership change in RC.

[safari_lover]

Originally Posted by ghodlur

You can close the existing insurance and buy new insurance for the car but suggest to do this post the ownership change in RC.

The ownership change in the RC is done. The car is in my name now.
Can I buy the new insurance and ask the old owner to close the existing one? What happens if the old insurance is not closed?

[ghodlur]

Originally Posted by safari_lover

The ownership change in the RC is done. The car is in my name now.
Can I buy the new insurance and ask the old owner to close the existing one? What happens if the old insurance is not closed?

Yes you can do that. Ask the previous owner to close the Insurance policy. If the previous insurance policy isnt closed it will expire based on validity. The only thing here to take care is that the previous insurance co may ask for the NCB amount claimed to be returned back on pro rata basis. Who pays back to the Insurance co is a mutual agreement between you and the previous owner.

[safari_lover]

Originally Posted by ghodlur

If the previous insurance policy isnt closed it will expire based on validity. The only thing here to take care is that the previous insurance co may ask for the NCB amount claimed to be returned back on pro rata basis. Who pays back to the Insurance co is a mutual agreement between you and the previous owner.

In that case it's easier to let the previous insurance expire on its own, isn't it? Do you see any advantages of actively closing the previous insurance or the disadvantages of not closing it?

[TaureanBull]

Hi Guys.
I am not sure if this has been discussed before.
My Tata Tiago is completing one year in few days. the CPA cover is valid till 2023 (three years insurance). However, own vehicle damage is expiring in few days. I am getting multiple calls from the Tata Sales and other companies for insurance.
It has gone to the extent that I am getting quotes on whatsapp and asking for payments. Personally, I am not very convinced on the own vehicle damage insurance (expected at about 10k). Usage of vehicle is below average at about 400kms per month. The vehicle is being used by wife in NCR.
Any suggestions or guidance is welcome.
Regards

[ghodlur]

Originally Posted by safari_lover

In that case it's easier to let the previous insurance expire on its own, isn't it? Do you see any advantages of actively closing the previous insurance or the disadvantages of not closing it?

Since the previous Insurance is in the name of the previous owner it is upto to the owner to either close it or allow it to expire. Since the new Insurance is purchased by you, you will not be affected in case. The NCB of the previous insurance will be credited to the previous owner and not to you.

Originally Posted by TaureanBull

Hi Guys.
I am not sure if this has been discussed before.
My Tata Tiago is completing one year in few days. the CPA cover is valid till 2023 (three years insurance). However, own vehicle damage is expiring in few days. I am getting multiple calls from the Tata Sales and other companies for insurance.
It has gone to the extent that I am getting quotes on whatsapp and asking for payments. Personally, I am not very convinced on the own vehicle damage insurance (expected at about 10k). Usage of vehicle is below average at about 400kms per month. The vehicle is being used by wife in NCR.
Any suggestions or guidance is welcome.
Regards

It is always better to the have a comprehensive insurance coverage (own damage + TPL) on new cars even if the running is very low & paying the full premium for that extra peace of mind. You dont want to rue when you will need to raise any claim and the entire repair amount will be from your pockets. The choice of Insurance company will always be with you.

[RavSam]

So my Ignis Zeta AMT Dec 2020 is up for Insurance Renewal. Monthly running is between 200 to 300 kms

I took the in-house insurance and have the following options for renewal

Rs. 10127 without consumables and RSA

Rs. 10856 with consumables but without RSA

Rs. 10915 with both consumables and RSA

Can anyone guide me with which one to take?
Are RSA and consumables worth opting for Ignis with low running?

Any other recommendations.

Please help!

[One]

Comparing Actual Insurance through Car Companies

There have been many posts in the forum about car insurance when purchased from outside being as low as 50% of that from the car dealer. While exploring purchase of a car I kind of dug into this a bit. I am comparing insurance from Toyota with quotes from outside. Have a feeling that the findings below will be true even from other vendors.

For those short of time in reading the entire post, here is my finding - Insurance from outside (not the Car company) is NOT as low as it is made out to be.

With that out of the way, let's have a look at the example below for an Innova (same model):

Toyota Protect provides different Insurance covers as indicated below:


Quote 1 (Q1):
Here is the quote from Toyota Protect Luxury Plan cover: Rs.88734

Quote 2 (Q2):
But you can get a quote of their other plans as well. Sending a sample I received below (The Luxury Plan quote does not tally entirely with the quote above as it is from another dealer but just ignore the 1% difference for now as it is not relevant to the larger discussion). Check the quote of Premium Plan of Rs.84647 and its components.

.


Quote 3 (Q3):
Below is the direct quote from ICICI Lombard when I asked them to match the components : Rs.78030





The difference between Q3 and Q1 is 13% but Q3 did not provide everything that Q1 provided. Is was closer to the "Premium Cover" plan mentioned in Q2 in terms of independent components in it and when compared with Premium cover in Q2 of Rs.84647, the difference gets reduced to around 5k or 8% less in Q3.


But here lies the key difference - when I asked the IDV value in Q3, it is Rs.1524570 as compared to Rs.1793000 in Q1 & Q2. This is a 17% difference in the IDV value with the Toyota Protect plans clearly superior.

Now one might ask what is the need for a higher IDV if Return to Invoice (RTI) has been taken? This is important because of two reasons:
1. All subsequent years IDV calculation is done on basis of existing IDV.
2. RTI is not given after the first few years, after which IDV is what is used in cases like total loss.
If one starts with a low IDV, once RTI cannot be taken, the amount given back by the Insurer will be low as well.

Quotes 4 (Q4):
Online aggregator Quotes: While the initial values seemed very low they do not show prices with GST and you need to add individual components to do a proper comparison. Also the IDV was extremely low here. So when the IDV increases, the premium increases as well in these portals. Not attaching anything for this as the quotes did not have inclusions comparable to Q1/Q2.

What I next decided was to check the the lowest bar in terms of price in insurance. I got quotes from an online vendor as they will be the lowest in the industry due to two reasons: lower overheads and high funding.

Quote 5 (Q):
Online vendor Acko: Rs.61793

Here the IDV is higher than Q3 and marginally lower than Q1/ Q2 (a small margin of 1%). So the quote below looks enticing as the difference between like for like quotes is around 20%. Just that a couple of important things like Rodent cover, limitless claims are not covered in Acko at all. Also, the cashless claim is done at select garages in case of these online vendors so it is a matter of convenience of how much premium are we willing to consider for this.





Summary

- Dealer quotes are not necessarily as high as deemed to be and they drop the rates if plans are comparable :

- Dealer quotes were more expensive by 5%-13% as compared to direct insurance companies. But their inclusions were more. More importantly, even a company like Toyota across dealers was willing to reduce their insurance amounts by this making the difference 0 !

- Dealers also had options of lesser inclusions based insurance plans which can be picked from them.

- Check IDV value and individual components for each quote that you receive and compare if that makes a quote lower.

- Online aggregators show prices without GST and then you need to start adding components in them and tweak the IDV to try and compare plans properly with the quote received from the dealer.

- Acko/ Digit are definitely lower by 10-15% as compared to the lowest reduced quotes from the dealer. They however do not include all components and there is a restriction from where the car can be repaired. The trade-off is convenience vs cost here.

While the above is restricted to Toyota, generally asking around for Hyundai, Honda seemed to be similar though I have not delved too deep into them. If others have done a similar comparison it would be great. If the sale is to be made and the SA does not get commission from Insurance, the SA would still like to make the sale. So getting car insurance rates comparable even if not same, is something a SA would like to do (unless specific dealers give funny instructions otherwise on popular models).

[IP_Man]

Pl. pardon my ignorance in this field.

Rant: Two days back, car infront of me braked hard. Naturally I also had to brake hard not to collide car infront of me.

Rikshaw behind me could not handle sudden braking and dashed by car and damaged bumpers. Poor rickshaw driver was elderly fellow. We decided to let him go (not to launch FIR) on humanitarian ground. Also we did not demand 'insurance claim' amount from him. Luckily my car has zero depreciation insurance.

My queries:

1. Suppose, instead of Rikshaw, if car dashed my car from behind, what is the procedure I should follow?

2. Shall I demand 'insurance claim' amount and close the matter?

3. Suppose if I don't have zero depreciation, what to do to recover cost of damage?

Thanks in advance.

[wavingflag]

My car insurance(Toyota Yaris JMT 2018) is nearing renewal. I have been using Toyota Protect for the last three years. I was using their Superior Plan which has Zero Depreciation, Consumables, Return to invoice, Engine Protection, etc as add on. Last year I paid 18,000 for renewal. This year the same plan with TP renewal is quoted near to 24000, including NCB.
Now I am seriously considering other options and got a quote from Royal Sundaram which has all above mentioned add ons and also IDV is 7.5 Lakhs(6.5 from Toyota protect). But my only concern is how I could avail Roadside assistance from Royal Sundaram. Will they send my car to the nearest workshops where they have tie-ups or to an Authorized service center? Because Royal Sundaram agents keep on saying they have tie-ups with thousands of workshops all over India and I don't have to worry about service. With Toyota Protect, RSA was seamless and I got flatbed service without any hassles when my car refused to start. And in 2018 I availed RSA from Honda Assure and again service was pretty good.
I would like to seek advice from team BHP members as I never used RSA from independent(Not sure if I choose the right word here) Insurance Providers

[noopster]

Originally Posted by IP_Man

My queries:

1. Suppose, instead of Rikshaw, if car dashed my car from behind, what is the procedure I should follow?

2. Shall I demand 'insurance claim' amount and close the matter?

3. Suppose if I don't have zero depreciation, what to do to recover cost of damage?

Thanks in advance.

Technically you can contact the other party's insurance company and file a claim so that their insurance takes care of your damage. Frankly though, I have never heard of anyone successfully using this mode of recovery in India.

What we normally do is claim the damage under our own insurance. In your case since you have zero dep cover this is a good option. The only issue is that you will lose your NCB (no claim bonus) discount next year and your premium may go up.

In a case like yours (rickshaw driver) what you can is get them to pay up your minimum deductible since the rest will be picked up by your insurance company.

Originally Posted by wavingflag

Now I am seriously considering other options and got a quote from Royal Sundaram which has all above mentioned add ons and also IDV is 7.5 Lakhs(6.5 from Toyota protect). But my only concern is how I could avail Roadside assistance from Royal Sundaram. Will they send my car to the nearest workshops where they have tie-ups or to an Authorized service center?

Royal Sundaram is quite a reputable insurance company and I have my own vehicle insured by them, though I don't recall ever claiming anything from them. But I don't think there should be a major issue. You can search the forum to see if there are any good or bad experiences regarding RS roadside assistance.