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Old 29th January 2022, 23:38   #5131
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by raksrules View Post
In my case, the dealer offered me 10K discount from his end on car (not insurance) but when I told him I am planning to take from outside, he told he won't give the 10K discount. For now I told him I will take insurance from him but plan to change it later to self bought (i can do this right?)
That's a tricky part. If he has offered you conditional discount then I won't be surprised if he refuses that discount if you take insurance from outside. You can do the math about net savings and decide accordingly assuming worst case that you lose the 10k discount.
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Old 29th January 2022, 23:49   #5132
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by Aviator_guy View Post
That's a tricky part. If he has offered you conditional discount then I won't be surprised if he refuses that discount if you take insurance from outside. You can do the math about net savings and decide accordingly assuming worst case that you lose the 10k discount.
The thing is that for 2 min assume the discount is on insurance then that means I will pay 45000 -10000 = 35000 for insurance.
Outside rates on policy bazaar range from 17K to 33K. I do memtion of how many cashless garages each of the insurer has but from the list I cannot make out if some of them are official Hyundai ones are not. Can you tell me how to check that?
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Old 29th January 2022, 23:56   #5133
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by raksrules View Post
The thing is that for 2 min assume the discount is on insurance then that means I will pay 45000 -10000 = 35000 for insurance.
Outside rates on policy bazaar range from 17K to 33K. I do memtion of how many cashless garages each of the insurer has but from the list I cannot make out if some of them are official Hyundai ones are not. Can you tell me how to check that?
Best would be to look for network garage list on the insurance company website or call their customer support.
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Old 30th January 2022, 11:22   #5134
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Re: Automobile Insurance Queries? Ask me

So I asked Royal Sundaram to send me a quote for the Grand i10 nios sportz AMT and I selected the following addons..

Zero depreciation
RTI
Engine protect

I was told that includes the personal accident cover too and key replacement. Hyundai insurance is 45K (no key replacement)

I am attaching the quote here. Would appreciate if people saw and commented.

On a related note, on policy bazaar, even when I specifically put IDV as approx 6,94,000, the row of Royal Sundaram shows IDV as 6,70,000. Any idea why? All other insurers show the IDV I manually entered. Due to this lower IDV, the premium amount comes less. I am going to talk to policy bazaar about this.
Attached Files
File Type: pdf Royal Sundaram Quote.pdf (35.0 KB, 218 views)

Last edited by raksrules : 30th January 2022 at 11:26.
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Old 30th January 2022, 12:10   #5135
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by raksrules View Post
On a related note, on policy bazaar, even when I specifically put IDV as approx 6,94,000, the row of Royal Sundaram shows IDV as 6,70,000. Any idea why?
Don't know the reason. But I have observed this on coverfox also, where most of the insurer quotes have a different value compared o the desired IDV.
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Old 1st February 2022, 09:21   #5136
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Re: Renewing insurance of a pre-owned car

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Originally Posted by ghodlur View Post
Two alternatives:
1. Renew the Insurance in previous Owner's name. Wait for the RC change of ownership to happen and then approach the Insurance co for the ownership change on the policy
2. Let the old insurance expire. Buy a new Insurance in your name. Later check in parivahan whether the Insurance is updated against your name.
Hi folks, need some urgent advice on renewing insurance for my pre owned car purchase in Mumbai (MH47). Here is what happened so far:

1. 22 Dec - delivery
2. 24 Dec - RTO application filed by agent
3. 05 Jan - Show some verification was done. Approval pending.
4. Current RTO status - approval pending

Existing insurance - OD expiring 02 Feb 2022 and TP expiring 02 Feb 2024. Insurance is still in old owner name as I was waiting for ownership transfer to happen before transferring insurance in my name.

Here is my dilemma:

1. Renew in old owner name - then when the RC comes in my name, I get the insurance transferred. Wouldn't the RC state the date of change of ownership? Can it happen that insurance company say that the ownership transfer in RTO records happened prior to renewal date and hence this policy is invalid?

2. Renew in my name - Till the time the new RC in my name comes, god forbid if I need to make a claim, how will I do it? What document can I provide along with insurance which shows that I am the owner? Also, in this route, how do I buy only own damage as the third party damage is in old owner name?

The dilemma would be resolved if I know the date of ownership transfer. Is it 24 Dec (date of application) or 05 Jan (verification) or some future date when the transfer would be approved? Depending on the date of transfer, I know what owner name to put it.

I have 2 working days to buy a new insurance and not able to get concrete advice on what should I do. Experts please help. Happy to talk on phone in case someone is willing to do so. Thanks.
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Old 1st February 2022, 09:55   #5137
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Re: Automobile Insurance Queries? Ask me

@manish84, the RTO status seems pending for quite a long time, are those guys looking for some "baksheesh"?
Tell them if they clear the same today by the 2 pm, you will give them that (do agree on the amount before hand).
Do check if there is any pending challans on the car, as the previous owner may not be willing to clear.
Hope this helps.

The insurance bit the experts can advise
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Old 1st February 2022, 10:29   #5138
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by neofromcapone View Post
@manish84, the RTO status seems pending for quite a long time, are those guys looking for some "baksheesh"?
Tell them if they clear the same today by the 2 pm, you will give them that (do agree on the amount before hand).
Do check if there is any pending challans on the car, as the previous owner may not be willing to clear.
Hope this helps.

The insurance bit the experts can advise
It seems the hypothecation termination takes time. Agent told me that they re-print a new RC without HP, send it to old owner and then start the transfer. Agent said we try to stall the step in between. Not sure if this is truth or not. All pending challans are already cleared. Looking for clarity on insurance.
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Old 1st February 2022, 11:35   #5139
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Re: Automobile Insurance Queries? Ask me

So I had a talk with the Shreem Hyundai Service Center's advisor over a call to ask about the surveyors and with whom they have tie ups for cashless claims. He mentioned that the most frequent surveyors at their workshop are Bajaj Allianz, Chola MS and HDFC Ergo. I asked him about Royal Sundaram and he told they are very rare.

He (obviously) insisted me on going with Hyundai Insurance as he told me that you can claim that at any Hyundai service center across India, cashless and also for his service center, he told that since they have good relations with the surveyors of the above mentioned companies, they can "push" on need basis.

I went to check the rates of various insurance with same benefits of Hyundai Insurance and rates I am getting are approx as...

Royal Sundaram - 24K
HDFC Ergo - Check quoted text

Quote:
Comprehensive Premium Breakup
Vehicle Own Damage
A.Your Basic Premium :20,950
B.Zero Depreciation Cover :3,122
C.Engine Protection :1,041
D.Cost Of Consumable :694
E.Return to Invoice :1,387
F.Your Net Basic Premium (A+B+C+D+E) :27,194

Third Party Damage
G.Third Party Liability Premium :9,534
H.Your Net Liability Premium (G):9,534
I.Your Total Net Premium (F+H) :36,728
J.Goods & Service Tax@18%:6,611K.

Premium You Pay (I+J):43,339
HDFC Ergo is pretty pricey at 43.5K

Bajaj Alliance: > 40K
Oriental (Asked FIL's friend who works there): 27K

Now looking at the fact that Hyundai is offering for 45K and then giving me 10K discount on car and let me take this as discount on insurance then it would be 35K for me to get insurance from Hyundai.

Checking the numbers of the highly regarded companies, I am inching towards taking insurance from Hyundai.
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Old 1st February 2022, 19:02   #5140
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Re: Renewing insurance of a pre-owned car

Quote:
Originally Posted by manish84 View Post
The dilemma would be resolved if I know the date of ownership transfer. Is it 24 Dec (date of application) or 05 Jan (verification) or some future date when the transfer would be approved? Depending on the date of transfer, I know what owner name to put it.

I have 2 working days to buy a new insurance and not able to get concrete advice on what should I do. Experts please help. Happy to talk on phone in case someone is willing to do so. Thanks.
I think you are getting confused or complicating things. You have 2 options:
1. Either renew the existing Insurance and then apply for Insurance ownership transfer either after the RC is recd or submitting the transfer documents copies. This way the Insurance co is intimated in advance of the ownership transfer.
2. Buy a new Insurance policy in your name (speak to the same Insurance co) and submit the documents of ownership change. Once RC is recd, the copy of changed RC can be submitted.

Date of ownership transfer has nothing to do with the Insurance renewal.
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Old 1st February 2022, 19:57   #5141
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Re: Automobile Insurance Queries? Ask me

I have few questions about IDV..

1. The IDV of a brand new vehicle is supposed to be 95% of the Ex-Showroom price right? In case of my Hyundai Grand i10 NIOS it is 95% of ₹7,29,350 = ₹6,92,882.50 ?

2. Is it ok to consider IDV less than the above number for a new car when taking insurance? Asking since on policybazaar, even when I put the mentioned IDV, for some odd reason, for Royal Sundaram, it always shows IDV as ₹6,70,XXX. Is there a problem doing this? Other insurers show proper value what I gave. I know I can take insurance from Royal Sundaram directly but for just a 23K increase in IDV, the insurance quote is 4K more (compared to policy bazaar)

3. Whatever IDV I consider, does it impact my insurance at the time of renewal next year? Or at that time, insurance is taken based on Ex-Showroom still?

4. If policy bazaar quote and one from insurance company directly is only slight different (with insurer being higher), is it advisable to take it directly from insurer?

5. I have been told that to actually get a policy, I will need Chassis number and Engine number, so is that the only 2 things needed (I mean apart from car model name and variant and all)?
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Old 2nd February 2022, 08:24   #5142
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by raksrules View Post
I have few questions about IDV..
Lets answer your queries serially

Quote:
1. The IDV of a brand new vehicle is supposed to be 95% of the Ex-Showroom price right? In case of my Hyundai Grand i10 NIOS it is 95% of ₹7,29,350 = ₹6,92,882.50 ?
Yes that correct.

Quote:
2. Is it ok to consider IDV less than the above number for a new car when taking insurance? Asking since on policybazaar, even when I put the mentioned IDV, for some odd reason, for Royal Sundaram, it always shows IDV as ₹6,70,XXX. Is there a problem doing this? Other insurers show proper value what I gave. I know I can take insurance from Royal Sundaram directly but for just a 23K increase in IDV, the insurance quote is 4K more (compared to policy bazaar)
The imp rule of Insurance is that you don't over insure or under insure any product, the Insurance has to be appropriate for the product. In your case, call up Royal Sundaram directly for the correct IDV premium quote. Pls note the comparator websites generally don't have their data bases updated regularly for the car make/model/variant prices.

Quote:
3. Whatever IDV I consider, does it impact my insurance at the time of renewal next year? Or at that time, insurance is taken based on Ex-Showroom still?
Yes, it will impact coz next year during renewal the IDV will be 10% less that the previous year. It cannot be always the ex showroom price. You may be tempted to retain the highest IDV but suggest to stick to the table provided in the policy document.

Quote:
4. If policy bazaar quote and one from insurance company directly is only slight different (with insurer being higher), is it advisable to take it directly from insurer?
Use the comparator websites only for comparison, buy always from the Insurer's website. That's my personal view

Quote:
5. I have been told that to actually get a policy, I will need Chassis number and Engine number, so is that the only 2 things needed (I mean apart from car model name and variant and all)?
Yes. Later the registration number is also needed which you will need to provide to the Insurer to get the Policy document updated or can be updated during the first renewal.
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Old 4th February 2022, 01:12   #5143
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Re: Automobile Insurance Queries? Ask me

Hi all the learned members of this forum, there is one more thread which talks about acko and godigit as the new generations insurance platform and the reviews. I was not quite sure where I should put this, hence putting it here. If its need to moved, Mods please do it.

This is the first year of my car ownership and my comprehensive/Own Damage insurance will expire on 14th of Feb-2022. I was exploring the market to get the best deal and I thought I will simply get it done from Acko.

This is where my horror story has started, when I put my car details, I figured out the make and model they are pulling is of Kia Seltos, whereas my make and model is Kia Sonet. Also the premium, if its kia seltos is almost 3X lesser compared to Sonet. I didn't even pay that much while buying the car, even though I just went ahead for piece of mind and got the insurance from the Kia dealership itself(Naara Kia, JP Nagar Bangalore).

Am I making a mistake or there is something seriously wrong with the Acko Website. I am attaching the screenshot of both the quotations for reference. I have posted and tagged them in twitter as well but the response I got was its the way it is. I want to take this opportunity to highlight that a good service doesn't mean they are doing the best. For a non educated customer who just sees the ad and buys from them, they are taking the customer for a ride.

Is the following quote okay, considering I am in the second year of ownership and I still have the TP insurance valid till 2024 or they have glitch or they are taking customer for a ride?[ATTACH=Screenshot 20220202 at 10.03.36 PM.png]Automobile Insurance Queries? Ask me-screenshot-20220202-10.07.57-pm.png[/ATTACH]
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Automobile Insurance Queries? Ask me-screenshot-20220202-10.03.36-pm.png  

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Old 4th February 2022, 07:38   #5144
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by Mainali View Post

Am I making a mistake or there is something seriously wrong with the Acko Website.

Is the following quote okay, considering I am in the second year of ownership and I still have the TP insurance valid till 2024 or they have glitch or they are taking customer for a ride?[ATTACH=Screenshot 20220202 at 10.03.36 PM.png]Attachment 2268318[/ATTACH]
Sonet quote does not make any sense. The Seltos one looks to be alright. Looks like a glitch in their system and it's shocking that they are not doing anything about it. Time to look for another insurance company I guess.
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Old 4th February 2022, 14:07   #5145
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by Mainali View Post
This is where my horror story has started, when I put my car details, I figured out the make and model they are pulling is of Kia Seltos, whereas my make and model is Kia Sonet. Also the premium, if its kia seltos is almost 3X lesser compared to Sonet. I didn't even pay that much while buying the car, even though I just went ahead for piece of mind and got the insurance from the Kia dealership itself(Naara Kia, JP Nagar Bangalore).
Why would you even consider an Insurance co which doesnt even give you the premium quote for the car you own rather than some other car. Have you tried at the other comparator site like cover fox or Policy bazaar? Are you able to get a quote for your car? What Insurance did your car have for the first year? Did you get an renewal premium quote? Any issues with that Insurance co? It would be improper for any BHPian to help you for a wrong car premium quote
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