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Old 22nd July 2022, 19:23   #5236
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Default Re: Automobile Insurance Queries? Ask me

Hello,
I got a letter asking for renewal of my car insurance policy, Universal sompo through Maruti Brokerage for a premium of Rs 4815. They've asked to courier a cheque for the amount. On the other hand, I got a message for online car insurance renewal from the same brand through Maruti for Rs. 6027. Both are for Own Damages including Zero Dep and RSA. Could anyone enlighten me why there is such a difference and whether it is safe to send a cheque for the amount. I've previously always renewed online.

Thanks & Regards,
Souvik
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Old 23rd July 2022, 04:19   #5237
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by suavesouvik View Post
Hello,
I got a letter asking for renewal of my car insurance policy, Universal sompo through Maruti Brokerage for a premium of Rs 4815. They've asked to courier a cheque for the amount. On the other hand, I got a message for online car insurance renewal from the same brand through Maruti for Rs. 6027. Both are for Own Damages including Zero Dep and RSA. Could anyone enlighten me why there is such a difference and whether it is safe to send a cheque for the amount. I've previously always renewed online.

Thanks & Regards,
Souvik
There is nothing wrong here, it is just that Maruti's insurance prices are inflated taking into account insurance commission Maruti receives. I am also not in favour of sending a cheque either, TThe safer and more relable way would be to try to renew your insurance through Universal Sompo's website: https://www.universalsompo.com/Motor...l/pages/#/Home

Type in your existing policy number and check the premium.

Last edited by itsmeparvathy9 : 23rd July 2022 at 04:21. Reason: added content, fixed typos
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Old 26th July 2022, 00:27   #5238
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by StepUP! View Post
When I have RTI cover, I don't see a point in buying an insurance with higher IDV, typically 95% of car's ex-showroom price. Reason being both come into play only in case of total loss. (IDV could play a role while selling the car, but I see that is very limited in scope).
I was also thinking the same thing. Let us assume I buy a car worth 18 Lakhs, the lowest IDV I can get is 11.24 Lakhs vs maximum of 17.1 lakhs. Now when I add Zero-Dep, Consumables and Invoice Cover, the cost is almost 30-40% less than that with maximum IDV. Now in case of an accident, if the repair amount exceeds 8.43 Lakhs (75% of IDV), I would get full invoice value irrespective of IDV. In case the repair amount is less than 8.43 lakhs, I would still get all parts & consumables cost since I have Zero-Dep and Consumables add-ons. In my fifth and last year of Return to Invoice cover, the IDV would be 6.63 lakhs and Total Loss threshold would be 4.97 lakhs. While in case of full IDV, the total loss amount would have to be a whopping 12.85 lakhs on new car and 10 lakhs IDV and 7.7 lakhs total loss threshold in fifth year.

So, it doesn't make sense at all to go for maximum IDV as it just increases the premium and also the threshold for total loss. If I get the mentioned 3 add-ons, that should cover me until I have Return to Invoice (generally up to 5 years). After which the IDV anyway needs to be mutually decided between the insurer and insuree.

Were you able to find a flaw in that thinking? Are there any caveats that we might have missed? It seems too good to be true.

Frankly, I think Return to Invoice is an add-on even with maximum IDV is too good to be true and would in all probability be dropped soon especially in India where it is very easy to make fraud claims which look genuine, or its premium will rise heavily.
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Old 2nd August 2022, 01:55   #5239
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Default Re: Automobile Insurance Queries? Ask me

Question about 2W insurance renewal, as I seem to be in a weird position. I had bought an Activa 6G in March'2020, getting delivery of same about a week before the Covid lockdown started. The dealership signed me up for the insurance, which was to have 5yrs of thirdparty cover, paid-up upfront. The insurance was from Reliance General Insurance. I remember renewing the add-on own cover in March'21, but then in 2022, I had issues renewing this online.

I had called up RelianceGeneral, as through their website, I couldn't renew, and strangely the policy information couldn't be found. Somehow, I missed to do further follow-up, and now mParivaahan shows that my policy expired in March'22. However, since I am supposed to have had the 5yr third-party insurance, shouldn't mParivaahan app show the insurance to be in effect ? Only the add-on would have lapsed due to non-renewal, and I should be able to buy the new add-on now, right ? However, I am wondering if there is something I should be checking so that I do not end-up paying twice for third-party cover ?
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Old 2nd August 2022, 05:34   #5240
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by bdutta View Post
Question about 2W insurance renewal, as I seem to be in a weird position. I had bought an Activa 6G in March'2020, getting delivery of same about a week before the Covid lockdown started. The dealership signed me up for the insurance, which was to have 5yrs of thirdparty cover, paid-up upfront. The insurance was from Reliance General Insurance. I remember renewing the add-on own cover in March'21, but then in 2022, I had issues renewing this online.

I had called up RelianceGeneral, as through their website, I couldn't renew, and strangely the policy information couldn't be found. Somehow, I missed to do further follow-up, and now mParivaahan shows that my policy expired in March'22. However, since I am supposed to have had the 5yr third-party insurance, shouldn't mParivaahan app show the insurance to be in effect ? Only the add-on would have lapsed due to non-renewal, and I should be able to buy the new add-on now, right ? However, I am wondering if there is something I should be checking so that I do not end-up paying twice for third-party cover ?
Check your original policy document obtained when you purchased the vehicle, it must be mentioned in it that it is a 1-year OD + 5-year TP policy.
Reliance General's site has had this issue earlier as well, for policies bought offline, so it is nothing to worry about.

mParivaahan isn't always accurate, I renewed by Scooter's policy with Digit insurance in December and it still shows policy expired in December.

Yes, you can buy OD Cover add on now, even if you didn't renew, just buy one online, through Policybazaar or any other app to avoid any hassles.

You can send your existing policy document for 5-year TP cover to them, and they will recommend the best OD plan for you too.

Last edited by itsmeparvathy9 : 2nd August 2022 at 05:35.
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Old 3rd August 2022, 07:14   #5241
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Default Re: Automobile Insurance Queries? Ask me

I am planning to buy a new car - Nissan Magnite Red Edition Turbo CVT. The dealer quotes a whopping 52K for insurance - Third-party for 3 years is around 6.5K, which is fine. For Zero-Dep they are charging 7K. The rest is for OD premium. Most of the insurance websites do not have this model. Coverfox provides a quote of 28K for the nearest model for the same parameters - 3 years third-party and Zero Dep. Dealer is not matching the quote and he can only make insurance as "By party", which means the buyer will buy the insurance on his own. I have reached out to HDFC Ergo and ICICI Lombard separately, but they have not provided any quote in the last 2 days for this new model. I am surprised that insurance companies have become so "less-aggressive". Any pointers to get an insurance quote for a new car model to be booked?
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Old 3rd August 2022, 08:08   #5242
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by Crank View Post
I am planning to buy a new car - Nissan Magnite Red Edition Turbo CVT. The dealer quotes a whopping 52K for insurance - Third-party for 3 years is around 6.5K, which is fine. For Zero-Dep they are charging 7K. The rest is for OD premium. Most of the insurance websites do not have this model. Coverfox provides a quote of 28K for the nearest model for the same parameters - 3 years third-party and Zero Dep. Dealer is not matching the quote and he can only make insurance as "By party", which means the buyer will buy the insurance on his own. I have reached out to HDFC Ergo and ICICI Lombard separately, but they have not provided any quote in the last 2 days for this new model. I am surprised that insurance companies have become so "less-aggressive". Any pointers to get an insurance quote for a new car model to be booked?
Have you checked with which Insurance co does the workshop (where you intend to service) has a cashless tie up? Check with those Insurance cos on the comparator website and get an approx estimate. Try the new age Insurance cos like Acko, Digit etc too for the quotes.
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Old 3rd August 2022, 08:28   #5243
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Default Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Crank View Post
I am planning to buy a new car - Nissan Magnite Red Edition Turbo CVT. The dealer quotes a whopping 52K for insurance - Third-party for 3 years is around 6.5K, which is fine. For Zero-Dep they are charging 7K. The rest is for OD premium. Most of the insurance websites do not have this model. Coverfox provides a quote of 28K for the nearest model for the same parameters - 3 years third-party and Zero Dep. Dealer is not matching the quote and he can only make insurance as "By party", which means the buyer will buy the insurance on his own. I have reached out to HDFC Ergo and ICICI Lombard separately, but they have not provided any quote in the last 2 days for this new model. I am surprised that insurance companies have become so "less-aggressive". Any pointers to get an insurance quote for a new car model to be booked?
Your car is basically a limited-edition variant of the XV Turbo CVT with ex-showroom price of Rs.9,99,990/- so what you should do is take a look at the premium of the XV Turbo CVT on policybazaar, ask them to call back and tell them that yours is the Red edition and you don't find it on their site, most probably they will tell you to submit the application as Magnite XV Turbo CVT with ex-showroom price of the Red edition.

I have seen the premiums are quite low at just Rs.22,053 only including GST, attached quote:
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Automobile Insurance Queries? Ask me-magnite.jpg  

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Old 3rd August 2022, 14:33   #5244
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Originally Posted by ghodlur View Post
Have you checked with which Insurance co does the workshop (where you intend to service) has a cashless tie up? Check with those Insurance cos on the comparator website and get an approx estimate. Try the new age Insurance cos like Acko, Digit etc too for the quotes.
HDFC Ergo serves cashless for the Nissan dealer. ICICI Lombard, Bajaj Allianz, Reliance, Liberty & Raheja have tie-up. Acko, Digit etc. neither have tie-up nor have cashless with them.

Last edited by Crank : 3rd August 2022 at 14:35. Reason: Avoid back to back posts
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Old 10th August 2022, 11:17   #5245
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Default Re: Automobile Insurance Queries? Ask me

Note :- I am not related to or advocating for UIIC, just posting this here for general information on some motor policy add on covers.
Attached Thumbnails
Automobile Insurance Queries? Ask me-uiic-add-.jpg  

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Old 19th August 2022, 17:02   #5246
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Default Re: Automobile Insurance Queries? Ask me

I've recently renewed my insurance policy for own damage.

After getting the policy documents, I see the model is incorrectly mentioned as "VOLKSWAGEN & POLO 1.0 MPI HIGHLINE Plu" while the RC says "VW POLO 1 L TSI HIGHLINE PLUS". The engine type should've been TSI instead of MPI.
CC and other details are correct.

The agent says that their portal is limited to these models and they can't help. This is renewed through the VW dealer. Insurance company is United India. Contacting UIIC and getting info on this is a pain.

Should I just leave it considering the rest of the details (Year of mfg, CC, IDV, Fuel type) are correct? Please suggest.
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Old 20th August 2022, 09:03   #5247
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Default Re: Automobile Insurance Queries? Ask me

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Originally Posted by clickdilip View Post
Should I just leave it considering the rest of the details (Year of mfg, CC, IDV, Fuel type) are correct? Please suggest.
Shouldnt leave it and get it rectified.

Did you check for other insurance co where the model is available in their list, if so suggest to opt for it. I suppose you are still in the 15 day window where you can return the Insurance policy

Alternatively get a letter from Insurance co or VW that the claims made against the insurance policy will be honored and that the model doesnt exists in their data base. to reduce your liability
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Old 21st August 2022, 00:43   #5248
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Default Re: Automobile Insurance Queries? Ask me

My car is a '16 city insured under Honda Assure policy under ICICI Lombard till last 5th year of ownership and Royal Sundaram on 6th year. Currently my policy holds NCB at 35%. Last year I made a claim which was not honoured. While renewing my policy this year, I found that the NCB stands at 0%. Upon enquiry I was told that NCB is cancelled out if a claim status is raised whether honoured or not. Is this true?
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Old 21st August 2022, 16:33   #5249
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Default Re: Automobile Insurance Queries? Ask me

Normally when a claim is intimated and estimation of damages is sent to Insurance Company (IC), the IC invests in manpower and other resources to survey and asses the claim intimation and estimation. The NCB becomes zero in this scenario if the claim admissibility is not accepted by IC.

However, in cases where a person intimates a claim to IC and then withdraws the claim intimation prior to assessment of it, the insurer will provide NCB benefit at the time of renewal.

Last edited by libranof1987 : 21st August 2022 at 17:24. Reason: Please avoid typing..like..this..
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Old 21st August 2022, 21:59   #5250
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Default Re: Automobile Insurance Queries? Ask me

For my new Seltos, I replaced stock headlights and taillights to LED ones which come with higher variant. If they damage due to accident, then under insurance claim ASS will replace them back with stock ones.

Can I included upgraded LED headlights and taillights as additional accessories in car insurance, so that in case of accident insurance claim, i can get back same LED lights installed instead of stock?
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