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Old 6th November 2022, 19:32   #5326
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Re: Automobile Insurance Queries? Ask me

Hello BHPians - Need the expert clarifications for my car insurance renewal on 2nd year of ownership - Toyota Innova. 1st year comprehensive was taken from Royal Sundaram, IDV: 18,08,800, OD: 24,526, 3P: 25140, Total:58,605 with Zero dep, Return to Invoice, 15L PA coverage. Want to continue with same covers in renewal as well.
  1. What is the significance of IDV? Is the max. claim amount restricted to this?
  2. As i'm going to take Return to Invoice, is IDV value significant or can go with lowest IDV?
  3. When i called the Harsha ASC, they mentioned that the cashless tie up is with Iffco, SBI, Bajaj, ICICI and Reliance. Royal Sundaram executive says they have cashless tie up with Toyota but ASCs deny. Whom to rely on?
  4. Policy Bazzar shows wide range of premium from 14k (United India) to 32k (Edleweiss) for same covers. Any suggestions to filter this down to few?

Thanks in advance.
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Old 7th November 2022, 08:26   #5327
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Re: Automobile Insurance Queries? Ask me

Quote:
Originally Posted by Innysta View Post
[*]What is the significance of IDV? Is the max. claim amount restricted to this?[*]As i'm going to take Return to Invoice, is IDV value significant or can go with lowest IDV?[*]When i called the Harsha ASC, they mentioned that the cashless tie up is with Iffco, SBI, Bajaj, ICICI and Reliance. Royal Sundaram executive says they have cashless tie up with Toyota but ASCs deny. Whom to rely on?[*]Policy Bazzar shows wide range of premium from 14k (United India) to 32k (Edleweiss) for same covers. Any suggestions to filter this down to few?
To answer your queries serially:
1. IDV is the value of the car you are insuring for. Yes, during the claim the IDV will be the max value which will be given out by the Insurance co in certain conditions only
2. Suggest to red the return to invoice T&C to understand the add on cover better.
3. Workshops are usually the people who can confirm the cashless tie up. if the Insurance co is proclaiming to have a cashless tie up ask in writing.
4. Use the comparator website for comparison only. The actual T&Cs of the Insurance policy is available on the Insurance co website for better understanding. Take an informed decision.
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Old 12th November 2022, 01:05   #5328
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Re: Automobile Insurance Queries? Ask me

Hello, is Engine protect an add on feature that can be added separately to comprehensive insurance, or is it a part of it bundled with zero-dep?

I’m looking at purchasing a pre owned car which is 5 years old and whose insurance has recently expired. Which providers provide zero dep for a vehicle more than 5 years?

Can I get engine protect/ hydrostatic lock coverage for a vehicle more than 5 years old?

Thanks!
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Old 13th November 2022, 08:47   #5329
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by adv View Post
Hello, is Engine protect an add on feature that can be added separately to comprehensive insurance, or is it a part of it bundled with zero-dep?

Which providers provide zero dep for a vehicle more than 5 years?

Can I get engine protect/ hydrostatic lock coverage for a vehicle more than 5 years old?
Engine protect add on cover is offered separately by the Insurance cos and not bundled along with other Add on covers. Few Insurance cos have plans like Silver, Gold & Platinum where a few bundled add on covers are provided along with the OD premium.

To check which Insurance co provides engine protect as add on cover, try the comparator websites such as Cover fox, Policy Bazaar etc

Providing any add on covers depends on the Insurance cos, try reaching out to them for the specific requirement.
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Old 13th November 2022, 09:38   #5330
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Re: Automobile Insurance Queries? Ask me

My car insurance renewal is complete 2 months away but since I have a BH registered car I was sure this will be a difficult process and hence decided to check the renewal premium. None of the comparator websites like Cover fox or Policy bazaar etc accept the BH registratrion no to provide the quotes. They throw an error saying that the registration no is invalid. Even the existing Insurance co i.e Royal Sundaram does not have an online option to renew the BH registered car insurance.

Any BH registered car owner faced this issue and what was the resolution? Can the renewal be done through agent only? I have tried on RS, Tata AIG, Bajaj Allianz websites but none of them allow BH registration no to be input on their website.
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Old 13th November 2022, 21:33   #5331
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Re: Automobile Insurance Queries? Ask me

Hello all,
My 2015 BMW 320D insurance will be up for renewal next month. I had zero depreciation until now (for 7 years). Does it make sense to go for the same on renewal? Or is it better to go for a comprehensive cover?
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Old 13th November 2022, 21:40   #5332
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Re: Automobile Insurance Queries? Ask me

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Hello all,
My 2015 BMW 320D insurance will be up for renewal next month. I had zero depreciation until now (for 7 years). Does it make sense to go for the same on renewal? Or is it better to go for a comprehensive cover?
Until you are offered Zero dep, better go ahead with it. The more number of year more the depreciation. I feel it would give you better coverage in case of any unforeseen situation (God forbid)

How much are the quoting for zero dep vs non zero dep? Whats your NCB at?
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Old 13th November 2022, 21:59   #5333
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by SideView View Post
Until you are offered Zero dep, better go ahead with it. The more number of year more the depreciation. I feel it would give you better coverage in case of any unforeseen situation (God forbid)

How much are the quoting for zero dep vs non zero dep? Whats your NCB at?
I received an email from ICICI Lombard for renewal and zero depreciation was not an option, probably since my car is over 7 years old. There are other companies that do offer zero depreciation till 10 years. Yet to speak to my insurance agent. I have 50% NCB, no claims till now in the entire car ownership, touchwood.
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Old 14th November 2022, 07:30   #5334
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by shivasuma View Post
I received an email from ICICI Lombard for renewal and zero depreciation was not an option, probably since my car is over 7 years old. There are other companies that do offer zero depreciation till 10 years. Yet to speak to my insurance agent. I have 50% NCB, no claims till now in the entire car ownership, touchwood.
Old cars it’s difficult to get zero dep, not sure how switching can impact.(not an expert)

Maybe drop a note to ICICI customer care/agent if they can continue to offer zero dep.(based on past history)


In website (like policybazar) they show zero dep but once you login and feed you details the “options” magically disappear or the quotes are too high.
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Old 15th November 2022, 16:51   #5335
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Re: Automobile Insurance Queries? Ask me

Hi BHPians, I had a query about insurance for pre-owned cars.

We purchased a car from Spinny and visited the OEM service centre for a general service on the very next day. During the test drive with the service technicians, a food delivery person rammed into one side of our stationary car, damaging a door and mirror (No injuries to anyone). The OEM body shop has recommended to change the door and mirror under insurance, as tinkering with the existing door will not give the same finish.

As for the insurance claim, Spinny has been non-responsive yet, just transferring my calls from one department to another and asking to wait for 72 hours for any update. The car's current insurance provider, Acko, says that the claim can only be initiated by the old owner, as the RC and insurance transfer has not been completed in my name (we just got the car on the previous day). If the claim is processed, I need to pay for the repairs and I can ask Acko for a refund after the ownership is officially transferred to my name.

Can the experts highlight the correct procedure to follow in such situations?
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Old 17th November 2022, 10:04   #5336
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by ghodlur View Post
Any BH registered car owner faced this issue and what was the resolution? Can the renewal be done through agent only? I have tried on RS, Tata AIG, Bajaj Allianz websites but none of them allow BH registration no to be input on their website.
An update.

Royal Sundaram after a few calls and mails responded with the renewal quote. Was surprised to see that the premium has increased inspite of lesser IDV and NCB applicable. The reason for the hike was:
1. Increased zero dep add on cover by 23%
2. Increased RTI add on cover cost by 611%

RS failed to justify the increased cost of add on covers.

Should I say I was fortunate that TPL validity was for 3 yrs when taken and not included in the renewal Insurance or else the hole in the pocket would be huge. The search for the VFM insurance is still on since I have 2 months for to the expiry of existing Insurance.
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Old 19th November 2022, 21:55   #5337
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Re: Automobile Insurance Queries? Ask me

hello, I am enquiring in general regarding insurance policy purchase. When I wish to buy insurance for my existing car from these providers, how do I get to know what would be the Third Party Liability Limit, how is it computed or is it fixed?

For example my car's current insurance from National Insurance Company shows the third party liability to be fixed at 7,50,000/- only.
Automobile Insurance Queries? Ask me-car-insurance-third-party-liability.jpg

if this is the case, then I assume that the Insurance company will do a maximum payout of Rs 7,50,000/- only. Please correct me if I am wrong.

Suppose there is an accident that involves serious injury or death, God forbid, and if there is a claim from the third party for compensation (could run into 50+ Lakhs or 1 Cr and above), then is the Insurance company willing to fight claims and make claim settlement on behalf of the car owner or driver?

I wish to relate an accident and third party claim regarding the accident. Quite long back, my alto car met with an accident and a biker was injured. This biker family claimed compensation to the tune of 60 Lakhs against me, the car owner (even though I had not driven the car). The claimant advocate also later added the insurance company and the insurance company fought on my behalf and settled the claim too (not aware how much was settled).

But now looking at my existing car insurance and the third party claim limit, i am doubtful if National insurance or any insurer would fight and settle claims above the limit mentioned?

So questions are:
1. What does this "third party liability limit" mean and upon which and how does it apply?
2. What happens with "third party claim" upon serious cases and will insurance companies fight or honor claims?
3. Is the third party liability limit fixed to 7,50,000/- for all cars? or is it based on any rider clause or the IDV value of the car?
4. How can one increase the third party liability limit, when one is willing to pay insurance premium for the increase in the limit?
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Old 20th November 2022, 15:56   #5338
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Re: Automobile Insurance Queries? Ask me

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Originally Posted by cs_rajesh View Post
1. What does this "third party liability limit" mean and upon which and how does it apply?
2. What happens with "third party claim" upon serious cases and will insurance companies fight or honor claims?
3. Is the third party liability limit fixed to 7,50,000/- for all cars? or is it based on any rider clause or the IDV value of the car?
4. How can one increase the third party liability limit, when one is willing to pay insurance premium for the increase in the limit?
Let me try to answer your questions serially:
1. Any liability arising out of an accident or an event involving third party property, person or vehicle is Third party liability. The standard limit for liability for property or vehicle damage is 7.5L. For injury or death there is no limit. It is applicable when the insurer raises a claim against TPL.
2. When there is a TPL claim, there is a process which needs to be followed as prescribed by the Insurance cos. The settlement of the compensation is done by the Motor Tribunal court and Insurance cos will need to honor the verdict.
3. The third party liability for property damages is fixed at 7.5L. Not related to IDV of the vehicle
4. You cannot increase the TPL liability, its fixed.

In case of any claim above 7.5L for property/vehicle damages, the Insurance cos file the case in the motor tribunal court and if decided will pay the amount over and above 7.5L.

Sharing the relevant link for reference.
https://www.policybazaar.com/motor-i...rty-insurance/
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Old 21st November 2022, 12:07   #5339
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Re: Automobile Insurance Queries? Ask me

Hi,
I am about to renew the 4th year OD and TP insurance for my car.
Now, I am getting confused regarding IDV.
I am preferring higher IDV for being on safer side in case of Total Loss(in my limited knowledge). But when I demanded higher IDV, which is the same as previous 2 years, I have noticed that the Invoice value has increased in the quotation. I am ready to pay higher premium for little bit higher IDV with a peace of mind, but does it work that way?
Now, what should be ideal scenario and how it will effect in actual accident claim?
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Old 30th November 2022, 11:58   #5340
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Re: Automobile Insurance Queries? Ask me

I have purchased a pre-worshipped Tata Harrier (Dec 2019).
The insurance for the car is due for renewal in 3rd week of December. I expect the RC to be transferred to my name by then.

So my questions to the learned members are:
  • Do I need to transfer the name on the insurance now?
  • Or shall I just put my name when I renew the insurance? Not even sure if this is the correct approach.
  • What if the RC transfer takes more time? Is it fine if I still go ahead and renew the insurance?
Can anyone please advise?

Thanks in advance!
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