[HappyWheels]

Originally Posted by f1fan

Sorry forgot to mention one piece here. Bajaj claims to have cashless facility with all major MASS in Mumbai including the one that I give me car to, but this MASS that I am talking about is refuting the claim saying that they dont have any cashless facility with Bajaj wherease the Maruti Insurance is complete cashless in any MASS in India.
Hence a small concern about that piece from Bajaj. Bajaj prices are better but Maruti Insurance would have more peace of mind. Dont know whom to believe and what to do.

Same piece of bull that I heard from my MASS initially when I moved to BA from ICICI. They said the same thing, no cashless and all that. I told them to check with their head office and what do you know, BA has cashless with Maruti!

With multiple claims over the last few years, trust me, BA has cashless with MASS.

[aghosht]

Originally Posted by HappyWheels

Same piece of bull that I heard from my MASS initially when I moved to BA from ICICI. They said the same thing, no cashless and all that. I told them to check with their head office and what do you know, BA has cashless with Maruti!

With multiple claims over the last few years, trust me, BA has cashless with MASS.

BA also has tie up with Maruti Insurance. See Maruti Insurance :: Maruti Online Policy Renewal. But I know that two types of quotes are possible BA+Maruti Insurance and the other only BA. For some reason I have noticed that the Maruti Insurance quotes are always around 2k higher than the non Maruti Insurance quotes - haven't been able to figure out why.

[rjvora_2000]

Originally Posted by Raccoon

I just dug out the details of my car insurance with Royal Sundaram (Maruti Insurance). It says -



Now this clearly contradicts what some people here have stated... that the insurer will pay the lower value of the IDV and the Market Value. Or am I missing something?

Does the above Total Loss include theft of the vehicle?

I don't think that you have missed anything you are right 100%. We need to have a strong reason (Mostly valuers report) why we are insuring the vehicle at higher value.

Originally Posted by aghosht

BA also has tie up with Maruti Insurance. See Maruti Insurance :: Maruti Online Policy Renewal. But I know that two types of quotes are possible BA+Maruti Insurance and the other only BA. For some reason I have noticed that the Maruti Insurance quotes are always around 2k higher than the non Maruti Insurance quotes - haven't been able to figure out why.

The difference is of Discount and the commission which is earned from the premium you pay to dealer or Maruti insurance.

Dealer will charge you always high premium as his commission should not reduce and for that he will give you less discount. BA directly can give you more discount and less premium as there is no intermediary to pay the commission. As commission is something which is to be collected from your pocket only.

[aby]

Slightly , but today I was reading an article in Times of India, where one statement scared me.

Reproducing verbatim, “It’s a terrible situation for the insurance companies as on one hand the compensation claims are bleeding them and on the other, 70% of vehicle owners don’t even buy insurance policies to add to their coffers,’’ said Mahendra Durve, president of the All India Institute of Insurance Surveyors.

So 70% of our vehicles DON'T carry insurance. Even allowing for exaggeration, it would still mean every alternate vehicle is inadequately insured or not insured. God Forbid if we get into trouble with such vehicles.

Can we at T-Bhp do anything about it?

[pranavt]

These insurance companies are no saints. For my Santro, those people generally paid only half the bill, and after about 6-8 months of the actual payment (no cashless facility). Went with only 3rd party insurance on my OHC as I do not wish to haggle with these apathetic insurance people and surveyors. I do not mind footing the complete bill as long as I know about it from the start.

[Raccoon]

^^^ I guess this is going a bit off-topic, but cant resist asking - which insurance company was this? I guess all are not that bad. Or maybe they don't pull a fast one with everyone. I made a claim 1st time last year... and I guess I got what can be expected as per the policy (Royal Sundaram/Maruti).

[swapnil.rahate]

Hi,
My car has dents occurred due to 3-4 different accidents, can i claim insurance at a single time for all the repairs? Or i have to claim insurance based on the no. of accidents.

[rjvora_2000]

Till the time we discuss insurance I think Mod. will not stop us doing that.

IRDA has been working on this issue but it is a difficult to do so, but still they have not forgotten this issue.

Press Artical.pdf

This one was printed in a magazine call Premium October month.

[rjvora_2000]

Originally Posted by swapnil.rahate

Hi,
My car has dents occurred due to 3-4 different accidents, can i claim insurance at a single time for all the repairs? Or i have to claim insurance based on the no. of accidents.

You can't claim different accidents at one go, you have to claim accident by accident wise.

If you don't have time to give your car under repair at the time of accident then there is one option in which if your insurance company agrees for only survey, at the time of accident, and then claim with in 3 month or 6 months you will send the car under repair of that particular loss.

Remember This is done not on regular basis but only on special request made by you in writing to insurance company with a valid reason.

[nishantgandhi]

Dear Rupesh (and other well informed members),

I needed some advice as my car insurance is now due for renewal. Details are as follows:

1. Car - Hyundai Getz 1.3 GL
2. Manufacturing (and Registration) date - Nov 2004
3. I'm the 2nd owner, having got the insurance transferred from TATA AIG in Feb 2008 (when I bought the car)
4. Last IDV Rs 261,387 and premium paid Rs 8,661

In Nov 2008, the renewal came up but I wasnt eligible for a NCB. Now in Nov 2009, I am eligible for a 20% NCB (right?) since I did not claim last year.

My questions:
1. What should be the rate of depreciation charged this year? The call center guy told me the yearly dep. slab runs like this -> 5%-10%-15%-20%-25%.

Hence this year it shall be 25%

2. What can be my bargaining range if I want a higher IDV/lesser depreciation.

(Also, is it advisable to do so?)

3. I plan to go for a claim for an accident that recently happened. Is there a window period (post the renewal date) till which I have to hold on for a claim?

Thanks in advance!
Nishant

[rjvora_2000]

Originally Posted by nishantgandhi

Dear Rupesh (and other well informed members),

I needed some advice as my car insurance is now due for renewal. Details are as follows:

1. Car - Hyundai Getz 1.3 GL
2. Manufacturing (and Registration) date - Nov 2004
3. I'm the 2nd owner, having got the insurance transferred from TATA AIG in Feb 2008 (when I bought the car)
4. Last IDV Rs 261,387 and premium paid Rs 8,661

In Nov 2008, the renewal came up but I wasnt eligible for a NCB. Now in Nov 2009, I am eligible for a 20% NCB (right?) since I did not claim last year.

My questions:
1. What should be the rate of depreciation charged this year? The call center guy told me the yearly dep. slab runs like this -> 5%-10%-15%-20%-25%.

Hence this year it shall be 25%

2. What can be my bargaining range if I want a higher IDV/lesser depreciation.

(Also, is it advisable to do so?)

3. I plan to go for a claim for an accident that recently happened. Is there a window period (post the renewal date) till which I have to hold on for a claim?

Thanks in advance!
Nishant

Most important thing first. Your current claim:

Normally, I advice not to waste time in case there is a claim in your car. Go and claim it but, since the renewal is in just next month i will advice

1. Not to change the insurance company. As if you change insurance company and if they say that you had this loss with the other company insurance then you will have a problem in the claim.

2. Pay premium now it self and then put a claim when your new insurance (I mean next year of insurance.) policy starts.

3. Even if your insurance company does not give you the best rate still go with your current insurance company and remember to keep the lower quotes with you so tomorrow you can tell your insurance company that because you had good service that's why you have paid more premium.

4. Depreciation should be between 10% to 20% less then the last year's value. If you want to keep the high value then it should be 10% less then the last year and if you want to save on premium part then it should be 20% less then the last years value.

You are eligible for 20% NCB this year.

[nishantgandhi]

Originally Posted by rjvora_2000

Most important thing first. Your current claim:

Normally, I advice not to waste time in case there is a claim in your car. Go and claim it but, since the renewal is in just next month i will advice

1. Not to change the insurance company. As if you change insurance company and if they say that you had this loss with the other company insurance then you will have a problem in the claim.

2. Pay premium now it self and then put a claim when your new insurance (I mean next year of insurance.) policy starts.

3. Even if your insurance company does not give you the best rate still go with your current insurance company and remember to keep the lower quotes with you so tomorrow you can tell your insurance company that because you had good service that's why you have paid more premium.

4. Depreciation should be between 10% to 20% less then the last year's value. If you want to keep the high value then it should be 10% less then the last year and if you want to save on premium part then it should be 20% less then the last years value.

You are eligible for 20% NCB this year.

Thank you for the prompt response.

Some additional points that I heard from the marketing call:

1. Since I have been a customer with TATA AIG for over 2 years, they are providing some additional benefits:

a. If there is a breakdown/accident outside Mumbai limits, towing charges to the nearest service center, hotel stay for 1 night and driver's conveyance from accident spot to home are reimbursable upto Rs 10k SI

b. If any key gets lost, I can claim for the entire lockset to be replaced upto SI 25k

(What does SI mean in the above 2 scenarios?)

I have asked him to email me these benefits so that I have proof of the same.

However, he mentioned that in case of theft, claim would only be settled if I produce ALL 3 ORIGINAL KEYS.

Is that true?

[Raccoon]

Originally Posted by nishantgandhi

I have asked him to email me these benefits so that I have proof of the same.

However, he mentioned that in case of theft, claim would only be settled if I produce ALL 3 ORIGINAL KEYS.

Is that true?

Now this has been bugging me since sometime. Issue is that I lost one of my new bike's keys (Hero Honda gives only 2 keys) sometime last year. So now I only have one original key. I have been repeatedly trying to get the Hero Honda dealer to get me an original duplicate key. I had to take it right upto the top guy at the dealership... because everybody in the lower rungs said they had no such facility and I should just get a duplicate made at any local keymaker (which I am not ready to do). Now I'v been told that the company sends blank keys and the dealership will have to get it "cut" to make the duplicate. Its quite possible that they will do it at some local key maker.

Now the issue is, in case my bike is stolen, I only have 1 original key. I don't know if/when I can get the duplicate original key from the dealer or whether it will even look like an original key. In this scenario, would my claim stand?

Lastly, referring to the above post, are emails even considered to be "proof"??

[r_nairtvm]

Originally Posted by nishantgandhi

(What does SI mean in the above 2 scenarios?)

I have asked him to email me these benefits so that I have proof of the same.

However, he mentioned that in case of theft, claim would only be settled if I produce ALL 3 ORIGINAL KEYS.

Is that true?

NG

SI in this scenario may refer to Single Incident (in normal insurance context SI would mean Sum Insured.

Regarding the Original keys, please look up the policy document and the brochure etc and see if this is put in there as a "condition" or "warranty". Insurer will oblige and show you a specimen policy.

Not likely it will be there in writing.

The only condition normally there would be that a theft claim will not be payable if the vehicle is stolen in scenario where you have left the key carelessely in the vehicle itself or the key itself has been stolen from you previously and used in the actual theft of the vehicle.

From the above follows the benifit where the insurer agrees to pay to replace the lock set if one key is stolen or lost.

In a scenario where you have lost one or all of the spare keys, notify the insurer in writing about this and follow whatever instructions they give.

On a theft normally if it can be proven that there was a forcible entry in accessing the vehicle, that is all the insurer will look for to settle the claim (like from a lock up garage or compound with a locked gate). They definitely will not pay if your gross negligence in leaving the vehicle reasonably secured has contributed/caused the theft.

Normally the "good insurers" just want to make sure that the vehicle has not been "stolen" with the connaivance of the owner.

Trust this gives you some clarity.

Best Regards and Ride/Drive Safe

Ram

[sushantr5]

My Policy renewal is due in January 2010. Right now I have ICICI Lombard Motor Insurance. I had a claim once so no NCB. So what do you suggest, shall I stick to ICICI for next policy term or Shall I switch to new Insurance Company? In second case please suggest me best Insurance company.