[audioholic]

Since last two months my Crysta and Slavia are due for insurance renewal and I am being flooded with quotations and calls. Our vehicle insurance is taken care by my uncle who is an insurance officer with Oriental Insurance and he always gets the highest possible IDV during the preparation of the policy offer and I also insist on it for obvious reasons.

However, in the quotes I receive from outside, they reduce IDV to very low values, and in the end add something called as an 'Add-on' IDV which will be usually the initial IDV itself. For example, they quote IDV of my Slavia at 9,90,000 and then again in add on IDV they mention another 9,90,000. However this leads to lower premiums compared to when going with the classical approach of having higher IDV in one shot. So I am curious to know how this system works and what are the pros and cons of such an arrangement. I have also attached one such quotation I have received recently:



Any info on this will be highly appreciated.
Thanks in advance!

[ghodlur]

Originally Posted by audioholic

However, in the quotes I receive from outside, they reduce IDV to very low values, and in the end add something called as an 'Add-on' IDV which will be usually the initial IDV itself.

This is something new, havent heard of this add on uptil now. Do you have the T&C of the add on? I have the Royal Sundaram latest add on package offerings and this add on is not mentioned there.

But looking at the quote, I couldnt see anywhere the premium of the zero dep add on, is the Add on IDV similar to zero dep and hence the cost included coz the calculation looks something similar to zero dep.. Only an Insurer can clarify.

[audioholic]

Originally Posted by ghodlur

This is something new, havent heard of this add on uptil now. Do you have the T&C of the add on?
But looking at the quote, I couldnt see anywhere the premium of the zero dep add on, is the Add on IDV similar to zero dep and hence the cost included coz the calculation looks something similar to zero dep.. Only an Insurer can clarify.

I haven't bothered to respond to these people who recklessly call and pester. But I checked with my uncle and he too said that this add on IDV is meant for nil-depreciation policy and shared a quote from OICL where they mention this. In that case, the add on IDV isn't really going to increase the IDV in case of a claim which means only the base IDV would be the value of the vehicle. This is rubbish and done mainly to show less premium to be paid. For my Slavia the IDV must be in the range of 15L or so. With a 9L IDV in case of a major accident it's going to be a tough time to get a fair settlement.

[chandrda]

Not sure if its already mentioned here, but just want to highlight the scenario I faced after buying an insurance on the used car.

I bought a used 2017 Honda BR-V in April 2022 which had comprehensive insurance from Reliance General valid till January 2023. Once the RC was transferred in my name, I called the Reliance General to transfer the car insurance onto my name. Paid the fees and got the insurance transferred in my name at around May end, 2022.

The current insurance with Reliance was expiring in January 2023 and I was getting a quote of 29K for continuation of the insurance. My 2nd car and bikes have insurance from Bajaj Allianz, so quickly checked the quote. The quote was around 15K from Bajaj Allianz.

So I decided to buy the insurance from Bajaj Allianz and went about buying it online. I filled all the details online and there is a particular box asking for NCB percentage as per current policy. Since in my reliance policy it was mentioned as 30%, I promptly mentioned it as 30% and insurance was issued.

The windshield on the BR-V has lot of scratches and a small chip/crack, decided to replace the windshield under warranty. Took the insurance and the BR-V to Honda Body shop. The manager went through the car history and insurance details, immediately he pointed to me that the NCB declared is wrong and my insurance will not be approved. He asked me to get the insurance corrected with NCB percentage as 0, otherwise the insurance is as good as useless.

So I contacted Bajaj Allianz customer service over the phone and the representative had no clue about it. The customer service representative kept insisting that all the details are correct and I should have no issues in claiming the insurance. But the Body shop manager had mentioned that customer representative will have no knowledge about it and had asked me to visit the Bajaj Allianz office. But I was able to escalate and finally get hold of someone who understood the issue and promised to get the insurance reviewed. So after 6 week, I get a 2nd notice from Bajaj Allianz mentioning that I have declared the NCB incorrectly and I need to pay an additional premium of 4.5k to set the NCB as 0. The letter also mentioned that the 1st notice has been sent on particular date, though I never received it.

Anyway, I paid the additional premium and next day I was able to download new insurance copy with NCB as 0 and correct premium paid.

My previous 2 used cars had insurance from Bajaj Allianz and continued with Bajaj, hence the quote had already considered the NCB as 0 and I dint realize this.

So a lesson learnt and point to remember when buying insurance from different insurer on used cars.

Regards

[vattyboy]

Hi guys,

Can you please suggest the insurance company which can give Zero Depp insurance policy for 7+ year-old Mercedes?
My last policy was from ICICI and it was zero depp.
This time most of the providers are saying No for Zero Depp.
But I think there should be any 1 or 2 companies that can give Zero Deep for the 8th year too. If you know please suggest
Thanks in advance👍

[self_driven]

Originally Posted by vattyboy

Hi guys,

Can you please suggest the insurance company which can give Zero Depp insurance policy for 7+ year-old Mercedes?
My last policy was from ICICI and it was zero depp.
This time most of the providers are saying No for Zero Depp.
But I think there should be any 1 or 2 companies that can give Zero Deep for the 8th year too. If you know please suggest
Thanks in advance��

Hi, Digit and Iffco Tokio offer zero dep add-on even after 7 years. You can check them out.

[Mahesh Babu]

So I decided to buy the insurance from Bajaj Allianz and went about buying it online. I filled all the details online and there is a particular box asking for NCB percentage as per current policy. Since in my reliance policy it was mentioned as 30%, I promptly mentioned it as 30% and insurance was issued.

I feel Bajaj Alliance is right in this case. NCB is not for the vehicle, but the owner. The 30% you mentioned is the previous owner's NCB and so obviously you can't claim that in next year for yourself. The previous owner can claim it for his next vehicle with a letter from the insurance company mentioning the eligible NCB (I have done this for all my car purchases since nineties).

[carboy]

Friend's car is nearing 16 years. Has only 3rd party insurance. Now tried to renew the insurance online with Iffco-Tokio & it errored out saying the make year is invalid. Apparently, Iffco-Tokio doesn't allow insurance of 15+ year old vehicles online.

Is this the same with all other insurance companies? Is it a Govt rule?

[saket77]

Originally Posted by carboy

Friend's car is nearing 16 years. Has only 3rd party insurance. Now tried to renew the insurance online with Iffco-Tokio & it errored out saying the make year is invalid. Apparently, Iffco-Tokio doesn't allow insurance of 15+ year old vehicles online.

Is this the same with all other insurance companies? Is it a Govt rule?

Some insurers don't allow to renew 15+ aged car insurance through their website. Offline they may continue to do so. But many other insurers allow renewing such policies even online. You can try aggregators like policybazar. No affiliations.

Regards,
Saket

[carboy]

Originally Posted by saket77

Offline they may continue to do so.

"May" for offline also? Do you mean there are insurers who don't at all insure cars older than 15 years (offline or online)? Talking only about 3rd party insurance.

[saket77]

Originally Posted by carboy

"May" for offline also? Do you mean there are insurers who don't insure cars older than 15 years?

I mean their online portal may not allow, but if you approach their local office, they 'may' provide the cover. A lot of insurers are not interested in insuring such old vehicles as the premiums get too low.

[shankar.balan]

Most insurers have a rule that all old vehicles requure inspection prior to insurance renewal.

[carboy]

Originally Posted by saket77

I mean their online portal may not allow, but if you approach their local office, they 'may' provide the cover. A lot of insurers are not interested in insuring such old vehicles as the premiums get too low.

Friend tried Ergo & even they don't let you buy a new policy online for a 15+ year old vehicle. Acko allows it & she finally got the policy through Acko.

Acko policy pdf is just half a page unlike the earlier IffcoTokio policy which was like 2 pages.

Originally Posted by shankar.balan

Most insurers have a rule that all old vehicles requure inspection prior to insurance renewal.

That may make sense for comprehensive insurance but for 3rd party insurance as in this case, it doesn't seem right to me. They aren't going to pay anything for the vehicle itself with 3rd party. And since the vehicle has been inspected at the RTO for safety reasons at 15 years, I am not sure what the insurance company can check further.

[sany0023]

Hi,

I have some queries regarding my car insurance renewal. I purchased Tata Altroz in June 2022 and I bought Chola MS from dealer. It covers 3 year 3rd party insurance and 1 year own damage cover. Now I am checking various insurance options. My queries are
1) Do I need to buy comprehensive cover again to cover both own damage and third party insurance. Won't it be like double paying for third party insurance as I already have it valid for 2 more years?
2) I could see something called as 'Standalone OD cover'. Should I go with that?
3) Will I get personal accident coverage if I go with comprehensive renewal? I could not see any PA cover add on in any insurance website.

[Aviator_guy]

Originally Posted by sany0023

Hi,

I have some queries regarding my car insurance renewal. I purchased Tata Altroz in June 2022 and I bought Chola MS from dealer. It covers 3 year 3rd party insurance and 1 year own damage cover. Now I am checking various insurance options. My queries are
1) Do I need to buy comprehensive cover again to cover both own damage and third party insurance. Won't it be like double paying for third party insurance as I already have it valid for 2 more years?
2) I could see something called as 'Standalone OD cover'. Should I go with that?
3) Will I get personal accident coverage if I go with comprehensive renewal? I could not see any PA cover add on in any insurance website.

Option 2 is correct. You need to renew only own damage (OD) insurance. Please remember to mention your third party policy details while buying OD so that the insurance company can add the info in new policy.

AFAIK, I have always seen PA cover option while buying a policy so it should be available when you buy OD. Pls check the quote/items break-up before making payment. If you are buying online, you can check with the customer care.