[techspark]

Originally Posted by ghodlur

Thats the disadvantage of buying Insurance through the dealer. I doubt if you will get back the extra amount paid coz the dealer will claim that amount as commission. You could have searched the comparator websites to know the actual insurance premium applicable and asked the dealer to match the best code.

You could still stop the transaction if the car hasn't gone for registration as yet.

Thank you for your inputs. Actually the dealer gave me a good discount overall so I did not check insurance price individually or on other websites but what bothers me is that if he has invoiced me for rs 1,40,000 on the car invoice for insurnace but the insurance company is sending me a receipt of rs 1,24,000 I feel kind of cheated here. If he would have taken insurance for 1,40,000 I would have had no problem. I have already paid full amount of the car but haven’t signed any registration papers yet and yet to take delivery. Should I force him to give me a refund of extra amount or should I ask him for some freebies? Can I legally stop the purchase and back out of the deal based on this difference in price?

[Thad E Ginathom]

There are all sorts of manipulations done with these shown/charged prices! Maybe some are harmless, some maybe not so.

Certainly you should be given an explanation.

[rx100]

Originally Posted by techspark

Hi, I am buying a new audi q3 which I have already paid for and the dealer in his invoice had quoted me Rs 1,40,000 for insurance which was bundled in final amount paid by me but in actual he paid rs 1,24,000 to icici insurance company and I got receipt on my email. Should I fight with the dealer and ask for him to reimburse me 15000? I have not yet taken the delivery of the car. Please advise

Usually when you do the final settlement, they would provide you with a credit note and refund it to your bank account. Or you can opt for some accessories or services worth the difference amount. In my case, the insurance difference I paid refunded to me in couple of months.

These invoices are audited periodically and they cannot simply charge it under some head.

[Arwin07]

Hi. I am renewing the insurance for my 6 year old Honda Jazz. I bought it last year and opted for zero depreciation+ engine protect from Cholamandalam MS.

Last year, for 0% NCB, IDV 4.5 lakhs, own damage Rs.3693+ Third party Rs.3466 + Zero depreciation Rs. 3375+ Engine protect Rs.1120+ GST= Total Rs.14466.
Made no claims.

This year quote for 20% NCB, IDV 4.25 lakhs, Own damage Rs.2948+ Third party Rs.3466 + Zero depreciation Rs. 6199+ Engine protect Rs.1150+ GST= Total Rs.17037

Only Cholamandalam MS, Digit are offering zero depreciation insurance for 6th year.

Note that zero depreciation premium has almost doubled between 5th year renewal and 6th year renewal. I heard from insurance advisor that zero depreciation premium will only get higher as years advance and lesser companies will offer it over 7th year.

Unlike extended warranty where the car is bound to have repairs as they age, what is the logic of increasing zero depreciation premium as cars age? Do cars get into accident more as they age?

[carboy]

Originally Posted by Arwin07

Unlike extended warranty where the car is bound to have repairs as they age, what is the logic of increasing zero depreciation premium as cars age?

Because the depreciation being discounted has increased. In a 5 year old car, they are agreeing to ignore 5 years of depreciation. In a 6 year old car, they are agreeing to ignore 6 years of depreciation. So the amount they have to pay extra in case of repairs has increased compared to what they would have to pay in a car without zero depreciation add-on.

[Roark]

My first post here. And happy to be here.

So in midst of purchasing a new car. And have been researching for car insurance and comparing quotes across companies - it was a bit of a revelation though. Have done a detailed side by side comparison of quotes from most companies (through policy bazaar.com). Will add the excel file if requested.
Yet one thing that stands out across the quotes is that nearly all companies have the same Third Party Liability Premium, Zero-Dep Premium and some add ons change like Tyre Protection, Loss of Belongings etc.

The play though is only in the Own Damage Premium. It ranges from 14K for Acko to about 57K for Bajaj Allianz / Universal Sompo.

And that is where the New Car insurance cost ranges from 44K to about 90K.
The operative number is always under the Own Damage Premium.

Anybody in the Insurance industry can thrown some light on this?
How can the Own Damage Premium vary in such a large band? Also, though the PSU Insurance Companies charge a similar premium for Own Damage they tend to give a good discount on it to bring it down to around 15-20K

I did put this question to the Acko Customer Service but then the answer felt like a scripted one 'because we have low overheads, we can offer a low own damage premium'.
Sure, this could be an answer but definitely not a big difference of around 40-45K

Just felt that, perhaps I am missing something here.

[Aviator_guy]

Originally Posted by Roark

The play though is only in the Own Damage Premium.

The operative number is always under the Own Damage Premium.

Anybody in the Insurance industry can thrown some light on this?
How can the Own Damage Premium vary in such a large band? Also, though the PSU Insurance Companies charge a similar premium for Own Damage they tend to give a good discount on it to bring it down to around 15-20K

You are absolutely right in your observation. Third party insurance is driven by regulations and standard across the board.

Own damage portion is driven by underwriting by individual companies, their overheads, TnC, dealership network and most importantly how customer feel about their service /claim ratio etc and willing to pay. Also depends on claim history for existing customers.

OD insurance is akin to health insurance premiums.

Most reputed and established players have their process streamlined, wider service network and smoother claim process which may also mean that their overheads/expenses are higher. Also commission to middlemen adds to the expenses. Some new players or low cost players like Digit etc may be able to offer lower premium to attract new customers or due to lower expenses or stringent TnC during claim. Another factor can be the network garages and whether they have cashless tie up with the service center you prefer. For example, I enquired with Acko about service network and they mentioned that I have to send the car for repair to one of their multi brand centers and they may not have tie up with OEM workshops. While this may bring down their expenses and hence they were able to offer me better quote but I didn't feel comfortable getting my car repaired in non-OEM workshop.

So, in the end, the OD premium is totally up to the company and customer has to evaluate price along with many other factors while choosing the quote. Negotiation can also work in some cases to bring down the premium, specially in case of any agent/dealer involvement like while purchasing new car. Dealers earn huge commission.

It is a highly competitive and low margin business so companies try to earn money wherever they can. Remember - There are no free lunches.

[shijinpr]

I have purchased a used X1 in Nov 2022. I have transferred the insurance to my name. The renewal for the policy is on 15 July. I have a no claim bonus certificate of 50% for my previous car. ICICI Lombard is informing me that the NCB certificate is cannot be added to this policy. As per them the NCB bonus can be added only while purchasing a new car. Can you please help me whether this information is correct?

[ghodlur]

Originally Posted by shijinpr

I have purchased a used X1 in Nov 2022. I have transferred the insurance to my name. The renewal for the policy is on 15 July. I have a no claim bonus certificate of 50% for my previous car. ICICI Lombard is informing me that the NCB certificate is cannot be added to this policy. As per them the NCB bonus can be added only while purchasing a new car. Can you please help me whether this information is correct?

If the NCB certificate is valid, no Insurance co can stop you from claiming the NCB bonus. You can connect with the Insurance ombudsman if required or write to IRDAI reg the same.

[Roark]

Originally Posted by Aviator_guy

You are absolutely right in your observation. Third party insurance is driven by regulations and standard across the board.

Own damage portion is driven by underwriting by individual companies, their overheads, TnC, dealership network and most importantly how customer feel about their service /claim ratio etc and willing to pay. Also depends on claim history for existing customers.

OD insurance is akin to health insurance premiums.

Most reputed and established players have their process streamlined, wider service network and smoother claim process which may also mean that their overheads/expenses are higher. Also commission to middlemen adds to the expenses. Some new players or low cost players like Digit etc may be able to offer lower premium to attract new customers or due to lower expenses or stringent TnC during claim. Another factor can be the network garages and whether they have cashless tie up with the service center you prefer. For example, I enquired with Acko about service network and they mentioned that I have to send the car for repair to one of their multi brand centers and they may not have tie up with OEM workshops. While this may bring down their expenses and hence they were able to offer me better quote but I didn't feel comfortable getting my car repaired in non-OEM workshop.

Thanks Aviator. Quite informative.
As it is I believe, if I am not mistaken, most General Insurance Companies are in red. And thus, perhaps this is how they go about it.

Also, when did you inquire with Acko? This because, just about a week or so back I spoke to the Customer Service and I categorically asked them about repairing garages and I was assured that it is 'repair anywhere policy' along with a cashless claim settlement. Just 1K to be spent from my side.
If Acko had insisted on going to their network garages, I too would have refrained from going ahead with them. I too am uncomfortable taking a brand new car to a non-OEM garage.
Anyways, the proof of the pudding is in its eating. Let me see when the need arises for insurance in future, how does Acko behave? Does it allow me to 'repair anywhere' and settle claims with minimum outflow from my pocket or they insist on going to their network garages.

Thanks for your answer though.

[Aviator_guy]

Originally Posted by Roark

Also, when did you inquire with Acko? This because, just about a week or so back I spoke to the Customer Service and I categorically asked them about repairing garages and I was assured that it is 'repair anywhere policy' along with a cashless claim settlement. Just 1K to be spent from my side.

This was last year. I went to their website to get list of cashless garages but could not find proper info. Only reference was the FAQ page which did not really have any list to refer. So I called them and asked them point blank whether my preferred OEM service center was in cashless network and that's where they relented. I still don't find a list of cashless network on their website but just a vague statement (attached FAQ).

I am not comfortable to go with reimbursement mode but it depends on the individual choice

[jsl]

I had a doubt as my car insurance is due for renewal on 14th July so I wanted to ask as I have RTI cover so should I reduce the IDV to lowest possible or keep it as preferred by the insurance broker. And also what should be ideal renewal premium for 2022 Toyota Glanza G AT with the following add ons: RTI, engine and key protect, consumables and nil depreciation and I have been quoted the following premium for the following companies:
1. ICICI: ₹19000
2. Bajaj: ₹20300
3. New India Assurance: ₹17300
4. SBI(my current policy is from this company only): ₹23217(with few extra add ons which I don’t feel are necessary)
Also I don’t want to continue with SBI as my previous experience with them was not good. So should I change my OD insurer or keep it with SBI only? Any suggestions would be helpful. Thank you!

[madmaxvistian]

Originally Posted by Roark

If Acko had insisted on going to their network garages, I too would have refrained from going ahead with them. I too am uncomfortable taking a brand new car to a non-OEM garage.

Originally Posted by Aviator_guy

I still don't find a list of cashless network on their website but just a vague statement (attached FAQ).

I have an existing policy with Acko. The list of garages that they support for cashless claims is still a mystery and they would never provide the list even if you request. However, most of the OEM authorized workshops are covered. You will have to insist on getting approval for the same without letting them redirecting you to other garages which is usually their modus operandi.

My insurance policy is due for renewal in a fortnight or so. Surprisingly, I couldn't find any option to renew or even a reminder from them. I'm getting quotes from other insurance providers. The only problem is that I've taken NCB protect add-on and made a claim unfortunately. So, If I stick to Acko only, I can retain my existing 25% NCB. Otherwise I'll have to let it go and choose other provider.

[Rodie09]

Hi Guys,

Does this attached quote look good for my new car Safari ?

This is from ICICI Lombard. Few questions:

Is that Third party sum calculated right at 3*7897 for 3 years?

Should I really add return to Invoice, I dont feel the need for an additional lac. Am I missing any feature of RTI?

What about consumables? Worth it?

Is it okay to say Anti Theft discount applicable? I dont want to be in situation where some fine print comes into play in case of theft? What is really a qualified ARAI approved Anti theft device. Does my Safari come with it?

Anything else I should opt for?

Thanks much in advance for your help.

[rx100]

Originally Posted by Rodie09

Hi Guys,

Does this attached quote look good for my new car Safari ?

This is from ICICI Lombard. Few questions:

Is that Third party sum calculated right at 3*7897 for 3 years?

Mandatory third party components would come around 4K per year, so it is double in your quote. Ask for a break up details of third party insurance cover.