[Rodie09]

Originally Posted by rx100

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.

For engines above 1500 CC Third party cover is 7897 + GST. I have been paying this on my Verna. Their number is not very off but does not add up unless the 7897 figure I have is incorrect now.

[ghodlur]

Experts and esp the EV car owners,

My close cousin is finalizing to buy a Tata Nexon EV Max and had some queries related to insurance part. Request a help on the same.

1. Considering that most of the Insurance cos (Tata AIG, Baja Allianz, HDFC Ergo and likes) are coming out with EV specific Insurance policy, does it make sense to buy the new policy or stick to the traditional Comprehensive Insurance policy? If any EV owner has got the new EV Insurance policy can you kindly share the difference between the two in a nutshell?
2. In case of any issues with the car getting charged at a public place (for eg Fire, battery burst, battery failure etc) how does the Insurance co treat the claim process?
3. How does the Insurance policy address the insurance part for the personal home chargers installed in apartments (eg OEM provides, self installed etc)? The society where the cousin stays has asked him to furnish the insurance copy for NOC to install the charging infrastructure.
4. Does the Insurance policy have any add on to address the faster wear of the tyres on EV?

Request to share the thoughts on the above.

Mods: If agreed can be moved into a separate thread for further discussions.

[adv]

Hello,

Our Honda City (2017) insurance - comprehensive with zero dep, engine protect, consumable cover and RSA from Kotak General Insurance is coming up for renewal. Last premium paid was 11,000/-. Car IDV was 6,22,501/- last year. I stick to standard IDV computation.

I was given to understand that Zero dep isn't available on Kotak and Bajaj beyond 5 years. Tata and Future Generali provide it up to 7 years.

So I was given two options - can go for just comprehensive from Kotak at about 7066/-
or if I want zero dep and engine cover and few others, the options are Tata AIG at Rs. 21k or Future Generali at Rs. 17k.

I found it surprising that the premium is so much higher than my last year's payment (NCB is intact, incr to 45% from 35%), even on an IDV lower by 10% from last year. I was told that it's because for greater than 5 years, the insurers charge a higher cost to insure the car. Is this true?

Secondly, just wanted to check with members here on general practice - do people usually go for zero dep and engine protect for a vehicle older than 5 years?

Thanks!

[Aviator_guy]

Originally Posted by adv

I found it surprising that the premium is so much higher than my last year's payment (NCB is intact, incr to 45% from 35%), even on an IDV lower by 10% from last year. I was told that it's because for greater than 5 years, the insurers charge a higher cost to insure the car. Is this true?

Secondly, just wanted to check with members here on general practice - do people usually go for zero dep and engine protect for a vehicle older than 5 years?

Thanks!

Let me answer second question first. Most of the companies stop offering zero dep after 3-4 years and very few offer beyond 5 years. That too, provided your claim history is satisfactory (low claims). So chose whichever company is offering zero dep for your car.

Now, that comes at a price. If insurance company is offering zero dep cover then premium could be higher for a more depreciated (older) car vs a newer car. So that can explain your first query. Premium for older cars differ from company to company based on their underwriting analysis; you may end up paying higher premium vs prior year.

[oilmonkey]

Hello, Please see below details and help me on the below case.

Old Car Sold => January 2023
Insurance Expiry => September 2023
NCB given on Renewal => 20% in September 2022

My insurance was with Royal Sundaram and I sent them the request to share me NCB certificate for 2 year No Claim Bonus (NCB) so I can use it for my other car insurance renewal.

Royal Sundaram are asking me to pay a portion of NCB they provided me in September 2022. And the calculation that they have done is car sold in January 2023 from that month to September 2023.

With the above logic I have asked them to refund my premium from January 2023. Should this logic not apply both ways? I am unaware of insurance rules anyone who can guide me on this would be very helpful.

Thanks.

[oilmonkey]

Originally Posted by ghodlur

Experts and esp the EV car owners,

My close cousin is finalizing to buy a Tata Nexon EV Max and had some queries related to insurance part. Request a help on the same.

1. Considering that most of the Insurance cos (Tata AIG, Baja Allianz, HDFC Ergo and likes) are coming out with EV specific Insurance policy, does it make sense to buy the new policy or stick to the traditional Comprehensive Insurance policy? If any EV owner has got the new EV Insurance policy can you kindly share the difference between the two in a nutshell?
2. In case of any issues with the car getting charged at a public place (for eg Fire, battery burst, battery failure etc) how does the Insurance co treat the claim process?
3. How does the Insurance policy address the insurance part for the personal home chargers installed in apartments (eg OEM provides, self installed etc)? The society where the cousin stays has asked him to furnish the insurance copy for NOC to install the charging infrastructure.
4. Does the Insurance policy have any add on to address the faster wear of the tyres on EV?

Request to share the thoughts on the above.

Mods: If agreed can be moved into a separate thread for further discussions.

Hi, I have not seen any EV specific policy from any Insurance company till today. Only company that has something mentioned about EV is with Liberty Insurance where they cover the chargers as well in their insurance for EV. You can cross-check this in their motor policy wording available on their website.

If you have come across can you please let me know which policy wording have you read that covers the EV specific parts like HV Battery (Main Battery), Home/Portable Charger, Electric Motor.

[anish]

I have a icici Lombard policy and had put a claim for my 6 month old car. I have a fully loaded zero dep policy but at the time of claim settlement insurance company has put in a salvage deduction of 5% on the metal parts that were replaced.
I checked in the policy document and it’s not mentioned anywhere. On speaking to the agent and the service centre, I was made to understand that it’s a normal industry practice (barring TATA AIG) to deduct 5% of metal parts as salvage value. The interesting part is that it’s not a part of policy and if one escalates massively you tend to get back the deductions from the insurance company . But rarely anyone takes this fight.

If this is indeed the case, then it’s an institutionalized malpractice that’s happening. It would be great if anyone else can share their experience on this or help me understand this better. I intend to take this up with senior folks at icici Lombard.

[Bailey]

Hi everyone,

It’s coming to that time of the year when we need to renew the insurance on our 530D.

For the 1st year had taken the insurance from the dealership which was ICICI Lombard. As there was a complimentary BMW Secure being offered for the 1st year the ICICI policy add-on coverages only included Zero Dep, Consumables & RTI.

For the current renewal as there was a claim during the 1st year, we have been given the following options from the dealership.

BMW Secure Renewal (policy attached) which does not include Engine Protect from year 2 – Rs. 41300. Was wondering whether we should consider renewing it for the RSA facility as most of our running so far has been on highways outside the state.

Insurance Options

A. BMW Tie Up – Cashless all over India.

1. ICICI Lombard with add ons of Zero Dep, Consumables, RTI & Engine Protect – Rs. 2,53,276.
2. Bajaj Allianz with add ons of Zero Dep, Consumables, RTI & Engine Protect – Rs. 1,92,626.

B. Dealership tie up – Cashless only at the Dealership. Salvage deduction of 5% on Metal Parts in case of claim

1. New India with add ons of Zero Dep, Consumables, RTI & Engine Protect – Rs. 1,69,618.
2. New India with above + addition of Tyres, RSA & Key Lost – Rs. 1,88,139.
3. Tata AIG with similar cover as S. No. 2 above – Rs. 3,63,039.
4. HDFC with add ons of Zero Dep, Consumables, Engine Protection & NCB Protection – Rs. 1,23,664.

We have asked for an HDFC quote with RTI, apparently the server has been down for a few days, so they have been unable to add this and get a revised quote.

Considering that the highest We have got for RTI is Rs. 15,594 on Tata AIG, if we were to add this to the HDFC quote it would still be the lowest option I have got so far.

Point to note the IDV of Tata AIG is Rs. 6,30,000 higher than all the others.

We are also waiting for a quote from my insurance agent who handles all our other insurance requirements to compare. Hope to get it tomorrow.

Would like some help to decide.

1. Should we go for the BMW Secure.
2. Should we go for the BMW Tie Up Insurance or the Dealership Tie Up.
3. If the choice is Dealership Tie Up and our agent comes up with a significantly cheaper quote, should we take that option.

Thanks in advance

[ghodlur]

Originally Posted by Bailey

Would like some help to decide.
1. Should we go for the BMW Secure.
2. Should we go for the BMW Tie Up Insurance or the Dealership Tie Up.
3. If the choice is Dealership Tie Up and our agent comes up with a significantly cheaper quote, should we take that option.

I wouldnt recommend option 1 as the policy wordings doesnt mention anything different from a normal policy except with add on related to tyres and alloy wheels.

My recommendation would be with Option 2 with all India tie up insurance and specifically Bajaj Allianz as it offers best of both worlds. If HDFC's T&Cs are very much same as BA's then even that can be thought of provided HDFC scores well in claims processing and BMW honours the claims.

[Bailey]

Originally Posted by ghodlur

I wouldnt recommend option 1 as the policy wordings doesnt mention anything different from a normal policy except with add on related to tyres and alloy wheels.

Our interest in BMW Secure is more from the RSA assistance as most of our driving is outside of the state.

Originally Posted by ghodlur

My recommendation would be with Option 2 with all India tie up insurance

If we choose any of the non BMW Tie ups (i.e. anything other than ICICI Lombard or Bajaj Allianz) then

1. Cashless facility would not be available at dealerships outside of the EVM Network if .
2. There will be a 5% Salvage deduction for Metal Parts.

However now most private insurers offer the option of claim settlement and payment directly to the workshop virtually immediately (prior experience with HDFC Ergo and Future Generali at Honda ASC's.) after which the vehicle is handed over.

[Bailey]

Quick update on the above

HDFC Ergo with the add ons of Zero Dep, Consumables, Engine Protection & NCB Protection, RTI is now Rs. 1,15,887.

If we were to add on Tyre Secure it would go up to 1,26,776.

If we were to choose it would be either Bajaj Allianz / HDFC. Unsure about whether BMW Secure is worth 41K just for RSA & Alloys. Key is covered by HDFC, Tyres can be covered by HDFC at an additional cost of 11K.

Advantages of Bajaj Allianz is that its a BMW Tie Up. Cashless facility available all over India.
Negative is that they don't offer NCB Protection & costs about 77 K more.

Advantages of HDFC Ergo other than that its 77K cheaper is that it offers NCB protection.
Disadvantages is that cashless facility is only available at the dealership in Kerala and that there is a mandatory salvage deduction of 5% on metal parts.

Any suggestions would be more than welcome.

[Bailey]

Originally Posted by anish

I have a icici Lombard policy and had put a claim for my 6 month old car. I have a fully loaded zero dep policy but at the time of claim settlement insurance company has put in a salvage deduction of 5% on the metal parts that were replaced.
I checked in the policy document and it’s not mentioned anywhere. On speaking to the agent and the service centre, I was made to understand that it’s a normal industry practice (barring TATA AIG) to deduct 5% of metal parts as salvage value. The interesting part is that it’s not a part of policy and if one escalates massively you tend to get back the deductions from the insurance company . But rarely anyone takes this fight.

We are in the process of renewing my existing insurance policy which is currently ICICI Lombard. What the dealership informed us is that only in the case of manufacturer tie ups the 5% salvage deduction is not applicable. In our case the manufacturer tie up is with ICICI Lombard and Bajaj Allianz.

Any other insurance option taken via the dealership (their options are HDFC Ergo, New India & Tata AIG) or directly by us would be subject to a 5% salvage deduction on metal parts.

[self_driven]

Hi, does anyone here have a policy from HDFC with 'Pay as you drive' add-on? Do they ask for a picture/video of odometer reading before policy issuance?

Recently I took a policy online but HDFC didn't ask me for any proof of odometer reading. Do they work purely on behalf of what customer has declared without any verification?

I remember Digit Insurance asked for a proper 2 minute inspection video before issuing 'Pay as you drive' policy for my other car.

[IamNikhil]

Originally Posted by self_driven

Hi, does anyone here have a policy from HDFC with 'Pay as you drive' add-on? Do they ask for a picture/video of odometer reading before policy issuance?

Recently I took a policy online but HDFC didn't ask me for any proof of odometer reading. Do they work purely on behalf of what customer has declared without any verification?

I remember Digit Insurance asked for a proper 2 minute inspection video before issuing 'Pay as you drive' policy for my other car.

A friend of mine was asked for a video of the Odo reading by the Ergo guys. I am myself going to opt for the Pay-as-you-drive option when my renewal comes up in December this year.

[ghodlur]

Originally Posted by self_driven

Recently I took a policy online but HDFC didn't ask me for any proof of odometer reading. Do they work purely on behalf of what customer has declared without any verification?

For the 'Pay as you drive" option the Insurance co usually fixes an OBD or something equivalent to keep monitoring the driving behaviour and the kms driven. Wasnt this done in your car? If not how does the Insurance co know the distance travelled which would be possible only at the renewal? Can you reconfirm if the policy document clearly mentions the "pay as you drive" option?