[DSC]

As it seems, my Tata Punch basic Own Damage coverage is expiring next month, However, the third-party coverage is valid for next two years. At this point, can I get the Own Damage comprehensive coverage renewed by

(a) same insurer for only the OD part?

(b) different insurer through policybazar etc.?

What happens to this third-party policy now as I have paid 10k as liability only premium for three years!?

[soulfuel]

Originally Posted by DSC

(a) same insurer for only the OD part?

(b) different insurer through policybazar etc.?

You need to renew the OD part from any insurance company and continue with old 3rd party insurance.
Please remember, mparivahan will only show the 3rd paty insurance details.

[ghodlur]

Originally Posted by DSC

As it seems, my Tata Punch basic Own Damage coverage is expiring next month, However, the third-party coverage is valid for next two years. At this point, can I get the Own Damage comprehensive coverage renewed by

(a) same insurer for only the OD part?

(b) different insurer through policybazar etc.?

What happens to this third-party policy now as I have paid 10k as liability only premium for three years!?

Its totally up to you for either of the options. You will need to share the TPL policy to the OD Insurance co for records purpose so there whenever there is a 3rd party claim, either the Insurance co contacts the TPL Insurer or will ask you to communicate.

[Aviator_guy]

Originally Posted by DSC

As it seems, my Tata Punch basic Own Damage coverage is expiring next month, However, the third-party coverage is valid for next two years. At this point, can I get the Own Damage comprehensive coverage renewed by

(a) same insurer for only the OD part?

(b) different insurer through policybazar etc.?

What happens to this third-party policy now as I have paid 10k as liability only premium for three years!?

As others have mentioned already, you can renew just the own damage insurance from any company of your choice.

Note : Please share the third party policy details with the insurance company at the time of buying OD policy so that it can be endorsed in the OD policy document

[self_driven]

Originally Posted by IamNikhil

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.

Originally Posted by ghodlur

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?

Thanks for the help guys. I got in touch with HDFC via mail and they do require odometer photographs. They'll send a verification link for the same when my policy coverage starts (one week from now) and again when it's time for renewal.

@ghodlur, very few insurers actually mean it when they call it 'Pay as you drive' add-on. And they charge for the GPS device also. This is more of a pay how much you drive scheme rather than pay how you drive. Sorry for the confusion

Here odometer data is simply logged at policy start and end date based on which insurer offers some discount on OD premium. Some players like Digit offer an upfront discount but cap your zero-dep coverage to 15,000 kms. I actually prefer HDFC's approach where zero-dep coverage is not affected. Drive more, pay more, drive less, pay less.

Originally Posted by DSC

At this point, can I get the Own Damage comprehensive coverage renewed by

(a) same insurer for only the OD part?

(b) different insurer through policybazar etc.?

Totally your choice. Most insurers are aware of this and offer standalone OD policies.

What happens to this third-party policy now as I have paid 10k as liability only premium for three years!?

This is the document you need to pull out in front of cops for the next 2 years. OD is required only for vehicle damage.

[fawad0222]

Hi,

I have an almost one year old Jeep compass and I am about to renew the car insurance. My questions are:

1. With return to invoice added feature availng, do I need to keep the IDV high. In other words, does IDV play any role in the claim amount approved in cases other than total loss.
2. As I have the Jeep backed Road side assistance, is there any need of taking the same from the insurance company.

Thanks,
Fawad

[IamNikhil]

Originally Posted by fawad0222

Hi,

I have an almost one year old Jeep compass and I am about to renew the car insurance. My questions are:

1. With return to invoice added feature availng, do I need to keep the IDV high. In other words, does IDV play any role in the claim amount approved in cases other than total loss.
2. As I have the Jeep backed Road side assistance, is there any need of taking the same from the insurance company.

1. Ideally, one should not tinker around with the IDV, especially if you are availing RTI as an add-on.

2. There is a possibility that the company RSA may not always be available in certain locations. The RSA provided by the insurance company will always be available in more locations, considering wider reach.

[fawad0222]

Originally Posted by IamNikhil

1. Ideally, one should not tinker around with the IDV, especially if you are availing RTI as an add-on.

2. There is a possibility that the company RSA may not always be available in certain locations. The RSA provided by the insurance company will always be available in more locations, considering wider reach.

Thanks Nikhil for your reply.
Why do you think it is important not to tinker with IDV especially in case I opt for RTI.
Insurers say that IDV doesn't matter when RTI is taken.

Thanks

[ghodlur]

Originally Posted by fawad0222

Insurers say that IDV doesn't matter when RTI is taken.

Can you kindly share where this is mentioned? It will be highly surprising if the Insurance cos comes up with such statements.

RTI add on cover is applicable only in certain conditions as mentioned in the T&Cs For eg during theft for total loss. IDV is applicable for all scenarios of claims. So it advisable to stick to the schedule of depreciation for IDV calculations.

Pls note some Insurance cos have a different way of calculating the RTI cost in case of compensation. For Eg Tata AIG, see below wordings.

What is Covered:
We will pay the financial shortfall between the amount You receive under section 1 of the policy and the purchase price of the Vehicle as confirmed in the invoice of sale OR current replacement price of new vehicle in case exactly same make/model is available, whichever is less, in the event of Your Vehicle being a Total Loss / CTL following an accident or stolen during the period of insurance and not recovered. We will also reimburse the first time registration charges and road tax which You had incurred on the insured Vehicle.

[fawad0222]

Originally Posted by ghodlur

Can you kindly share where this is mentioned? It will be highly surprising if the Insurance cos comes up with such statements.

RTI add on cover is applicable only in certain conditions as mentioned in the T&Cs For eg during theft for total loss. IDV is applicable for all scenarios of claims. So it advisable to stick to the schedule of depreciation for IDV calculations.

Pls note some Insurance cos have a different way of calculating the RTI cost in case of compensation. For Eg Tata AIG, see below wordings.

Thanks for your reply and elucidating on the issue. I just feel that idv is important in case of total loss of the vehicle. RTI compensates in this scenario whatever is the difference between idv and the invoice price. For other claims, idv is not important AFAIK. But if it is,then idv is definitely important.

Regards

[null]

Can someone explain how this concept of Own Damage and Third Party insurance - Bundled Policy(1-year Own Damage + 3 Years Third Party Cover) work? Can I technically drive my car for 3 years without renewing my insurance if I don't bother about own damage?

Don't we get a simple comprehensive 1 or 3 year policy (OR third party 1 or 3 year policy - doubt if they issue a TP policy for a new car OR it is the gimmick by agents to get more commission) like before for a new car?

[Aviator_guy]

Originally Posted by null

Can I technically drive my car for 3 years without renewing my insurance if I don't bother about own damage?

As per govt rules, only third party insurance is mandatory and you can drive car legally as long as you have valid third party insurance. That's why the Parivahan portal shows third party insurance details only. Own damage policy renewal is totally owner's choice.

[IamNikhil]

Originally Posted by null

Can someone explain how this concept of Own Damage and Third Party insurance - Bundled Policy(1-year Own Damage + 3 Years Third Party Cover) work? Can I technically drive my car for 3 years without renewing my insurance if I don't bother about own damage?

It is entirely your choice if you don't want to renew OD insurance and continue using the 3 year- TP insurance. The Motor Vehicle rules mandate all vehicles to have a TP insurance; OD insurance is a choice. However, just want to know why you are considering not having an OD insurance cover on just a 1-year old car?

[null]

Originally Posted by IamNikhil

.. just want to know why you are considering not having an OD insurance cover on just a 1-year old car?

I was just trying to understand the approach.

Of course, I would prefer to have coverage for OD as well for the car - sense of security or that fear psychosis in case something goes wrong, even though I have never ever claimed insurance for damage in last 20+ years of owning cars.

Extending the question, when we renew the insurance for 2nd year, how do we buy insurance for just OD (since TP is already present for 3 years)? My understanding was, when you buy a comprehensive insurance, it has both components - own damage and damage to others - baked in. So, will we end up paying TP part again unnecessarily during 2nd year renewal? (esp. so when you want to switch providers).

[ghodlur]

Originally Posted by null

Can someone explain how this concept of Own Damage and Third Party insurance - Bundled Policy(1-year Own Damage + 3 Years Third Party Cover) work? Can I technically drive my car for 3 years without renewing my insurance if I don't bother about own damage?

Don't we get a simple comprehensive 1 or 3 year policy (OR third party 1 or 3 year policy - doubt if they issue a TP policy for a new car OR it is the gimmick by agents to get more commission) like before for a new car?

Technically if you buy a bundled package of 1 yr OD + 5yr TPL, you can drive for 5 yrs also only on TPL policy if you are confident that you can bear any damage expenses to your car if there is no TPL.

The reason for making the 3 yr TPL policy mandatory for new car is to ensure the car is sufficiently insured in case of any 3rd party claims which otherwise would be decided by motor tribunal for compensation causing loss to exchequer. You can still buy a 3 yr OD + 3 yrs TPL policy for a new car.