[Thad E Ginathom]

Originally Posted by F1amit

Question I have is, while purchasing insurance directly from insurance company for a new car, what is to be considered as car value?

You do not need to think about it: the insurer will apply their standard figure.

For better or for worse, in the event of claim, you will only get what they consider the value to be.

[rajivr1612]

Hi Team,
I have booked a Honda City CVT V variant from a dealership in Chennai. I have the dealer exclude insurance from his scope. I would like to go with ICICI Lombard, but it is not listed in Policy Bazaar. Even in ICICI website, it asks for registration no. which I don't have yet as the car is yet to be dispatched.
Also has the 1year comprehensive and 3 years TP need to be taken separately or will it be part of a package?
Please advise on how to go about this.

[Aviator_guy]

Originally Posted by rajivr1612

Hi Team,
I have booked a Honda City CVT V variant from a dealership in Chennai. I have the dealer exclude insurance from his scope. I would like to go with ICICI Lombard, but it is not listed in Policy Bazaar. Even in ICICI website, it asks for registration no. which I don't have yet as the car is yet to be dispatched.
Also has the 1year comprehensive and 3 years TP need to be taken separately or will it be part of a package?
Please advise on how to go about this.

Call icici Lombard customer care and ask for new car insurance quote. They will be able to help.

New car policy comes with 3 years TP + 1 year OD as a bundle.

[sibot]

Hi guys,
My GoDigit insurance is up for renewal and I've been reading some terrible reviews about them here. My 2013 Grand i10 has an IDV of 2.7L on Digit, but the only other platforms that are giving me a 2L+ (~2.2L) value are ICICI, Tata AIG and Royal Sundaram.

Acko doesn't give comprehensive insurance for vehicles older than 10 years. So I'm pretty much down to choosing between a few select companies if I want to maintain a 2L+ value.

Which of these would be a better company to go with? Or is it better to stick to the higher IDV with GoDigit?

Any help would be appreciated! TIA!

[handsofsteel]

Originally Posted by sibot

Hi guys,
My GoDigit insurance is up for renewal and I've been reading some terrible reviews about them here. My 2013 Grand i10 has an IDV of 2.7L on Digit, but the only other platforms that are giving me a 2L+ value are ICICI, Tata AIG and Royal Sundaram.

Acko doesn't give comprehensive insurance for vehicles older than 10 years. So I'm pretty much down to choosing between a few select companies if I want to maintain a 2L+ value.

Which of these would be a better company to go with? Or is it better to stick to the higher IDV with GoDigit?

Any help would be appreciated! TIA!

why would you want to "maintain" an artificially inflated IDV? it doesn't help at the time of payout at all. go by the depreciation matrix promulgated by IRDAI. You are not going to get a penny more than that in case of a loss. so why pay the extra premium. artificial inflation of the premium by the insurance companies is a common (and yet, unrecognised) scam.
I am unable to attach the depreciation table here but it is freely available online

[sibot]

Originally Posted by handsofsteel

why would you want to "maintain" an artificially inflated IDV? it doesn't help at the time of payout at all. go by the depreciation matrix promulgated by IRDAI. You are not going to get a penny more than that in case of a loss. so why pay the extra premium. artificial inflation of the premium by the insurance companies is a common (and yet, unrecognised) scam.
I am unable to attach the depreciation table here but it is freely available online

That's interesting. I did not know about this piece of information. I always thought that the higher IDV would be the value compensated if the vehicle was stolen or there was a case of total-loss. But I guess that is not the case? What does the inflated IDV signify then?

I just downloaded the table and will try to make sense of it. Going by this, would it be wise to visit the nearby PSU insurance companies and get a quote?

[handsofsteel]

Originally Posted by sibot

That's interesting. I did not know about this piece of information. I always thought that the higher IDV would be the value compensated if the vehicle was stolen or there was a case of total-loss. But I guess that is not the case? What does the inflated IDV signify then?

I just downloaded the table and will try to make sense of it. Going by this, would it be wise to visit the nearby PSU insurance companies and get a quote?

Absolutely.
You are paying an inflated amount of premium for the inflated IDV, that's an additional source of income for the agent/ firm/ website. God forbid, in case your vehicle were to meet with an accident, the payout will be limited to this table. I have had two total-losses so far (none on my account), so aware of this first hand. Gone are the days when people would link the resale value to the IDV, so there is actually no benefit whatsoever these days.

[sibot]

Originally Posted by handsofsteel

Absolutely.
You are paying an inflated amount of premium for the inflated IDV, that's an additional source of income for the agent/ firm/ website. God forbid, in case your vehicle were to meet with an accident, the payout will be limited to this table. I have had two total-losses so far (none on my account), so aware of this first hand. Gone are the days when people would link the resale value to the IDV, so there is actually no benefit whatsoever these days.

That is very insightful. Thank you for enlightening me about this. So pretty much the set your own IDV is a scam. What is the use of the inflated IDV to the insured then?

Are there any insurance companies you'd recommend looking at?

Thank you again!

[handsofsteel]

Originally Posted by sibot

That is very insightful. Thank you for enlightening me about this. So pretty much the set your own IDV is a scam. What is the use of the inflated IDV to the insured then?

Are there any insurance companies you'd recommend looking at?

Thank you again!

Based on my personal experience, I’ll pm you the recommendation. Don’t want to be advocating someone in an open forum. While this firm gave me every single penny of my idv, they took eight months. However, this is still better than other firms who clear only pro rata since your last renewal or others who try to push you into a reduced payout for a speedy settlement.
Note- I’m not associated with any insurance firm or the sector itself or employed by any of their associated concerns for that matter

[sibot]

Originally Posted by handsofsteel

Based on my personal experience, I’ll pm you the recommendation. Don’t want to be advocating someone in an open forum. While this firm gave me every single penny of my idv, they took eight months. However, this is still better than other firms who clear only pro rata since your last renewal or others who try to push you into a reduced payout for a speedy settlement.
Note- I’m not associated with any insurance firm or the sector itself or employed by any of their associated concerns for that matter

That would be great. Thank you!

[hrman]

My Sonet's 1st year insurance renewal is up in a few days. Have been getting calls from the dealership to renew with their empaneled providers: GoDigit, Bajaj Allianz, New India Assurance. The quotes given are about 5-6k higher than the best I could get from Policy Bazaar with similar add-ons like Zero Dep, Consumables, RTI, Engine cover. Based on my
research, I have shortlisted Kotak. Wanted to check with BHPians, any adverse experiences with them?

The dealership is insisting that they cannot provide at such low rates and that in case of claims, their dealership insurance will cover everything but the Policy Bazaar purchased policy will have deductions. I know this is not true and just a tactic to get me to buy from them. Not many reviews on Kotak on the web, hence wanted to ask here.

[StepUP!]

**Cross posting from XUV's thread.

Hello, my 2022 petrol XUV's insurance is due in March. First year policy was Tata AIG and current policy is with Royal Sundaram. No claims so far, touchwood!

I want Zero dep, RTI and engine protection covers in my policy. I am viewing quotes on aggregator portals and ones received from agents. Kotak works out to be much cheaper (5-6k) than any other insurance companies with the said covers and same IDV of approx Rs 15,50,000.

Appreciate any reviews on Kotak, with Mahindra in Pune.

[Suryendu87]

Hello,

My Santafe's headlight assembly got damaged as a truck rolled back to it from a speed breaker.

ACKO insurance says, they will cover 50% of replacement cost only as headlights are a wear and tear plastic component.

Tried searching on net and apparently it's at insurance company's discretion. I do have dashcam video showing it was an accident.

May I get a clarity on this matter please.

[Naetik30]

Originally Posted by Suryendu87

Hello,

My Santafe's headlight assembly got damaged as a truck rolled back to it from a speed breaker.

ACKO insurance says, they will cover 50% of replacement cost only as headlights are a wear and tear plastic component.

Tried searching on net and apparently it's at insurance company's discretion. I do have dashcam video showing it was an accident.

May I get a clarity on this matter please.

Attachment 2575055

Did you have Zero depreciation insurance coverage a.k.a bumper to bumper insurance? I doubt it as Santa Fe must be old. If you do, you would have been fully covered (apart from 1000 or 2000 from your side).

[Suryendu87]

Originally Posted by Naetik30

Did you have Zero depreciation insurance coverage a.k.a bumper to bumper insurance? I doubt it as Santa Fe must be old. If you do, you would have been fully covered (apart from 1000 or 2000 from your side).

Nopes, I have comprehensive only as the car is nearing 10 years mark.

Will claiming third party damage from the truck's insurance be any better or it will work on similar guidelines?