[Aviator_guy]

Originally Posted by Arwin07

It's time to renew my 2017 Honda Jazz, IDV 3.9 lakhs, last NCB 20% (bought as a second hand car). Last policy was zero dep from MS Chola.

Comprehensive insurance ICICI Lombard Rs.6800
Zero dep, engine protect plus comprehensive:
Rs. 16000 from ICICI Lombard, 17000 from MS Chola.

Being a 6 year old car, zero dep is so costly.

What should I go with given the steep difference in prices? Kindly help.

Older the car, more depreciation of parts, hence more costly the zero dep add-on. If you claim often or prefer insurance rather than FNG for repairs then you should continue the cover. Remember that any break in the cover may lower your chances to avail it in subsequent renewals.

If you don't claim insurance and perefer to go to FNG then no point spending money on zero dep cover.

[jsl]

My 2022 Toyota Glanza’s insurance is due for renewal:
Only OD needs to be renewed as TP is valid till 2025
I am getting the following quote:
NCB:0%, Add ons: Zero Dep, RTI, Consumables, Key Protect, Engine Protect, IDV: ₹6,86,000
ICICI Lombard: ₹19,000(this is a Toyota protect policy)

I am also getting Kotak Mahindra insurance from PolicyBazaar for ₹11,000/- with the same add-ons but IDV is ₹5,80,000. If I have RTI cover so should I go with this IDV as the difference between premium is quite a lot.

Also the Toyota People are pushing me to buy from them, stating taking from Policybazaar(PB), claim may not be approved etc etc. But on PB its written claim can be taken anywhere, zero paper claims, spot claims up to 20k

So what should I do, any guidance would be appreciated.

[Aviator_guy]

Originally Posted by jsl

Also the Toyota People are pushing me to buy from them, stating taking from Policybazaar(PB), claim may not be approved etc etc. But on PB its written claim can be taken anywhere, zero paper claims, spot claims up to 20k

So what should I do, any guidance would be appreciated.

Do not trust PB without your own research. I'd suggest to visit the Kotak website or contact their customer support directly to know about the list of cashless network garages. If the service center of your choice is included under cashless network then you should not have issue with the claim. Always look for cashless option (vs reimbursement mode) for quick processing, less paperwork and peace of mind.

Dealer is also right in some way that some claims get processed faster than the other in terms of surveyer approval, work completion, bill settlement etc. It depends on the insurance company and their tie up/surveyer relationship with the dealer.

[Rodie09]

Question for the Insurance Gurus,

Is insurance against Rodent / Rat damage covered by default under own damage cover? On searching the internet it looks so but then I see some insurers calling it out as a separate rider. I have an ICICI Lombard policy and this is not called out as an exclusion at least.

Thoughts?

[Aviator_guy]

Originally Posted by Rodie09

Question for the Insurance Gurus,

Is insurance against Rodent / Rat damage covered by default under own damage cover? On searching the internet it looks so but then I see some insurers calling it out as a separate rider. I have an ICICI Lombard policy and this is not called out as an exclusion at least.

Thoughts?

It is not included by default and depends from company to company. Please refer to the fine prints or check with the customer care.

[srikanthmadhava]

As my Creta will complete its 4th year soon, Acko is not providing 'Return to Invoice' cover from next insurance renewal.

Last year I paid 18.5K(+GST) for 13.2L IDV with RTI, Engine protection and Zero dep.
This year, Acko is quoting 21.5K(+GST) for the same policy (12L IDV), but without RTI. That is a big increase in premiums, on top of missing RTI cover.

What are my options?

1. I see in Policy Bazaar that Zuno, RAHEJA, ICICI etc are providing RTI for 5th year- will cost from 5k to 10k additional for same. Is it worth switching?
2. Will moving to a different insurer have an impact on continuity of the Zero dep or other add ons in future?
3. Should I increase the IDV in my Acko policy to 15.5L and renew the same instead of switching (thus not opting for RTI anymore). I have had good enough experience with Acko claims. This will cost 25K(+GST).

[determinism]

Does Zero/nil depreciation apply to all parts, body and paint work as well?

[ghodlur]

Originally Posted by srikanthmadhava

As my Creta will complete its 4th year soon, Acko is not providing 'Return to Invoice' cover from next insurance renewal.

Generally most of the Insurance cos offer RTI add on cover for the first 3 yrs of the ownership and after 3rd year based on their whim and fancy or depending on the risk.

If you really want the add on cover, try to buy it from others. You will need to keep the IDV as per the depreciation table mentioned in the policy document, request not to under/over insure the car as this could be an issue during total loss claims.

[Rodie09]

Hello Gurus,

Can you please shed some light on RTI (Return to Invoice) cover? Does it cover the Road taxes and Registration fees as well or is it limited to the invoice value to the manufacturer/dealer?

Is this a recommended cover @Rs 4300 for a car that costed 28 Lacs on road?

TIA

[rx100]

Originally Posted by Rodie09

Hello Gurus,

Can you please shed some light on RTI (Return to Invoice) cover? Does it cover the Road taxes and Registration fees as well or is it limited to the invoice value to the manufacturer/dealer?

Is this a recommended cover @Rs 4300 for a car that costed 28 Lacs on road?

TIA

Yes, it includes the road tax and registration charges.

I didn’t opt while buying my car, as the chances of full claim are very rarity during initial years.

[Rodie09]

Originally Posted by rx100

Yes, it includes the road tax and registration charges.

I didn’t opt while buying my car, as the chances of full claim are very rarity during initial years.

Okay, thanks for confirming. However, I didn't get what you mean by "chances of full claim are very rarity during initial years." The RTI comes into picture only in case of Total loss or theft of vehicle. Both can happen at any stage, even the next day of buying the car.

[self_driven]

Originally Posted by determinism

Does Zero/nil depreciation apply to all parts, body and paint work as well?

Yes. Some repair work is not covered, such as cost of consumables (nuts, bolts, oils, etc.) and engine damage unrelated to impact, unless their respective add-ons are availed in the policy.

Originally Posted by Rodie09

Hello Gurus,

Can you please shed some light on RTI (Return to Invoice) cover? Does it cover the Road taxes and Registration fees as well or is it limited to the invoice value to the manufacturer/dealer?

Is this a recommended cover @Rs 4300 for a car that costed 28 Lacs on road?

TIA

IMO it's a must have. Even on first day, the car is insured at 95% of ex-showroom value. RTI covers the difference between this value and the on-road price. This component alone runs into lakhs of rupees, or you can say 15-25% (or more) of total purchase cost, which is a major amount to risk losing in case of a mishap/theft.

Regarding price, you can compare quotes from different companies on aggregator websites and decide. Generally dealers are open to negotiate on insurance premiums, if you are getting the same cover significantly cheaper elsewhere.

[Aviator_guy]

Originally Posted by rx100

Yes, it includes the road tax and registration charges.
I didn’t opt while buying my car, as the chances of full claim are very rarity during initial years.

Originally Posted by Rodie09

Okay, thanks for confirming. However, I didn't get what you mean by "chances of full claim are very rarity during initial years." The RTI comes into picture only in case of Total loss or theft of vehicle. Both can happen at any stage, even the next day of buying the car.

RTI also comes into effect in total loss due to flooding/water logging apart from theft and accidents. With unpredictable rains now a days, basement flooding has become quite commonplace.

[rx100]

Originally Posted by Rodie09

Okay, thanks for confirming. However, I didn't get what you mean by "chances of full claim are very rarity during initial years." The RTI comes into picture only in case of Total loss or theft of vehicle. Both can happen at any stage, even the next day of buying the car.

Sorry for creating confusion, I didn’t mean it never occurs, only the chances could be rare in my case. I believe usually with a total loss, you are eligible to get the road tax refund if you cancel registration after the vehicle declares as total loss without opting for this extra option.

But I echo with others, it’s good to have if the premium addition is minimal.

Edit: Here’s an article I found from Kerala news channel dated back to 2018. Hope it holds true now also.



https://www.onmanorama.com/news/busi...icles.amp.html

[Rodie09]

While comparing options for my insurance renewal, I was told by a broker agency that HDFC Ergo levies salvage charges to customer on parts that are discarded. I see some instances being discussed here above. Is this real? Never heard of this before.

The whole insurance thing appears to have become so complicated with all the riders for every damn thing. So despite taking zero dep and all, there are still unknowns you'll be charged for. Quite absurd.

Now thinking of it, when I claimed insurance on my Safari last year, changed the whole bumper and one headlight and I did not even bother to ask about the discarded spares which obviously were valuable, with only minor cosmetic damage. I surely forgot to look into it but I wonder should the SS not retuned all discarded parts to me on their own? SS must have surely made good money out of them.