[iamswift]

Originally Posted by Waxeloquent

Dealer's insurance person called and was rather rude and told me that Insurer I had chosen to go with is not authorized by Hyundai! I didn't lose my cool. Should I be concerned? Can Hyundai refuse ... in case I need any repair? Of it is just plain bluster by that Sales/insurance person? Any advice is most appreciated.

That insurance person is bullshitting. He is trying to bully / threaten you into getting his "high-commission" policy.
Its your choice on who you insure your car with. He can't do anything about it.
There is nothing called authorized insurer by any manufacturer.
Go ahead with your choice without an iota of doubt.

[Thad E Ginathom]

Originally Posted by Waxeloquent

1 year own damage 3 years 3rd party

What is this deal, is it worthwhile? It sounds like a trap to make sure the policy holder will not even think about moving the insurance for the three-year period?

[Aviator_guy]

Originally Posted by Waxeloquent

This year, for renewal their offer was ridiculously high and I chose different insurer. Just for record in my 30 years mostly in Bangalore with many cars (mostly Hyundai) due to God's grace never had to use insurance claim. I hope it continues. Today the Dealer's insurance person called and was rather rude and told me that Insurer I had chosen to go with is not authorized by Hyundai! I didn't lose my cool. Should I be concerned? Can Hyundai refuse ... in case I need any repair? Of it is just plain bluster by that Sales/insurance person? Any advice is most appreciated.

Originally Posted by iamswift

That insurance person is bullshitting. He is trying to bully / threaten you into getting his "high-commission" policy.
Its your choice on who you insure your car with. He can't do anything about it.
There is nothing called authorized insurer by any manufacturer.
Go ahead with your choice without an iota of doubt.

While it is true that one can chose any insurer, it is also important to understand about network garage where cashless claim can be made. Not all ASCs are part of cashless network and it is dependent on their relationship with the insurer. Hence it is good to verify with the insurance company about their list of network garage. If your choice of service center is part of the cashless network then there should be no issue during a claim and you can ignore SA's comment.

In case, a particular garage is not part of cashless network then customer has to go for reimbursement option, where he has to pay for repairs first and then claim it as reimbursement with the insurance company. This may be combursome process and may not be preferred by many.

Originally Posted by Thad E Ginathom

What is this deal, is it worthwhile? It sounds like a trap to make sure the policy holder will not even think about moving the insurance for the three-year period?

It is govt rule for new vehicle insurance : 3 years TP cover is mandatory. In fact, it is 5 years mandatory TP cover in case of 2 wheelers. Own damage cover is still at 1 year interval and up to the customer to buy it or not.

[Waxeloquent]

Originally Posted by Thad E Ginathom

What is this deal, is it worthwhile? It sounds like a trap to make sure the policy holder will not even think about moving the insurance for the three-year period?

Thanks everyone. Though I don't remember exact number I did run the exact numbers including the Premium and what offers I had from other 2 Dealers here. I went with Hyundai offered SBI General insurance with the clear thought that renewal would be on "what's best in market". This Hyundai renewal offer for an IDV ~11.20L(~13.2L pr yr) for a OD only ₹27K with 6 add-ons (ZD,CM,EP, RTI,KP,PB) @₹10.7k; so without add ons the premium would have been ₹17k~. I shopped around and found Tata AIG & Kotak with 5 add-ons (RTI excluded) offered the OD cover @ ₹15k~ & ₹12K~ for IDVs of ₹12L and ₹12.5L respectively. So I went with Kotak (some hiccup with PolicyBazaar, but Kotak stepped in...that's another story). Then the Hyundai call. As I said in my30+ years with Maruti, Hyundai and Renault and all in Bangalore, never had to use any claim, accident repair (or for that matter nothing other than wear n tear)..Lucky me, God's Grace...So Kotak says repair wherever, will pay up 20% immediately and rest on settlement. I wasn't looking at cashless (I do when it is Health insurance). My driving since retirement, health recovery and move to Cbe has come down....So I guess as some of you have said my decision won't come back to bite me in spite of the Hyundai Insurance (other guys are still good) bluster. Thanks again.

[Thad E Ginathom]

Originally Posted by Aviator_guy

It is govt rule for new vehicle insurance : 3 years TP cover is mandatory. In fact, it is 5 years mandatory TP cover in case of 2 wheelers. Own damage cover is still at 1 year interval and up to the customer to buy it or not.

How did I manage to remain ignorant of this!

Thank you very much for the information. I was under the impression that I have been buying third-party cover annually: I must check that out.

[Aviator_guy]

Originally Posted by Thad E Ginathom

How did I manage to remain ignorant of this!

Thank you very much for the information. I was under the impression that I have been buying third-party cover annually: I must check that out.

This 3 years and 5 years TP rule is only applicable for new vehicles. Afterwards, once vehicle is older, it is annual cover just like OD cover.

[Thad E Ginathom]

Originally Posted by Aviator_guy

only applicable for new vehicles

Thanks again! I've had my car since 2016, and I didn't buy it new. That would explain why I never needed to know or find out about this.

[Rajesh V]

How would the 1 year comprehensive and 5 year third party cover with new vehicles work? Will I have to pay for third party again if I move to a different insurer in the second year?

[Aviator_guy]

Originally Posted by Rajesh V

How would the 1 year comprehensive and 5 year third party cover with new vehicles work? Will I have to pay for third party again if I move to a different insurer in the second year?

No. Second year onwards, Own Damage cover alone needs to be renewed (with any insurance company of your choice). If TP insurance company is different than we need to specify it to new insurance company while buying OD cover so that it can be endorsed in the new policy document.

[AlokJain]

Hi Folks

I am in the market for a GLS petrol

The dealer is pushing a all add on insurance of 2.8L saying this is the best way since everything is seamless

I will be driving 5-6k per year in the city only... and don't wade in water or go on rough paths or try any stunts. I have a nice society covered parking so no rodents etc.

Should i avoid these add on
and only go with Zero Dep etc.

1. Tire and RIM secure
2. Engine and gear box protector
3. Replacement with new vehicle
4. Key replacement

I have had BMWs for last 30 yrs and never had a claim... so just feels all this add on business is money down the drain
Looking for some sound advice here.

Many Thanks

[BeMyWings]

Originally Posted by AlokJain

Hi Folks
Should i avoid these add on
and only go with Zero Dep etc.

1. Tire and RIM secure
2. Engine and gear box protector
3. Replacement with new vehicle
4. Key replacement

Hey Alok,

Based on your use case, it just doesn't make sense to spend that kind of money on something you clearly don't need. For example, you don't go on highways, you've got a great covered parking lot, etc. Even if you were to need it in some kind of unfortunate event the money you'd save in insurance premiums every year would more than cover up for it.

If you were driving thousands of kilometers on the highways and crisscrossing states, having some of the add-ons "might" make sense (the word "might" is doing a lot of lifting in this case).

We can never predict the future, hence there's insurance. But there's smart insurance and then there's a sales pitch to increase someone's commission.

In short, save the money and keep it aside as a safety fund for the car for something unforeseen. Buying these addons year on year just don't make economic sense.

Congratulations in advance of your new car

[ghodlur]

Originally Posted by AlokJain

I am in the market for a GLS petrol

The dealer is pushing a all add on insurance of 2.8L saying this is the best way since everything is seamless

Firstly check with which Insurance co does the workshop have a cashless tie up. Try getting the comparison quote for the Insurance with or without add ons. For any new car the add ons that should be taken are zero dep, Return to Invoice and Key replacement, rest all can be skipped for the first year atleast. Keep the add ons to the minimum as there will be a 3 yr TPL already included which generally is a huge amount.

[ALTIMAed]

This might be a commonly asked question, never the less guidance on this would be really helpful.

Having spent many years in the Middle East, clocking make a kms, knowing the rules and regulations, one thing I realized, claiming third party insurance was a breeze. In case of a rear impact, the two people involved, shook hands, apologies exchanged, phone numbers exchanged, insurance details exchanged. The party at fault (the person who hit from the rear), paid the file opening charges, mentioning the registration number of the impacted vehicle, rest taken care by the insurance company. Not a penny paid by the effected party, no police involved, both vehicles (in case damaged), repaired through insurance - as simple as that. Wondering how does 3rd party insurance work in India.

[Aviator_guy]

Originally Posted by ALTIMAed

This might be a commonly asked question, never the less guidance on this would be really helpful.

Having spent many years in the Middle East, clocking make a kms, knowing the rules and regulations, one thing I realized, claiming third party insurance was a breeze. In case of a rear impact, the two people involved, shook hands, apologies exchanged, phone numbers exchanged, insurance details exchanged. The party at fault (the person who hit from the rear), paid the file opening charges, mentioning the registration number of the impacted vehicle, rest taken care by the insurance company. Not a penny paid by the effected party, no police involved, both vehicles (in case damaged), repaired through insurance - as simple as that. Wondering how does 3rd party insurance work in India.

3rd party insurance is a joke in India. Govt has made it mandatory but when it comes to claim, there are no guidelines and no obligation on insurance companies to accept third party claims for routine fender bender. I believe, 3rd party only gets into picture in case of a court case involving severe damage/loss to life or property/vehicle. It's anyone's guess how long does it take to get justice in such cases.

I wish laws and processes become smoother and easier for folks to claim third party insurance from the other person at fault and not having to go thru double whammy of damaged vehicle and NCB loss for no fault of theirs.

[ALTIMAed]

Originally Posted by Aviator_guy

3rd party insurance is a joke in India. Govt has made it mandatory but when it comes to claim, there are no guidelines and no obligation on insurance companies to accept third party claims for routine fender bender. I believe, 3rd party only gets into picture in case of a court case involving severe damage/loss to life or property/vehicle. It's anyone's guess how long does it take to get justice in such cases.

I wish laws and processes become smoother and easier for folks to claim third party insurance from the other person at fault and not having to go thru double whammy of damaged vehicle and NCB loss for no fault of theirs.

wonder what would the 'legal eagles' on this forum have to comment about this. Could there be light at the end of the tunnel as to make this more user friendly and make 3rd party insurance 'do what it is supposed to do'