Automobile Insurance Queries? Ask me

[iamswift]

One of my friends' 1999 model zen has IDV of 60,000 only. With his bargaining, he happened to reduce the insurance premium - but at the loss of IDV.

When I explained the IDV and the total loss (Thanks to T-BHP) concepts, he was shocked.

Last year, his IDV was 1,15,000. I explained that ideally this year, his IDV should be around 1,00,000. But what he got is 60,000 for low premium.

My question is: Since IDV is insured declared, can the IDV be increased declared as, say around 90000 next year? or it will be always be less than current IDV?

[r_nairtvm]

Originally Posted by iamswift

One of my friends' 1999 model zen has IDV of 60,000 only. With his bargaining, he happened to reduce the insurance premium - but at the loss of IDV.

When I explained the IDV and the total loss (Thanks to T-BHP) concepts, he was shocked.

Last year, his IDV was 1,15,000. I explained that ideally this year, his IDV should be around 1,00,000. But what he got is 60,000 for low premium.

My question is: Since IDV is insured declared, can the IDV be increased declared as, say around 90000 next year? or it will be always be less than current IDV?

If an idependent valuation (from certified valuators) can support the higher price then IDV can be increased on renewal.

Best Regards and drive/Ride Safe

Ram

[rjvora_2000]

Originally Posted by Holyghost

My Safari insurance will get over in Dec. My current insurance is with Bajaj Allianz and I am more tempted to switch to Tata AIG with 0% depreciation add-on.
How good is their add-on packages? I went through their web site but it gives very less information. Does any have more information about the packages, especially on the fine prints, exclusions etc?

This is really very sad that insurance companies website doesn't have much information on this wonderful product. I am sorry buddy even I don't have much information on there product also.

Chola has one same product and that can be taken for first two year's only after that they can shift you to other product in which you can stay for three more year and then they tell you shift to normal motor insurance policy.

Originally Posted by iamswift

One of my friends' 1999 model zen has IDV of 60,000 only. With his bargaining, he happened to reduce the insurance premium - but at the loss of IDV.

When I explained the IDV and the total loss (Thanks to T-BHP) concepts, he was shocked.

Last year, his IDV was 1,15,000. I explained that ideally this year, his IDV should be around 1,00,000. But what he got is 60,000 for low premium.

My question is: Since IDV is insured declared, can the IDV be increased declared as, say around 90000 next year? or it will be always be less than current IDV?

You can increase the value also.

You need to write a letter to insurance company and request them to arrange a survey for the car and then you can go for the higher IDV also in the next year. If insurance company has a problem they will tell you no for this. Then you can then go to any insurance company and get the higher sum for the car.

[Raccoon]

Originally Posted by iamswift

One of my friends' 1999 model zen has IDV of 60,000 only. With his bargaining, he happened to reduce the insurance premium - but at the loss of IDV.

When I explained the IDV and the total loss (Thanks to T-BHP) concepts, he was shocked.

Last year, his IDV was 1,15,000. I explained that ideally this year, his IDV should be around 1,00,000. But what he got is 60,000 for low premium.

My question is: Since IDV is insured declared, can the IDV be increased declared as, say around 90000 next year? or it will be always be less than current IDV?

Next time the policy is renewed thru some other insurance company, don't tell them the current IDV. Tell them to calculate the IDV based on the car's model and year of manufacture.

Also, it seems many companies give you the option to choose higher IDV. Bajaj Allianz agent told me you can opt for higher ID only upto certain percentage limit (can't recall exactly how much) above the normal/base IDV they calculate. You don't need to valuate the car for this. But as discussed before, you may have issues at the time of an actual claim, if the IDV is appreciably higher than the market value. Hence it is better to get it valuated, if it is appreciably higher than market value.

[Gandhi]

I got in touch with Bajaj Allianz today for my yet-to-be-delivered Ritz Zxi and here is the quote I have received from them.

Ex-showroom - 480000
IDV - 456000
Rate @ 3.283% - 14970
(-)NCB 0
(-)Discount @ 30% - 4491
(+)Third party liability - 825
(+)P A - 100
Total - 11404
(+) S. Tax %:10.3 1175
Total Premium: 12579

Bajaj Allianz does not have cashless tie-up with Pratham Motors, Bangalore. Dealer's quote for the same ex-showroom price is 13900/- from Royal Sundaram.

And below is the coverage document sent by Bajaj Allianz.

Own Damage Coverage

Damage or loss to insured vehicle caused by

1. Accidental External means
2. Fire explosion, self ignition, or lightning.
3. Burglary, housebreaking & theft.
4. Riots & Strike
5. Earthquake (Fire & Shock)
6. Act of God perils.
7. Malicious act
8. Terrorist activity
9. In transit
10. Land slide / Rock slide

Liability Coverage

1. All the sum which the insured is legally liable to pay in respect of death or bodily injury to a person.
2. Damage to third party property up to an amount of Rs. 7.5 lacs for private car and Rs. 1.0 lac for two wheelers.
3. All the legal expenses incurred for defending the third party claim.

Other Coverages available
1. Personal Accident Cover for Driver owner which is compulsory in case of cars owned by individuals and where the owner is duly licensed to drive the vehicle.
2. Personal Accident Cover for occupants
3. Loss of Accessories.
4. Cover for paid driver.
5. Legal liability to employees

General Exclusions
* Consequential Losses due to accident
* Damage to tyres & tubes without the vehicle being damaged
* Driver being under the influence of liquor and drugs at the time of accident. Damage to insured own property.
* Intentional self injury or attempted suicide
* Accident occurring out side geographical area of operation covered by the policy
* Contractual Liability of any kind
* Vehicle Used otherwise than limitations as to use
* Driven by any one other than a licensed driver
* Losses due to Ionizing radiation or contamination by radioactivity
* Losses caused due to Nuclear weapons material
* Losses caused due to War and war like situation.

My question - Is there good enough difference in service from Bajaj Allianz and Royal Sundaram to forget the cashless facility? Bajaj Allianz is around 1400/- cheaper without cashless. Is this deal worth it?

[rjvora_2000]

Originally Posted by Raccoon

Next time the policy is renewed thru some other insurance company, don't tell them the current IDV. Tell them to calculate the IDV based on the car's model and year of manufacture.

For No-claim bonus you need to show the old policy copy or the renewal notice from current insurer, in short you can't hide to insurance company even if you change the insurance company.

Other thing I need to tell you is never hide things from insurance company. In feature your entire claim might not be payable because you didn't informed a small thing to insurance company.

[rjvora_2000]

Originally Posted by Gandhi

I got in touch with Bajaj Allianz today for my yet-to-be-delivered Ritz Zxi and here is the quote I have received from them.

Bajaj Allianz does not have cashless tie-up with Pratham Motors, Bangalore. Dealer's quote for the same ex-showroom price is 13900/- from Royal Sundaram.

And below is the coverage document sent by Bajaj Allianz.

My question - Is there good enough difference in service from Bajaj Allianz and Royal Sundaram to forget the cashless facility? Bajaj Allianz is around 1400/- cheaper without cashless. Is this deal worth it?

30% discount for a brand new car is less ask them to give you 40% discount minimum if not 45% or 50%. (Use your bargaining skills with insurance company.)

Your premium still need to go down with Bajaj. For cashless I am sure that Bajaj must be having a lot of tie ups in your city. I personally will give more marks to Bajaj in front of any insurance company in the market.

[Raccoon]

Originally Posted by rjvora_2000

For No-claim bonus you need to show the old policy copy or the renewal notice from current insurer, in short you can't hide to insurance company even if you change the insurance company.

Other thing I need to tell you is never hide things from insurance company. In feature your entire claim might not be payable because you didn't informed a small thing to insurance company.

Of course one will eventually need to show the old policy. But I don't think there is anything wrong legally or otherwise in getting them to quote the IDV on phone, according to their chart (in context of the query above). Actually, if one needs to be totally forthright, then I guess one can blankly tell them what happened, and get a "normal" IDV quote from the new insurer.

As for cashless with B Allianz, they do have cashless with almost all Maruti ASCs here. I wouldn't listen to the ASC when they tell you they don't. Most likely it will be the ASC insurance guy who will tell you this... just to get business from you.

[rjvora_2000]

Originally Posted by Raccoon

Actually, if one needs to be totally forthright, then I guess one can blankly tell them what happened, and get a "normal" IDV quote from the new insurer.

You are right sirji but only point is don't tell them but write them a letter on the same matter and keep a copy of the same with us.

I am very clear you should not suffer a loss under any circumstances.

[IndigoXLGrandDi]

Originally Posted by rjvora_2000

You need to complain this to Mahindra and Mahindra and tell them that if your website is saying one amount then how can a authorized dealer can charge anything extra.

I my self is seeing this thing for the first time.

Normally Octroi has to be paid by us and that amount has to be over and above the ex-showroom price but do you have anything in writing where in he has told you that octroi in included in the ex-showroom price?

I complained to M&M on the day of Delivery (11th Nov) and the Area Sales Manager, Mr. Gajanan Deshpande told me that the website Price has not been updated since long back and hence it shows the Old Price and not updated Price.

Octroi has to be paid by us.

Sorry, but I dont have in writing that Octroi is included in Ex-Showroom Price.
But my Query -- how is that
1. Dealer's Sales Manager says that the additional Rs.3,880/- are of Transport and Transit Insurance, and
2. The Area Sales Manager says that the additional Rs.3,880/- are due to Price not updated on Website.
Why both of them are telling DIFFERENT Stories, altogether?

Now whom should I complain since the Area Sales Manager is also supporting the Dealer's Sales Manager albeit by other way?

[rjvora_2000]

Originally Posted by IndigoXLGrandDi

I complained to M&M on the day of Delivery (11th Nov) and the Area Sales Manager, Mr. Gajanan Deshpande told me that the website Price has not been updated since long back and hence it shows the Old Price and not updated Price.

Octroi has to be paid by us.

Sorry, but I dont have in writing that Octroi is included in Ex-Showroom Price.
But my Query -- how is that
1. Dealer's Sales Manager says that the additional Rs.3,880/- are of Transport and Transit Insurance, and
2. The Area Sales Manager says that the additional Rs.3,880/- are due to Price not updated on Website.
Why both of them are telling DIFFERENT Stories, altogether?

Now whom should I complain since the Area Sales Manager is also supporting the Dealer's Sales Manager albeit by other way?

I think they are not fooling you but this can happen in INDIA. Our Indian car Mfg. are not very serious in this website business for sure. Something like this had happen to me as well in 2002 or 2003 when I bought Maruti Versa dealer told me the same thing the website is not updated and I called Maruti toll-free and they also told me the same thing.

[rkavthekar]

My Insurance on i10 Era is getting over in December and I need to renew the same. The current one is HDFC Ergo. I have made no claims with them so I do not know who they would react or provide service if I need them. Can you tell me which Insurance companies are good and provide cashless service? Is it good to renew the policy with HDFC ERGO or someone who is better. Please suggest me choice with your rankings.

takecare and drive safely

[reddy6980]

Hi,

I have a sierra. Which is almost 15 years old.
Should i take the third party insurance for this or a normal insurance.
What will be the cost of third party insurance and which insurance company.

Should the vehicle be shown to the insurance company when taking a third party insurance(vehicle is in home town and i am taking the insurance in Bangalore).

thanks,
Vamsi

[IndigoXLGrandDi]

Originally Posted by rjvora_2000

I think they are not fooling you but this can happen in INDIA. Our Indian car Mfg. are not very serious in this website business for sure. Something like this had happen to me as well in 2002 or 2003 when I bought Maruti Versa dealer told me the same thing the website is not updated and I called Maruti toll-free and they also told me the same thing.

But why does the Dealer's Sales Manager saying different thing and Area Sales Manager different thing?

[rjvora_2000]

Originally Posted by rkavthekar

My Insurance on i10 Era is getting over in December and I need to renew the same. The current one is HDFC Ergo. I have made no claims with them so I do not know who they would react or provide service if I need them. Can you tell me which Insurance companies are good and provide cashless service? Is it good to renew the policy with HDFC ERGO or someone who is better. Please suggest me choice with your rankings.

takecare and drive safely

If you are happy with HDFC stay there or you can go to Bajaj as they are the best in the business.

Originally Posted by reddy6980

Hi,

I have a sierra. Which is almost 15 years old.
Should i take the third party insurance for this or a normal insurance.
What will be the cost of third party insurance and which insurance company.

Should the vehicle be shown to the insurance company when taking a third party insurance(vehicle is in home town and i am taking the insurance in Bangalore).

thanks,
Vamsi

If there is no break in insurance then TP can be taken without survey also and go for TP only since the car is 15 years old.

Originally Posted by IndigoXLGrandDi

But why does the Dealer's Sales Manager saying different thing and Area Sales Manager different thing?

Sirji I told you that India is great this can happen in India.