[ghodlur]

Originally Posted by gadadhar

I am wondering if it is a tactic by Go Digit to extract some quick money after selling policies at cheaper rates than others.

Looks more likely this could be the case as no Insurance co asks for the NCB certifIcate until and unless the vehicle is sold. The Insurance co can easily get the information from the IRDAI data base if there was any claim against the vehicle.

You can drop them an official mail asking the Insurance co to get the information from right sources and that you will raise a grievance in case the Insurance co does not get the information from a central repository.

[GJGadget]

Hello All,

Wanted to check for insurance between Zurich Kotak and Bajaj Allianz which one is better to go with.
Futher, is there any truth that if we take insurance from ASC the settlement will be faster, given that both the companies are reputed ones and have been in the market for since quiet long time, does that make any difference.

ASC is offering Bajaj Allianz insurance with some coupons like Wash n coat, Wheel Alignment, Front brake overhaul are these worth it for around 2k additional cost over Kotak Insurance?

Those from Mumbai any experience with Index Hyundai showroom located at Mira road with respect to there servicing.

Thanks.

[yedukrishnan199]

Originally Posted by GJGadget

Hello All,

Wanted to check for insurance between Zurich Kotak and Bajaj Allianz which one is better to go with.
Futher, is there any truth that if we take insurance from ASC the settlement will be faster, given that both the companies are reputed ones and have been in the market for since quiet long time, does that make any difference.

ASC is offering Bajaj Allianz insurance with some coupons like Wash n coat, Wheel Alignment, Front brake overhaul are these worth it for around 2k additional cost over Kotak Insurance?

Thanks.

Comparing both these Zurich Kotak has recently had a change of ownership and is primarily owned by Zurich now, whereas earlier it was Kotak General Insurance.

Bajaj Allianz is the better company and should be preferred over Zurich.

With insurance from ASC, they will provide a more hassle-free claim experience as they have made more money off of you from the premium itself and have tie-ups with the insurers to get the procedures done quicker.

Insurance usually does not have these add-ons, these are provided by the ASC and not the insurance company.

Kindly let me know the model of the car, age, registration state, and premium quoted by both so that I can provide a better solution.

[throttleAddict]

My vehicle’s insurance is due for renewal after the first year. The current IDV is shown as ₹9.9L, with a renewal premium quote of ₹32K. When I purchased the vehicle last year, the IDV was ₹11,74,960, and I paid ₹46K for the premium. The provider is SBI, and I have all add-ons, including Zero Depreciation, Consumables, Engine Protect, Return to Invoice, Key Protect, and Personal Belongings. Does this depreciation and premium adjustment seem reasonable, or should I consider other options?

[yedukrishnan199]

Originally Posted by throttleAddict

My vehicle’s insurance is due for renewal after the first year. The current IDV is shown as ₹9.9L, with a renewal premium quote of ₹32K. When I purchased the vehicle last year, the IDV was ₹11,74,960, and I paid ₹46K for the premium. The provider is SBI, and I have all add-ons, including Zero Depreciation, Consumables, Engine Protect, Return to Invoice, Key Protect, and Personal Belongings. Does this depreciation and premium adjustment seem reasonable, or should I consider other options?

Please specify your vehicle details, model and variant for a better analysis. just posting IDV details can't give a clear picture.

Now as per IRDAI rules, first-year IDV is 95% of the ex-showroom price, with each year a decrement of 10%, so assuming the previous year's IDV of Rs.11,74,960 is 95% of the ex-showroom price, the ex-showroom price comes to Rs.12,36,800, so the IDV for renewal should be around Rs.10,51,280, but a Rs.9,90,000 won't be too bad either. Now considering the premium, I cant say for sure, but it seems a bit excessive considering you should get 20% NCB for no claims in the current year, and only OD cover is required.

Do provide more details for a better assessment of the matter.

[GJGadget]

Originally Posted by yedukrishnan199

Comparing both these Zurich Kotak has recently had a change of ownership and is primarily owned by Zurich now, whereas earlier it was Kotak General Insurance.

Bajaj Allianz is the better company and should be preferred over Zurich.

With insurance from ASC, they will provide a more hassle-free claim experience as they have made more money off of you from the premium itself and have tie-ups with the insurers to get the procedures done quicker.

Insurance usually does not have these add-ons, these are provided by the ASC and not the insurance company.

Kindly let me know the model of the car, age, registration state, and premium quoted by both so that I can provide a better solution.

Hi
So the quote which has come is as below
Bajaj Allianz is 19281
Zurich Kotak it's 17551
IDV in both case is 1600000
Car : Creta IVT Sx(O) (Petrol) Mar 2024 make.
Registration: Mumbai MH47

[throttleAddict]

Originally Posted by yedukrishnan199

Please specify your vehicle details, model and variant for a better analysis. just posting IDV details can't give a clear picture.

Now as per IRDAI rules, first-year IDV is 95% of the ex-showroom price, with each year a decrement of 10%, so assuming the previous year's IDV of Rs.11,74,960 is 95% of the ex-showroom price, the ex-showroom price comes to Rs.12,36,800, so the IDV for renewal should be around Rs.10,51,280, but a Rs.9,90,000 won't be too bad either. Now considering the premium, I cant say for sure, but it seems a bit excessive considering you should get 20% NCB for no claims in the current year, and only OD cover is required.

Do provide more details for a better assessment of the matter.

It’s an i20 N-Line N8 DCT , M.Y 2024

[yedukrishnan199]

Originally Posted by GJGadget

Hi
So the quote which has come is as below
Bajaj Allianz is 19281
Zurich Kotak it's 17551
IDV in both case is 1600000
Car : Creta IVT Sx(O) (Petrol) Mar 2024 make.
Registration: Mumbai MH47

Considering an ex-showroom price of Rs.18,69,800 at the time of purchase, IDV of the first year would have been around Rs 17,76,310 and for the current year would be around Rs.15,98,679, so Rs.16,00,000 IDV is a more rounded figure and correct IDV to go for to ensure you don't undervalue or overvalue your car.

Now coming to premiums, I am assuming you have taken most add-ons like Zero Depreciation, RSA, Engine Protect, Key and Lock Replacement, Tyre Protect, Return to Invoice, Consumables Cover, Loss of Personal Belongings etc, if so then the Premium quoted by Bajaj Allianz is the one to go with assuming the same is Inclusive of GST and includes all or at least most of these addons.

However as far as I can see, the quotes from Bajaj usually don't include all addons, please make sure, that if they do, then it is the better option to go for as against Zurich Kotak.

Moreover, as I can see, the premiums from various insurance companies with the above-mentioned add-ons start from around Rs.17,476 for the cheapest plan to around Rs.17,768 (Digit) and Rs.19,829 (TATA AIG) with prices all inclusive of GST.

So the quotes above (If they include all the above addons) and are inclusive of GST are quite competitive and Bajaj Allianz is the way to go.

[yedukrishnan199]

Originally Posted by throttleAddict

It’s an i20 N-Line N8 DCT , M.Y 2024

As I can see, the premium is way over what you should be paying for the second year as the second-year premium only includes OD cover and with IDV of RS.9.90 lakhs, it should never be that high. The first-year premium is also high but considering dealership insurance (which includes huge commissions) and considering its 1-year OD + 3-year TP, we will let it slide. Anyway, its already due for renewal, so no use talking about it.

Now from what I see from various insurers for an IDV of Rs.9,90,000 with
Zero Depreciation,24x7 Roadside Assistance, Engine Protector, Consumables Cover, Key & Lock Replacement Cover, Return to invoice, Tyre Protector and Loss of Personal Belongings Cover, the premiums range from Rs.17,024 (TATA AIG), Rs.19,383 (Digit), Rs.22,796 (HDFC Ergo), Rs.23,189 (United India) to as high as Rs.28,586 for ICICI Lombard.

So you are being charged a huge amount here, and it doesn't make sense to pay such a high amount for SBI Insurance when others offer it all for almost half the price.

[GJGadget]

Originally Posted by yedukrishnan199

Considering an ex-showroom price of Rs.18,69,800 at the time of purchase, IDV of the first year would have been around Rs 17,76,310 and for the current year would be around Rs.15,98,679, so Rs.16,00,000 IDV is a more rounded figure and correct IDV to go for to ensure you don't undervalue or overvalue your car.

Now coming to premiums, I am assuming you have taken most add-ons like Zero Depreciation, RSA, Engine Protect, Key and Lock Replacement, Tyre Protect, Return to Invoice, Consumables Cover, Loss of Personal Belongings etc, if so then the Premium quoted by Bajaj Allianz is the one to go with assuming the same is Inclusive of GST and includes all or at least most of these addons.

However as far as I can see, the quotes from Bajaj usually don't include all addons, please make sure, that if they do, then it is the better option to go for as against Zurich Kotak.

Moreover, as I can see, the premiums from various insurance companies with the above-mentioned add-ons start from around Rs.17,476 for the cheapest plan to around Rs.17,768 (Digit) and Rs.19,829 (TATA AIG) with prices all inclusive of GST.

So the quotes above (If they include all the above addons) and are inclusive of GST are quite competitive and Bajaj Allianz is the way to go.

Thank for the quick and a detailed response, you have rightly covered all the amount etc. I have added all the add ons except for Tyre protect.

On going thru the policy document Kotak states only 2 claims under Zero Dep, and ASC says they have unlimited coverage with Bajaj. However I am not too sure on this whether the ASC are stating it right or not. Is there any restriction on these Zero Dep Coverage across.

Incase of RTI which company provides coverage for longer term as in upto 4-5 years?

Lastly any specific reason you have recommended to go with Bajaj instead of Zurich Kotak? Given that Kotak is around 2k less than Bajaj.
Thanks in Advance
Regards

[yedukrishnan199]

Originally Posted by GJGadget

Thank for the quick and a detailed response, you have rightly covered all the amount etc. I have added all the add ons except for Tyre protect.

On going thru the policy document Kotak states only 2 claims under Zero Dep, and ASC says they have unlimited coverage with Bajaj. However I am not too sure on this whether the ASC are stating it right or not. Is there any restriction on these Zero Dep Coverage across.

Incase of RTI which company provides coverage for longer term as in upto 4-5 years?

Lastly any specific reason you have recommended to go with Bajaj instead of Zurich Kotak? Given that Kotak is around 2k less than Bajaj.
Thanks in Advance
Regards

Usually, insurers which have lower premiums like Zurch Kotak, Digit, Acko etc provide only 2 Zero Depreciation claims a year under their standard policy and while Digit has the option of unlimited Zero Depreciation claims for an extra premium, I am not too sure of Zurich and Acko. However other insurers like Bajaj Allianz, ICICI Lombard etc usually provide Unlimited Zero Depreciation claims and therefore their premium is on the higher side, moreover even the coverage of RSA is different among some insurers, where some cover only Breakdown assistance, so there is sometimes a difference which is noticeable among the insurers who provide lower premiums in the terms and conditions of their add ons.

Now, you are right in the case of Bajaj Allianz as they usually provide Unlimited Zero Depreciation claims as standard but they too recently had the option to get the premium reduced if we opt for a Policy where only 2 zero depreciation claims are allowed.

Now in the initial years, RTI cover is provided by most insurers and anyway, you can change to another insurer on the next renewal, as regards companies which provided RTI for a long duration, ICICI Lombard, HDFC Ergo, Tata AIG usually provide RTI for vehicles for up to 5 years old.

The reason I recommended Bajaj Allianz over Zurich Kotak is due to a combination of the following factors:

1. Better Claim settlement ratio with good customer support, smoother and faster claim processing as compared to Zurich.

2. Better Network of cashless garages

3. Better Customer Service and Support

4. Better Coverage Benefits include higher coverage limits for add-ons, unlimited zero depreciation claims etc.

Moreover, the erstwhile Kotak General Insurance wasn't the most well-regarded among insurers and with Zurich taking it over, it is too soon to tell how much they have improved, if at all, so all things considered these are the reasons I recommend Bajaj Allianz in this scenario even though their premium is higher.

The fact of the matter is, it may seem that paying Rs.1730 extra may not be worth it now, but when the time comes to make a claim, the ease of working with the insurer matters a lot and at that time, the extra Rs.130 may seem worth it for the hassle-free claim settlement process.

I am in no way downgrading Zurich Kotak but their past doesn't inspire confidence and their new owners haven't had enough time to prove me otherwise, moreover, from my personal experience, other experiences of fellow friends and relatives and overall public opinion, Bajaj Allianz is considered a better insurer over Zurich.

[throttleAddict]

Originally Posted by yedukrishnan199

As I can see, the premium is way over what you should be paying for the second year as the second-year premium only includes OD cover and with IDV of RS.9.90 lakhs, it should never be that high. The first-year premium is also high but considering dealership insurance (which includes huge commissions) and considering its 1-year OD + 3-year TP, we will let it slide. Anyway, its already due for renewal, so no use talking about it.

Now from what I see from various insurers for an IDV of Rs.9,90,000 with
Zero Depreciation,24x7 Roadside Assistance, Engine Protector, Consumables Cover, Key & Lock Replacement Cover, Return to invoice, Tyre Protector and Loss of Personal Belongings Cover, the premiums range from Rs.17,024 (TATA AIG), Rs.19,383 (Digit), Rs.22,796 (HDFC Ergo), Rs.23,189 (United India) to as high as Rs.28,586 for ICICI Lombard.

So you are being charged a huge amount here, and it doesn't make sense to pay such a high amount for SBI Insurance when others offer it all for almost half the price.

Yeah, I also think the quote shared is from Hyundai itself that's why the price looks unfair, I just had a look at the policy PDF and my current policy 1 Year for OD and 3 for Third Party, is valid till 12th June 2025, so I still have some time. Meanwhile if you can suggest me a provider to choose that would also be helpful.

[yedukrishnan199]

Originally Posted by throttleAddict

Yeah, I also think the quote shared is from Hyundai itself that's why the price looks unfair, I just had a look at the policy PDF and my current policy 1 Year for OD and 3 for Third Party, is valid till 12th June 2025, so I still have some time. Meanwhile if you can suggest me a provider to choose that would also be helpful.

As regards Insurance Providers, I would suggest the following provided they have a cashless tie-up with the service centre garage of your vehicle. This is in no particular order:

1. Public Sector General Insurers (Government-owned) like New India, United India, Oriental, National etc, but since you are in Tamil Nadu, United India would be the best choice among these as they are based out of Chennai.

2. As regards Private players, Bajaj Allianz, HDFC Ergo, ICICI Lombard, Tata AIG and SBI General are my preferred providers. Moreover since Tata AIG is providing quite a good quote, I would recommend that.

3. As regards mostly online-based (New age) insurance companies like Acko and Digit, I would prefer Digit, especially in South India and their service has been good as regards my personal experience and from the opinions of friends, relatives and the public opinion as a whole in our region.

Now coming to your situation, from the quotes seen from these insurers, Tata AIG seems to offer the best value, followed by Digit and I would recommend them for your renewal.

[Mumbaiker]

When I bought my new car in 2023, I had taken 3 years insurance. Out of these, 2 years is comprehensive plan and 1 year is third party insurance. I am getting calls from Honda and Acko to renew the insurance.
Do I need buy insurance again if I still have third party insurance till May'26?

[Bane214]

Originally Posted by Mumbaiker

When I bought my new car in 2023, I had taken 3 years insurance. Out of these, 2 years is comprehensive plan and 1 year is third party insurance. I am getting calls from Honda and Acko to renew the insurance.
Do I need buy insurance again if I still have third party insurance till May'26?

Your insurance would be 1+3, which is comprehensive for 1 year (2023-24) and third party for 3 years (2023-26). This 1+3 format is mandatory for any new car purchase.
please confirm on the third party validity, if its there then totally up to you to renew or not. But considering its a relatively new year, highly recommended to have comprehensive/ own damage insurance as well.