Team-BHP > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 14th December 2009, 09:26   #691
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,658
Thanked: 53 Times
Default

Quote:
Originally Posted by Reddy@Hyd View Post
Hi rjvora,
I bought a car in sept 2009.Car got a dent on left front door.There is no scratch.Don't know how it happened.Dealer was saying around 5k.Since it was almost not visible i left that.Now i got a scratch on front bumper while i was removing car from parking.
So can i claim for insurance for both of these?
No you can't legally speaking but there are so many people who are claiming this kind of thing's and there claim's were paid in the past.

Remember your claim for both the side is not payable if you speak the truth.

Quote:
Originally Posted by Reddy@Hyd View Post
How do i explain this? as i don't know how the dent happened
I don't think you need to do anything hear as you will give your car to service station and those guy's are expert in handling such things.

Quote:
Originally Posted by samking View Post
Hi,

I am buying a new i10. Hyundai is offering the insurance from their side for 14,651 for a showroom price of 396,219. As part of year end offer, they are giving 1st year insurance free.
Outside insurance is 9,000 to 10,000 with Bajaj Allianz, ICICI Lombard, etc
If I dont take the insurance from dealer, they will give more discount of 10,000 odd - so it will come to same thing while using that 10,000 to buy insurance outside.

I am not sure what to do in this scenario - considering the next years. In 2nd year, the 14K will reduce by 20% or so v/s outside 10K which will reduce by 20%.
At the outset, taking insurance outside seems beneficial - but I am unable to understand the math behind it.
Can you guys please advise?

Thanks,
Sam
Dear Sam,

As I can see that in current year it doesn't make much difference to you but in next year both the policy will have same premium as in next year you can bargain the premium with the companies. Dealer is not currently offering any discount in premium that's a reason of high premium and nothing else.

Regards.

Quote:
Originally Posted by NOTORIOUS View Post
how much IDV an be increased legally ???
Increase or Decease ???
rjvora_2000 is offline  
Old 14th December 2009, 12:18   #692
BHPian
 
cyclops's Avatar
 
Join Date: Mar 2008
Location: Pune
Posts: 297
Thanked: 12 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
Increase the IDV and go for 0% dep. car insurance, It look's good to me.
Thanks for the advise.

But how is the o% dep. scheme. Does it really works? Has anyone had a first hand experience on this?
cyclops is offline  
Old 14th December 2009, 12:31   #693
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,658
Thanked: 53 Times
Default

Quote:
Originally Posted by cyclops View Post
Thanks for the advise.

But how is the o% dep. scheme. Does it really works? Has anyone had a first hand experience on this?
I have seen the policy wording but I have not meet anyone who's claim have been paid under this policy.
rjvora_2000 is offline  
Old 14th December 2009, 16:40   #694
Senior - BHPian
 
r_nairtvm's Avatar
 
Join Date: Feb 2009
Location: Dubai/TRV/BLR
Posts: 2,025
Thanked: 2,343 Times
Default

Quote:
Originally Posted by cyclops View Post
Thanks for the advise.

But how is the o% dep. scheme. Does it really works? Has anyone had a first hand experience on this?
Cyclops,

The 0% Depreciation Policy may be new concept for India. But internationally it has been available for some time.

Usually for this the Insurance Comapny and the workshop would negotiate and arrive at an agreement to get your car repaired. Then they would give you a copy of work order which will detail what are replacements and repairs.

If you have any dispute about replacement or non replacement of any item, you can dispute it at this stage

You have the right to insepect car/vehicle at fairly reasonable intervals including before the painting process.

Once the repair is complete you inspect the car do trial run if needed, then if satisfied sign the Satisfation Note, pay the deductible/excess if any and drive out.

This I am talking from my experience in Gulf. Here for 1st year from new all vehicles would be eligible for "Agency Repair". Then it depends on your history and NCB etc. The agency repair here is extendable up to 6 years.

Again I am not familiar with what is happening in India at the moment.

Trus this would serve as a guide for you to querry the Insurance company. Ask them to give you a guide on this. Read the policy (ask for specimen) and read it up as well.

Thanks Best Regads & Ride/Drive safe

Ram
r_nairtvm is offline  
Old 14th December 2009, 16:56   #695
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,658
Thanked: 53 Times
Default

Dear Ram,

Thank you for sharing the International way of working in this types of insurance policies. In India also systems are similer to what you have said. Just would like to add one point that in case of total loss the entire value (Which is ex-showroom cost) is paid to the insured.
rjvora_2000 is offline  
Old 15th December 2009, 11:49   #696
BHPian
 
kalyan_hyd's Avatar
 
Join Date: Nov 2009
Location: Hyderabad
Posts: 532
Thanked: 848 Times
Default

Hi Sir,
I booked a Honda City and am planning to get insurance on it by myself as the dealer is quoting a pretty high premium. The ex-showroom price of the car is Rs 8,99,000.00. I am getting a discount of Rs 19,000.00 on the ex-showroom price.

I have some doubts regarding calculation of the IDV of the vehicle for insurance, should it be:
a. Rs 8,99,000.00 (ex-showroom price)
b. Rs 8,80,000.00 (ex-showroom - discount offered)
c. Rs 8,54,000.00 (calculated as 95% of ex-showroom price)

Also, if I declare the IDV value of my car as Rs 7,00,000.00. I understand that on a total loss of the car, the amount the insurance company will pay me is Rs 7,00,000.00. I wanted to know if in this case, on a partial loss which say costs Rs 50,000.00 for the repair work, will the insurance company reduce the amount payable to me by the same percentage that I reduced the IDV of the car from the ex-showroom price of the car or will I get paid fully as the damage cost is still under the IDV I declared.
kalyan_hyd is offline  
Old 15th December 2009, 12:30   #697
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,658
Thanked: 53 Times
Default

Quote:
Originally Posted by kalyan_hyd View Post
Hi Sir,
I booked a Honda City and am planning to get insurance on it by myself as the dealer is quoting a pretty high premium. The ex-showroom price of the car is Rs 8,99,000.00. I am getting a discount of Rs 19,000.00 on the ex-showroom price.

I have some doubts regarding calculation of the IDV of the vehicle for insurance, should it be:
a. Rs 8,99,000.00 (ex-showroom price)
b. Rs 8,80,000.00 (ex-showroom - discount offered)
c. Rs 8,54,000.00 (calculated as 95% of ex-showroom price)

Also, if I declare the IDV value of my car as Rs 7,00,000.00. I understand that on a total loss of the car, the amount the insurance company will pay me is Rs 7,00,000.00. I wanted to know if in this case, on a partial loss which say costs Rs 50,000.00 for the repair work, will the insurance company reduce the amount payable to me by the same percentage that I reduced the IDV of the car from the ex-showroom price of the car or will I get paid fully as the damage cost is still under the IDV I declared.
They will reduce it in each and every claim.

Your IDV has to be Rs. 8,36,000/- (Which is 880000 X 95%)
rjvora_2000 is offline  
Old 15th December 2009, 14:36   #698
Senior - BHPian
 
r_nairtvm's Avatar
 
Join Date: Feb 2009
Location: Dubai/TRV/BLR
Posts: 2,025
Thanked: 2,343 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
They will reduce it in each and every claim.

Your IDV has to be Rs. 8,36,000/- (Which is 880000 X 95%)
Kalyan,

I would modify the above slightly; If the dealer discount is shown in your final invoice then your IDV should be INR 836 K. If its not shown in final invoice the you are better off taking a IDV as option c. INR 854 K.

Not that it would make any significant difference at any stage.

Best Regards & Drive/Ride Safe

Ram
r_nairtvm is offline  
Old 15th December 2009, 15:11   #699
BANNED
 
DCEite's Avatar
 
Join Date: Sep 2004
Location: NCR
Posts: 3,186
Thanked: 1,335 Times
Default

What exactly are the anti-theft devices which make the car eligible for discount. Does an aftermarket Gear lock count?
DCEite is offline  
Old 15th December 2009, 15:46   #700
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,658
Thanked: 53 Times
Default

Quote:
Originally Posted by DCEite View Post
What exactly are the anti-theft devices which make the car eligible for discount. Does an aftermarket Gear lock count?
Any anti-theft device which is approved by ARAI. (Automotive Research Association of India) for more in this please visit their web site. Home : Automotive Research Association of India(ARAI)
rjvora_2000 is offline  
Old 15th December 2009, 18:18   #701
BHPian
 
kalyan_hyd's Avatar
 
Join Date: Nov 2009
Location: Hyderabad
Posts: 532
Thanked: 848 Times
Default

Quote:
Originally Posted by rjvora_2000 View Post
They will reduce it in each and every claim.

Your IDV has to be Rs. 8,36,000/- (Which is 880000 X 95%)
Thanks for the suggestion. Now I understand how IDV is calculated.
kalyan_hyd is offline  
Old 15th December 2009, 18:20   #702
BHPian
 
kalyan_hyd's Avatar
 
Join Date: Nov 2009
Location: Hyderabad
Posts: 532
Thanked: 848 Times
Default

Quote:
Originally Posted by r_nairtvm View Post
Kalyan,

I would modify the above slightly; If the dealer discount is shown in your final invoice then your IDV should be INR 836 K. If its not shown in final invoice the you are better off taking a IDV as option c. INR 854 K.

Not that it would make any significant difference at any stage.

Best Regards & Drive/Ride Safe

Ram
Thanks for the suggestion. Will look at the final invoice and then decide upon the IDV value as you suggested. In the sales contract, it does mention the discount.
kalyan_hyd is offline  
Old 15th December 2009, 18:22   #703
Team-BHP Support
 
bblost's Avatar
 
Join Date: Jul 2007
Location: Hyderabad
Posts: 10,508
Thanked: 10,792 Times
Default

My car is insured for about 2Lakhs.
If I crash into a Mercedes and their bill runs to a couple of lakhs. Will my insurance company pay them.

The assumption is I am at fault and agree that it is my fault.
So does my insurance company pay them.

What if instead of my car, its my bike that crashes into the merc and shatters the windscreen.
Will my insurance cover the repair cost.
bblost is offline  
Old 15th December 2009, 18:57   #704
Senior - BHPian
 
sdp1975's Avatar
 
Join Date: Aug 2009
Location: Bangalore
Posts: 1,695
Thanked: 1,148 Times
Default

There are 2 parts to any insurance : own damage(OD) and third party insurance.

OD(damage to your 2L car) is optional, but 3rd party insurance(Merc) is compulsory as per law.

There are limits to 3rd party damage, don't remember what the limits are. Even if it's your fault, insurance should cover it ( provided that the driver had a valid license while driving, was not under the influence of anything - standard clauses ).

The process is for the 3rd party to go to the MACT ( motor accidents claims tribunal) and claim for damage. Long drawn affair.

Last edited by sdp1975 : 15th December 2009 at 18:58.
sdp1975 is offline  
Old 16th December 2009, 08:38   #705
Senior - BHPian
 
rjvora_2000's Avatar
 
Join Date: Mar 2008
Location: Mumbai/Mulund
Posts: 1,658
Thanked: 53 Times
Default

Quote:
Originally Posted by sdp1975 View Post
There are 2 parts to any insurance : own damage(OD) and third party insurance.

OD(damage to your 2L car) is optional, but 3rd party insurance(Merc) is compulsory as per law.

There are limits to 3rd party damage, don't remember what the limits are. Even if it's your fault, insurance should cover it ( provided that the driver had a valid license while driving, was not under the influence of anything - standard clauses ).

The process is for the 3rd party to go to the MACT ( motor accidents claims tribunal) and claim for damage. Long drawn affair.
Sirji wrong information.

Quote:
Originally Posted by bblost View Post
My car is insured for about 2Lakhs.
If I crash into a Mercedes and their bill runs to a couple of lakhs. Will my insurance company pay them.

The assumption is I am at fault and agree that it is my fault.
So does my insurance company pay them.

What if instead of my car, its my bike that crashes into the merc and shatters the windscreen.
Will my insurance cover the repair cost.
If bike owner crashes to Mercedes guy that it's the Mercedes guy's comprehensive insurance policy which will pay for repair of damage of his Mercedes car and not the bike's insurance policy.

Third party dose not mean the way you have understood it. Otherwise Mercedes guy will not go for comprehensive insurance, forget about him even you and me we all will have TP only.
rjvora_2000 is offline  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2021, Team-BHP.com
Proudly powered by E2E Networks