![]() | #706 |
BHPian Join Date: Aug 2007 Location: Pune
Posts: 224
Thanked: 10 Times
| ![]() My Corolla 1.8 VL, due for Insurance renewal. It's new car, I got delivery on 1st Jan 2009. The ex-showroom price was 1273740/- Current Insurance is done with United by dealer. Dealer have tie up with United,ICICI. There is no claim in last one year, dealer paid 40K for premium. 1. What should be new IDV? 2. Should I change insurance company even if there is no tie up with dealer? |
![]() |
|
![]() | #707 | |
BHPian ![]() Join Date: Oct 2009 Location: Madras
Posts: 196
Thanked: 85 Times
| ![]() Quote:
Any damages to the vehicles, they have to use their own insurance to cover it. If two vehicles are involved in accident, whoever may be at fault, those two guys go to their own insurance and claim for damages. Ofcourse they lose the NC bonus. | |
![]() |
![]() | #708 | |
Senior - BHPian ![]() | ![]() Quote:
| |
![]() |
![]() | #709 | ||
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,658
Thanked: 55 Times
| ![]() Quote:
![]() Quote:
2. If only two option like ICICI(Don't even think of going with them) United is the only company which you can opt for. Not my cup of tea but still, do you have a option of changing the dealer? If yes then please do that and go for a dealer who has a tie-up with Bajaj or Chola or any other good company please do that. If you don't want to take the pain of changing the dealer then United is the only option for you. | ||
![]() |
![]() | #710 | |
Senior - BHPian ![]() | ![]() Quote:
Theoretically, the Mercs insurer will/can pay for the loss suffered by the Merc and then recover the amount from the insurer of the Car/ Bike at fault - under the TP Liability section of the policy of the party at fault. This is the scenario in developed markets (even in Dubai). The Merc owner will not loose his NCB either. I suppose this is possible in those markets where the driving/traffic rules are strictly imposed. The Traffic police summarily decides who is at fault and issues the papaers accordingly to enable the insurance claims. Disputed cases go to the trafic court and the insurance claims will be settled based on the fault/nofault ruling of the court. But in some markets (like it was in India) there is something called a knock for knock agreement between all the insurers operating in the market, where they all agree not to claim from each other (as in India it was all nationalised companies and could not sue each other). This usually is administered by the Ins regulatory Authority along with some form of compensation to offset certain % of the Motor Own Damage losses incurred by "a insurer" - in the form of a contributed common fund maintained by all of the insurers (I better stop here as I am sure all of you are more confused now - but this happens at the back end of insurance companies and customer needn't be concerned) In these type of environment if you make claim you losses your NCB. To sum-up, theoretically in a collision scenario you can get your repair bills paid by the TP Insurer of a vehicle that is at fault (held liable by a traffic court) through the MACT. In practice it never happens and no one in the right frame would want to get in to a situation of any legal wrangling in India. Hope I have confused you all enough ![]() Best Regards & Ride/Drive Safe Ram Last edited by r_nairtvm : 16th December 2009 at 19:30. | |
![]() |
![]() | #711 |
BHPian Join Date: Feb 2009 Location: Kollam, Kerala
Posts: 368
Thanked: 2 Times
| ![]() "If two vehicles are involved in accident, whoever may be at fault, those two guys go to their own insurance and claim for damages." Suppose the scenario where my vehicle has only third party and is hit and badly damaged by another vehicle. The fault is totally his and he also has only third party insurance. Just now saw the post of r nairtvm and that is what I too thought. (the court coming into picture) Hope somebody will clarify the actual state of affairs here. Last edited by janitha : 16th December 2009 at 19:37. |
![]() |
![]() | #712 | |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,658
Thanked: 55 Times
| ![]() @Ram "Please don't say that, you have been always an important contributor on this thread." Quote:
| |
![]() |
![]() | #713 |
BHPian Join Date: Aug 2007 Location: Pune
Posts: 224
Thanked: 10 Times
| ![]() I have only one dealer in Pune. Thanks for all your help. You are really helping all of us. It's great job. |
![]() |
![]() | #714 |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,658
Thanked: 55 Times
| ![]() |
![]() |
![]() | #715 | ||
Senior - BHPian ![]() | ![]() Quote:
Quote:
There was a famous case a few years ago of an oil tanker overturning near Baroda (I think) due to rash and negligent driving. The chopadpati wallas were siphoning kerosene from the overturned vehicle. There was a fire in the process causing heavy loss of human life and damage to property in the visinity including vehicle parked in the visinity. The Courts held that the insurer of the tanker was responsible as the driver was held negligent by the criminal courts. Here in this case there was some arguments rised by the insurer in question that some of the TP vehicles damaged did not have Comprehensive Insurance and hence they were not eligible for compensation. Fortunatel for the owners of those vehivles, the courts held otherwise and they were able to get the claims. The total claims on that was in the region of INR 50 Lakhs + interest (huge amount those days in late 70s and early 80s ![]() Thanks, Best Regards & Drive/Ride Safe Ram | ||
![]() |
![]() | #716 |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,658
Thanked: 55 Times
| ![]() |
![]() |
|
![]() | #717 |
Senior - BHPian ![]() | ![]() |
![]() |
![]() | #718 | |
BHPian Join Date: Feb 2009 Location: Kollam, Kerala
Posts: 368
Thanked: 2 Times
| ![]() Quote:
![]() | |
![]() |
![]() | #719 |
BHPian Join Date: Jan 2008 Location: Bangalore
Posts: 340
Thanked: 464 Times
| ![]() I have a question. Mine is Jan 2008 model Ford Fiesta 1.6 SXI (Petrol) and the insurance is due for renewal. I have got various quotes which i have mentioned below. Please advise if i can get a quote lesser than these. 1. Bharathi Axa - Total premium is Rs 13,131. IDV is Rs 5,62,000. 2. Reliance General Insurance - Total premium is Rs 13400, IDV is Rs 5,62,500. This covers third party property damage of upto Rs 7,50,000 and Owner driver coverage of Rs 2,00,000. These are the best quotes i have got. Please advise if the quotes are fine or do i need to get something better from the insurance company. PS - All premium amounts mentioned are after the deduction of NO CLAIM BONUS amount. |
![]() |
![]() | #720 | ||
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,658
Thanked: 55 Times
| ![]() Quote:
Quote:
![]() As far as Bharti Axa is concern please see my post above. As you can see in the business of insurance they are ranked third from the bottom. Please ask the quote from good company like Bajaj. | ||
![]() |
![]() |