[Fordmanchau]

Have been scouting for my Ford Ikon's insurance renewal which is due for renewal on 2nd feb 2010.
Bajaj Allianz offered me a higher IDV to the extent of Rs. 4,20,000/- for sept 2008 Flair model for premium of Rs. 8628/-.
I asked them how much can you increase the IDV? they went upto 4,50,00/- for a premium of Rs. 9133/-
I asked them to give it to me in writing that they will pay 100% of the IDV in case of car being declared a total loss.
The executive said that he will confirm it with the seniors and revert back.
Today he called up for going ahead with the policy, I asked him where is the confirmation that I asked for.
He then called again and mentioned that "in case of vehicle being declared total loss, they will pay the lower of prevailing market price or IDV".
That is absolute cheating, first you offer higher IDV by charging higher premium and then you don't pay the claim for which you have paid the premium. They will never value the car higher than the IDV.

[rjvora_2000]

First of all sorry guy's for such a delayed reply as I was in my village where there is very poor internet was their so could not connect to TBhp.

Long posted reply but I have to do it.

Originally Posted by deky

Thank you guys for the response on my querry. I was speaking to the insurer and they told me the following things.

1. If i transfer the car in my name and hence transfer the insurance also I will have to pay the balance amount of the months left for the insurance to expire by myself. Is that right? or have I understood them wrong?

2. If I transfer the car when the insurance is about to expire then I will have to start with the insurance all over again and I my dad's NCB on the same car wont be eligible on my insurance. Is that right?

Thanks again!!!

1. Yes they will charge you day by day premium.
2. Right.

Originally Posted by pramodkumar

Rupesh,

I have a question, I was about to renew my insurance through national insurance. But i drive a AP registered car in Kerala, I am planing to Renew my insurance in Kerala itself. My question is would this affect my claim in any ways?

Pramod

As long as the thing's are clear there will not be any problem in claim you can take the policy from anywhere in India.

Originally Posted by f1head

I also have an insurance question :

I recently bought a 1995 Maruti 800 from one of my uncles. I havent transferred it to my name yet. When the insurance came up for renewal , none of the private insurance company agents were up to renew it.

Finally I got it done via an agent who got me the policy via a govt. company but the date of manufacture is written as 2000 instead of 1995. I dont know if agent played the date or if its a genuine fault of the company. The car is still in my uncle's name and in his address.

1. I wanted to know is it legal to deny insurance to old cars by private operators ?

2. Also, whats the procedure to get year corrected ?

3. if I transfer the car now , will it have a problem due to wrong year in insurance policy ?

1. No insurance companies can reject the insurance but they are doing that's a unfortunate part of it.

2. Give a letter and a RC book copy to get the correction done on the policy.

3. Car transfer will not have any problem but Insurance transfer will have a problem.

Originally Posted by Raccoon

^^^ I had the same problem with my old bike. None of the private insurers except IFFCO TOKIO was ready to insure it. And they too were ready only for comprehensive. No private company was ready to do third party insurance... even for newer vehicles. I don't know if its leagal to deny. Would like to know myself.

No sir they can't deny.

Originally Posted by bullboy

As adviced i asked for a quote from 2 companies BA didn't get back after multiple chase.
TATA AIG is quoting 126xx and new india assurance 10239.
any advice on this regard? Is this quoted premium on the higher side?

How much is the discount % in this quotes? other then NCB.

Originally Posted by amitoj

Hi Rupesh

Unfortunately i had to file for insurance claim this week. Fortunately, you are there to answer my queries!
My car is insured with Oriental Insurance and the surveyor has also approved the estimate. But:
1. He says since claim is for more than a lakh, i may need to provide "extract" of my DL from the issuing RTA. My license was issued from Punjab and i am in Bangalore. He says that i MAY be asked for it at the time of getting the claim amount. What is this "DL extract" ?Is this really required? I dont have anyone except for some old uncles living there in Punjab now whom i dont want to trouble really. Is there any other way out?

2. He also asked me to get a complaint filed with the police station. I can get this done but still wanted to check about its importance. And what exactly should i get from the PS?

So far, i have had no issues with Oriental, touchwood. The agent and surveyor both have been very helpful and i wont mind recommending this agent to others also. I understand that Oriental being a GOI undertaking might have some paperwork demands for which i am willing to do some running around.

Thanks in advance
Amitoj

1. Ask the surveyor to use his own resources to take the extract of DL since you don't have anyone their. - I myself is seeing this requirement for first time.

2. If your accident is with some third party then PC is must otherwise that's not a rule.

Originally Posted by lambuhere1

Sorry for the later reply.

My friend just visited the service center and they observed that since the scratching was done intentionally, they need a FIR for the same so that claims can be submitted.

Do we need a FIR for the same ? Or just a copy of the police complaint is enough ? Are they different ? Can anyone please clarify me the same please

Sorry about the quotes below". Wanted you to know the case history for reference

I think you will need FIR, complaint will not do.

Originally Posted by Spinnerr

Today I was renewing the insurance of my Bolero, and I was surprised when the agent said, that

1. Tata and Mahindra vehicles get less discount, and if I had a Hyundayi or Maruthi I was eligible for more (40%).
I now settled for 35% discount with Bajaj Allianz. But he said,
2. he cannot give me any discount for my ride's 'Anti-theft' device, where as earlier I had got some Rs 250 off from ICICI.
3. Is it true that this discount on 'Anti-theft' device is available with only certain plans, or is it because I got 35% off, they cut that option out?
4. Also, does the agent gets to gain in commision if the customer opts for fewer reductions (as discounts, NCB, AAI, Anti-theft)??
5. Edit: Another Q, is that mandatory deduction of Rs 1000/- in case of a claim, reduceable? or is it IRDA prescribed and mandatory?

1. you can get higher discount on good high end car's that is true. I have seen lot of maruti car's with no discount.

2. Icici can do anything to reduce the cost of the premium sir.

3. you will get anti theft discount if it is registered with RTO.

4. As premium will go down agent's commission will also go down. Agent's don't get commission on any TP side of the premium and on the ST.

5. Rs. 1000 is the excess which is must on each and every claim.

Originally Posted by sam003

Hi,
My Innova second year insurance is due next month. It was from Bajaj Allianz. They have quoted IDV 9,45630 (10% dep) and premium amount is Rs 18,262 and they gave another option for Lower IDV 890,972 and premium is 17400. They are offering 20%NCB and 48% discount on both. Please suggest should I go for lower IDV or Higher IDV. Does it make any difference in long run or claim.

Higher IDV is better but at the same time it should be reduced by 10% then last year.

Originally Posted by bj96

How is "Future Generali" ?

My car's insurance is due for renewal next month. I am evaluating different vendors and any info about this one will be highly appreciated.

-BJ

If your service station has a tie-up with them and the quote which you have received from them is good then, that's the best insurance company.

Originally Posted by Fordmanchau

Have been scouting for my Ford Ikon's insurance renewal which is due for renewal on 2nd feb 2010.
Bajaj Allianz offered me a higher IDV to the extent of Rs. 4,20,000/- for sept 2008 Flair model for premium of Rs. 8628/-.
I asked them how much can you increase the IDV? they went upto 4,50,00/- for a premium of Rs. 9133/-
I asked them to give it to me in writing that they will pay 100% of the IDV in case of car being declared a total loss.
The executive said that he will confirm it with the seniors and revert back.
Today he called up for going ahead with the policy, I asked him where is the confirmation that I asked for.
He then called again and mentioned that "in case of vehicle being declared total loss, they will pay the lower of prevailing market price or IDV".
That is absolute cheating, first you offer higher IDV by charging higher premium and then you don't pay the claim for which you have paid the premium. They will never value the car higher than the IDV.

What is the last IDV?

[Fordmanchau]

Originally Posted by rjvora_2000

Higher IDV is better but at the same time it should be reduced by 10% then last year.

What is the last IDV?

The last IDV was Rs. 4,12,300/-

[bullboy]

How much is the discount % in this quotes? other then NCB.

Thanks rjvora. I went ahead with new india assurance for which dealer itself is the agent as i will be out of station by this friday.

[r_nairtvm]

Originally Posted by rjvora_2000

1. No insurance companies can reject the insurance but they are doing that's a unfortunate part of it.

No sir they can't deny.

Rupesh,

You are not entirely correct here.

Yes, Insurer is fully at his liberty to accept or reject any any insurance Proposal !. As is the case with any commercial contract.

But, the compulsory insurance - The Motor Third Party Insurance - cannot be denied or rejected by any of the Indian registered Insurers.

So guys, please don't barge in to Insurance company offices demading comprehensive insurance for old vehicles.

Generally Insurers tend to reject vehicles over 10 years for Comprehensive cover. That is why the agent who got the insurance done for f1heads's 1995 Maruti would have delibrately put the year of manufacture as 2000.

F1head, try to get it corrected immediately. Go to the office where policy was issued and see for yourself as to what is filled in your proposal form. If its written there that year of manufauter/ model year as 2000, then God help you if there is any unfortunate claim. If the year is written correctly in the proposal form then there is no major issue as its the mistake of the insurer.

Giving wrong information in an insurance proposal (whether by the owner or agent) is a breach of "utmost good faith" and the insurance contract can be held null and void.

Best Regards & Drive/Ride Safe

Ram

[Raccoon]

^^^But the fact is that all of them are denying 3rd party insurance.... though it might not be legal. Can anything be done about this?

[r_nairtvm]

Originally Posted by Raccoon

^^^But the fact is that all of them are denying 3rd party insurance.... though it might not be legal. Can anything be done about this?

Racoon,

Is it the case with even the "national" companies?

You can make a written application under Registered A/D Post. Forwarding Letter, Completed Proposal Form and a DD for the TP Policy Premium in the name of the Company to be enclosed.

Cc the forwrding letter to IRDA, Hydrabad, India and the Insurance Ombudsman of your state.

See what they would come up with. If they deny in writing then we know what to do. They would not have the guts to deny in writing.

Thanks and Best Regards

Ram

[Raccoon]

Thanks... worth trying, when I am in fighting mode.

But is it legal to send it by post like that? I mean they would need to inspect the vehicle and all before formally insuring it (if previous policy has expired).

[rjvora_2000]

For TP policy there is no need of a survey as insurance companies don't have to pay for the car damages.

[Raccoon]

^^^ Well, they don't agree. Both the PSUs I called told me that they will need to inspect the bike even for TP insurance. I even asked one of them why this is required for just TP insurance. She told me how else can we be certain that the vehicle even exists? Lol!

[r_nairtvm]

Originally Posted by Raccoon

^^^ Well, they don't agree. Both the PSUs I called told me that they will need to inspect the bike even for TP insurance. I even asked one of them why this is required for just TP insurance. She told me how else can we be certain that the vehicle even exists? Lol!

A little trick of the trade to avoid doing a small policy?

Ask her if a copy of the recent Pollution Test (which I think shows the photo of Vehicle/Plate) will do.

Best Regards & Drive/Ride Safe

Ram

[shishir_bn]

Originally Posted by Raccoon

^^^ Well, they don't agree. Both the PSUs I called told me that they will need to inspect the bike even for TP insurance. I even asked one of them why this is required for just TP insurance. She told me how else can we be certain that the vehicle even exists? Lol!

If the previous policy is lapsed and then if yiu are going for a TP/comprehensive, then you need to show the vehicle AFAIK

[janitha]

Originally Posted by shishir_bn

If the previous policy is lapsed and then if yiu are going for a TP/comprehensive, then you need to show the vehicle AFAIK

Over the past several years, I have seen that they always insist to bring the vehicle for inspection if the previous policy is expired, even for third party policy. Even for Government vehicles ( for which only third party is applicable) it is insisted. {In Kerala it is State Government insurance nowadays for them}

[f1head]

Originally Posted by Raccoon

^^^ Well, they don't agree. Both the PSUs I called told me that they will need to inspect the bike even for TP insurance. I even asked one of them why this is required for just TP insurance. She told me how else can we be certain that the vehicle even exists? Lol!

My agent got the policy done for my car, I never had to take the car anywhere.

[rjvora_2000]

Originally Posted by Raccoon

...She told me how else can we be certain that the vehicle even exists? Lol!

I really fail to understand this reason.

Under TP they have to pay for third party damages and not for the vehicle. Then what do they check in the vehicle? If vehicle do not exists then they will never have to pay for the claim Right?

This is a very simple logic which is not understood by them. Lack of insurance knowledge is the only reason for this problem I think.