![]() | #961 | ||
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,658
Thanked: 55 Times
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2. 3rd party claim will not pay for the car loss. | ||
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![]() | #962 | |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mangalore / Bangalore
Posts: 1,127
Thanked: 251 Times
| ![]() People, posting on behalf of my college who owns a i10 Sportz Quote:
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![]() | #963 | |
Senior - BHPian ![]() | ![]() Quote:
Rupesh has answered your question already. But just check with the insurer. They may allow NCB for both vehicles, atleast they do so abroad. I have two cars here both insured with Axa. 1st Car I had earned Maximum NCB. Then I bought my second car. I made the policy for the old car on a named driver basis with my wife being the primary named driver and then took the insurance for a second car for which Axa allowed the same NCB as the old policy and in addition they gave a fleet discount of 5% as well (more than 1 car is treated as a fleet). So it may be possible to keep the insurance of the old car with the earned NCB and get the same NCB for the new car as well. Just explore with one of the compnies which has a foreign JV partner. Best Regards & Drive/Ride Safe Ram Last edited by r_nairtvm : 16th February 2010 at 11:08. | |
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![]() | #964 | |
Senior - BHPian ![]() | ![]() Quote:
Are you sure? Because the COP said specifically that since our car is old we need to apply for 3rd party claim to get maximum money, else we may not even get the IDV, i felt this could not be true hence i am seeking your suggestions.. Pramod | |
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![]() | #965 | |
Senior - BHPian ![]() | ![]() Quote:
On the monthly pro-rata depreciation (may be something like 15%/12 months) you need to read through the policy condition. It might be there or it may not be. Please read the fine print. If monthly depreciation is not mentioned or if its mentioned that you will get the IDV on total loss then go for it. Insurers will pay. On 3rd party calim, you will get the money from the court. I have posted about this in my post below in answer to "aargee" Best Regards & Drive/Ride Safe Ram | |
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![]() | #966 |
BHPian Join Date: Mar 2006 Location: Bangalore
Posts: 139
Thanked: 14 Times
| ![]() Hi , We are planning to go for Manza and the insurance quote which we got from the dealer is 22K. Is it OK. The dealer says that they have tie up with Reliance and this is will be better than any thing available in market. Pls advise.. Regards, Gopi. |
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![]() | #967 | |||
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,658
Thanked: 55 Times
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Please stay away from Icici and Reliance even if they give policy for free. | |||
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![]() | #968 |
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,658
Thanked: 55 Times
| ![]() 1. Sad but true:- Icici Lombard get's iAAA rating for 4th year from ICRA. Which they have got because of highest claims paying ability. 2. One more news that they will also offer 0% depreciation product for motor insurance shortly. 3. Supreme Court has suggested Central and State government to work on the model of life time premium on vehicle. 4. Cholamandalam to offer online renewal of their own motor policies, soon they will also offer Travel, Health, Home and P.A. policies. |
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![]() | #969 |
BHPian Join Date: Jan 2009 Location: Noida
Posts: 93
Thanked: 3 Times
| ![]() Hi, My Car insurance is up for renewal.I need guidance here Current Insurance details IDV : 472783 Preimum : 11323 Insurance : bajaj Allianz Current Offer (from Bajaj Allianz) IDV:403729 Premium : 15230 Now as per my (limited)understanding when IDV value reduces the premium reduces.So how are the premiums increasing in my case.I did claim on a small accident and total cost of the repairs came to around 9k(I paid 4.5k as it involved intercooler and bumper) What do you guys think? |
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![]() | #970 |
BHPian Join Date: Nov 2004 Location: World
Posts: 122
Thanked: 135 Times
| ![]() It's insurance renewal time for my 5-year-old Baleno. I've always had Maruti Insurance. This time the premium quote from the dealer I bought it from last year was about the same as that last year! When I pointed it out, the quote came down by a few hundred rupees! I found out that the IDV had also come down by about 20k (as a result of starting out with a much lower "ex-showtoom price" than last year)! So I talked to another Maruti dealer. The "ex-showtoom price" went back up to last year's level, with a consequently higher IDV, and a premium quote the same as the figure first quoted by the first dealer! Here is what I found out about how the calculations were made (apparently there is a set formula for Maruti Insurance): 1. Starting out with whatever IDV the dealer chose, 3.339% of own damge premium was calculated. 2. A 21% discount on OD premium was given (by both the dealers). Last year this discount was 30%. Apparently the discount is less for a 5-year-old vehicle (is this true?). 3. Here is a catch. Rather than applying the 50% NCB on the above (discounted) OD premium, first the Anti-theft-device discount and the Automobile Association membership discount were applied. Only then the NCB was calculated on the reduced OD amount, thereby saving the insurer a few hundred rupees. Is this the standard way of doing this? 4. Now the third party amount and the tax were added to arrive at the final quoted premium. 5. Now the first dealer gave an additional 4.5% discount, while the second promised none. How much can I push them for discount here? rjvora_2000, is this the other discount you were talking about in one of your posts earlier? Also, I've managed to use my car very little in 5 years (only 14000 kms)! Does it entitle me to a higher IDV ? Any other tips? Thanks a lot. |
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![]() | #971 |
Senior - BHPian ![]() Join Date: Jun 2008 Location: Kolkata
Posts: 1,430
Thanked: 860 Times
| ![]() RJvora...2 questions for you brother: 1) My CRV's insurance is due for renewal.. so just wanted to ask one question.. Do any of the insurance companies offer depreciation free insurance currently?? (0% depreciation, even on plastics) 2) Was talking to a friend yesterday, he mentioned last year he had a claim on his swift, and this year he plans to switch insurance companies. He does not intend to inform the new insurer that he had a claim!! He says this way he still keeps his NCB intact! Apparently, he has done this before, and gotten away with it. My questions. Is this : 1) Possible? 2) Legal? |
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![]() | #972 |
BHPian ![]() Join Date: Oct 2009 Location: Madras
Posts: 196
Thanked: 85 Times
| ![]() @AbhiJ, not sure how your friend did that. Didn't the new insurer requires a letter from old insurer? Your friend is risking the claim process... Suppose in case of major claim, the insurer usually looks more into details. Their aim is to look for any faults which they could use to reject the claim or minimize the claim amount as much as possible. There is a high possibility that hiding about NCB comes out and the insurance cover become void. He might end up paying from his pocket. |
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![]() | #973 | |
Senior - BHPian ![]() | ![]() Quote:
He must have connived with somebody inside the insurance company (either old or new) to get away with this If the breach of trust (principle of "Utmost Good Faith" becomes evident not only will the insurance be void your friend could be prosecuted for a Criminal Offence under various sections of Indian Penal Code. In the days of "nationalised" companies it was normally an offence investigated by CBI. Hope "the friend" realises the implications of this. If so all the best to him Best Regards & Drive/Ride Safe Ram | |
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![]() | #974 | ||||
Senior - BHPian ![]() Join Date: Mar 2008 Location: Mumbai/Mulund
Posts: 1,658
Thanked: 55 Times
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There are basically 2 types of discount which make's a lot of difference in the premium calculation of a car. 1st is NCB which is given by your eligibility, you can't change any thing in this. 2nd is OD discount (Which can be called a Other discount, Relationship discount or may be anything they name.) This is the place where you can play around a lot with this insurance companies and you can bargain on this one a lot. IDV has to be reduced by minimum 10% from last year. Quote:
2. What your friend is doing is possible but 100% illegal if there is a claim tomorrow and the new insurance company comes to know that he had claimed in last year which he has not shown to them his claim will not be payable. He can't challenge that in court of law also. Quote:
Insurance company may offer a policy without any letter from insurer but they check it when it comes to make payments. | ||||
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![]() | #975 |
BHPian Join Date: Mar 2006 Location: Bangalore
Posts: 139
Thanked: 14 Times
| ![]() How much we need to pay approx for insurance for a brand new manza diesel with ABS? |
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