[hdi_pro]

[quote=rjvora_2000;1747202]From your calculation you have not told how much % Ncb you have in your current policy? which will be 0 on renewal of the motor policy.

Hi,

There is no NCB as I have already made a claim(This is the first year of insurance.I got the new car in April 2009).The question is IDV has reduced from 4.7Lakh to 4Lakh and premium has increased from 11k to 15K.How is possible

-hdi_pro

[rjvora_2000]

Originally Posted by shalini_g

How much we need to pay approx for insurance for a brand new manza diesel with ABS?

This is open question, please get quotes from 2 or 3 good insurer then compare them.

Originally Posted by hdi_pro

Hi,

There is no NCB as I have already made a claim(This is the first year of insurance.I got the new car in April 2009).The question is IDV has reduced from 4.7Lakh to 4Lakh and premium has increased from 11k to 15K.How is possible

-hdi_pro

They have given you 0% other discount. That can be one of the reason of increase in premium. I am not talking of NCB, I am talking of other discount.

[comfortablynumb]

Hi,

I've booked a Scorpio SLE a few days back and am scouting around for insurance quotes from several co's, as the dealer provided one seems a bit high.

The ex-showroom price of the vehicle is 8.21 lakhs. AFAIK, the IDV should come to 95% of this, which is approx. 7.80 lakhs. However, Bajaj Allianz is considering IDV as 8.25 lakhs, and still their quoted premium and coverage is at par with the policy provided by the dealer (HDFC Ergo is also trying to match BA). Is taking such a policy (having IDV more than ex-showroom price) advisable or will it lead to any problems when I make a claim or transfer insurance to some other provider after the 1st year?

Thanks in advance!

Cheers,
Vikram

[rjvora_2000]

Originally Posted by comfortablynumb

1. AFAIK, the IDV should come to 95% of this, which is approx. 7.80 lakhs.
2. However, Bajaj Allianz is considering IDV as 8.25 lakhs, and still their quoted premium and coverage is at par with the policy provided by the dealer (HDFC Ergo is also trying to match BA).
3. Is taking such a policy (having IDV more than ex-showroom price) advisable or will it lead to any problems when I make a claim or transfer insurance to some other provider after the 1st year?

1. True.
2. Tell bajaj to reduce the IDV and give you the quote again.
3. Your claim will be payable as per 95% value of invoice in case of theft or total loss. It doesn't make any sense to keep the Idv high. No problem in shifting the policy or anything with higher value.

[comfortablynumb]

rjvora_2000 - I will do what you have suggested. Till now, I'd thought that the invoice price meant on-road price; but from your reply, I guess it means ex-showroom price (excluding insurance, reg'n fee, road tax etc).

Thank you very much for the prompt reply!

Cheers,
Vikram

[r_nairtvm]

Originally Posted by rjvora_2000

1. True.
2. Tell bajaj to reduce the IDV and give you the quote again.
3. Your claim will be payable as per 95% value of invoice in case of theft or total loss. It doesn't make any sense to keep the Idv high. No problem in shifting the policy or anything with higher value.

Originally Posted by comfortablynumb

rjvora_2000 - I will do what you have suggested. Thank you very much for the prompt reply!

Cheers,
Vikram

Vikram,

What Rupesh has stated above is correct. However, be cautious here.

Are you financing the vehicle 100%. If so the Financer will/may incist to see the full Invoice price as the IDV.

All the Best for the new car and enjoy it.

Best Regards

Ram

[comfortablynumb]

Originally Posted by r_nairtvm

Are you financing the vehicle 100%. If so the Financer will/may incist to see the full Invoice price as the IDV.

All the Best for the new car and enjoy it.

Hello Ram,

No, the auto loan component is less than 50% of the ex-showroom price. So, I guess it won't lead to any tantrums from the financier.

Thanks for the good wishes.

Cheers,
Vikram

[rjvora_2000]

Originally Posted by r_nairtvm

Vikram,

What Rupesh has stated above is correct. However, be cautious here.

Are you financing the vehicle 100%. If so the Financer will/may incist to see the full Invoice price as the IDV.

All the Best for the new car and enjoy it.

Best Regards

Ram

Ram I think Bank's have stopped financing 100% of the cost of the car since few month's - I think so.

Because of the bad experience.

[mailmishra]

Hi,

My Honda City's insurance expires in March, I bought car in last March. I am supposed to renew the same.I have got the following quote from one of the honda dealers. Attached is the quote.

1. I have following questions:IDV value of car is different for Bajaj (IDV: 728395, Premium: 17578 ) and for ICICI (IDV: 646000, Premium: 16747) both for 0% depreciation. Bajaj has a high IDV value, hence higher premium.I want to know what is the right IDV value of the car that I should get. My car ex-showroom price when bought was 8.05L so what is the percent value that I should take IDV as?
2. In the attached sheet there are two quotes from ICICI one as Comprehensive other as O% depreciation. What is the difference between both. Does it make sense to take 0% Depriciation?
3. Also there is another offer of Honda Assure. They claim that parts like wiring/ECM/headlights are treated as Plastics by other insurer's, however Honda assure says it will treat it as an not plastic part and re-imburse its value less the depreciation applicable, as opposed to others who deduct 50% flat on plastic parts. Offcourse it comes at a premium.
4. How is Honda Assure program different from those being offered by other Insurance where plastic parts are covered with 100% value. Or is it the same ?
5. IF you check the sheet again, my no-claim bonus is somewhere 2.4 to 3 k . I do not understant why everyone encourages to save no claim bonus. I had damaged a fender and wiring eaten by rat, I refrained using insurance as everyone suggested that use no claim bonus. However I guess this amount is really not a match against what I will spend to get my car to normal. Please let me know if I am missing on something here?
6. My insurance expires late in march. With such low No claim bonus, will it make sense for me to use insurance to get my car repaired.?Basically I have two stuff to get repaired.
   1. Fender : Needs denting and painting : estimated cost 4-4.5K . I expect to get full except the Rs.500 claim charge.
   2. Wiring harness : parts cost :4.5 k (plastic part hence reimbursment will be 50%) around 2.2k less 500 for claim charges.

So if I let go my no claim bonus, I am still at advantage.

Note : Both damage are done by animals (Will I get a claim?)

Guru's need advice on the same.

[iamswift]

Originally Posted by mailmishra

IF you check the sheet again, my no-claim bonus is somewhere 2.4 to 3 k . I do not understant why everyone encourages to save no claim bonus. I had damaged a fender and wiring eaten by rat, I refrained using insurance as everyone suggested that use no claim bonus. However I guess this amount is really not a match against what I will spend to get my car to normal. Please let me know if I am missing on something here?

You need to decide whether to spend from your pocket or claim insurance based on the savings you make from NCB and your own amount you spend.
Do not blindly follow others advice on this. Do a simple calculation to see which is better.
In the initial years NCB might be meagre. But if there are no claims continuously for 5 years, you could get discount up to 50%.
Considering this and the value of claim, you can decide.
[Edit] When calculating premium discount for next 5 year, remember that premium reduces each year.
Also consider all the spends you might make in next 5 years. This is bit difficult to estimate. Based on your spend pattern or area of driving etc can give you ballpark figure.

[narayanang76]

I want to understand the following and the background is as follows:

I recently sold of my car (Maruti Zen which had comprehensive insurance valid till November 2010 - it was Maruti Insurance). Ownership transfer is complete on that. I had NO insurance claims on Maruti Zen for 4 years of ownership. :-)

I also bought another car (Honda City - which has valid insurance till December 2010 and ownership transfer is in progress on that - from company).

Now I want to basically understand -
How can I transfer NCB from Maruti Zen to the Honda City Insurance, once the transfer is complete?

Can anyone please guide me step-by-step what steps should I follow during insurance transfer (for both 'outgoing' Maruti Zen and 'incoming' Honda City), including if I need to do anything on my Maruti Zen Insurance as well?

Regards,
narayanang76

[r_nairtvm]

Originally Posted by mailmishra

Hi,

My Honda City's insurance expires in March, I bought car in last March. I am supposed to renew the same.I have got the following quote from one of the honda dealers. Attached is the quote.

1. I have following questions:IDV value of car is different for Bajaj (IDV: 728395, Premium: 17578 ) and for ICICI (IDV: 646000, Premium: 16747) both for 0% depreciation. Bajaj has a high IDV value, hence higher premium.I want to know what is the right IDV value of the car that I should get. My car ex-showroom price when bought was 8.05L so what is the percent value that I should take IDV as?
2. In the attached sheet there are two quotes from ICICI one as Comprehensive other as O% depreciation. What is the difference between both. Does it make sense to take 0% Depriciation?
3. Also there is another offer of Honda Assure. They claim that parts like wiring/ECM/headlights are treated as Plastics by other insurer's, however Honda assure says it will treat it as an not plastic part and re-imburse its value less the depreciation applicable, as opposed to others who deduct 50% flat on plastic parts. Offcourse it comes at a premium.
4. How is Honda Assure program different from those being offered by other Insurance where plastic parts are covered with 100% value. Or is it the same ?
5. IF you check the sheet again, my no-claim bonus is somewhere 2.4 to 3 k . I do not understant why everyone encourages to save no claim bonus. I had damaged a fender and wiring eaten by rat, I refrained using insurance as everyone suggested that use no claim bonus. However I guess this amount is really not a match against what I will spend to get my car to normal. Please let me know if I am missing on something here?
6. My insurance expires late in march. With such low No claim bonus, will it make sense for me to use insurance to get my car repaired.?Basically I have two stuff to get repaired.
   1. Fender : Needs denting and painting : estimated cost 4-4.5K . I expect to get full except the Rs.500 claim charge.
   2. Wiring harness : parts cost :4.5 k (plastic part hence reimbursment will be 50%) around 2.2k less 500 for claim charges.

So if I let go my no claim bonus, I am still at advantage.

Note : Both damage are done by animals (Will I get a claim?)

Guru's need advice on the same.

1. Your IDV should be somewhere between INR 6,85,000 & 7,20,000 (15-10% of Invoice price as the car is only a year old and assuming to be having a good market value).

2. I can not compare the quotes as am not aware of the rating structure. However for a new car it would make sense to have 0% Depreciation insurance

3 & 4. With a 0% Depreciation policy, it should/would be same as what Honda Assure is talking about. Unless there are some othe VFM additional features there

5. Insurance is not intended for the maintenance or running maintenance of the car. It should really be looked at as a risk minimisation/transfer tool so that you can protect your finances from being affected so as to leave your financial ability incapacitated.

In maintaining a car or any other vehicle, there are associated costs involved and those can not be avoided (other than fuel & servicing costs). Trying to use Insurance for meeting such expenses is not a good financial practice. In your case the total outgo for such expenses is about 1.5% of the cost of your car. I am sure you can manage that in your stride (if you did not have an insurance).

On the other hand, if you had a loss say to about 10% of you investment, funding that is not going to be easy for most. Such a case claim insurance. Insurance should come in to play when your loss is of catastrophic nature to your regular finances or financing ability.

This year your NCB is only 20% you can add it up to 50%. Say at end of 5 years you are repalcing your car with say the CRV. Figure out the saving you will make on that.

More than that with NCB you are establishing yourself more as a safe driver & a good customer. In an developed insurance market, this is really valueless. In certain markets you just can not get a Comprehensive Insurance without a safe driving history as proven by your NCB. otherwise you would have the ingnonimity of living with a "beginners comprehensive insurance" with all sorts of driving and usage restriction.

To answer your question - its up to you to decide if you want to claim or not.

Probably you can get both the claims paid.

Sorry for this long ramble- you see I am on my off (work) day today.

Thanks and Best Regards

Ram

[nairrk]

If I am correct, Insurance company normally charges about 2.5% (plus taxes) of showroom value of the car as one year insurance premium. There can be marginal adjustments will be there depends to the company (some company offer discounts to attract customers!)

[AbhiJ]

RJVora... One last question

Car: Honda CRV
NCB: 50 %
IDV : 1248344
No Voluntary Excess
No Alarm/Other Discounts

Bajaj/Iffco : What should be a good quote for my policy.

[rjvora_2000]

Originally Posted by mailmishra

Hi,

My Honda City's insurance expires in March, I bought car in last March. I am supposed to renew the same.I have got the following quote from one of the honda dealers. Attached is the quote.

1. I have following questions:IDV value of car is different for Bajaj (IDV: 728395, Premium: 17578 ) and for ICICI (IDV: 646000, Premium: 16747) both for 0% depreciation. Bajaj has a high IDV value, hence higher premium.I want to know what is the right IDV value of the car that I should get. My car ex-showroom price when bought was 8.05L so what is the percent value that I should take IDV as?
2. In the attached sheet there are two quotes from ICICI one as Comprehensive other as O% depreciation. What is the difference between both. Does it make sense to take 0% Depriciation?
3. Also there is another offer of Honda Assure. They claim that parts like wiring/ECM/headlights are treated as Plastics by other insurer's, however Honda assure says it will treat it as an not plastic part and re-imburse its value less the depreciation applicable, as opposed to others who deduct 50% flat on plastic parts. Offcourse it comes at a premium.
4. How is Honda Assure program different from those being offered by other Insurance where plastic parts are covered with 100% value. Or is it the same ?
5. IF you check the sheet again, my no-claim bonus is somewhere 2.4 to 3 k . I do not understant why everyone encourages to save no claim bonus. I had damaged a fender and wiring eaten by rat, I refrained using insurance as everyone suggested that use no claim bonus. However I guess this amount is really not a match against what I will spend to get my car to normal. Please let me know if I am missing on something here?
6. My insurance expires late in march. With such low No claim bonus, will it make sense for me to use insurance to get my car repaired.?Basically I have two stuff to get repaired.
   1. Fender : Needs denting and painting : estimated cost 4-4.5K . I expect to get full except the Rs.500 claim charge.
   2. Wiring harness : parts cost :4.5 k (plastic part hence reimbursment will be 50%) around 2.2k less 500 for claim charges.

So if I let go my no claim bonus, I am still at advantage.

Note : Both damage are done by animals (Will I get a claim?)

Guru's need advice on the same.

1. On 0% depreciation the IDV should be the ex. showroom cost of the car as they have to reimburse you the entire cost of the car.

2. Please take the details from the Icici for 0% depreciation product. This is an entirely different product then the ordinary motor policy.

3. HA is again an different product from ordinary product.

4. I think almost same product with a different name.

5. You should claim in this case.

6. You will get the claim but how much and how I think some service station guy will be in better position to answer since I can't see the car.

Originally Posted by iamswift

You need to decide whether to spend from your pocket or claim insurance based on the savings you make from NCB and your own amount you spend.
Do not blindly follow others advice on this. Do a simple calculation to see which is better.
In the initial years NCB might be meagre. But if there are no claims continuously for 5 years, you could get discount up to 50%.
Considering this and the value of claim, you can decide.
[Edit] When calculating premium discount for next 5 year, remember that premium reduces each year.
Also consider all the spends you might make in next 5 years. This is bit difficult to estimate. Based on your spend pattern or area of driving etc can give you ballpark figure.

As his claim amount is somewhere around 6500+ that's reason I am suggesting him for claim.

Originally Posted by narayanang76

I want to understand the following and the background is as follows:

I recently sold of my car (Maruti Zen which had comprehensive insurance valid till November 2010 - it was Maruti Insurance). Ownership transfer is complete on that. I had NO insurance claims on Maruti Zen for 4 years of ownership. :-)

I also bought another car (Honda City - which has valid insurance till December 2010 and ownership transfer is in progress on that - from company).

Now I want to basically understand -
How can I transfer NCB from Maruti Zen to the Honda City Insurance, once the transfer is complete?

Can anyone please guide me step-by-step what steps should I follow during insurance transfer (for both 'outgoing' Maruti Zen and 'incoming' Honda City), including if I need to do anything on my Maruti Zen Insurance as well?

Regards,
narayanang76

1. Please take your zen policy and ask your insurer to give you NCB letter as there is an sell on the car.

2. Take that letter and give it to your HC insurer and tell them to give you that NCB in your new insurance policy. OR you can wait till renewal comes and on renewal you can ask for that discount.

Originally Posted by r_nairtvm

1. Your IDV should be somewhere between INR 6,85,000 & 7,20,000 (15-10% of Invoice price as the car is only a year old and assuming to be having a good market value).

2. I can not compare the quotes as am not aware of the rating structure. However for a new car it would make sense to have 0% Depreciation insurance

3 & 4. With a 0% Depreciation policy, it should/would be same as what Honda Assure is talking about. Unless there are some othe VFM additional features there

5. Insurance is not intended for the maintenance or running maintenance of the car. It should really be looked at as a risk minimisation/transfer tool so that you can protect your finances from being affected so as to leave your financial ability incapacitated.

In maintaining a car or any other vehicle, there are associated costs involved and those can not be avoided (other than fuel & servicing costs). Trying to use Insurance for meeting such expenses is not a good financial practice. In your case the total outgo for such expenses is about 1.5% of the cost of your car. I am sure you can manage that in your stride (if you did not have an insurance).

On the other hand, if you had a loss say to about 10% of you investment, funding that is not going to be easy for most. Such a case claim insurance. Insurance should come in to play when your loss is of catastrophic nature to your regular finances or financing ability.

This year your NCB is only 20% you can add it up to 50%. Say at end of 5 years you are repalcing your car with say the CRV. Figure out the saving you will make on that.

More than that with NCB you are establishing yourself more as a safe driver & a good customer. In an developed insurance market, this is really valueless. In certain markets you just can not get a Comprehensive Insurance without a safe driving history as proven by your NCB. otherwise you would have the ingnonimity of living with a "beginners comprehensive insurance" with all sorts of driving and usage restriction.

To answer your question - its up to you to decide if you want to claim or not.

Probably you can get both the claims paid.

Sorry for this long ramble- you see I am on my off (work) day today.

Thanks and Best Regards

Ram

1. On 0% deprecation there is no market value calculation.

2. For first 2 to 3 year's you should go for 0% depreciation because after that I don't think any one is offering that product.

5. your explanation is simply great.

Originally Posted by nairrk

If I am correct, Insurance company normally charges about 2.5% (plus taxes) of showroom value of the car as one year insurance premium. There can be marginal adjustments will be there depends to the company (some company offer discounts to attract customers!)

No sir this is wrong and a baseless calculation. This is not the way how insurance company count's the premium on the car. Please see your own motor insurance policy for more details.

Originally Posted by AbhiJ

RJVora... One last question

Car: Honda CRV
NCB: 50 %
IDV : 1248344
No Voluntary Excess
No Alarm/Other Discounts

Bajaj/Iffco : What should be a good quote for my policy.

I normally don't comment on the rates please ask those company to give you quotes then you can share them with me and this thread and you will get help from us.