Automobile Insurance Queries? Ask me

[rjvora_2000]

Originally Posted by aka_iitd

Thanks Rupesh and F50 I was also on the same opinion to depreciate by 10 to 15%.
Car is driven by my wife and it has clocked just less than 11K in 2 years. No accident till now but yes suffered minor bumper scratches which is common in Bangalore.

I think this should be the case in India.

2 year's 11K is very less, go for 10% that should be fine.

[sam003]

My i10 insurance is due on April and getting calls now a days for renewal from all other insurance providers like Reliance, Chola etc and they are offerering 40% discount. I have original insurance from ICICI and didn't claim anything so far. So how does this offer looks.

[rjvora_2000]

Originally Posted by sam003

My i10 insurance is due on April and getting calls now a days for renewal from all other insurance providers like Reliance, Chola etc and they are offerering 40% discount. I have original insurance from ICICI and didn't claim anything so far. So how does this offer looks.

Ask for the insurance renewal quote's in writing. 40% discount + Ncb is very good.

[sam003]

Originally Posted by rjvora_2000

Ask for the insurance renewal quote's in writing. 40% discount + Ncb is very good.

No its not like that it including NCB.
Question is what all discount a current provider can give you if you go with him. Can you tell me that.

[rjvora_2000]

Originally Posted by sam003

No its not like that it including NCB.
Question is what all discount a current provider can give you if you go with him. Can you tell me that.

There are 2 type's of discount one is Ncb and other discount is given by insurer on demand and on bargain. Normally it is called as non-tariff discount.

[sriturl]

Originally Posted by rjvora_2000

Yes you are right!!!
(Both the point's are true)

Note- Service tax has been changed from 12.36% to 10.30%.

When is the service tax reduction applicable from?
1Apr or it already is in force?

[rjvora_2000]

Originally Posted by sriturl

When is the service tax reduction applicable from?
1Apr or it already is in force?

It's in force. Currently you have to pay 10.30% till next budget comes from government.

[sriturl]

I never paid attention to insurance, as my previous car was under company lease. I am out for insurance shopping, and found this web site policybazaar.com which looked pretty cool to me.

They provided 13 quotes for Swift VDi ranging from 9070 to 12054 premium. Which itself was an eye opener for me. I used the compare option (attached xls)
Can some experts advice me on some of the options like

No submission or deduction(salvage)
No estimate surveys
Extended geographical area covered

thanks in advance

[rjvora_2000]

Originally Posted by sriturl

I never paid attention to insurance, as my previous car was under company lease. I am out for insurance shopping, and found this web site policybazaar.com which looked pretty cool to me.

They provided 13 quotes for Swift VDi ranging from 9070 to 12054 premium. Which itself was an eye opener for me. I used the compare option (attached xls)
Can some experts advice me on some of the options like

No submission or deduction(salvage)
No estimate surveys
Extended geographical area covered

thanks in advance

Nice to know that you have started looking at your car insurance now.

I noticed something in this quot which i felt is a wrong informatation aboult the insurance companies so i thought let me comment on that first.

Free cleaning of vehicle is only given by FG which is wrong.
Cashless claim settlement is only given by FG which is wrong.
Etc....

I have noted in this policy bazaar they promote one or two company which is untrue, I think he get's higher income by way of commission from that company and noting else. Approach to company where you know some agent that will be easy for you.

[sriturl]

Originally Posted by rjvora_2000

Nice to know that you have started looking at your car insurance now.

I noticed something in this quot which i felt is a wrong informatation aboult the insurance companies so i thought let me comment on that first.

I am using this tool for basic comparision, and understanding what are the various clauses which need to be looked into rather than the cheapest quote.

Any pointers towards that would be useful.
This site allows only 4 policies to compare at a time, so the previous attachment, I compared four policies. (2 least quotes, most expensive and my present insurance provider)

[csentil]

Originally Posted by sriturl

I am using this tool for basic comparision, and understanding what are the various clauses which need to be looked into rather than the cheapest quote.

Any pointers towards that would be useful.
This site allows only 4 policies to compare at a time, so the previous attachment, I compared four policies. (2 least quotes, most expensive and my present insurance provider)

Take a look at post no. 23. I've explained how insurance is calculated and what are the various clauses that come into play. There are some clarifications from rjvora_2000 also in the subsequent posts....

[sriturl]

Originally Posted by csentil

Take a look at post no. 23. I've explained how insurance is calculated and what are the various clauses that come into play. There are some clarifications from rjvora_2000 also in the subsequent posts....

Thanks Sentil. I read through the complete thread.
Can some one please explain these specific advantages/disadvantages.

No submission or deduction(salvage)
No estimate surveys
Extended geographical area covered

Some other things like "Warranty on accident repairs" are self explanatory. Tata AIG is also giving warranty on any accident repairs as part of insurance, which I thought was a good feature.

[rjvora_2000]

Originally Posted by sriturl

Thanks Sentil. I read through the complete thread.
Can some one please explain these specific advantages/disadvantages.

No submission or deduction(salvage)
No estimate surveys
Extended geographical area covered

Some other things like "Warranty on accident repairs" are self explanatory. Tata AIG is also giving warranty on any accident repairs as part of insurance, which I thought was a good feature.

No submission or deduction(salvage) :- Mean you don't have any deduction in the claim amount for salvage. (I know Chola is not paying 8% for this one and Bajaj is not deducting anything.

Extended area is there with every company - you need to pay extra.

[rjvora_2000]

Hi guy's this was for your information - "Gross premium collected by non-life insurers within India of motor" (April to December 2008)

Source - Welcome to IrDA

1. Royal - 375.36
2. Tata - 171.75
3. Reliance - 870.02
4. Iffco - 506.90
5. Icici - 982.99
6. Bajaj - 1162.77
7. Hdfc - 105.55
8. Chola - 238.19
9. Future - 57.63
10. Universal - 1.04
11. Shriram - 56.88
12. Bharti - 4.93


13. New India - 1457.63
14. National - 1623.86
15. United - 1138.01
16. Oriental - 1107.09

(Rs. Crores)

[pratip]

Hi Team,

I had been lurking around this forum quiet sometime. I found all the information by searching threads. So, never did I post anything in this forum. This is my first post in the forum.

I am in Bangalore. My car’s (Verna CRDi, March 2008 model) insurance is due this month (March 2009). Got quotation from different companies and did some bargaining. Now I have to decide between “Bharti AXA” and “Bajaj Allianz”. Both of them quoted me more or less the same premium. I found reviews (good and bad) of Bajaj Allianz, but there is no review/opinion about Bharti AXA.

My existing insurance is with Reliance with IDV Rs. 7,17,000/-

Here is the summary of the quotations:

Bharti AXA:
IDV: Rs. 7,05,000
Basic OD: Rs. 23,145.15
NCB: 20%
Company Discount: 40%
TP Premium: Rs. 925

Bajaj Allianz:
IDV: Rs. 7,00,000
Basis OD: Rs. 22,981
NCB: 20%
Company Discount: 39%
TP Premium: Rs. 925

Vehicle Coverage Details provided by Bharti AXA:
Glass Item: 100%
Labor, Denting Painting: 100%
Metal Parts Replacement: As per the age of the vehicle
Plastic Item: 50%
Owner Driver Coverage: Rs. 2,00,000
TP Property Damage: Rs. 7,50,000

Bajaj Allianz did not provide me with a detail Vehicle Coverage Details. But it seems Bharti AXA covers more than Bajaj Allianz. IDV and Company Discount of Bajaj Allianz is less than Bharti AXA, but I can bargain on that.

Both of them mentioned that they have cashless facility in all the major service centers in Bangalore.

Please advise me which one to go for. Does anyone have any experience with Bharti AXA? Can I do some further bargain on any specific item? What are the other things I should ask the insurance company to include?