[Revy]

I already asked for a quote from Bajaj through their web site, got a call within 5 minutes of submitting the inquiry form on web ! They will send a quote soon, I have asked for both basic type coverage and Drive Assure. The sales agent was very eloquent on the positives of Drive Assure. Features like 24/7 road assistance, 100% payment including plastic parts etc. Let me see, if it gives more peace of mind for a new car owner, it is worth paying some extra.

[rishab.k]

Originally Posted by rjvora_2000

He can insurance his car for whatever amount he want's to but if there is a claim tomorrow then insurance company will not pay the claim as per the IDV then. You can choose the IDV whatever you want if insurance company agree to give him a policy which I think should not be a problem.

Does that mean even if he had got it insured at the market rate of 7.2 lac at that time instead of the discounted price of 6,13,000/- ,the insurance company would not have paid him the market price since his invoice mentioned a lower price ?

[rjvora_2000]

Originally Posted by rishab.k

Does that mean even if he had got it insured at the market rate of 7.2 lac at that time instead of the discounted price of 6,13,000/- ,the insurance company would not have paid him the market price since his invoice mentioned a lower price ?

I am sorry buddy, I did not get you on this one. Please ask your question in detail!!!

I am sorry.

[f1head]

Originally Posted by rjvora_2000

I am sorry buddy, I did not get you on this one. Please ask your question in detail!!!

I am sorry.

He is asking if IDV is 7.2 lakh and is it that the insurance company wont pay according to the IDV since its higher. Even i have this doubt, if the insurance company can pay whatever, whats the point of IDV ?

[rjvora_2000]

Originally Posted by f1head

He is asking if IDV is 7.2 lakh and is it that the insurance company wont pay according to the IDV since its higher. Even i have this doubt, if the insurance company can pay whatever, whats the point of IDV ?

He will not get the higher amount in claim.

Understand one thing clearly if you don't reduce your vehicles value every year minimum by 10% or more then insurance company at the time of paying the claim will reduce the value and make payment. - I hope this is clear now.

[f1head]

Originally Posted by rjvora_2000

He will not get the higher amount in claim.

Understand one thing clearly if you don't reduce your vehicles value every year minimum by 10% or more then insurance company at the time of paying the claim will reduce the value and make payment. - I hope this is clear now.

thanks, so it means if I have a car say costing Rs. 500000 at purchase, and the current IDV has a depreciation of more than 10% per annum, then can I increase the IDv so the depreciation remains 10% per annum from year of purchase ?

[rjvora_2000]

Originally Posted by f1head

thanks, so it means if I have a car say costing Rs. 500000 at purchase, and the current IDV has a depreciation of more than 10% per annum, then can I increase the IDv so the depreciation remains 10% per annum from year of purchase ?

No in-between or on the renewal without any valid reason you can't increase the value as well.

[rjvora_2000]

Period April 2009 - December 2009 (Rs. in Crores)
Source IRDA journal.

1. Bajaj - 745
2. Reliance - 723
3. Icici - 681
4. Iffco - 354
5. Royal - 341
6. Chola - 234
7. Tata - 136
8. Hdfc - 133
9. Future - 101
10. Bharti - 78
11. Universal - 32
12. Raheja - 0.11

1. National - 981
2. New India - 853
3. United India - 740
4. Oriental - 625

[rishab.k]

Originally Posted by rjvora_2000

I am sorry buddy, I did not get you on this one. Please ask your question in detail!!!

I am sorry.

Sorry, I think I wasn't very clear in asking my question.

Here is what I meant to ask. Let's say in this case he bought the Fiesta for 6,13,000 (which is the discounted price) & that is the price mentioned on the invoice but the actual market price is 7.2 lac.So, if he chooses to have the IDV at the market price of 7.2 lac ,would the insurance company pay him the IDV of 7.2 lac or not ?

[rjvora_2000]

Originally Posted by rishab.k

Sorry, I think I wasn't very clear in asking my question.

Here is what I meant to ask. Let's say in this case he bought the Fiesta for 6,13,000 (which is the discounted price) & that is the price mentioned on the invoice but the actual market price is 7.2 lac.So, if he chooses to have the IDV at the market price of 7.2 lac ,would the insurance company pay him the IDV of 7.2 lac or not ?

No under insurance you can't make profit out of it. Since you spent 613K which is written on the invoice as well. Your claim will be paid according to invoice and not as per market value.

[naveenroy]

My friend has in his posession, a '76 Standard Royal Enfield. Though it has the RC book intact, it has no other documents. How can we go about getting the Insurance for the same?

[rjvora_2000]

Originally Posted by naveenroy

My friend has in his posession, a '76 Standard Royal Enfield. Though it has the RC book intact, it has no other documents. How can we go about getting the Insurance for the same?

Tell your friend to go to any nationalized insurance company along with RC book and Bike. Spot survey will be done by them and since the bike is too old they will give him TP policy by paying cash premium.

[Raccoon]

Originally Posted by naveenroy

My friend has in his posession, a '76 Standard Royal Enfield. Though it has the RC book intact, it has no other documents. How can we go about getting the Insurance for the same?

As I'd mentioned earlier, if you want to go to a private insurer, then you could consider IFFCO Tokio. Only IFFCO was ready to insure my old bike (amongst pvt. insurers). But they offered comprehensive only. The premium for comprehensive was however very nominal. They may even come to your place to do the job. If you have any other vehicle, then it can be a good idea to do the thing together, else otherwise they may not be ready to come only for the old bike (low commission).

[naveenroy]

Thanks for the help, Raccoon and rjvora!!

[Revy]

rjvora,
I have a question about using NCB. I am waiting for my new car delivery which will happen in next couple of weeks. I plan to sell my existing car only after I get my new car. May be it will take more time depending on a good deal I can make. When I sell my old car, I can get the NCB but I would have taken insurance for my new car already. Can I use the NCB of old car against new car policy in next year when I renew policy ? Suppose I have the maximum of NCB accrued, I can get that much discount when I use it against my new car policy renewal ? Hope my question is clear.