Team-BHP - Automobile Insurance Queries? Ask me

Hi Rupesh,
Hats off for the wonderful/informative thread and the effort you are putting up in answering all of them :thumbs up.

My car insurance is in for renewal next month. Last year IDV was Rs.371330. I have done one claim.

Here is the quotations i have got for IDV Rs.334000

Bajaj 8712
TATA AIG 8227
United 10696
Chola 8227
Reliance 9487
ICICI 8663
HDFC 9570
Bajaj Drive assure 11580

Q 1. Is it ok to go for the renewal almost one month earlier ? I know the renewed insurance would be effective after the lapse of the existing insurance. Do i wait till a week before the expire date to finalize the deal ?
Q 2. Out of the quotes which is better as per you ?
Q 3. I was interested in the Bajaj Drive assure ? what is your suggestion on that ? what are the pros and cons of it ?

Regards,
Santosh

Quote:

Originally Posted by mailmishra (Post 1838266)

My question is which one is the correct one. What if 20% is the actuall depreciation and someone buy insurance on 15% depreciation as given by agent. In case of total loss what is the amount that one should expect? Will insurance company give full value of IDV or calculate @ 20% dep since post renewal car is more than a year old an as per IRDA dep is 20%. So does it make sense to buy car insurance with higher IDV or its yet another idea to rip off customers by agents and insurance company?

There is no fix system of calculating the IDV. You can take what ever deprecation you want to (Minimum 10%) insurance company will pay your claim accordingly.

If they have problem on your higher IDV they have to tell you at the time of policy and not at the time of claim.

Quote:

Originally Posted by rk_sans (Post 1838322)

Hi Rupesh,
Hats off for the wonderful/informative thread and the effort you are putting up in answering all of them :thumbs up.

Thank you for your kind words.

Quote:

Originally Posted by rk_sans (Post 1838322)

Bajaj 8712
TATA AIG 8227
United 10696
Chola 8227
Reliance 9487
ICICI 8663
HDFC 9570
Bajaj Drive assure 11580

Q 1. Is it ok to go for the renewal almost one month earlier ? I know the renewed insurance would be effective after the lapse of the existing insurance. Do i wait till a week before the expire date to finalize the deal ?
Q 2. Out of the quotes which is better as per you ?
Q 3. I was interested in the Bajaj Drive assure ? what is your suggestion on that ? what are the pros and cons of it ?

A1. Absolutely no problem in paying early.
A2. Bajaj look's good to me.
A3. Frankly I didn't like Bajaj's product much as compared to Chola's product. (Which I bought for my new car)

Thanks a lot for the suggestions.

Quote:

Originally Posted by rjvora_2000 (Post 1839069)

A3. Frankly I didn't like Bajaj's product much as compared to Chola's product. (Which I bought for my new car)

Oh, is it. I did not hear from any of the agents telling anything about such product existed in Chola's portpolio. I will check with them. Anything which you think i need to know about it before i check with them.

Quote:

Originally Posted by rk_sans (Post 1839079)

They have total 4 product's out of which lower 2 does not have much value but the upper 2 is of great value. Which is called 360 the highest one and Elite is the second highest one.

Quote:

Originally Posted by rk_sans (Post 1839234)

I just got a quote from TATA AIG for whatever they call it 100% depreciation claim.
IDV 325760 (12% decrease from the previous year)
Premium is Rs.10694.

Look's good to me.:thumbs up

Quote:

Originally Posted by aniketi (Post 1800024)

1 If my car is down or met an accident outside city & i have to tow it back to garage, will i get towing charges also from Insurance company?
2 Will i get back 100 % for my glass parts (front or rear glass, windows, indicators, front lamps etc) and rubber parts ?
3 How many days it should ideally take once you submit bills to the insurance company? for Cashless, what i have to do?
4 How much money i will get back in case of denting & painting work? 100% ?
5 Last but not least, which is the best Insurance company with less hassles & pain? I have to renew my insurance for my Dezire very soon. How can i negotiate with them for best deal?

1. Insurance company pay's for the towing but limited charge only. Rs. 1000/- (average in all companies)
2. Rubber/Plastic parts only 50%, 100% on glass.
3. For reimbursement claim company will take 15 to 20 day's, in cashless you need to pay only difference amount to garage. Insurance company will not pay you anything they will pay directly to garage.
4. 100%
5. You can read the entire thread and FAQ thread for the reply on this one.:D

All,

Recently by 2 year old Chevy Aveo (1.4 limited edition) met with an accident when I was driving from bangalore to chennai. The car was badly damaged even though thankfully I managed to escape without little injury.

The car was towed to a mytvs service center in chennai. The estimate given by mytvs ran close to 5 Lakhs. The IDV of the car is 5.35 Lakhs and my insurance company is ICICI.

ICICI took their time (close to 3 weeks) after the estimate was given to run some online auction to see the salvage value of the car. Then, I got a call from them stating that the estimate given by MyTvs had wrong spare part prices and that they cross checked with other GM service centers and the estimate of repair comes to 4.5 L of which ICICI's liability is only 3.4 L.

Since 3.4 L is less than 75% of the IDV, ICICI offered me the option either to get the car repaired (which I am not inclined to since the car shell has to be replaced and I am not sure how good the car will be after major repairs like this) or take a cash settlement of 4.5 L.

I have two questions
1. Is the 75% to be calculated on the total repair cost or only the insurance company's liability before deciding on whether this is a total loss case?
2. If the spare parts are wrong according to ICICI, arent they entitled to provide me the details of what is wrong or provide me the estimate based on which they have arrived at the repair value?

If someone has experience claiming cash settlement or total loss, can you please throw some light from your experience?

Thanks

Quote:

Originally Posted by rsramkee (Post 1841225)

I have two questions
1. Is the 75% to be calculated on the total repair cost or only the insurance company's liability before deciding on whether this is a total loss case?
2. If the spare parts are wrong according to ICICI, arent they entitled to provide me the details of what is wrong or provide me the estimate based on which they have arrived at the repair value?

1. Please see your policy terms and conditions for these details. There should be this wording in the policy which I am just re-writing. "The insured vehicle should be treated as constructive total loss if the aggregate cost of retrieval and/or repair of the vehicle, subject to terms and condition of the policy, exceeds 75% of the IDV of the vehicle."

For me this line means that "Your claim should be treated as TOTAL LOSS."

2. You have right to access of surveyors report which will have this details.

I hope this will help you. Please write a letter to them and mark a cc to IRDA and I am sure you will see a fast reply from them. Get back to me if you need any more help.

(I can give you my cell no. if you want to talk to me.)

Booked i20 and got 27K for insurance from Dealer. Tried Balaj Allianz and got 16K quote, called the Dealer, after a week of negotiation they said they will take care of the insurance part for 16K with Bajaj Allianz. I clearly told them unless the insurance has the details and coverage I wanted I will not pay for the insurance I will take care of it. I just want to make sure when I get the insurance through the dealer it has all the stuff i had asked.

I got a call from Bajaj allianz after my online quote and explained their direct quote is better than dealer. If I get them engine and chasis no they can reduce another 1K which will be 15K. I don't want to put more pressure on dealer to reduce 1K as to maintain good relationship with him.

So the details I think my insurance should have.

1. Third party coverage (both injury and damage to the vehicle)
2. Cashless service
3. 4 Passenger coverage for each 2,00,000

Please help me complete the above list which I can use it with Dealer to get the proper insurance.

Attaching online quote from Bajaj Allianz which is 1K more but the sales person told me 16K.

IDV - 7,48,273 (i20 Asta AT 1.4 Petrol)
TIA

Quote:

Originally Posted by carbhp (Post 1845535)

So the details I think my insurance should have.

1. Third party coverage (both injury and damage to the vehicle)
2. Cashless service
3. 4 Passenger coverage for each 2,00,000

All the things you need are there in this policy.:thumbs up
I see one mistake in the quote. LL cover is missing. (Legal Liability) Rs. 25 should be charged extra under TP side.