[Mission_Safari]

Originally Posted by rjvora_2000

TP insurance is the best option for your friend. Rs. 386/- would be the premium. He need to take bike and a copy of RC book along with him to insurance company office.

Originally Posted by bj96

Go for third party only insurance. Will cost about 400-500 rupees. Getting a comprehensive insurance will be difficult. It will be difficult to get a realistic IDV for such an old vehicle - you would need to get valuation done etc.

-BJ

Thanks a lot for your help Rupesh and bj96

[rsramkee]

Originally Posted by rjvora_2000

Give me one day's time and I will check with some insurance surveyor in Mumbai and let you know.

Thanks for all the help so far. Any luck on this one?

[LonelyPlanet]

Originally Posted by rjvora_2000

Hmmm...

Not sure but get me the % of other discount which they are offering then I can give you the amount.

There is no Other Discount. The only thing is NCB and some silver package which provide free insurance of Plastic Parts...

What do you recommend.

[rsramkee]

Originally Posted by rjvora_2000

Give me one day's time and I will check with some insurance surveyor in Mumbai and let you know.

Just wanted to let you know that no one in ICICI has replied and nor did the IRDA. ICICI still has not given me any written communication regarding the claim. The only communication has been from the surveyor which was just an e-mail with an excel sheet and nothing more.

I requested ICICI to send me written communication and they refused. According to them, written communication will be provided only by the Surveyor in his own letter head and ICICI will communicate only if the car is repaired, after the repair.

My IDV is 5.35L. The repair estimate from 2 service centers are 5.6L and 5.7L. In both cases, the insurance liability is 4.5L if the estimate is taken as it is. I guess ICICI knows that. Which is why they initially offered me a cash settlement of 4.5L. They know that even if I repair the car, thats the maximum they will incur and so do not want to offer total loss to me which will mean they will need to give me 5.35 L.

I am going to lodge a complaint the ombudsman as a last resort. Lets see what happens. In the meanwhile, any confirmation on how the policy should be interpreted is highly appreciated.

Thanks a bunch

[rjvora_2000]

@rsramkee - I am not replying you your query as I am also waiting for one surveyors call on this one.

I have discussed this with 3 different surveyors, bad news for you is all three of them is saying the same thing to me, what Icici is saying in your case but according me they all are wrong and they are favoring insurance company when they say they will see their liability. As while taking the insurance policy you and me don't insure their liability, we take the value of entire car so they also have to consider the cost of repairing the entire car and not only their payment side. - This is wrong happening at the end of insurance company. I have put this thing on email and send a mail to 3 different insurance company and waiting for their reply in writing so that I can fight on this with them on this case.

Meanwhile I will suggest you to put this thing in writing to insurance company that you will go to ombudsmen if they don't pay you as a total loss claim. Put everything in writing so that you have a proof of all the followup what you have done with insurance company, as this will help you in getting the claim settled in your favor.

[LonelyPlanet]

Originally Posted by LonelyPlanet

There is no Other Discount. The only thing is NCB and some silver package which provide free insurance of Plastic Parts...

What do you recommend.

They came back with a 11.5% other discount

[rjvora_2000]

Originally Posted by LonelyPlanet

They came back with a 11.5% other discount

Ok now this is alright. Stretch this discount to 30% or 40%.

[bnzjon]

Hi Rupesh,

I got the following quote from Bajaj Allianz for my Fiat Linea 1.4 Petrol

Last year's IDV - Rs. 649,000 (95 percent of ex-showroom value)

New IDV - Rs. 600,000
NCB - 0 (had a claim last year)
Premium - Rs. 14056 (discount of 40 percent)

For the same IDV, tata-aig quoted rs.15,143 after much negotiation. Tata is giving me free gold package which includes free repair (not replacement) of plastic, fibre , glass and rubber parts.

My current insurance is with Tata-AIG.

Can i opt for Bajaj Allianz. Is this a good deal ? Is Bajaj at par/better than tata-aig ?

[rjvora_2000]

Originally Posted by bnzjon

Last year's IDV - Rs. 649,000
New IDV - Rs. 600,000
NCB - 0 (had a claim last year)
Premium - Rs. 14056 (discount of 40 percent)

You still need to reduce the IDV as this IDV is not even less then 10% from last year. Maximum IDV Rs. 5,84,100/- you can still reduce the IDV up to Rs. 5,19,200/-

Originally Posted by bnzjon

For the same IDV, tata-aig quoted rs.15,143 after much negotiation. Tata is giving me free gold package which includes free repair (not replacement) of plastic, fibre , glass and rubber parts.

Can you post some more details on gold pack as that seems to be the add on in the basic policy.

Originally Posted by bnzjon

Can i opt for Bajaj Allianz. Is this a good deal ? Is Bajaj at par/better than tata-aig ?

Bajaj is the best company but Tata is also not bad. Bajaj is still a better company.

[bnzjon]

Originally Posted by rjvora_2000

You still need to reduce the IDV as this IDV is not even less then 10% from last year. Maximum IDV Rs. 5,84,100/- you can still reduce the IDV up to Rs. 5,19,200/-

Can you post some more details on gold pack as that seems to be the add on in the basic policy.

Bajaj is the best company but Tata is also not bad. Bajaj is still a better company.

Thanks Rupesh.

IDV -
1. Is it a must that the IDV should be minimum 10 percent lesser than the previous one ? Insurance agent was infact suggesting a maxiumum IDV of Rs. 606,500 !
2. Should i reduce the IDV to 519,200 ? I thought, higher the IDV is better ! (i realise that lower the IDV, lower the premium too )
3. Is the IDV calculacted based on the ex-showroom price of my car as on date of registration of the car (rs. 683,660)
(or) the ex-showroom price of the same model as of date (Rs. 730,687) ?

Gold -
Honestly i have no idea about this. TATA guy told me that they were selling the gold package for Rs. 1000 extra and this is free now.
This includes (as per their website)
1. Repair (not replacement) of Glass, Rubber, Fibre and plastic parts
2. Loss of personal belongings incase of an accident
3. Emergency transport & Hotel expenses
4. Key replacement

Premium -
Is the premium of Rs. 14,056 a good deal for an IDV of rs. 600,000 ?
If the IDV has to be reduced, i will reduce the premium too at a discounted rate of 40 percent.

Thanks !

[rjvora_2000]

Originally Posted by bnzjon

1. Is it a must that the IDV should be minimum 10 percent lesser than the previous one ? Insurance agent was infact suggesting a maxiumum IDV of Rs. 606,500 !
2. Should i reduce the IDV to 519,200 ? I thought, higher the IDV is better ! (i realise that lower the IDV, lower the premium too )
3. Is the IDV calculacted based on the ex-showrrom price of my car as per RC book (or) the ex-showroom price of the same model as of date?

1. No this is a wrong information, you have to reduce the IDV minimum by 10% Agents say this as they get more premium and which means more commission to them.

2. Rs. 519,200/- is 20% less from the last year's value which is OK. Yes you are right higher value is better I just wanted to inform you that there is this option also to reduce the premium.

3. Dear, RC book will never have the car value as that has only the details of your machine which you are using. IDV means Insured Declared Value. Claims are paid on the current value of the car which is depreciated value of the car.

Originally Posted by bnzjon

Gold -
Honestly i have no idea about this. TATA guy told me that they were selling the gold package for Rs. 1000 extra and this is free now.
This includes (as per their website)
1. Repair (not replacement) of Glass, Rubber, Fibre and plastic parts
2. Loss of personal belongings incase of an accident
3. Emergency transport & Hotel expenses
4. Key replacement

Premium -
Is the premium of Rs. 14,056 a good deal for an IDV of rs. 600,000 ?
If the IDV has to be reduced, i will reduce the premium too at a discounted rate of 40 percent.

I don't recommend this product of Tata. Some product like this are available in Chola and Bajaj which are better then Tata. If you reduce the IDV discount % will not get reduce it will remain same.

[bnzjon]

Originally Posted by rjvora_2000

3. Dear, RC book will never have the car value as that has only the details of your machine which you are using. IDV means Insured Declared Value. Claims are paid on the current value of the car which is depreciated value of the car.

Rupesh, thanks for your reply.

I am confused now (pardon my ignorance).

Does this mean that "in case of a total loss", the insurance company will pay which of the following ?
1. IDV as per policy certificate
2. Current market value of the car
3. Depreciated amount irrespective of what the policy says, provided the depreciated amount is lesser than the IDV.

If its (1) then higher the IDV is always beneficial, right ?

[LonelyPlanet]

Originally Posted by rjvora_2000

Ok now this is alright. Stretch this discount to 30% or 40%.

Thats the final offer - no more additional discounts...

[rjvora_2000]

Originally Posted by LonelyPlanet

Thats the final offer - no more additional discounts...

Go to some other company and bargain the rates if you have time and want to save some money, otherwise renew your policy.

Originally Posted by bnzjon

Does this mean that "in case of a total loss", the insurance company will pay which of the following ?
1. IDV as per policy certificate
2. Current market value of the car
3. Depreciated amount irrespective of what the policy says, provided the depreciated amount is lesser than the IDV.

If its (1) then higher the IDV is always beneficial, right ?

Don't get confused my friend, Ask me same thing 10 times if you have any query in your mind. My perpose for running this thread is that only - To simplify the complications of insurance.

Coming back to your query; You will get the IDV in case of total loss claim but only if you have reduced it by minimum 10 % every year (Higher is better for insurance company and not for you.)

[Proxima]

Hi Rupesh, need some help.

My 14 months old Ikon got dented and I need to claim insurance to fix it. Its insured with United India insurance, and they dont have a cashless facility with Ford.

Got an estimate from Ford service and it was for 4k-parts and 11k-labor. Spoke to the service adviser and he told me:
1. Labor will be paid in full
2. Parts - 20% less than actuals
3. Labor is negotiable between service center and insurance guy. If the insurance guy feels that it is too much, he will reduce it and the service guys will accept it in most cases. very rarely, if they dont accept, they will inform the customer.

1 and 2 are fine. But not sure what are the implications of 3.

Also, now that I have got the estimate, what should I do next?

Advice will be greatly appreciated.