[ghodlur]

Originally Posted by dar3dev|l

I had a simple query. I do realise we have to keep depreciating our IDV value every year by atleast 10%. However, how much should be the first IDV value be ?

I mean this is the case with my car. I am buying a new car whos ex-showroom price is X now when i call up different insurance companies they are ok with whatever IDV value i select and give me the approx premium amount. Now considering the fact that if i am ok with paying whatever initial premium comes to, what is the best IDV value should one go for ?

Ideally the first IDV should be 5% less of the Invoice cost of the vehicle excluding the registration cost. For eg if the Cost of the vehicle is 5L then the first IDV should be 475000/- and not less than that. Even if you go in for an higher IDV it would be fruitless since for any claim the IDV in consideration would be 4.75L. Hence no point in paying higher premium than reqd.

I would suggest that you do a comparative research on Insurers offering car Insurance both online as well as through agents. The best offering should be taken. My personal opinion, go for the Insurer who has a cashless tie up with your car dealer/workshop.

[dar3dev|l]

Originally Posted by Ragul

First IDV is compulsory deduction of 5% on ex-showroom price only according to IRDA. The Insurance co cannot reduce more and declare a lower IDV.

HTH

Originally Posted by ghodlur

Ideally the first IDV should be 5% less of the Invoice cost of the vehicle excluding the registration cost. For eg if the Cost of the vehicle is 5L then the first IDV should be 475000/- and not less than that. Even if you go in for an higher IDV it would be fruitless since for any claim the IDV in consideration would be 4.75L. Hence no point in paying higher premium than reqd.

I would suggest that you do a comparative research on Insurers offering car Insurance both online as well as through agents. The best offering should be taken. My personal opinion, go for the Insurer who has a cashless tie up with your car dealer/workshop.

Thanks a lot guys !!! I know it was a stupid question but wanted a clarification on the same

I have shortlisted 3 Insureres: Bajaj Allianz, Tata-AIG and HDFC Ergo. So far HDFC Ergo has been able to provide me the lowest premium quote on the same IDV value. All three are providing me with cashless claim tie up with the dealer.

Another query is dont i need to look at the cashless claim tie up with the manufacturing company rather than the dealer ? I mean i can have a car breakdown anywhere in the country and will be needing access to the nearest A.S.S wont i ?

[ghodlur]

Originally Posted by dar3dev|l

Another query is dont i need to look at the cashless claim tie up with the manufacturing company rather than the dealer ? I mean i can have a car breakdown anywhere in the country and will be needing access to the nearest A.S.S wont i ?

You are right in saying that you may need the claims settlement if outside your dealer area. However most of the manufacturers are associated with a few Insurers only which accordingly they instruct the dealers to provide the support for.

For Eg. Ford has a tie up with Royal Sundaram for all Ford vehicles all over India. However the Ford dealer in Thane didn't have cashless tieup which when brought to Ford's notice, has now started the cashless tie up with Royal Sunadarm now. I got my Insurance renewal done from Royal Sundaram after the dealer confirmed the cashless tie up.

[vijuvarghese]

My Safari Ex 4x4 comprehensive insurance is due for renewal for the second year.*First year premium was: 27382/- ICICI, based on IDV=921913/-
First year premium amount includes TP pr=2500/-, paid driver=25/-, PA for owner-driver=100/-, plus taxes - from ICICI Lombard.
There were no claims in the first year. The vehicle is being registered and used in BLR. I am over 35yrs.
Please let me know what could be the renewal premium that I should look for.
Any help is appreciated. Thanks in advance,
Viju
*

[Abhas]

Hi,

I wanted to know if Indian insurance companies provide any temporary vehicle or a facility of a rental car while my car is undergoing repairs ? My car was hit in a minor accident and will be in Skoda's workshop for 3-4 days. I don't expect Skoda to provide me a temporary vehicle, so totally dependent on the insurance company ! Is there any policy / facility wherein the insurance company should provide me with a temporary vehicle for my use ?

I currently have ICICI auto insurance for my vehicle. Does any other insurance provider gives this facility ?

Thanks.

[ghodlur]

Originally Posted by vijuvarghese

Please let me know what could be the renewal premium that I should look for.
Any help is appreciated. Thanks in advance,
Viju

@Viju,

To start with you can ask ICICI for the renewal premium quotation. You could also visit other Insurers website portals where entering your vehicle details could give you the renewal premium. Try Royal Sundaram, Cholamandalam, Bajaj Allianz, HDFC Ergo etc. These insurers have online quotation facility for new/renewal car Insurance.

Originally Posted by Abhas

Hi,

I wanted to know if Indian insurance companies provide any temporary vehicle or a facility of a rental car while my car is undergoing repairs ? My car was hit in a minor accident and will be in Skoda's workshop for 3-4 days. I don't expect Skoda to provide me a temporary vehicle, so totally dependent on the insurance company ! Is there any policy / facility wherein the insurance company should provide me with a temporary vehicle for my use ?

I currently have ICICI auto insurance for my vehicle. Does any other insurance provider gives this facility ?

Thanks.

@Abhas,

I dont think any Insurer would provide a standby vehicle in case your own vehicle in undergoing repairs. What they might give is reimbursement of your daily travel cost upto a certain limit. For eg Royal Sundaram has an option as an add on cover where it will pay some amount on per day basis for everyday your vehicle is under repairs. You might want to visit Royal Sundaram website for more details.
Hoep this helps.

[sheelz]

Hi rjvora
I am planning to buy TATA Safari from ahmedabad. but i will be using it mostly in MP. the dealer in Ahmedabad has tie up with Royal sundaram and ICICI but the dealer at the place of use(where most of the service/repairs will be done) is dealing in National and New India insurance. So what do u say, should i go for national insuranve/new India or ICICI. also these days some companies like royal are offering no depreciation claim(full claim of invoice price in case of a total). is is worth. Kindly advise. thanks

[joecherian]

created a small excel utility that should help in arriving at insurance premium, if you input the IDV and NCB,besides some optional values.

Details :
IDV : expected IDV for the vehicle
Rate: select the appropriate rate based on the table (in the excel)
discount : this is the best way to fight out with insurance agent. Try playing around with different rates of discount. Normally, companies give discount like 30 % but you can bargain for more.
OD premium : own damage premium after applying the discount
NCB % : enter the applicable NCB percentage
Add on charge : if you opt for any optional packages like gold plan in tata AIG or drive secure in Bajaj allianz.
Other columns are pretty standard and final column gives the final premium that you need to shell out.

[condor]

@RJVora, pls advice on insurance premium for my Sumo :

Sumo Victa GX Turbo - (own use, not commercial)
5 years old
No claims in 5 years.
Premium quoted : 8735/-
Premium for last year : 86xx/-

The premium for this year is actually a little higher than last year. Quote is from same company as last year.

The reason they are giving is that the vehicle has now crossed 5 yrs. That's why the premium is relative higher.

[Ragul]

Originally Posted by Abhas

Hi,

I wanted to know if Indian insurance companies provide any temporary vehicle or a facility of a rental car while my car is undergoing repairs ? My car was hit in a minor accident and will be in Skoda's workshop for 3-4 days. I don't expect Skoda to provide me a temporary vehicle, so totally dependent on the insurance company ! Is there any policy / facility wherein the insurance company should provide me with a temporary vehicle for my use ?

I currently have ICICI auto insurance for my vehicle. Does any other insurance provider gives this facility ?

Thanks.

Yes. I saw it on a few insurers website policy details online last month.

[ghodlur]

Guys,

Need help on this one fast. My office colleague has a Verna and his insurance will expire on 15th Dec. He had got the vehicle in 2006 through the company lease plan which expired in Oct 2010 and the car was transferred to his name. He has presently insurance from Royal Sundaram and the quote for renewal showed an IDV of 3.66L and a premium of 14K approx. But an online quote for the same car details showed a premium of 8K.

The issue is that he is not eligible for NCB since the car was leased to him and is applicable for individuals only and not company registered cars. Royal sundaram has stated that he will be eligible for NCB from next year. Is this true? Will he have to pay the said premiums or he can contest the statement.

What are his options?

[r_nairtvm]

Originally Posted by ghodlur

Guys,

Need help on this one fast. My office colleague has a Verna and his insurance will expire on 15th Dec. He had got the vehicle in 2006 through the company lease plan which expired in Oct 2010 and the car was transferred to his name. He has presently insurance from Royal Sundaram and the quote for renewal showed an IDV of 3.66L and a premium of 14K approx. But an online quote for the same car details showed a premium of 8K.

The issue is that he is not eligible for NCB since the car was leased to him and is applicable for individuals only and not company registered cars. Royal sundaram has stated that he will be eligible for NCB from next year. Is this true? Will he have to pay the said premiums or he can contest the statement.

What are his options?

Actually, if the current registered owner of the Vehicle (your friend's employer) gives a letter that your friend was alloted this vehicle and he had been the primary driver of this vehicle over the period, they might accept and allow the NCB.

Royal does that here in Dubai for sure. So does Axa

Best Regards and Drive/Ride Safe

Ram

[ghodlur]

Originally Posted by r_nairtvm

Actually, if the current registered owner of the Vehicle (your friend's employer) gives a letter that your friend was alloted this vehicle and he had been the primary driver of this vehicle over the period, they might accept and allow the NCB. Ram

@Ram,

Thanks for the info. My colleague may get the letter or in fact he has the lease agreement as a back up.

What if my colleague takes an online car insurance from any Insurer other than Royal Sundaram and during the process puts up the equivalent eligible NCB (35% for a 4 year car) in the online form and takes a policy. What would be the repurcussions presently or later? If he goes to a new Insurer will he have to present his car for inspection? Will later Hyundai dealer raise any objection during any claims?

During my car insurance renewal, I was told that the NCB claimed during renewal would be subject to enquiry if there is any claim during the policy period.

[r_nairtvm]

Originally Posted by ghodlur

@Ram,

Thanks for the info. My colleague may get the letter or in fact he has the lease agreement as a back up.

What if my colleague takes an online car insurance from any Insurer other than Royal Sundaram and during the process puts up the equivalent eligible NCB (35% for a 4 year car) in the online form and takes a policy. What would be the repurcussions presently or later? If he goes to a new Insurer will he have to present his car for inspection? Will later Hyundai dealer raise any objection during any claims?

During my car insurance renewal, I was told that the NCB claimed during renewal would be subject to enquiry if there is any claim during the policy period.

What I have mentioned is the correct procedure. Anything else you would be at the descretion of the Insurer, should such (bad) situation arise.

Best regards & drive/Ride Safe

Ram

[GTO]

Originally Posted by ghodlur

The issue is that he is not eligible for NCB since the car was leased to him and is applicable for individuals only and not company registered cars.

Wrong. NCB is available to private as well as company registered cars AS LONG AS there have been no accident / theft claims. The reason your friend is ineligible for NCB is that, the car wasn't on his name earlier. And no, NCB isn't transferable from one owner to the other.