[rjvora_2000]

Originally Posted by bullboy

rjvora, thanks a lot . Just a doubt is there any way to arrive at the first year IDV.or can the OTR minus premium can be kept as the IDV of the vehicle.
My car's invoice value was 521k without road tax and insurance .why this was not taken as the IDV for the first year?
also how do you rate new india assurance?

Any government company is not the bad company till they give you service.

With a new policy it is always 95% of ex-showroom cost.

[bullboy]

Thanks rjvora .it did help a lot.

[bharatbs]

Originally Posted by bullboy

rjvora, thanks a lot . Just a doubt is there any way to arrive at the first year IDV.or can the OTR minus premium can be kept as the IDV of the vehicle.
My car's invoice value was 521k without road tax and insurance .why this was not taken as the IDV for the first year?
also how do you rate new india assurance?

Dealers or Company margin I guess, I am not sure though.

[rjvora_2000]

Originally Posted by bharatbs

Dealers or Company margin I guess, I am not sure though.

Originally Posted by rjvora_2000

With a new policy it is always 95% of ex-showroom cost.

No sir this is not a margin. I have already posted a reason.

[shreeps]

@Rupesh: First of all, A huge thanks to you for spending your valuable time in voluntarily helping out people with your gyaan about insurance, the companies and their practices. A small thought - how about a parked FAQ thread so that you dont face the same questions again and again (the thread has become pretty long and its getting difficult to search for exact needs since there are so many results)

Rupesh and other experts:

I have a question: I am preparing to buy a new car from Maruti and the dealer is recommending Maruti Insurance (through their tie ups with Insurance Co.s) because of 2 reasons:

1. The cashless benefit is valid across all MASS across the country so even if the accident happens in a place other than the home city, I will not face any problems for claiming and cashless benefits.

2. The MASS supervisors who generally give the estimates have a good relationship with the insurance company valuation rep so there is less chance of the estimates being rejected or downgraded

Considering that the Insurance quote through Maruti insurance is Rs. 21k+ and the quote i got externally from Bajaj Allianz is Rs. 17k +, what would you all recommend as the best course of action?

Thanks in advance for your valuable advice.

One more question: The Bajaj Aliianz site lists the following as exclusions. Are these industry standards or specific to BA?

. Consequential loss, depreciation, wear and tear, mechanical or electrical breakdown, failure or breakages

. Any damage to tyres and tubes unless the vehicle is also damaged at the same and the liability of the Insurer will be restricted to 50% of the cost of replacement

. If the private car is driven by a person who is under the influence of intoxicating liquor or drugs at the time of loss

. Driving without a Valid Driving Licence
. Using the vehicle for hire or reward, carriage of goods other than samples, racing and other racing related purposes and motor trade purposes

. Any accidents outside the geographical area

[RJK]

Hi rjvora,

I recently sold my '07 Sx4 but the deal didn't include insurance since the buyer was going to convert it to a cool cab; quite obviously my private insurance wouldn't work on it then. I was wondering if I could cancel the insurance and get any my money back for the remaining period i.e until September 2010 ? THanks.

[psp62in]

Originally Posted by rouheet

What true value guys are telling me that the policy was already endorsed / transferred. To get the NCB i have to cancel it first. To cancel this endorsement they are asking for 1410. Since while selling the old car i told them if i take the ncb and that requires the old policy to be cancelled i would pay for the new policy they are asking for 3500 for this new policy. Can you imagine even the existing policy on that old car was renewed on19th november 2009 for which i paid around 2500/-. Since i would be taking ncb the new cost is over 3500 is what they told me.



I am completely lost here, but yes i am not making any payments until i understand everything clearly. Thats what i have told them too.

Hi Rouheet,
This is what I did to get teh NCB certificate when I recently sold my old Palio.

1. The Sale agreement required that post sales, all the RTO, insurance transfer processing would be done by the buyer and the cost for that would be borne by him. I was not to cancle the insurance and it was to be transferred to the new buyer at his cost. (I am not sure what exactly this means. However as I vaguely understand, to get the insurance transferred in his name, the new owner has to pay back to the insurance company the discount on premium I had received as NCB from previous years on a pro-rata basis till the next renewal. In other words he has to pay the difference between the full insurance premium and actual (lower) amount I had paid in view of my previous NCB).

2. I was also told that Car Registration in new owners name required that the car is insured in his name. If I was to cancle my insurance, I would get a partial refund from the insurance company for the remaining pariod till the renewal; and the old insurance would not be transferred to the new owner, he must buy a new insurance.

2. Get the proof that the car is sold and transferred in the name of new owner. - I got the copy of the RC book with the name of the new owner. My Insurance officer had told me that the so called "delivery Note" given by the new owner was not sufficient. So I had to wait for a couple of weeks after the actual sale till the RTO formalities were completed by the new owner.

3. I gave this, along with the original insurance document and an application for issuing the NCB to the insurance company.

4. No "cancellation" or any additional payment was required to be done by me any stage to the company (Oriental insurance).

I had followed a similar process at the time of previous car and two-wheeler sale without any hassle.

Hope this helps.

[rjvora_2000]

Originally Posted by shreeps

@Rupesh: First of all, A huge thanks to you for spending your valuable time in voluntarily helping out people with your gyaan about insurance, the companies and their practices. A small thought - how about a parked FAQ thread so that you dont face the same questions again and again (the thread has become pretty long and its getting difficult to search for exact needs since there are so many results)

Thank you for those kind words. creating a FAQ I think moderator can help in this matter. At the same time I think this will be difficult task I don't know how they will do this?

As far as replying is concern "I am doing that yaar why you worry?"

Originally Posted by shreeps

Rupesh and other experts:

I have a question: I am preparing to buy a new car from Maruti and the dealer is recommending Maruti Insurance (through their tie ups with Insurance Co.s) because of 2 reasons:

1. The cashless benefit is valid across all MASS across the country so even if the accident happens in a place other than the home city, I will not face any problems for claiming and cashless benefits.

2. The MASS supervisors who generally give the estimates have a good relationship with the insurance company valuation rep so there is less chance of the estimates being rejected or downgraded

Considering that the Insurance quote through Maruti insurance is Rs. 21k+ and the quote i got externally from Bajaj Allianz is Rs. 17k +, what would you all recommend as the best course of action?

Thanks in advance for your valuable advice.

1. There is this misconception of Maruti cashless and other cashless, Maruti insurance staff always say if you don't take insurance from us we will not give cashless, this is a wrong information. If there is a tie-up of Bajaj to the garage, you will get cashless and it dose not matter if you have a Maruti insurance policy or a direct Bajaj policy.

Insurance company have there tie-ups in all India level so I don't think non-Maruti will have any problem.

2. I my self is a small insurance agent but till now non of my client's car claim had any problem till date. In today's world surveyor's can't take you for granted. If they disallow or reduce any expenses then people like me, forums like TBhp will always help people like you who are not an expert in this insurance business. Were as this Maruti insurance staff is fooling people by charging high premium.

With all the due respect to Maruti and their team let me tell you that small agent like me can have such a knowledge and you will see they don't have a knowledge. My anger to them is for lack of knowledge, lack of customer friendly nature. And there fooling approach is the sole reason for my Anger.

Lastly if I am there in place of you I will surely go for Bajaj with an intermediary who will give me good discount in the quotation and very good service at the time of claim. Ask Maruti if they can offer the insurance at 17K then you can go for them otherwise go to Bajaj.

Let me make one thing clear this is not my anger but this TRUTH.

Originally Posted by shreeps

One more question: The Bajaj Aliianz site lists the following as exclusions. Are these industry standards or specific to BA?

. Consequential loss, depreciation, wear and tear, mechanical or electrical breakdown, failure or breakages

. Any damage to tyres and tubes unless the vehicle is also damaged at the same and the liability of the Insurer will be restricted to 50% of the cost of replacement

. If the private car is driven by a person who is under the influence of intoxicating liquor or drugs at the time of loss

. Driving without a Valid Driving Licence
. Using the vehicle for hire or reward, carriage of goods other than samples, racing and other racing related purposes and motor trade purposes

. Any accidents outside the geographical area

These all are the standard deduction which you will find in all the companies motor insurance policies.

Originally Posted by RJK

Hi rjvora,

I recently sold my '07 Sx4 but the deal didn't include insurance since the buyer was going to convert it to a cool cab; quite obviously my private insurance wouldn't work on it then. I was wondering if I could cancel the insurance and get any my money back for the remaining period i.e until September 2010 ? THanks.

Yes you can!!!

You will get NCB letter which you can use for buying a new car. You need to submit the original insurance policy to insurance company along with a letter that you need a refund of premium. You will get premium refund of 8 to 9 months.

[sohail99]

Hey! I had a few queries regarding Bajaj Allianz from which my i20 is insured for a period of 1 yr(expiring on 6/12/2010)

- How many claims can I take during this period?
- For example, if I take a claim now, can I take another one the next month(god forbid) just in case the need arises??

Thanks

[bj96]

Can someone confirm/verify if this calculator hosted at infibeam website is reliable? The premium rates calculated here looks way too attractive?

Car Insurance Calculator, Get Car Insurance Quote Online in India - Infibeam.com

-BJ

[shreeps]

Guys,
One more question. Does the engine immobilizer and remote locking which is present by default in SX4 ZXi qualify for Insurance Premium discount under ARAI approved anti theft device?

[shreeps]

Originally Posted by bj96

Can someone confirm/verify if this calculator hosted at infibeam website is reliable? The premium rates calculated here looks way too attractive?

Car Insurance Calculator, Get Car Insurance Quote Online in India - Infibeam.com

-BJ

Try policybazaar.com as well. I saw better rates there.

[Fordmanchau]

Hi Rupesh,With reference to my query on the car insurance renewal in the posts 749,759,765 & 770, I enquired about the Cholamandalam Elite plan and also got the quote from Bajaj Allianz.Attaching the quotes here. I was able to negotiate with BA to increase the IDV to 4,20,000/-. Last year IDV being 4,12,000/-. The premium quoted is 8628/-.My question is , can I further negotiate to either increase the IDV or decrease the premium. As I have already increased the IDV from previous year, can I assume that I am covered against depreciation?I am pretty much tilted towards BA for their straightforward approach and Increased IDV. Also nowhere in the policy I read that they will pay 100% of the IDV in case of total loss. TATA AIG challenged me on this, that only they pay 100% of IDV and rest all pay maximum upto 85%. I want to get this in writing from Bajaj Allianz. Cholamandalam is yet to get back to me on this, they said they will get the approval to give this to me in writing. Please advise shall I negotiate further?

[rjvora_2000]

Originally Posted by shreeps

Guys,
One more question. Does the engine immobilizer and remote locking which is present by default in SX4 ZXi qualify for Insurance Premium discount under ARAI approved anti theft device?

Please someone can help on this one as I am not aware of this item.

Originally Posted by shreeps

Try policybazaar.com as well. I saw better rates there.

This one is a better looking website. - That's it premium is not final they bargain on phone.

Originally Posted by bj96

Can someone confirm/verify if this calculator hosted at infibeam website is reliable? The premium rates calculated here looks way too attractive?

Car Insurance Calculator, Get Car Insurance Quote Online in India - Infibeam.com

-BJ

Easy calculation that's it. Call insurance company directly you will get more discount.

Originally Posted by sohail99

Hey! I had a few queries regarding Bajaj Allianz from which my i20 is insured for a period of 1 yr(expiring on 6/12/2010)

- How many claims can I take during this period?
- For example, if I take a claim now, can I take another one the next month(god forbid) just in case the need arises??

Thanks

You can go for any no. of claim there is no guideline on no. of claim.

Originally Posted by Fordmanchau

Hi Rupesh,With reference to my query on the car insurance renewal in the posts 749,759,765 & 770, I enquired about the Cholamandalam Elite plan and also got the quote from Bajaj Allianz.Attaching the quotes here. I was able to negotiate with BA to increase the IDV to 4,20,000/-. Last year IDV being 4,12,000/-. The premium quoted is 8628/-.My question is , can I further negotiate to either increase the IDV or decrease the premium. As I have already increased the IDV from previous year,

1. can I assume that I am covered against depreciation?

I am pretty much tilted towards BA for their straightforward approach and Increased IDV. Also nowhere in the policy I read that they will pay 100% of the IDV in case of total loss. 2. TATA AIG challenged me on this, that only they pay 100% of IDV and rest all pay maximum upto 85%.

3. I want to get this in writing from Bajaj Allianz. Cholamandalam is yet to get back to me on this, they said they will get the approval to give this to me in writing. Please advise shall I negotiate further?

1. No you are not covered against the Depreciation unless you buy a special policy which covers depreciation at the time of claim.

Why you are increasing the IDV from last year? You have to reduce the car value every year.

2. Tata has a special policy if they cover you under that then 100% of car value is covered.

3. Insurance company will pay you total IDV if you reduce the IDV every year.

In your case I don't think you are benefiting of IDV it is only insurance company who is getting the higher premium.

[akas_chauhan]

HI Vora,
One quick question.

My insurance company is ICICI Lombard. During claim surveyor quoted 15%(depriciationvalue)+8% (Salvation value) for all metal parts.

I was aware of 15% depriciation in metal parts as my car is 2.9 years old. From where is this 8% value came from. We had a long argument regarding this and i declined to pay this 8% extra which is around (13,000 INR). Surveyor will come on monday to MAruti and he will explain it.

Any idea about this "Salvation Stuff", or he's just plain cheating.