[vidyanand]

Hi Team,
I have this query on my new i20 Insurance. I bought the 0% depreciation insurance on my own from ICICI and provided the details to the Dealer for registration.

1) The Insurance was supposed to be claculated on 5% depreciation of the Ex-Showroom Price. Is this normal/correct?
2) The Agent marked the IDV value at around 7k less than actual 95% of the ExShowroom price. Will this have any negative effect? Should I get this corrected?

[vidyanand]

Originally Posted by vidyanand

The Agent marked the IDV value at around 7k less than actual 95% of the ExShowroom price. Will this have any negative effect? Should I get this corrected?

Ok here is one update. I called the agent questioning the lower IDV value (should have done it at the time of taking the insurance itself ). He says that they do not consider the market (ex-showroom) price but refer to the production cost of the vehicle which is lower by some percentage.
Now I add to my previous question. Is this true or the Agent just trying to justify his doing?

[Pedaltothefloor]

My first year insurance with Future Generali is about to expire and I am wondering if I should renew with them. I haven't read good things about claims being handled by them. Also, I want a zero depreciation policy that offers the highest IDV. What are my options?

The car is 11 months old Fiat Punto 90HP with no claims.

When I renewed my bike Insurance with Reliance recently, they allowed me to pay INR 200 extra to increase the IDV by 10K. Does any car insurance allow one to do that?

[ghodlur]

Originally Posted by vidyanand

1) The Insurance was supposed to be claculated on 5% depreciation of the Ex-Showroom Price. Is this normal/correct?
2) The Agent marked the IDV value at around 7k less than actual 95% of the ExShowroom price. Will this have any negative effect? Should I get this corrected?

@vidyanand
It has been discussed at lenght in this thread that the IDV calculation is based on the depreciation/year times the exshowroom cost of the vehicle. So the first Insurance is ideally at 5% of the exshowroom cost. Since the Insurance was bought by you I assume through an agent you should have ensured the correct IDV for the car. If the agent has wrongly mentioned the IDV, you can contact the Insurance co and request for an correction. I am sure they can change it, this can mean an additional amount on the premium payment.

Originally Posted by Pedaltothefloor

I haven't read good things about claims being handled by them. Also, I want a zero depreciation policy that offers the highest IDV. What are my options?

If your sources are accurate, then you can change the Insurer. You are getting confused between zero dep and IDV. No way they are linked. Zero dep is an add on component which means extra premium amount. This is not going to change the IDV of the car. You do have an option to tweak the IDV of the car but only to a certain extent and if being renewed online. Higher IDV means more premium and addition of the zero dep option shoots the premium to a substantial amount. You need to take a call on that.

[skaja]

Originally Posted by Pedaltothefloor

My first year insurance with Future Generali is about to expire and I am wondering if I should renew with them. I haven't read good things about claims being handled by them. Also, I want a zero depreciation policy that offers the highest IDV. What are my options?

The car is 11 months old Fiat Punto 90HP with no claims.

When I renewed my bike Insurance with Reliance recently, they allowed me to pay INR 200 extra to increase the IDV by 10K. Does any car insurance allow one to do that?

I had my first year insurance with Future Generali. I made a claim. The response was good and I did not face any issues with them. I would have continued with them, if only they have a cashless tie-up with the Volkswagen workshop.

[snkjr]

Is there any time limit (starting from the date the damage occured) stipulated by the regulatory body within which an insurance claim can be made? Or do insurance companies set their own time limits? Does such a time limit even exist?

[bullet-tooth]

Hi,

I have recently bought a pre worshipped 2003 Honda City EXi.
It has some rust formation and some scrape marks in the rear right side wheel arch due to collision from the pillar in parking lot.
I have Royal Sundaram insurance and it is also transferred in my name now.

My questions are:
Can I fix this body work through insurance?
If yes what is the percentage that will be refund.
Also the damage was done some 6 months ago. Will I still be able to obtain claim for that.

[mayankk]

Originally Posted by bullet-tooth

Hi,

I have recently bought a pre worshipped 2003 Honda City EXi.
It has some rust formation and some scrape marks in the rear right side wheel arch due to collision from the pillar in parking lot.
I have Royal Sundaram insurance and it is also transferred in my name now.

My questions are:
Can I fix this body work through insurance?
If yes what is the percentage that will be refund.
Also the damage was done some 6 months ago. Will I still be able to obtain claim for that.

Was the insurance fresh, or a renewal only?
Im asking because if it was fresh, and the marks were there during inspection, you wont be able to file.

[F50]

Originally Posted by snkjr

Is there any time limit (starting from the date the damage occured) stipulated by the regulatory body within which an insurance claim can be made? Or do insurance companies set their own time limits? Does such a time limit even exist?

No is there no time limit but its best to inform them as soon as it happens.
Surveyors are pretty smart and would immediately come to know whether its a fresh accident or old.

Originally Posted by bullet-tooth

Hi,

I have recently bought a pre worshipped 2003 Honda City EXi.
It has some rust formation and some scrape marks in the rear right side wheel arch due to collision from the pillar in parking lot.
I have Royal Sundaram insurance and it is also transferred in my name now.

My questions are:
Can I fix this body work through insurance?
If yes what is the percentage that will be refund.
Also the damage was done some 6 months ago. Will I still be able to obtain claim for that.

You have make a claim out of it. Percentage depends upon what is your final repair bill looks like. Rubber, plastic, depreciation would be charged.
6 months old would be difficult to prove fresh.

[bullet-tooth]

Originally Posted by mayankk

Was the insurance fresh, or a renewal only?
Im asking because if it was fresh, and the marks were there during inspection, you wont be able to file.

Thanks guys. It was a renewal policy only.

[abdriver2000]

Has anybody here tried easyinsuranceindia dot com?
I am scouting for the lowest quote for a 2006 Indica Xeta and this is the only site which offered me a quote as low as 2744 from Oriental

Getting quotes for an Indica has always been a problem due to their high claims from call center cabs. All Pvt. insurers are quoting atleast 500-1000 bucks higher.

I have never claimed any vehicle insurance and just for the sake of checking out, tried looking at 3rd party insurance for this car and the quote came to 2744 again! Looked closely and it includes a personal accident policy for Rs. 5 lakh without which the policy won't be issued. So I guess it's better to stick to comprehensive for now.

[Pedaltothefloor]

I got a quote from Bajaj Allianz today as I plan to switch from FG. Ones anybody know if Fiat has cashless with Bajaj?

They allowed me to increase the IDV from 5.80 L to 6.4 L. The premium quoted is 12K for normal and 18K for the zero depreciation plan.
Please let me know if the 6K extra is worth going after the zero depreciation plan? Is Tata AIG better than Bajaj Allianz?

[mayankk]

Originally Posted by bullet-tooth

Thanks guys. It was a renewal policy only.

Fair enough. And when you say rust, its where the paint has been scraped off, exposing metal?
I dont think you should have any issues with a claim. Speak to your SA, and he will guide you better as to how to convince the surveyor.

[Altocumulus]

The insurance for my 2007 Esteem Vxi is due for renewal next month.

Royal Sundaram (existing insurer) has calculated the IDV to be 162000/- and a premium of Rs 5864.
Bajaj Allianz has offered an IDV of 235000/- with a premium of Rs 5600 + some added benefits.

Both have tie ups with the workshop I take my car to but I am skeptical about the difference in IDVs. However a point to be noted is that when I bought the car last year Royal Sundaram had calculated the IDV to be over 2 Lakhs. But since I bought the car for 1.4L, I had asked them to bring in down to 1.8L and save on the premium.

Now looking at the quotes to be nearly the same, is it okay to switch to Bajaj Allianz since they are offering a much higher IDV ?

[Sheel]

One of my neighbor on insistence from my friend who happens to from Icici Lombard took an all inclusive comprehensive policy for his Honda Unicorn Motorcycle.

Now this supposed friend of mine has started acting up & doesn't pick calls or responds because a claim needs to be settled. His (my neighbor) bike's tank has a deep dent & a scratch.

At other place as well, he has taken money from my erstwhile business associate for his 4 wheeler insurance renewal & is yet to get back.

I have written a complaint to lombard, but to no avail & they take good 3-4 days to get back (via mail).

Any suggestions?