[crazydave]

Originally Posted by MorePower

My question is, aren't consummables covered under zero depreciation?

Also can the sales agent be held liable for misrepresentation of facts since he clearly lied when I asked him a very direct and specific question?

Or am I missing a point here?

No, consumables are not necessarily covered under zero depreciation policies unless specifically mentioned in your cover note. I've been in this position with other agents before, but very difficult to do anything about them as they keep shifting jobs, and they will deny everything. Hopefully, the EIN number that is going to be made compulsory for insurance/MF agents, will help companies and customers identify repeat offenders!

[crazydave]

My turn for an insurance question. I've got 2 quotes from Bharti Axa (33K) and Bajaj Allianz (34K) for a zero-depreciation policy for the Duster 110 RxZ. Any views on which provider I should go for? The only difference I can see between the 2 policies is that Bajaj Allianz is offering me 13K more in IDV and something called Engine Protector. Am slightly leaning towards Allianz because of that

[ghodlur]

Originally Posted by crazydave

My turn for an insurance question. I've got 2 quotes from Bharti Axa (33K) and Bajaj Allianz (34K) for a zero-depreciation policy for the Duster 110 RxZ. Any views on which provider I should go for? The only difference I can see between the 2 policies is that Bajaj Allianz is offering me 13K more in IDV and something called Engine Protector. Am slightly leaning towards Allianz because of that

Go with Bajaj Allianz coz for 1K more you are getting an higher IDV plus the engine protector add on. Dont know how effective is this add on. May be BHPians who have opted for this and have any experience would chip in with some additional info.

Just ensure that BA has a cashless tie up with the workshop where you get your car serviced. BTW what car do you own and who was the previous Insurer? Didnt the previous Insurer provide the renewal quote which could be lesser than the two (to retain customers).

[arup.misra]

Time to renew the insurance for my 2011 - All New Honda City

Current Insurer - Tata AIG (Zero Dep)

IDV - 800,000

NCB - 50% (is this the max?)

What should my IDV be?

[ghodlur]

Originally Posted by arup.misra

Current Insurer - Tata AIG (Zero Dep)

IDV - 800,000

NCB - 50% (is this the max?)

What should my IDV be?

Ideally IDV should be 20% less of the current Ex showroom cost of the cars. However going by the Insurance co, it will be 10% less than last year's IDV which means 80K less. IDV should be around 7.2L

Calculation says:
IDV= {[(Manufacturer’s listed selling price or Ex-showroom price) + (Sales Tax) + (Accessories that are not included in listed selling price - depreciation)] – (Depreciation + Registration costs + Insurance costs)}
which is rarely followed.

50% NCB is the max.

[MaxTorque]

Friends, my Brio's insurance policy is up for renewal. The current policy is from Iffco Tokio. Will I face any problem, if I go for any other provider other than Iffco Tokio..? Has anyone tried renewing the policy online? I got quotes from both company (online) and dealer. There is a difference of Rs.3K for Zero Depreciation (dealer is cheaper). There is a difference in IDV value as well, the company considers 35K more. I think this extra IDV jacks up my premium amount.

[ghodlur]

Originally Posted by MaxTorque

Friends, my Brio's insurance policy is up for renewal. The current policy is from Iffco Tokio. Will I face any problem, if I go for any other provider other than Iffco Tokio..? Has anyone tried renewing the policy online? I got quotes from both company (online) and dealer. There is a difference of Rs.3K for Zero Depreciation (dealer is cheaper). There is a difference in IDV value as well, the company considers 35K more. I think this extra IDV jacks up my premium amount.

Why should you face any problem if you opt for a different Insurer? To start with get the information from your workshop about Insurers which have a cashless tie up. Check the premium rates on the Insurers website online. I am sure you will get a better deal. I would suggest to be not tempted with the higher IDV, calculate as per the regulations and then check the Insurers quote for the calculated IDV.

How much is the cost for the zero dep add on quoted by the dealer and company? Ask the dealer whats the catch with the lower premium. Maybe the zero dep add on package offered by Insurer and dealer might be different.

[MaxTorque]

Originally Posted by ghodlur

Why should you face any problem if you opt for a different Insurer? To start with get the information from your workshop about Insurers which have a cashless tie up.

Earlier I had a word with my dealer, they said cashless facility available only with Iffco Tokio (Honda Assurance). Other members can clarify this. The depreciation waiver amount is Rs.3400 and total Premium is Rs.13200 quoted by dealer. Where as company quoted Rs.17,000.

[ghodlur]

Originally Posted by MaxTorque

Earlier I had a word with my dealer, they said cashless facility available only with Iffco Tokio (Honda Assurance). Other members can clarify this. The depreciation waiver amount is Rs.3400 and total Premium is Rs.13200 quoted by dealer. Where as company quoted Rs.17,000.

I guess the dealer OD premium must have included the dealer discount and the NCB discount whereas Company quote must have missed out on the NCB discount. Surprising that Honda workshop has cashless tie up with only one Insurer, surely there must be more.

[pratyush6]

Guys, I have a general query:
I have a Ford Figo, whose 1st year insurance fee had been waived off. The insurer is Bharti AXA and in the times I have had to claim insurance twice (within a month) I never had a problem. As I know now, there is something you call a 0% dep policy.
Can I opt for the same when my renewal comes up next year?

Also, would what would be the % increase in premium? Does my preimum go up when I claim insurance?
Thanks

[ghodlur]

Originally Posted by pratyush6

Guys, I have a general query:
I have a Ford Figo, whose 1st year insurance fee had been waived off. The insurer is Bharti AXA and in the times I have had to claim insurance twice (within a month) I never had a problem. As I know now, there is something you call a 0% dep policy.
Can I opt for the same when my renewal comes up next year?

Also, would what would be the % increase in premium? Does my preimum go up when I claim insurance?
Thanks

You can opt for the zero dep during the next renewal but will cost in addition to already increased premium due to two claims. In fact Bharati Axa provides zero dep upto 5 yrs from the initial purchase.

[Sommos]

The insurance of my Linea comes up at the end of this month. I had received quotations from some parties where the IDV ranges from 6.10L to 8.25L and the premium also varies accordingly. The car was purchased in 2012 and the IDV was 9.10L.
a. Is it advisable to lower the IDV and go for lower premium, or should I stick to the IDV of 8.20L (considering 10% depreciation from last year).

b. Can I go with any insurer or should I ensure from the dealer about who has a cashless policy with Fiat. In such case can anyone tell me which company has the cashless arrangement with Fiat. Last year the insurance was done by the dealer through Oriental.

Originally Posted by ghodlur

You can opt for the zero dep during the next renewal but will cost in addition to already increased premium due to two claims. In fact Bharati Axa provides zero dep upto 5 yrs from the initial purchase.

As far as my limited knowledge goes, no company allows zero dep beyond five years (or four in come cases) at present.

[ghodlur]

Originally Posted by Sommos

a. Is it advisable to lower the IDV and go for lower premium, or should I stick to the IDV of 8.20L (considering 10% depreciation from last year).

b. Can I go with any insurer or should I ensure from the dealer about who has a cashless policy with Fiat. In such case can anyone tell me which company has the cashless arrangement with Fiat. Last year the insurance was done by the dealer through Oriental.

a.No, dont lower the IDV just for paying lower premium. Stick to the standard IDV calculated as per the depreciation table.

b. You can opt for a different Insurer during renewal. Just check with the workshop with whom they have cashless tie up, they should be having the list. Future Generali definitely has a cashless tie up atleast with Fiat dealer, Thane.

[MaxTorque]

Originally Posted by ghodlur

Surprising that Honda workshop has cashless tie up with only one Insurer, surely there must be more.

Today I cross checked with the dealer (Deccan Honda). They said the cashless facility is available with four insurers like ICICI Lombard, Royal Sundaram, Bajaj Allianz and Iffco Tokio.

Now I have to get quotes from them and compare.

[amitpunjani]

I have an Sx4 Zdi the insurance is valid upto July end. I have received renewal quote from Bajaj its about 21k (Zero Dep) and today i checked with Policy Bazaar they have the lowest from Bharti Axa which for 16.5 K and from Reliance 14.5 K.

My concern is whom should i opt Bajaj, Bharati or Reliance for my renewal. I know Bajaj who's premium is for 21k has good service and prompt claim response, where as i not sure about Bharati or Reliance.

Though opting for Bharati Axa i would save about 5k but later don't want hassles incase there is some mishap.

Guru's would appreciate your help!

Regards

Amit