[ghodlur]

Originally Posted by yogeshnaik

Is that the IDV remains the same after 5 years and above? This is what I was told by one of the executives of an insurance company. There is one more insurance called bumper to bumper where all the plastic parts are covered. It looks like there are also some depreciation involved. Apart from glass parts which is insured 100% the plastics are nearly 50%, is that the bumper to bumper insurance covers the plastic parts more than 50% ? Thanks

No, the IDV cant remain the same after 5 yrs & above. It is subject to mutual understanding between the Insurer and Insured.

Regarding Bumper to bumper cover (generally known as zero dep add on cover) plastics are covered 100% along with consumales, fibre, metal, rubber parts. This is purely on my recent discussion with one of the Insurance co. The terms may differ for each insurance co. Enquire with the Insurer as to what are included & excluded before taking a call.

The Glass Parts are insured 100% in insurance policy without any depreciation whatever be the age of car and whatever be the type of insurance

[Red Liner]

A recent insurance quotation I received from TATA AIG for a Ford Figo 2012 June Titanium Diesel in Bangalore.

This is a used car that I purchased recently.

He has given me a Pearl Plan Package which includes the following: Repair of glass,rubber and plastic parts; NCB Protection*; Loss of personal belongings; Emergency Transport and Hotel Expenses; Key Replacement; Depreciation Cover.

Seems insanely high. I have not asked for competing quotes yet.

[graaja]

Hi,

I purchased a Jetta a couple of months back and have the insurance from Bajaj Alliance. I had a Hyundai Getz before this and had a 50% NCB on this insurance from Royal Sundaram. I got the 50% NCB certificate from Royal Sundaram last week. How do I use this NCB certificate? Will I be able to submit this certificate to Bajaj alliance and get a refund for this year itself or will I be able to get the benefit of the NCB while renewing the insurance next year.

Thanks in advance for all the pointers.

[ghodlur]

Originally Posted by graaja

I got the 50% NCB certificate from Royal Sundaram last week. How do I use this NCB certificate? Will I be able to submit this certificate to Bajaj alliance and get a refund for this year itself or will I be able to get the benefit of the NCB while renewing the insurance next year.

You could have used the NCB during the Insurance buying for the Jetta or did you get the NCB on getz after buying the Jetta. BA will not refund the NCB equivalent amount in this policy year, you can use the NCB during the next year renewal.

[graaja]

Originally Posted by ghodlur

You could have used the NCB during the Insurance buying for the Jetta or did you get the NCB on getz after buying the Jetta. BA will not refund the NCB equivalent amount in this policy year, you can use the NCB during the next year renewal.

Hi, Thank you for the response. Yes, I could get the NCB only after I bought the Jetta. So I guess I should use this during renewal.

I have a couple of follow-up questions. The premium I paid for Jetta is 81k. Will there be a 50% reduction in premium next year for the 50% NCB? Also, recently I got a scratch and dent on the door that may require a paint job (hopefully not a door replacement)

If I claim insurance, I will lose the NCB. What is the cost threshold below which I should pay for the repairs from my own pocket?

Thank you once again for the guidance.

[ghodlur]

Originally Posted by graaja

The premium I paid for Jetta is 81k. Will there be a 50% reduction in premium next year for the 50% NCB? Also, recently I got a scratch and dent on the door that may require a paint job (hopefully not a door replacement)

If I claim insurance, I will lose the NCB. What is the cost threshold below which I should pay for the repairs from my own pocket?

You will get 50% discount on the OD premium only, not on the final Insurance premium. You would still pay the TPL, add on & taxes costs at the original price.

If the repair cost is more than the NCB amount saved, then you need to claim insurance. But in your case I dont think that the repair cost will exceed 10K. Hence pay from the pocket as of now. This cost can be reduced if you take it to a well known FNG. See if you can live with the scratch till next year so that you get the repairs done after claiming the 50% NCB discount.

[graaja]

Originally Posted by ghodlur

You will get 50% discount on the OD premium only, not on the final Insurance premium. You would still pay the TPL, add on & taxes costs at the original price.

If the repair cost is more than the NCB amount saved, then you need to claim insurance. But in your case I dont think that the repair cost will exceed 10K. Hence pay from the pocket as of now. This cost can be reduced if you take it to a well known FNG. See if you can live with the scratch till next year so that you get the repairs done after claiming the 50% NCB discount.

Checked the policy, and the OD premium is 68K. So, applying depreciation of value of the vehicle and the NCB, I should save around 30K in insurance next year?

I can live with the scratch for maybe a few more weeks till I can make an informed decision, but a year may be too long as the damage is quite severe. I am taking the car to the workshop tomorrow to assess the damage and the cost of repairs. I will update the thread once I have more details on the cost of repair. I will also consult a FNG that I used for a paint job on my previous car and see what they say.

[amitk26]

Apart from Bajaj Alliance which all providers give Engine protection Plan ?

My policy for Honda Amaze is from Royal Sundaram and last year this option was not there.

I saw the Engine protection option on website of Royal Sundaram now but RS has not responded on if they will add this option during renewal or not.

Existing Royal Sundaram Policy has return to Invoice Value option which costs some 2K Rupees , suppose if I have to move to another company say Bajaj for the sake of Engine protection then I will have to forgo return to invoice value option.

So what is the suggestion ? How useful is return to invoice ?

[ghodlur]

Originally Posted by amitk26

Apart from Bajaj Alliance which all providers give Engine protection Plan ?

My policy for Honda Amaze is from Royal Sundaram and last year this option was not there.

I saw the Engine protection option on website of Royal Sundaram now but RS has not responded on if they will add this option during renewal or not.

Existing Royal Sundaram Policy has return to Invoice Value option which costs some 2K Rupees , suppose if I have to move to another company say Bajaj for the sake of Engine protection then I will have to forgo return to invoice value option.

So what is the suggestion ? How useful is return to invoice ?

Engine protection is provided as an add on to the Insurance policy by HDFC Ergo, Bharti Axa, Future Generali, Tata AIG (based on the info on the websites). Royal Sundaram doesnt have the engine protection as an add on package although while taking an online quote shows that engine protection is also provided. But thats not the case which was confirmed by RS customer service in an online chat.

Return to Invoice add on is helpful only in case of car getting totalled or stolen. IMO it is not required but you can buy it for that "Additional" peace of mind.

I wouldnt suggest Engine protection either unless you drive in frequent water logged areas where chances of water ingress is very high enough to damage the engine.

[amitk26]

Originally Posted by ghodlur

Return to Invoice add on is helpful only in case of car getting totalled or stolen. IMO it is not required but you can buy it for that "Additional" peace of mind.

I wouldnt suggest Engine protection either unless you drive in frequent water logged areas where chances of water ingress is very high enough to damage the engine.

Thanks a lot . Does engine protection cover sump damage due to stone hit ?
I thought that engine protection may be useful in case of low slung cars.

[ghodlur]

Originally Posted by amitk26

Thanks a lot . Does engine protection cover sump damage due to stone hit ?
I thought that engine protection may be useful in case of low slung cars.

Most of the Engine protection cover are offered against water ingress and loss of lubrication oil due to any accident. Stone hit can be one. Attaching the definition of Engine protection add on from HDFC Ergo for reference. Each Insurer will have a different definition or scope for the engine protection add on.

Covers consequential damages to the internal child parts of the engine and /or gearbox of the insured vehicle, arising out of :Water ingression Leakage of lubricating oil and/or damage to engine and/or gear

box of the Insured Vehicle arising out of lubricating oil due to accidental means

[amitk26]

Finally purchased from Bajaj Alliance with 24x7 SPOT ASSISTANCE,Depreciation Shield,Engine Protector.

Earlier I was with Royal Sundaram but moved because engine Protector was not there. RS was with return to Invoice value in case of total loss or theaft

Since engine sump hit has higher probability in Amaze and Honda engine work is costly I thought it is a better choice over return to invoice value option.

Initially I paid using credit card on website then I received a call from a sales team member and he told he can't offer discount now which he was going to offer as I have already purchased , So I cancelled the policy purchased earlier and purchased again with the discount offered by using the quote given by sales guy

Money will be refunded in 48 to 72 hours.

So guys after you have filled in details on website just wait for them to call and offer you last minute deal

[dhir_d]

Hi,

I have an existing car insurance from TATA AIG which is expiring on 2 July.
I took the Auto Secure Private car package policy and paid a premium of Rs 53558 last year in 2013.

Recently I got a renewal notice from TATA AIG for Rs 38515.04.
Now my question is should I go for TATA AIG or is there a better option.

IDV FOR 2014 is Rs 1466800
No claim taken in 2013.


Kind regards

[fiat_tarun]

Renewed my Figo's insurance with Bajaj Allianz. Got the Ford free insurance from United India when I bought the car last year and paid 4k to make it '0' dep. Their renewal quote was 18.5K, while Bajaj came to 16.5k with '0' Dep. + engine protector.

[harry10]

My bhua recently bought an Audi A6. She told me they got an insurance for the engine seize due to water effect as well with their regular insurance and it's been offered by few banks now.
I just want to confirm if this is possible to avail for the new City I am buying next week. Or, it is only offered for premium cars.