[ghodlur]

Originally Posted by SKB

Hi guys,I am newbie here and this is my first renew of my Jazz.I am going tomorrow to renew my insurance.Can you guys please take a look and let me know your opinion on quote.

Your IDV looks less, ideally it should be around 6.8L (based on ex showroom cost seen in the post i.e 15% less than ex showroom cost). Is this the correct ex showroom cost? IDV can also be calculated as less 10% than last year's IDV. First get the correct IDV and then request an online premium quote for the IDV. Also the addon cost of 5.5K, is this for zero dep add on? Confirm with the Insurer what is the calculation of the same? Ideally it should be about 0.47% of IDV. Rest seems ok. Who is the Insurer?

Originally Posted by techiecal

Friends, I have recently sold off one of my cars which was comprehensively insured upto Feb 2017 with Bharti Axa. The buyer will do his own insurance. I have approached Bhart Axa with the Form 29/30, Delivery Note, to cancel the insurance and refund the premium but the company wants to see an alternate policy before doing this. Alternate policy will be done by the buyer at his own time. That means I have to chase the buyer to insure his vehicle and give me a copy. Is Bharti Axa correct in demanding the policy of the buyer?

Why do you want to cancel the insurance on the car being sold. The premium paid can be got from the new buyer as he gets the assurance of Insurance being there on the car. There is no point on you cancelling the Insurance and waiting for the new buyer to first buy because unless the ownership of car is transferred, he will not be able to buy Insurance on the car. The best you can do is:
1) Let the Insurance remain on the car. You can obtain the NCB certificate from the Insurance co. Bear in mind you will have to return back the NCB amount claimed during renewal on pro rate basis.
2) Get the ownership on car transferred.
3) New buyer applies to the Insurance co for the change in ownership.

[SKB]

Originally Posted by ghodlur

Your IDV looks less, ideally it should be around 6.8L (based on ex showroom cost seen in the post i.e 15% less than ex showroom cost). Is this the correct ex showroom cost? IDV can also be calculated as less 10% than last year's IDV. First get the correct IDV and then request an online premium quote for the IDV. Also the addon cost of 5.5K, is this for zero dep add on? Confirm with the Insurer what is the calculation of the same? Ideally it should be about 0.47% of IDV. Rest seems ok. Who is the Insurer?

Thank you for the reply.My insurer is Bajaj Allianz merged with Honda assure.Today I went to the showroom and they are saying that for the first time when I got my license they charged 5%(Rs 763325) and for the second year it will be 20%(Rs 642800) after that they will continue with 10%.

[ghodlur]

Originally Posted by SKB

Thank you for the reply.My insurer is Bajaj Allianz merged with Honda assure.Today I went to the showroom and they are saying that for the first time when I got my license they charged 5%(Rs 763325) and for the second year it will be 20%(Rs 642800) after that they will continue with 10%.

What the dealer is saying is wrong. For the first year the IDV is 5% less of the ex showroom cost. 2nd year IDV should be 15% less the ex showroom cost of 10% less last year's IDV. Since the Insurance databases are not updated with the changing ex showroom rates, it is better to use the latter formula than the former. Below is the depreciation schedule, should be available in the policy documents given by Bajaj. Show the same to the dealer. In case the dealer is not budging or acting pricey, you can buy the insurance online.


THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE
VEHICLE
AGE OF THE VEHICLE % OF DEPRECIATION
FOR FIXING IDV
Not exceeding 6 months 5%
Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20%
Exceeding 2 years but not exceeding 3 years 30%
Exceeding 3 years but not exceeding 4 years 40%
Exceeding 4 years but not exceeding 5 years 50%

[sdp1975]

Come October, you won't be able to buy most insurance policies without an e-account :

http://economictimes.indiatimes.com/...w/53635449.cms

Is this any good ? I renew my insurance online and I get a soft copy sent to me, there's no paperwork here - this includes car and life insurance. While it appears that there are no fees to open an e-account ( unlike demat ) , the costs the insurer pays to the insurance repository will be passed on the end user.

[saket77]

Read the news a while ago. Nothing too clear there at least to reach any conclusion that in what way it will be more convenient or serve the purpose better. Even today we buy policies online and there's hardly any issue in that.
Honestly, for the moment it looks like reinventing the wheel.

Regards.

[bhavik.1991]

Hello guys,

I purchased pre-owned Jetta last October (Oct-15). Owner had insurance policy for the period Aug-15 to Aug-16 which was transferred to me after the purchase.

This is my first car so I had no NCB to claim when I transferred the insurance. I just called insurance agent regarding the renewal of that policy and I was expecting 20% NCB this time as no claims were made during the policy period, neither by me nor by the first owner.

But the agent says I can't claim NCB for the renewal as it hasn't been 365 days since the policy is transferred to me. I asked him can it be done on pro-rated basis or can I ask for refund of NCB once I complete 365 days without the claim to which also he declined.

Is the agent correct here? Will really appreciate any help.

My policy is expiring on 16th Aug, so need to renew it before 14th Aug due to public holidays.

[naveendagar]

I wish to renew my insurance with Tata AIG, the company gave a quote of 40000 for zero dep for 5th year.

I spoke to them regarding discounts, they mentioned that they have a good discount of around 3k if one have ARAI approved anti theft system. My ride is 2012 model Fortuner. Its pre loaded with Engine immobiliser and central locking.
Can someone tell me whether its ARAI approved or from where can i find whether it is or not?

[mustang_shelby]

Its time for me to renew my Wagon R's insurance, and HDFC Ergo sent me a renewal quote where the Own Damage component is almost 45% higher than the previous year, despite continuing with 50% NCB, no new claims in the policy year, and regular reduction in the IDV.
Upon calling their customer care, they said they have revised rates upwards for all customers. When I asked that the revision is to the extent of 45% they had no answer. I know the TPL rates have been revised upwards, and that reflects as well in the Third Party premium component in their quote, but the steep increase in the Own Damage premium was unexpected.

Has anybody else experienced the same with HDFC Ergo or any other insurer ?

[ghodlur]

Originally Posted by naveendagar

I spoke to them regarding discounts, they mentioned that they have a good discount of around 3k if one have ARAI approved anti theft system. My ride is 2012 model Fortuner. Its pre loaded with Engine immobiliser and central locking.

By Anti theft system, generally the Insurers look if Autocop or similar external systems are installed. However if the immobilizer in the car is of rolling codes type, then it does qualify for anti theft system. Most of the times the Insurers are hesitant to offer this discount, you need to force them to include the same in the quote. Bargain and bargain hard with them and you should get it.

Originally Posted by mustang_shelby

I know the TPL rates have been revised upwards, and that reflects as well in the Third Party premium component in their quote, but the steep increase in the Own Damage premium was unexpected.

Is your car more than 5 yr old, coz this type of tactics is generally used once the car ownership crosses the 5th year. I would suggest to check out the online quotes for the car from cashless tied up Insurers so that you can compare. I have heard Maruti itself offers some good premium options, have you tried those?

[mustang_shelby]

Originally Posted by ghodlur

Is your car more than 5 yr old, coz this type of tactics is generally used once the car ownership crosses the 5th year. I would suggest to check out the online quotes for the car from cashless tied up Insurers so that you can compare. I have heard Maruti itself offers some good premium options, have you tried those?

Yes, infact the car is turning 10.
So the insurers try to 'sneak' in premium revisions hoping the customer won't notice since the quantum of increase in rupee terms won't be much for old cars ? Or are they trying to take advantage of TPL revision this year, and clubbing in some other revisions hoping that if the customer asks the reason for premium revision, they can always say it is due to TPL revision. Which is what they tried with me as well. Maybe all customers will not go through the details of the quote.

And thats a good idea to try Maruti Insurance. Will get in touch with them. Thanks.

[condor]

Originally Posted by naveendagar

I spoke to them regarding discounts, they mentioned that they have a good discount of around 3k if one have ARAI approved anti theft system.

To add to what @ghodlur said, -
Did you check with any Insurance co which has a tie up with your service centre ( go thru your SA) . Such sources should know that the immobilizer is ARAI approved.

[naveendagar]

Thanks Ghodlur and Condor for the valuable suggestions.

@Ghodlur: Tata AIG is more than happy to give discounts for ARAI approved systems but with a caution that in case the vehicle is reported lost than i will have to prove that anti theft system was ARAI approved or will not be reimbursed anything. So taking this step cautiously.

[LonelyPlanet]

Originally Posted by jesj

Thought this info may help, so I'm posting it here. This is only for Private Sector Insurers.
The source is - https://www.irdai.gov.in/ADMINCMS/cm...DF=AR&mid=11.1

So a higher claims ratio is better for an end consumer - is my understanding correct ?

[centaur]

Can an insurance firm reject a claim because the part being claimed under insurance was not damaged recently? To make my question clear, let me provide an example -

Suppose that the insurance was renewed in November of a year. IN Jan/Feb next year there is some damage to say the front/rear bumper but the owner does not get it repaired or claim insurance as the damage is liveable with. Now suppose in September the same year, the owner decides to get it fixed because there are lot of other damages to the same part, can the insurance company reject the claim stating that this is an old damage and will not be covered? If yes, then how does one go about it?

[sukiwa]

Originally Posted by centaur

Can an insurance firm reject a claim because the part being claimed under insurance was not damaged recently?

Insurance company needs to be informed as early as possible about damage to insured vehicle, I think within 7 days or similar. If insurance company gets notified later, then it's valid for them to reject insurance claim.