[harshas]

TATA AIG is fraud company, the company not only declined to renew my policy but also issued a health insurance policy without my consent, they used my credit card information to issue a health insurance, several complaints to the company has been useless. After I threated to book a case against them for the credit card fraud, they refused to renew my vehicle insurance. They refuse to give in writing the reason the vehicle insurance cannot be renewed.

Please stay way from this company!

[Holyghost]

This sounds great. When can we expect more details on this product? I couldn't find anything on their website. I even heard that ICICI was planning for a similar product.

ICICI Lombard India’s No. 1 private general insurance company - Health Insurance, Travel Insurance, Home Insurance, Motor Insurance

[s3va]

and no contribution at all from the user end for plastic and rubber parts...!!!! ???? is this really true, as requested by others please direct us to certain written information...cannot trust these guys at all, anytime !!!!

[Holyghost]

Is this insurance out for public yet? I still dont find any communication from Tata AIG about this policy.

[emkay456]

I had one Tata AIG rep. pestering me for the last one month to shift to that company for my car insurance. I asked her about 0 % depreciation. She said they dont offer it and at the max she can increase the Insured amount for the 3 year old car. by Rs. 9000

Meanwhile MASS people called me for the renewal of present policy expiring in August. When I said I'll wait till August they said that IRDA is increasing the premiums by August 1st and it would be involve a saving of about Rs. 1000 if renewal is done in July itself.

[Thad E Ginathom]

As I posted here, this depreciation of plastic and rubber parts seems, to me, to be a complete scam, either based in antiquity, or just dreamt up to reduce liability.

It is something that just should not be there.

At least getting rid of it, with a charge, is a step in the right direction.

[condor]

1. Agree with Thad - I wonder how much does plastic deteriorate ? Like it had a half-life period !

2. The IRDA forced rate increases seem to be a easy & popular trick with insurance agents.

3. Wonder if TATA AIG teaches their agents to pester cusotmers & prospective customers. Not follow up / be persistent

[Holyghost]

Anyways, My renewal is only in December. If this policy comes out before that, I'll definitely go for that.
I really feel its worth the extra amount you pay for the premium. I ended up paying 50K for an accident repair close 1.5L eventhough my car was just 8 months old.

[amitk26]

I am sure this is answered somewhere but I could not find using search function.

What is the correct amount of IDV depreciation in first year of ownership ?
I read ranging from 10 to 20 % but also on T-BHP I read that insurence company will pay market value or IDV value which ever is lower so insuring at high IDV will be waste of money


Regards

[rjvora_2000]

Originally Posted by amitk26

1. What is the correct amount of IDV depreciation in first year of ownership ?

2. I read ranging from 10 to 20 % but also on T-BHP I read that insurence company will pay market value or IDV value which ever is lower so insuring at high IDV will be waste of money

1. When you buy a car it is 95% of the car value and on first year renewal 20% less then the last year and on second year on word's it should be 10% less then a last year.

2. If your car is more then 15 years old then the market value is paid otherwise IDV has to be paid by insurer.

[amitk26]

Originally Posted by rjvora_2000

1. When you buy a car it is 95% of the car value and on first year renewal 20% less then the last year and on second year on word's it should be 10% less then a last year.

2. If your car is more then 15 years old then the market value is paid otherwise IDV has to be paid by insurer.

Thanks , Is there any advantage if I do 1st year renewal at 10% or 15% less rather then 20% ?

Regards
Amit

[rjvora_2000]

No major difference in claim's 10% or 15% or 20%.

[saildrive]

Gents -

I am in a - had received a quote for in my car insurance which is due around Aug 20th and the guys from Wasan have been following up with a quote by Reliance (my current insurer) of Rs.5005 and have said that this amount is available only till July 09.

However, I just got a estimate from Tata AIG and it reads as below. Am confused by both of them (and after reading amitk26's post) that there is no point insuring car at higher IDV and since my IDV last year was less that 200,000.

Its a Indica Xeta, 2006 model....your reply's will be highly appreciated...

TATA AIG
1) IDV - 265000
2) Own Damage - 3.283% = 8966
3) Discount - 5100
TOTAL OWN Damages - 3866
4) Third Party Premium- 800
5) Personal Acident Cover for 5 unnamed pax (Rs.50k each) - 200
6) Personal Accident of five or Owner Driver Legl Liability for Paid Driver = 25
= 1025
BASIC PREMIUM + THIRD PARTY = 4891
10.3% Tax - 503.77
TATA AIG FINAL PREMIUM = 5394.7
=======
RELIANCE GENERAL INSURANCE
1) IDV = 183465
2) Basic Premium 3.191% = 5854
3) Tariff Discount - 1171
TOTAL AFTER DISCOUNT = 4683
4) No Claim Bonus 25 = 1171
TOTAL OWN DAMAGE - 3513
5) Third Party Liability Premium= 800
6) Cover for Owner / Driver = 100
7) Legal Liability paid to Driver = 25
8) Cover for Unnamed Passengers = 100
TOTAL LIABILITY PREMIUM = 1025

Package Premium = 3513 + 1025 = 4538
Tax = 467
RELIANCE Final Premium = 5005

[rjvora_2000]

Tata is the best option for you, even otherwise RIL is bad in customer servicing, They have some imposed excess on Tata car's. - Please check this with both the companies.

Tell Tata to reduce the IDV they can do this if you tell them to do so...

[saildrive]

Thanks rjvora;

Just curious to know how much should they (TATA) reduce the IDV by? and why so?

Can you also elaborate "excess imposed on Tata cars"