[Zahir]

I'm planning on taking the Tata aig 0 depreciation policy on my new hyundai. Is it a good choice over bajaj & HDFC ergo?

[myavu]

My Beat LT's insurance renewed with TATA AIG - Pearl Plan (Extended to 5th year)

Premium : 9285/- (inclusive of GST) NCB 35%

IDV - 2,58,312/- (previous - 2,93,536/-)

Benifits

• Comprehensive Policy +
• Cashless facility
• 0 Depreciation (100% Claim on Metal, Plastic, Fiber & Glass)
• No NCB lost if repair is done on Plastic, Fiber & Glass
• Key replacement -25000 (if misplaced)
• Lost of personal belongings - 10000
• Towing charges claim - 1500

Cheers!

Vinu

[deepu9999]

Hi

One of my cars met with a Accident and is Concluded as Total Loss by Insurance Surveyor.

I have Drive Assure (0 Depreciation Policy) of Bajaj Allianz on it.

The Insurance Agent Now says I can't get 100% IDV Value as Claim Amount

He says amount for Nuts and Bolts and Oils and Gasses has to be deducted.

But isn't that the case when the Vehicle is being repaired ??

why would they deduct for Bolts and Nuts and Gases when Vehicle is Total loss??

Need your expert advice on this matter as soon as possible

Thanks and Regards

Sandeep

[myavu]

My Beat LT's insurance renewed with TATA AIG - Pearl Plan (Extended to 6th year)

Premium : 9419/- (inclusive of GST) NCB 45%

IDV - 2,55,729/- (previous - 2,58,312/-)

Benifits

• Comprehensive Policy +
• Cashless facility
• 0 Depreciation (100% Claim on Metal, Plastic, Fiber & Glass)
• No NCB lost if repair is done on Plastic, Fiber & Glass
• Key replacement -25000 (if misplaced)
• Lost of personal belongings - 10000
• Towing charges claim - 1500

Cheers!

Vinu

[geotracks]

My 2012 Honda City V MT insurance is up for renewal. Last year I purchased Peral Plan (0 depreciation) insurance from Tata AIG.

This year Tata AIG quoted me Rs. 200 (with 35% NCB) more than last year. Is it normal that for the Tata AIG Pearl Plan (Rs. 0 depreciation) insurance premium increases each year? Thought insurance premiums reduce each year as IDV becomes less each year.

I then called up Bajaj Allianz to survey and they actually quoted Rs. 1K higher for Rs. 0 depreciation, than Tata AIG with 35% NCB, for almost similar benefits.

Suggestions / Comments would be helpful.

[Bh.P]

^^
I have seen the insurance premium increase over the last 2-3 years as well, despite the IDV reducing (my NCB has remained same over these years).
Seeing the breakup would give you an idea. I think the third party cover component has been increasing every year.

My car will be completing 4 yeas in August, and I am on Tata AIG 0 depreciation policy. Does it make sense to buy zero depreciation for a 4 year old car? I remember reading some posts that it is not provided for cars more than 3 years old. But Tata has quoted for a zero depreciation this year as well, though my car would be more than 4 years old. Any idea if they would really cover zero dep, or are they conning me?

[ghodlur]

Originally Posted by geotracks

Is it normal that for the Tata AIG Pearl Plan (Rs. 0 depreciation) insurance premium increases each year? Thought insurance premiums reduce each year as IDV becomes less each year.

Sorry if this comes late.
Normally the zero dep add on cover is calculated as a % of the IDV of the car. Again IDV is flexible figure quoted by Insurance co. In case you have increased the IDV, the add on cover cost increases. Ideally with reducing IDV amount the cost of add on cover should reduce. Also if you ahd a claim in your previous year, Insurance co's by default increase the add on cover cost as they perceive you as a high risk customer. Unfortunately the add on covers are dictated by Insurance co and do not come under IRAD purview, hence the daylight loot by Insurance co by quoting a higher add on cover cost.

Originally Posted by Bh.P

Does it make sense to buy zero depreciation for a 4 year old car? I remember reading some posts that it is not provided for cars more than 3 years old.

There are a few Insurance co who offer zero dep add on cover till 5 yrs of ownership. But then again depends on the whims of the Insurance co. If you do not have any claim in previous years, Insurance co do offer the zero dep add on cover for an extended year of ownership subject to their decision.

Coming back to your question, zero dep add on cover is an useful option, helps in saving a lot during claims which otherwise would burn a big hole in the pocket. I would suggest opt for it. For a mere 3-4K an year you might save thousands in case of claim.

[geotracks]

Originally Posted by ghodlur

Normally the zero dep add on cover is calculated as a % of the IDV of the car. Again IDV is flexible figure quoted by Insurance co. In case you have increased the IDV, the add on cover cost increases. Ideally with reducing IDV amount the cost of add on cover should reduce. Also if you ahd a claim in your previous year, Insurance co's by default increase the add on cover cost as they perceive you as a high risk customer. Unfortunately the add on covers are dictated by Insurance co and do not come under IRAD purview, hence the daylight loot by Insurance co by quoting a higher add on cover cost.

Purchased Tata AIG Pearl Plan. Paid premium close to INR 17K which was more than last year's premium with exact same coverage and for IDV value which is less this year.

Reason given to me was 3rd party insurance premium has been hiked by all Insurance Companies this year + 0 depreciation premium gone up by INR 2K this year. So net-net paid around INR 2.3K more this year.

Called up few other Insurance Companies like Bajaj Alliance etc. to do a dip check and they actually quoted about INR 1K more for similar coverage. So finally continued with Tata AIG again this time.

[Dieseltuned]

Any idea if New India assurance offers this zero depreciation policy ?

I could not find any info on their website, hence this query here. My car insurance is up for renewal in this month and am scouting for the zero dep policy. My current policy with New India does not have it.

Regards
Dieseltuned

[ghodlur]

Originally Posted by Dieseltuned

Any idea if New India assurance offers this zero depreciation policy ?

I could not find any info on their website, hence this query here. My car insurance is up for renewal in this month and am scouting for the zero dep policy. My current policy with New India does not have it.

IMO New India Assurance does not offer zero depreciation add on cover along with the normal insurance. Atleast it is not available on their website. why be fixated with New India? By knowing with which Insurers does your workshop have a cashless tie up, you can check their online quotes and compare. If your vehicle ownership is less than 5 yrs then you can avail of the zero dep add on cover.

[Suvo_Petrolhead]

· Renewed my Elite i20 with Tata AIG ( 0% depreciation Pearl Plan) for 2nd year. Shifted from Bharti Axa.

Premium: 15,137/- (got NCB 20%)
IDV - 6,10,000/- (previous IDV was - 6,25,000/-)

· NCB :20 %
· Direct Claim Settlement: YES
· Accident Repair Warranty (6 Months)
· Towing Facility Up to Rs 1500/-
· Property Damage Up to 7,50,000/-
· Third Party Body Injury Unlimited Cover.
· Voluntary Discount: Nil
· ROAD SIDE ASSISTANCE

[ghodlur]

Originally Posted by Suvo_Petrolhead

IDV - 6,10,000/- (previous IDV was - 6,25,000/-)

Your IDV should ideally have been around 5.6L, you have over insured your car. In other words you paid more premium than required. Is the premium quoted with zero dep add on cover?

Also regarding the third party body injury unlimited cover was changed IMO, it was limited to upto 30L or something, trying to find the document which says so.

[Suvo_Petrolhead]

Originally Posted by ghodlur

Your IDV should ideally have been around 5.6L, you have over insured your car. In other words you paid more premium than required. Is the premium quoted with zero dep add on cover?

Also regarding the third party body injury unlimited cover was changed IMO, it was limited to upto 30L or something, trying to find the document which says so.

Yes, you are correct. The default IDV was coming to around 5.7L as you said. But as I just completed 1st year with the car, I was looking into maximum IDV that I can get for the 15K premium. Not sure if I am over protecting my Car.
Hopefully I will get the soft copy of insurance from Tata AIG today, will find the exact term or wording about the unlimited cover as they mentioned and post it here.

[Dieseltuned]

Originally Posted by ghodlur

IMO New India Assurance does not offer zero depreciation add on cover along with the normal insurance. Atleast it is not available on their website. why be fixated with New India? By knowing with which Insurers does your workshop have a cashless tie up, you can check their online quotes and compare. If your vehicle ownership is less than 5 yrs then you can avail of the zero dep add on cover.

Checked with New India, they do offer zero dep. Not listed on the website, confirmed through their call centres. The policy is called 'Enhancement pac kage'.

My dad is an ex- New India employee and our whole family has multiple policies issued from New India. So not very willing to break this tie with New India. You can call me sentimental for that. But New India has also honoured all our claims pretty well. so sticking to it.

Regards
Dieseltuned

[ghodlur]

Originally Posted by Dieseltuned

Checked with New India, they do offer zero dep. Not listed on the website, confirmed through their call centres. The policy is called 'Enhancement pac kage'.

Can you be kind enough to post their zero dep add on cover wordings for reference purpose. Or may be you can PM me the details.