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Old 27th January 2016, 19:37   #61
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Default re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by nova9 View Post
Shankar.Balan, could you please clear the doubts i raised 2 posts earlier about the process.

Thanks
One pays the premium. Insurer issues a cover note with the VIN and Chassis number. The car goes for registration. then the Insurer updates his systems and gives one the policy with all details in it.
That much I know.
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Old 27th January 2016, 20:30   #62
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Default re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by ghodlur View Post
When you buy Insurance for new car, you dont need registration no. In all Insurance websites there is an option to buy Insurance for new car. All you need to mention is the RTO no, Chassis, Engine no and few other relevant details. The Insurance co will issue a policy where it will be clearly mentioned for a new car. Once the registration details are received, either it can be updated on the existing Insurance policy by making an application to the Insurance co or during renewal of the policy at the end of the year.


Hope the above answers your question.
Hi Ghodlur,

Thanks for your reply that clears up a lot of confusion. I had one more question and if you could kindly answer that as well. Is it necessary to buy insurance from a company that the dealer is associated with?

For example volkwagen says that they get insurance from ICICI lombard and Reliance.

I'm getting a much better deal from TATA AIG.

So if I go with an insurer thats not the default provider of the car dealer will I face any problems should the need arise to claim insurance?

Thanks
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Old 27th January 2016, 20:49   #63
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Default re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by nova9 View Post
Hi Ghodlur,

Thanks for your reply that clears up a lot of confusion. I had one more question and if you could kindly answer that as well. Is it necessary to buy insurance from a company that the dealer is associated with?

For example volkwagen says that they get insurance from ICICI lombard and Reliance.

I'm getting a much better deal from TATA AIG.

So if I go with an insurer thats not the default provider of the car dealer will I face any problems should the need arise to claim insurance?

Thanks
I am taking the liberty to answer your question till the time Ghodlur gets time to answer as well.

The answer is no, you absolutely do not have any compelling reasons to do so. However, you may wish to consider the below points,

- If the TATA AIG premium for the same IDV is far lesser it makes a lot of sense
- Dealer's points about how it is easier in case of a claim with one of their tie-up insurance vendors is to be had with a pinch of salt
- However, in case your chosen Insurer does not have a cashless facility with the A.S.S. then in case of a claim you may need to pay from your pocket upfront and then get it reimbursed later to the extent permitted by submitting the bills to your insurer
- Above point has a rider. My recent experience showed that even if the cashless facility is not listed by the insurer in case of large company authorized workshops they still approve cashless work!
- Lastly, if you realize that cashless is a must and your chosen Insurer does not have cashless with your A.S.S. you can still explore with ICICI Lombard or Reliance by approaching them directly. You will be surprised at how quickly the quote goes down from what the dealer is quoting for the same insurance

Hope that helps.
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Old 27th January 2016, 21:10   #64
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Default re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by Zappo View Post
I am taking the liberty to answer your question till the time Ghodlur gets time to answer as well.

The answer is no, you absolutely do not have any compelling reasons to do so. However, you may wish to consider the below points,

- If the TATA AIG premium for the same IDV is far lesser it makes a lot of sense
- Dealer's points about how it is easier in case of a claim with one of their tie-up insurance vendors is to be had with a pinch of salt
- However, in case your chosen Insurer does not have a cashless facility with the A.S.S. then in case of a claim you may need to pay from your pocket upfront and then get it reimbursed later to the extent permitted by submitting the bills to your insurer
- Above point has a rider. My recent experience showed that even if the cashless facility is not listed by the insurer in case of large company authorized workshops they still approve cashless work!
- Lastly, if you realize that cashless is a must and your chosen Insurer does not have cashless with your A.S.S. you can still explore with ICICI Lombard or Reliance by approaching them directly. You will be surprised at how quickly the quote goes down from what the dealer is quoting for the same insurance

Hope that helps.
Thanks for your advice Zappo.

All providers calculations are based on the same IDV. The dealers quote was Rs.34,600 for comprehensive insurance + Rs.6,600 for 0% dep.

TATA AIG from policybazaar quotes Rs.24,852 and also includes key replacement, road side assistance, loss of personal belongings and emergency hotel stay

ICICI (Who the dealer has cashless arrangement with ) when contacted directly quoted Rs.27,881. Same deal as AIG, only doesnt have key replacement, personal belongings and the hotel stay. I'm not interested in the last 2 items as this car will be only used in the city

So AIG is 3k cheaper and also includes key replacement.

So should i present this AIG deal to icici and ask them to match it?

Thanks
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Old 28th January 2016, 11:57   #65
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Default re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by nova9 View Post
Thanks for your advice Zappo.

All providers calculations are based on the same IDV. The dealers quote was Rs.34,600 for comprehensive insurance + Rs.6,600 for 0% dep.

TATA AIG from policybazaar quotes Rs.24,852 and also includes key replacement, road side assistance, loss of personal belongings and emergency hotel stay

ICICI (Who the dealer has cashless arrangement with ) when contacted directly quoted Rs.27,881. Same deal as AIG, only doesnt have key replacement, personal belongings and the hotel stay. I'm not interested in the last 2 items as this car will be only used in the city

So AIG is 3k cheaper and also includes key replacement.

So should i present this AIG deal to icici and ask them to match it?

Thanks
You can do all that and even more. There are no sacred cows here. If I were you I will even negotiate with two different brokers for the same insurer. Many a times one comes up with a far better offer than the other.

Last edited by Zappo : 28th January 2016 at 12:06.
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Old 14th March 2016, 23:43   #66
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Default re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by Zappo View Post
You can do all that and even more. There are no sacred cows here. If I were you I will even negotiate with two different brokers for the same insurer. Many a times one comes up with a far better offer than the other.
Hi Zappo,

How does this exactly work? By two different brokers do you mean two different online agencies like PolicyBazaar & BuyInsurance kind of brokers?

Please advise.
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Old 15th March 2016, 08:51   #67
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Default re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by rohit.joshi View Post
Hi Zappo,

How does this exactly work? By two different brokers do you mean two different online agencies like PolicyBazaar & BuyInsurance kind of brokers?

Please advise.
Can be online brokers, the kind you mentioned, or even regular ones around. There are too many everywhere. If 3 of them provide you a quote for the same insurer you will be surprised to see the variances!
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Old 19th June 2016, 10:38   #68
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Default re: New car insurance? Take dealer quotes with a bag of salt!

I believe that ALL of Hyundai dealers in Chennai insist on taking insurance from them without which they turn down even booking for Creta; Hyundai is silent spectator. The difference in premium on line and from say Kun Hyundai is in excess of Rs10K at least! Can Team BHP members suggest which is the best way to bring sense to the Dealers of Hyundai in Chennai? Cheers
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Old 20th June 2016, 08:06   #69
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Smile Re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by Waxeloquent View Post
Can Team BHP members suggest which is the best way to bring sense to the Dealers of Hyundai in Chennai? Cheers
Best way is to deal in such situations is:
A) Write to the Hyundai management about the issue hinting that you will take this issue to IRDAI.
B) Get an online quote from Insurance co (One's who have a tie up with Hyundai, you will need to get this information - formally or informally) and ask the dealer to match it. If they still don't budge, see A.
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Old 22nd November 2018, 09:27   #70
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Default Re: New car insurance? Take dealer quotes with a bag of salt!

Does it make sense to buy a bumper to bumper zero depreciation policy of insurance for a new car? The price difference between a comprehensive insurance and bumper to bumper zero depreciation ( and engine protection) is working out to an additional Rs 32k on the kodiaq that i have booked. My understanding is that for the first year on a new car, the depreciation applicable is not more than 5%. Considering this, does it still make sense to buy B2B?

Also, can I buy b2b for the second year insurance if this was not opted in year 1?
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Old 22nd November 2018, 09:48   #71
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Default Re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by vinay_ss View Post
Does it make sense to buy a bumper to bumper zero depreciation policy of insurance for a new car? The price difference between a comprehensive insurance and bumper to bumper zero depreciation ( and engine protection) is working out to an additional Rs 32k on the kodiaq that i have booked. My understanding is that for the first year on a new car, the depreciation applicable is not more than 5%. Considering this, does it still make sense to buy B2B?

Also, can I buy b2b for the second year insurance if this was not opted in year 1?
The 5% depreciation is on Metal and power train related components.
Plastic and cosmetic bits will still have 50% depreciation, this includes airbags.

Just a replace a bumper, this will be a costly affair.

Recommend you to get the zero depreciation cover for cars like Kodiaq.

Yes, you can get zero dep cover for second year if you have not opted for the same in the first year.
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Old 22nd November 2018, 09:58   #72
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Default Re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by vinay_ss View Post
Does it make sense to buy a bumper to bumper zero depreciation policy of insurance for a new car? The price difference between a comprehensive insurance and bumper to bumper zero depreciation ( and engine protection) is working out to an additional Rs 32k on the kodiaq that i have booked. My understanding is that for the first year on a new car, the depreciation applicable is not more than 5%. Considering this, does it still make sense to buy B2B?

Also, can I buy b2b for the second year insurance if this was not opted in year 1?
Dealer quotes are always higher. Try getting the same insurance outside.

Trident quoted 39k for zero depreciation policy for Isuzu Dmaz from TATA AIG. I got the same TATA AIG policy for 19.6k.

B2B insurance is a must for costlier cars, Thanks to the traffic conditions in Bangalore, some or the other damage is bound to happen.
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Old 22nd November 2018, 11:01   #73
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Default Re: New car insurance? Take dealer quotes with a bag of salt!

The Creta was the 3rd car my family purchased from the local dealer so we had developed a good rapport with the 1 of the senior sales representatives there.

During the pre-sales conversation - he hinted that the insurance component was the actual money-making component for dealers, and all the discounts (Cash, Loyalty, Exchange, etc) that are offered are usually just reduced from that margin at the end of the day. If we take insurance from outside, then the discounts that they were offering would be reduced considerably.

Not sure as to how true this is, but it sort of helps understand the reason behind the astronomically high Insurance premium.
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Old 27th November 2018, 07:03   #74
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Default Re: New car insurance? Take dealer quotes with a bag of salt!

Dear All,

Recently I took insurance quote for a new car, from both dealer & Bajaj-Allianz (online-via emails). To my surprise, dealer quote was less.

Isnít third party premium is compulsory for 3 years from 1st Sept 2018?
Because, both of them are offering this as option, premium will go up in that case.

Appreciate your feed-back / recent experience.


Brdgs,
Sail
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Old 8th December 2018, 20:59   #75
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Default Re: New car insurance? Take dealer quotes with a bag of salt!

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Originally Posted by nkrishnap View Post
Trident quoted 39k for zero depreciation policy for Isuzu Dmaz from TATA AIG. I got the same TATA AIG policy for 19.6k.
Wait, is this for a commerical pick up? Here in bombay, none of the private insurane firms were ready to give a zero-dep insurance! Can you please post a pic of your insurance? I will have to take it up with my insurance providers.


Thanks,
Simple_car
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