[speedmiester]

Originally Posted by drmohitg

Hi my Altis met with a little accident yesterday night and the car is in the workshop now. I have a 0% dep insurance policy from Tata Aig. Got a few queries about it and hence posting it here too:
Mods please allow the double posts as the query regarding insurance might be better answered in this thread than my ownership thread.

Yes, you will be asked to pay for the consumables as this is not covered in the standard Zero Dep Policy. There are additional riders that can added to the zero dep policy for additional cost like invoice coverage, consumable coverage as well.

[Captain Slow]

Originally Posted by speedmiester

Yes, you will be asked to pay for the consumables as this is not covered in the standard Zero Dep Policy. There are additional riders that can added to the zero dep policy for additional cost like invoice coverage, consumable coverage as well.

do you have more information on this?

For my Cedia's Insurance TATA AIG is asking 26,430 for an IDV of 5.5L. This is 0 Dep. Isnt this a little pricy ?

[speedmiester]

Originally Posted by Captain Slow

do you have more information on this?

For my Cedia's Insurance TATA AIG is asking 26,430 for an IDV of 5.5L. This is 0 Dep. Isnt this a little pricy ?

I got my friend's new Ritz insured through Bharti Axa, they gave me an option to include add on covers for consumables, consumables+hydrostatic lock, invoice price cover option as well.
Please find the attached screenshot.

Regarding your Cedia's insurance, I think you should be able get it for less.
Always shop around for insurance, don't feel bad to change your existing insurer as companies offer better price for new customers.

[ghodlur]

Originally Posted by drmohitg

I have a 0% dep insurance policy from Tata Aig. Got a few queries about it and hence posting it here too:

Sorry to hear about the accident.

Unfortunately zero dep does cover the consumables used during the repair and will have to be borne by the customer unless they have an add on cover which covers the consumables too. Have you taken a pre bundled package from Tata Aig like Pearl/Pearl+. Pearl+ covers zero dep+ Consumable+other add on covers.

Regarding the bumper example, the SA is BSing you. Insurance co cant negotiate on the cost of the spares which are contolled by the car workshops/manufacturers. They can either approve or reject the part replacement. In case they agree to reimburse the par being replaced, it will be as per the depreciation rules applicable for the part.

[drmohitg]

Originally Posted by ghodlur

Regarding the bumper example, the SA is BSing you. Insurance co cant negotiate on the cost of the spares which are contolled by the car workshops/manufacturers. They can either approve or reject the part replacement. In case they agree to reimburse the par being replaced, it will be as per the depreciation rules applicable for the part.

Sir the SA was not lying. It indeed happened. The SA had told me that the labour rates are standard across all dealerships of Toyota which I also believed. Now the thing is that insurance company has a fixed rate for each job. So in my case for example job A was being charged at 1000 rs by Toyota as labour charge and the Tata Aig surveyour told that they will only give 800 Rs for the same as that is the market rate prevalent. Toyota SA conveniently told me that the difference has to be borne by me. On taking up the issue with Tata Aig, I was told that the Toyota dealership is inflating the labour costs and the same work will be carried at the rates mentioned by Tata Aig by the other dealership in town. This is where I really felt let down by Toyota and called my SA again and he started giving me a story that the other dealership is committing fraud by doing so and they will be penalised by Toyota etc etc. I told him I am anyways going to take my car to the other dealer since it doesn't matter to me. Within 10 minutes all that talk about Toyota penalising and there moral ethics went flat and they also agreed to match the labour costs as prescribed by Tata Aig.

[kutts]

I have been using the Zero depreciation on my insurance at HDFC Ergo for past 2 years. It is now time for renewal and I have been reading through the policy document again to recheck if I really needed the Zero dep benefit. The policy document states "However, depreciation for parts excluded under India Motor Tariff is payable."

Anyone has an idea of what that means ?

I looked up the IMT document and it shows that plastic, fiber components have deduction of 50% etc. So can the insurance company fight back saying only metal parts are covered even for Zero depreciation ?

[drmohitg]

Originally Posted by kutts

I looked up the IMT document and it shows that plastic, fiber components have deduction of 50% etc. So can the insurance company fight back saying only metal parts are covered even for Zero depreciation ?

I have availed the 0 depreciation policy twice in the last two years, once for accidental damage to my Sunny and second time for my Altis. In both cases there was no depreciation counted on any part whatsoever. I think there is some mistake in the policy wordings or our interpretation of it.

[gypsyFreak]

For accessories like alloy wheels, upsized tyres, do any insurance providers give additional cover? Does zero depreciation policy give full claim for tyres too?

[ishlinea7260]

Do the insurance companies provide zero depreciation insurance for the fifth year?

[Cyrus_the_virus]

Originally Posted by kutts

I have been using the Zero depreciation on my insurance at HDFC Ergo for past 2 years. It is now time for renewal and I have been reading through the policy document again to recheck if I really needed the Zero dep benefit. The policy document states "However, depreciation for parts excluded under India Motor Tariff is payable."

Anyone has an idea of what that means ?

I looked up the IMT document and it shows that plastic, fiber components have deduction of 50% etc. So can the insurance company fight back saying only metal parts are covered even for Zero depreciation ?

Originally Posted by ishlinea7260

Do the insurance companies provide zero depreciation insurance for the fifth year?

My understanding is that Insurers offer Zero depreciation policy only for the first 2 years of the vehicle life.

[LithiumSunset]

Originally Posted by Cyrus_the_virus

My understanding is that Insurers offer Zero depreciation policy only for the first 2 years of the vehicle life.

Usually, but some lucky few get a third year too. I did, from TATA AIG. It is time for my renewal, wonder if my luck will extend to the 4th year.

[Captain Slow]

Originally Posted by LithiumSunset

Usually, but some lucky few get a third year too. I did, from TATA AIG. It is time for my renewal, wonder if my luck will extend to the 4th year.

You will if you didn't make any major claims.
I got 0% dep on my 4th year for the figo

[LithiumSunset]

Originally Posted by Captain Slow

You will if you didn't make any major claims.
I got 0% dep on my 4th year for the figo

I have made exactly one claim in my life (15 years ago) and I learnt my lessons. First, don't have an accident(!) and second never claim (for minor repairs).

note to self: need to bargain hard when the TAIG rep. calls up, its about time.

Thanks for the info.

[v_2rahjo]

Originally Posted by ishlinea7260

Do the insurance companies provide zero depreciation insurance for the fifth year?

I checked with Bajaj Alliance and they confirmed that they offer a 0dep till 5th year and not after that. They recently issued me a 0dep for my Laura for its 3rd year.

[Captain Slow]

Originally Posted by v_2rahjo

I checked with Bajaj Alliance and they confirmed that they offer a 0dep till 5th year and not after that. They recently issued me a 0dep for my Laura for its 3rd year.

How much was the premium and what was IDV? I am hunting around for insurance provider for the Civic.