[ghodlur]

Originally Posted by raptor_diwan

Thank you for your clarification.

The actual price I paid for the car was not around 8L; it was only 7.3L. So, the true value of the car is 7.3L, not 8L, but the IDV is now set at 8L.

In the second year, the insurance IDV value was 5.5L, and now for the third year, they are suggesting an IDV of 8L. This is where my confusion lies. Is this a reasonable choice?

Your IDV cannot be 8L in any case. It has to be as per the depreciation chart. For approximation, it should be around 5L. Suggest to get the quote for this IDV.

Reg your earlier query about opting for RTI, this will depend on the age of the car and the Insurer's willingness to provide the same. However the RTI add on is applicable for specific conditions only and will not substitute the IDV. Take an informed call.

[raptor_diwan]

Originally Posted by ghodlur

Your IDV cannot be 8L in any case. It has to be as per the depreciation chart. For approximation, it should be around 5L. Suggest to get the quote for this IDV.

Reg your earlier query about opting for RTI, this will depend on the age of the car and the Insurer's willingness to provide the same. However the RTI add on is applicable for specific conditions only and will not substitute the IDV. Take an informed call.

Thank you; I will double-check with them. The invoice value of my car itself is not going to reach 8L, and my car is three years old. I'm not sure how they arrived at this 8L valuation. In the event of an accident, will they compensate me more than the invoice value, and how is that even possible? This is the source of my confusion. I've now asked the agent to reevaluate the value. Thanks for your input, @ghodlur!

[raptor_diwan]

Originally Posted by ghodlur

Your IDV cannot be 8L in any case. It has to be as per the depreciation chart. For approximation, it should be around 5L. Suggest to get the quote for this IDV.

I received two revised quotes, one with RTI and one without RTI, both with an IDV of 5L. Which one should I choose? I personally think RTI is a good option, but do you have any suggestions?

With RTI Quote :


Without RTI Quote :

[ghodlur]

Originally Posted by raptor_diwan

I received two revised quotes, one with RTI and one without RTI, both with an IDV of 5L. Which one should I choose? I personally think RTI is a good option, but do you have any suggestions?

If you are Ok with paying 3K more for 3 additional add ons, you can go for the quote with RTI.

Since you cannot buy the RTI add on as an individual option but it comes as a part of bundled package (i guess the quote is from Tata AIG), you are paying for additional add ons too.

[raptor_diwan]

Originally Posted by ghodlur

If you are Ok with paying 3K more for 3 additional add ons, you can go for the quote with RTI.

Since you cannot buy the RTI add on as an individual option but it comes as a part of bundled package (i guess the quote is from Tata AIG), you are paying for additional add ons too.

Thanks for your suggestion Man ! Yes, this is from TATA AIG, and it appears to be a bundled package. I tried asking them to remove certain add-ons, but it actually increased the price. It seems that only by taking the package as a whole does it come to that price. I also explored Acko and found a similar, if not higher, quote. Therefore, I'm planning to stick with TATA AIG. Once again, thank you for your input.

[moto_noob]

Hi folks,
It is that time of the year when we have to renew insurance. My Taigun insurance expires next month.
I got calls from a lot of agents stating Tata AIG and also received a quote from Royal Sundaram. Yet to get quotation from others. However I am confused on the IDV to be selected.

Current (Bajaj Allianz)
IDV: 14.87L

Updated Quotes:

Royal Sundaran(direct):
IDV: 17.42L

Tata AIG(agent):
IDV: 14.5L

Royal Sundaram claims that we can increase the IDV without any issue.

Can we increase the IDV as suggested by RS?

[bijims]

Originally Posted by moto_noob

Hi folks,
It is that time of the year when we have to renew insurance. My Taigun insurance expires next month.
I got calls from a lot of agents stating Tata AIG and also received a quote from Royal Sundaram. Yet to get quotation from others. However I am confused on the IDV to be selected.

Current (Bajaj Allianz)
IDV: 14.87L

Updated Quotes:

Royal Sundaran(direct):
IDV: 17.42L

Tata AIG(agent):
IDV: 14.5L

Royal Sundaram claims that we can increase the IDV without any issue.

Can we increase the IDV as suggested by RS?

You can increase the IDV without any issue, but it won't be of much use as insurers will honour the IDV only as per the depreciation table attached below:



You can also use the calculator on this website to arrive at IDV, but it is not updated for recent models, especially VW

https://idv.gicouncil.in/