[sulliavi]

My Scorpio-N insurance renewal is due this month end. I got a quotation from Mahindra Insurance team (from the dealership) by Zuno General Insurance Ltd. It is for a premium of 30935/- (total IDV is 1500000).

Below are the add-ons which were selected. My question is do we need all these in an insurance renewal or can we drop 1 or 2 so that insurance premium also comes down ? In my opinion, ENGINEPROTECTION and RSA can be removed.

Add-Ons: NIL DEP,RTI,ENGINEPROTECTION,RSA,CONSUMABLES,KEYREPLAC EMENT.

Please suggest.

[robincsamuel]

It's better to opt for Nil depreciation, RTI, and engine protection as long as they're available. In the event of a claim, normally the payout amount would be the actual part cost minus the depreciation; opting for nil depreciation will cover the full part cost instead. With RTI (Return to Invoice), you'd receive the full invoice value in case of a total loss, including road tax, rather than the IDV. Engine protection covers internal damages to the engine and transmission caused by water ingress or accidents.

These three add-ons make up the major portion of the premium, and dropping add-ons like key replacement would only make a minor difference.

Did you check with other insurance providers?

[sulliavi]

Thanks for the input.

Originally Posted by robincsamuel

Did you check with other insurance providers?

Yes I did, ICICI Lombard is quoting 46651/- . Go-digit is cheap i.e. about 27k.

[cartrail]

Do ask the Dealership to provide more quotations by other Insurance Companies with same Add-ons. You can also check Kotak or HDFC as I have found their premium to be less.

[sulliavi]

Originally Posted by cartrail

Do ask the Dealership to provide more quotations by other Insurance Companies with same Add-ons. You can also check Kotak or HDFC as I have found their premium to be less.

Yes, they have SBI and ZUNO (previously Edelweiss General Insurance) where SBI is costlier by minimum 5k. For Kotak /HDFC I need to outside which I usually avoid because experience will not be seamless like in dealerships during claims.

[DK_accord]

Personally, I like to add all the add ons which are available for my cars. The whole reason for buying insurance is to minimise the liability on oneself and transferring it to insurer. Also, I try to buy insurance from the companies which provide cashless claims and have tie ups with Service center. And, I try to avoid Acko insurance (there are several adverse experience logged on forum for Acko)and get a insurer like ICICI Lombard, Tata AIG, Bajaj Allianz even though there premiums are on higher side but the experience with claims and approvals is flawless.

[sulliavi]

Thanks everyone for those valuable suggestions ! I am going with all the available add-ons as suggested

[sulliavi]

Originally Posted by sulliavi

My Scorpio-N insurance renewal is due this month end. I got a quotation from Mahindra Insurance team (from the dealership) by Zuno General Insurance Ltd. It is for a premium of 30935/- (total IDV is 1500000).

Add-Ons: NIL DEP,RTI,ENGINEPROTECTION,RSA,CONSUMABLES,KEYREPLAC EMENT.

Finally, I got the insurance from same provider i.e. ZUNO, for 23545/- with all the above add-ons from Mahindra Dealership.

[LeeChristmas95]

Hello All,

Needed some suggestions from all of you out here. So, recently I have booked a Hyundai Alcazar Prestige 1.5 Turbo for which I have received a quote of 68k as insurance from my dealership (Kolkata, West Bengal). This insurance is covering the major add ons like Engine protection, consumables, zero dep, RTI, 24*7 RSA, Tire protect, Key protect etc.
Now, I see that with the same set of add ons I am getting a quote of around 33k from Kotak Mahindra. Seeing this huge difference, I got quite confused and unsure about which one to proceed with. I am still okay to go with a dealer provided insurance if the delta is somewhat (10-15k) but the current difference is huge. I spoke to the Sales rep and even he said this difference will remain and if I want I can go ahead with getting the insurance from outside.

Can you all suggest what should be a prudent decision from my end. Thanks in advance

[ghodlur]

Originally Posted by LeeChristmas95

Now, I see that with the same set of add ons I am getting a quote of around 33k from Kotak Mahindra. Seeing this huge difference, I got quite confused and unsure about which one to proceed with.

No two thoughts on that, go for the Kotak Insurance provided that the workshops where you would end up servicing the car does have a cashless tie up with the Insurance co. Generally these days most of the workshops have cashless tie ups with major Insurnace co but some do have an exception based on the commission.

I would recommend to opt for Zero dep, Return to Invoice, key replacement, RSA as mandatory ones and if possible do a recheck whether engine protection is required unless you do travel in potential water logged areas. Instead of engine protection opt for NCB protection if desired.

[prawns.curry]

Hello everyone, hope you are having a good weekend!
I am due for insurance renewal for my XUV700, and a strange thing that I observed is that the insurance prices has drastically reduced.

While buying the car with an IDV of about 23 lacs, I had paid close to 70k from HDFC Ergo, now when I am trying to renew it with the same set of addons, with an IDV between 21-22 lac, the cost of the premium with NCB is about Rs.30k.

So I am not sure if I am doing something wrong? Or the prices are reduced.

I checked quotes on Policybazaar with same set of addons/IDV, and the quotes are in the same range. So just want to be sure if I am good with this quote?

[ghodlur]

Originally Posted by prawns.curry

So I am not sure if I am doing something wrong? Or the prices are reduced.

I think the quote which you have recd will be only for Own Damage premium as the TPL premium must have been already paid for 3 years when buying Insurance for the first year.

[IamNikhil]

Originally Posted by prawns.curry

I am due for insurance renewal for my XUV700, and a strange thing that I observed is that the insurance prices has drastically reduced.

While buying the car with an IDV of about 23 lacs, I had paid close to 70k from HDFC Ergo, now when I am trying to renew it with the same set of addons, with an IDV between 21-22 lac, the cost of the premium with NCB is about Rs.30k.

Just renewed the HDFC Ergo insurance for my XUV 700 AX7 P AT (Dec 2021). Paid a premium of 35,391/- for an IDV of 16L. Add-ons have remained the same since the beginning: Zero Dep, Emergency Assistance, Engine & Gearbox Protection, Cost of Consumables.

In your case, the premium will now include Own Damage only, since TP insurance will be valid for 3 years.

[prawns.curry]

Originally Posted by ghodlur

I think the quote which you have recd will be only for Own Damage premium as the TPL premium must have been already paid for 3 years when buying Insurance for the first year.

Yes, thats about right. Its just own damage premium that I paid this year. All good now.