[saket77]

NCB is applicable only on the own damage part. You don’t get NCB discount on other components like nil depreciation etc.

What got me is the 1 lac quote!! How much actually the car costs??

[Rodie09]

Originally Posted by jinojohnt

Does the NCB apply only to the "own damage" component?
First year total insurance of Hycross GXO is around 1.05 lakhs.

1. Third party insurance for 3 years is around 27K and NCB is not applicable, which is understandable.
2. Own damage is around 40K for one year, 50% NCB means 20K discount
3. Rest is all Bumper to Bumper, Key add on, etc which are not eligible for NCB.

Hence only 20k discount is offered on the total 1 lakhs premium.
Is this correct or are we taken for a ride?

That quote is more like what comes with new car in the showroom by the dealers.

For a 40 lacs car, on 1st renewal, with 50% NCB and 3rd party premium already having paid at purchase, the premium should not cross 50 k at all. Negotiate hard, compare online prices and pick the best. You are surely being taken for a ride, and a big one at that.

[yedukrishnan199]

Originally Posted by jinojohnt

Does the NCB apply only to the "own damage" component?
First year total insurance of Hycross GXO is around 1.05 lakhs.

1. Third party insurance for 3 years is around 27K and NCB is not applicable, which is understandable.
2. Own damage is around 40K for one year, 50% NCB means 20K discount
3. Rest is all Bumper to Bumper, Key add on, etc which are not eligible for NCB.

Hence only 20k discount is offered on the total 1 lakhs premium.
Is this correct or are we taken for a ride?

You are being taken for a ride here for sure, considering it's dealership insurance they are making quite a lot of money from you it seems. Ideally Insurance for the Hycross GX(O) with 1-year OD, 3-year TP with Owner Driver PA Cover, Zero Depreciation, Engine protection, Key and Lock Replacement, Tyre protection, 24x7 RSA, Consumables Cover and Return to Invoice would cost the following (including GST and any other charges):

1. United India Insurance: Rs.55,264
2. Digit Insurance: Rs.62,509
3. ICICI Lombard: Rs.79,179 and so on with ICICI being among the more expensive, others like HDFC Ergo, Reliance General, TATA AIG, SBI General etc fall in and around these prices.

As I can see, the dealership is easily making over Rs.25,000 from the Insurance alone, so be wise, and get quotes online and directly from the insurer with whom the dealership is providing insurance. I am sure the quote will be much lower.

Now If you have an NCB Certificate, get the premium adjusted as well and it will apply on the OD component only.

[jinojohnt]

Originally Posted by Rodie09

That quote is more like what comes with new car in the showroom by the dealers.

Yes, I was talking about new car quote only. but still 1 lakh premium looks too high as you said.