[funkyp]

Originally Posted by ghodlur

Thanks for the info, can you attach the circular which proposed the changes in pdf format if posssible. IMO all Insurance co should be charging the same amount as mentioned in the circular.

the circular stating this change is attached.

[dass]

Another question, which is not related to my previous one.

I have 'heard' of some insurace options, where the car is insured for the next 5 years at 0 Dep and the premium is paid upfront for such insurance policy for 5 years. Is this true? I say heard only because I have never really met anyone who has actually got this one, hence I am not very sure.

[ghodlur]

Originally Posted by dass

I have 'heard' of some insurace options, where the car is insured for the next 5 years at 0 Dep and the premium is paid upfront for such insurance policy for 5 years. Is this true? I say heard only because I have never really met anyone who has actually got this one, hence I am not very sure.

As of now none of the Insurance companies are offering policies for more than a year. There was a talk during this budget that FM is going to approve the demand from the Insurers lobby of offering Insurance for two years however that got squashed. Frankly I would not fall for these rumours and stick to renewing the Insurance every year, this way I get an option to choose based on the experience instead of locking my money for more than a year with the same Insurance co.

[Gomzy]

My car insurance is due for renewal on 14th of May, currently my car is insured with National Insurance but the quote that i have received from Bharti AXA is 12K and for National Insurance its is 16K. Just wanted to check if it would be wise to go with Bharti AXA and save some money or should i go with National Insurance. I also have received quotes from Tata AIG, Bajaj Allianz and HDFC ergo which are around 14K.

Also, is its advisable to go in for the zero depreciation for a 1 year old Car?

[ghodlur]

Originally Posted by Gomzy

My car insurance is due for renewal on 14th of May, currently my car is insured with National Insurance but the quote that i have received from Bharti AXA is 12K and for National Insurance its is 16K. Just wanted to check if it would be wise to go with Bharti AXA and save some money or should i go with National Insurance. I also have received quotes from Tata AIG, Bajaj Allianz and HDFC ergo which are around 14K.

Also, is its advisable to go in for the zero depreciation for a 1 year old Car?

Absolutely you should go for the zero depreciation if it does not hurt your pocket much. How's your experience with National Insurance been for the first year, now that they have online renewal facility you can find out whether the online quote matches with what you have. Does NI provide zero dep add on? http://niconline.in/

Does your car's workshop have cashless settlement tie up with any of the above mentioned Insurers?

[Gomzy]

Originally Posted by ghodlur

How's your experience with National Insurance been for the first year

Being the first year of my policy i have not claimed anything from National Insurance (NI).

Originally Posted by ghodlur

now that they have online renewal facility you can find out whether the online quote matches with what you have. Does NI provide zero dep add on? http://niconline.in/

I am unable to renew my policy online since the first policy was taken through the Maruti Dealership where i bought the Car, and the customer support directed me to renew the policy through their agents, only after which i can renew the same online next year onwards.

They do have the Zero Depreciation Policy but the premium is around Rs. 19000/-. Bharti Axa is providing the same policy for Rs. 16,000/-. I happened to see their (BHarti AXA) list of cashless networks on their website, they have covered majority of the Maruti Authorised Service Centres throughout India.

Originally Posted by ghodlur

Does your car's workshop have cashless settlement tie up with any of the above mentioned Insurers?

Bharti AXA, HDFC Ergo have tie ups with the workshops, i am just a bit skeptical regarding their claim processing. My Best bet would be Bharti AXA, for the plain reason that they are the First Insurance Company to advertise their simple claim procedures and maximum benefits, secondly they are the cheapest of the lot.

[ghodlur]

If the Road ministry has it way, vehicles with tinted glass may lose their Insurance claims. The road ministry has asked IRDA to ask its members to refuse any Insurance claims for the vehicle found with tinted glass. This if becomes a reality will soon find its way in the Insurance policy warranty fine print. The motor vehicle amendment bill which was passed in Rajya Sabha last year and being tabled in Lok Sabha this year talks about the enhanced penalties for vehicles with tinted glass films.

http://www.hindustantimes.com/India-...1-1049402.aspx

[khan]

Originally Posted by ghodlur

IRDA is responsible for ensuring that the Insurance co adhere to the guidelines mention in the Indian Motor Tariff, hence they will be responsible if Insurance co are overcharging customers. Attaching the snapshot in word document.

Also below is the IRDA link. Hope this helps.
http://www.irda.gov.in/ADMINCMS/cms/...No225&mid=14.2

Bharati Axa website has put in the correct amount for compulsory deductible, wonder why are they overcharging you. You can point it out to the person you are dealing with.
http://adodis.in/balajib/bhartidump/...ory-deductible

@ghodlur

Does the compulsory deduction increase in case the policy is a 0% Dep Policy? I renewed the policy of my 2011 Vento today with an IDV value of Rs 6,23,000 and they charged me a Premium of Rs 23,832 (0% Dep policy without Engine Protection) from Bajaj Allianz. They informed me and took it in writing that the Compulsory deduction on this Policy will be Rs 5000 if I make a 0% Dep Claim. Can you please provide some insights on this? Thanks

[ghodlur]

Originally Posted by khan

Does the compulsory deduction increase in case the policy is a 0% Dep Policy? I renewed the policy of my 2011 Vento today with an IDV value of Rs 6,23,000 and they charged me a Premium of Rs 23,832 (0% Dep policy without Engine Protection) from Bajaj Allianz. They informed me and took it in writing that the Compulsory deduction on this Policy will be Rs 5000 if I make a 0% Dep Claim. Can you please provide some insights on this? Thanks

No compulsory deductible is not linked to the zero dep. Few post earlier there is a IRDA circular attachment which says that for vehicles with engine cc >1500 the amount to be charged as compulsory deductible is Rs 2000/-, you need to contact Bajaj Allianz and ask them why the amount would be Rs 5000/-. You need to revoke the undertaking which you signed.

[khan]

Originally Posted by ghodlur

No compulsory deductible is not linked to the zero dep. Few post earlier there is a IRDA circular attachment which says that for vehicles with engine cc >1500 the amount to be charged as compulsory deductible is Rs 2000/-, you need to contact Bajaj Allianz and ask them why the amount would be Rs 5000/-. You need to revoke the undertaking which you signed.

Thanks for your response. I got the hard copy of the insurance today. The Compulsory deduction is showing as Rs 2000 and there is one more field which says "Voluntary Excess" : Rs 5000. I spoke to the Branch Manager and he says that the Compulsory Deduction is Rs 2000 only and as I have taken a 0% Dep policy from Bajaj they will be changing me Rs 3000 extra on every claim (Total - Rs 5000). He says its their policy. I am not sure if other Insurance companies also do this or its just Bajaj. Let me know if this is a general practice or i need to take up this matter with their higher ups? Thanks again

[ghodlur]

Originally Posted by khan

Thanks for your response. I got the hard copy of the insurance today. The Compulsory deduction is showing as Rs 2000 and there is one more field which says "Voluntary Excess" : Rs 5000. I spoke to the Branch Manager and he says that the Compulsory Deduction is Rs 2000 only and as I have taken a 0% Dep policy from Bajaj they will be changing me Rs 3000 extra on every claim (Total - Rs 5000). He says its their policy. I am not sure if other Insurance companies also do this or its just Bajaj. Let me know if this is a general practice or i need to take up this matter with their higher ups? Thanks again

I dont know if the term Voluntary Excess is same as the Voluntary deductible, if so then BA had slyly dumped on you the voluntary deductible option and showed you lesser premium. This means that in case of a claim apart form the compulsory deductible of Rs 2000/- you will be shelling out Rs 5000/- from your pocket toward the claims while the rest of the charges will be borne by the BA. Have a word with BA and ask them for clarifications with a slightly more sterner voice.

[khan]

Originally Posted by ghodlur

I dont know if the term Voluntary Excess is same as the Voluntary deductible, if so then BA had slyly dumped on you the voluntary deductible option and showed you lesser premium. This means that in case of a claim apart form the compulsory deductible of Rs 2000/- you will be shelling out Rs 5000/- from your pocket toward the claims while the rest of the charges will be borne by the BA. Have a word with BA and ask them for clarifications with a slightly more sterner voice.

Thanks ghodlur..I will take this up with BA and see if i can get this reversed..Thanks again for your inputs.

[ethan3686]

Guys i am looking for a new insurance company as my fortuner has completed 1 year now. Got a call from hdfc bank and they have 2 plans :

1. Normal insurance = 28k
2. Bumper to bumper = 35k

May i know if there is any other company that i should go for ..like for eg Tata Aig? And why? Also what is this 'bumper to bumper'?

[Monaro CV8]

Originally Posted by ethan3686

Guys i am looking for a new insurance company as my fortuner has completed 1 year now. Got a call from hdfc bank and they have 2 plans :

1. Normal insurance = 28k
2. Bumper to bumper = 35k

May i know if there is any other company that i should go for ..like for eg Tata Aig? And why? Also what is this 'bumper to bumper'?

Hi Ethan,
Try Tata AIG.
They have good deals too. Ask for the pearl plan. I got the same, just a few days back.

Bumper to bumper means a 'Zero depreciation plan'.
You won't have to pay for the depreciated value of spares changed during a claim.

Check out the insurance thread on the forum for more details. Or you can also discuss it with your insurance guy.

[theexperthand]

Its time to renew the insurance - I am currently evaluating quotes from Bajaj Allianz and Future Generali. My last policy was with FG.

For the next year, FG have given me a quote for 7977 INR, for an IDV of 406620. BA have given me a quote for 7,407 INR for an IDV of 4,20,000 INR. Policy Bazaar is offering me a quote for 7,600 INR for an IDV of 4,00,000 (Policy from BA).

As of now, it seems like a no brainer and I plan to go with BA.

All these quotes are with no voluntary excess - only the mandatory 1000 INR deductible is applicable. For a Voluntary deductible of INR 2500, BA is ready to lover the quote to around 6,200 INR - should I bite the bullet, or go with no Voluntary excess?