[Sawyer]

A question on insurance.
The more cars one has, the less sense it makes to do comprehensive insurance for them, because the risk/cost of own damage to any in one year would probably be less than the comprehensive premium for all the cars, because all cars aren't in use all the time.
So, one can do away with comprehensive cover, do just third party insurance, with own damage to the car not covered. The amount saved on premiums for all the cars will cover the cost of damage to any - the self insurance concept.
What would still be worth insuring against in such a case is against risks such as theft, fire, earthquakes/floods - the standard asset insurance that companies take for assets. Is such cover extended for privately owned cars by insurance companies? For all risks other than own damage?

[ghodlur]

Originally Posted by Sawyer

A question on insurance.
The more cars one has, the less sense it makes to do comprehensive insurance for them, because the risk/cost of own damage to any in one year would probably be less than the comprehensive premium for all the cars, because all cars aren't in use all the time.
So, one can do away with comprehensive cover, do just third party insurance, with own damage to the car not covered. The amount saved on premiums for all the cars will cover the cost of damage to any - the self insurance concept.
What would still be worth insuring against in such a case is against risks such as theft, fire, earthquakes/floods - the standard asset insurance that companies take for assets. Is such cover extended for privately owned cars by insurance companies? For all risks other than own damage?

Agreed that not all cars one own will be on the road at the same time unless driven, this does not justify buying only TPL insurance instead of comprehensive insurance. How can one ensure that the damage to the vehicle presently driven on road will be less that the combined comprehensive insurance cost. Instead of that for the peace of mind I would suggest to buy the comprehensive insurance of all the vehicles one owns.

[Sawyer]

Noted. But that is a personal judgement call to be taken, in my case with over 30 years of driving and corporate experience in India.

[avingodb]

I am about to renew my car's policy.
While it shows online on the National Insurance portal, there is no place to claim the NCB.
Is it possible to renew National Insurance policy online including the NCB benefit?
or do I have to visit the office for the same?

[ghodlur]

Originally Posted by avingodb

While it shows online on the National Insurance portal, there is no place to claim the NCB.
Is it possible to renew National Insurance policy online including the NCB benefit?
or do I have to visit the office for the same?

Call up their helpline to find out how the NCB can be discounted in the premium cost. National Insurance policy holders can share their experiences if they have renewed their policy online. Or else no choice but to visit the office to get more details. Surprising how the NCB discouting can be omitted or is it that NI doesnt believe in anybody claiming the NCB?

[dozer]

Hi, I need some urgent help.
I have scratches and dents in my car and this happened 1.5 months ago.
I wasn't free to get this fixed then since I needed my car, so I didn't make a claim immediately.
I've made a claim now from Honda Assure, but the service rep tells me that they may not pay much since apparently the claim should have been made immediately - I wasn't aware of this.

The service rep isn't from the insurance company; someone will come over tomorrow to inspect and give me the details. How can I negotiate this? Why can't I make a claim for for the entire amount?

I had also called the helpline a month ago and they said that there is no time limit for fixing this, but asked do this ASAP.
They hadn't asked me to make a claim either.

Can I have some pointers quickly if possible, thanks.

[optimist]

I'm with TATA AIG Platinum policy with 50% NCB

I got/negiotated the highest IDV possible.

I'm ok with the following.
TA01 Depreciation reimbruisement,
TA15 key replacement,
TA10 emergency transport,
TA09 Loss of personal belongings

The biggest addons premiums are
TA02 Daily allowance: Transport allowance for 10 days or so.
(Alternative personal means of transport is available in lieu of TA02. )

TA05 Return to Invoice + RTO charges in case of a total loss.
Only in case of Total Loss.

Do the two above make sense? Probability of the last is very very less but never know.

The addon premiums are more than the insurance.

Thanks.

[noidea]

I am planning to travel to Bhutan this October and my question is about the vehicle insurance.

Is there something like an international vehicle insurance - if I met with an accident in Bhutan?

Or does my current insurance cover my vehicle, irrespective of the country?

[lancersfx]

After a long draught from driving, i finally managed to get the ikon 1.8D to drive to goa. Due to a wheel bearing noise i was limited to 66kph. On the return trip, however, after driving for 13hrs, managed to doze at the wheel for 5secs. Vehicle started moving towards left, Hit two pillars. I woke up when it hit the second pillar and turned sharply right to avoid the metal railing on the left side of the highway. (Hiriyur). The back came around and front left tyre hit the divider.

Questions:

1. No complaint filed because there is no damage to any person/vehicle. Is this a must? No disruption to traffic as the vehicle has been pushed off the highway and parked on the side. No damage to occupants in the car.
2. Any things to consider while i send the report of the incident to Bajaj allianz. Since it was a driver's fault (me), the insurance cover still applies right?
3. What are the considerations/pre-requisites if this has to be a write-off. I still wait for estimate from ford which might take a couple of days. The repair bill looks to be hefty at ~1.2-1.5l from an pre-estimate review.
4. Depreciation costs how is it going to affect for a 2000 model car?

[blackasta]

Originally Posted by blackasta

My insurance renewal for the 2009 i10 Asta is coming up soon.

Last year, I paid Iffco Tokio Rs 8192 + tax = Rs 9205 for an IDV of Rs 4,24,840.

This year, I got a quote from Bharti AXA for 7524 + tax, but their IDV seems to be less at 2,75,966. I had a claim last year so my NCB is 0%.

Yet to receive any quote from Iffco Tokio.

In the past 4 years, I have had all claims processed smoothly from Iffco Tokio via HASS. They also have cashless facility with HASS. Never changed insurance for the past 4 years.

Is it worthwhile to shop around a bit this time? How's Bharti AXA from claims handling POV?

Originally Posted by ghodlur

Do you still want to go with Bharati Axa even when they reduced the IDV, they have quoted almost a lakh rupees less. Since you are satisfied with Tffco Tokio, suggest to remain with them. For Rs 1400/- gain in Premium you may lose on the confidence and trust in previous Insurer.

With lesser discounts and 0% NCB this year, ITGI was quoting around 11k for this year's policy.
BAXA increased their IDV to 3.5 lakhs and adjusted their quote to 9.1k.
Went with BAXA for 2013-2014 year - lets see how it goes!

[Philistine]

Originally Posted by optimist

I'm with TATA AIG Platinum policy with 50% NCB

I got/negiotated the highest IDV possible.

I'm ok with the following.
TA01 Depreciation reimbruisement,
TA15 key replacement,
TA10 emergency transport,
TA09 Loss of personal belongings

The biggest addons premiums are
TA02 Daily allowance: Transport allowance for 10 days or so.
(Alternative personal means of transport is available in lieu of TA02. )

TA05 Return to Invoice + RTO charges in case of a total loss.
Only in case of Total Loss.

Do the two above make sense? Probability of the last is very very less but never know.

The addon premiums are more than the insurance.

Thanks.

Hi! Where you able to decide on this? I too am looking for insurance on my yet to purchase car. I understand the importance of the add-on premiums.. Let me know!

[volkman10]

My insurance (DRIVE ASSURE) renewal for the 2011 Polo 1.6 is coming up soon.

Last year, I paid Bajaj Allianz Rs 18958 for an IDV of Rs 516,435.

This year, I got a quote from Bajaj for 17560 for an IDV of 451881.
No claims done sofar so a NCB deduction of 3886 is shpwn in the above.

Any pointers if this sounds okay to close the deal?

Cheers!

[optimist]

Originally Posted by Philistine

Hi! Where you able to decide on this? I too am looking for insurance on my yet to purchase car. I understand the importance of the add-on premiums.. Let me know!

I opted out of the return to invoice. Anyway it was available only for one more year during which my percieved risk was neglible for my usage. Now in thinking retrospect i have lost around 20000 for the first 2 years. but no issues.

daily allowance: while buying a new car i thought it would be great. now reading the terms, conditions, and considering that alternative means of transport cost lesser than the premium paid (at least for me) i opted out of this also.

Got the IDV increased to the highest possible. they were quoting renewal premium for a low amount. still I saved approx INR 8000 on account of the discontinued riders.

[ghodlur]

Originally Posted by lancersfx

On the return trip, however, after driving for 13hrs, managed to doze at the wheel for 5secs.
1. No complaint filed because there is no damage to any person/vehicle. Is this a must?
2. Any things to consider while i send the report of the incident to Bajaj allianz. Since it was a driver's fault (me), the insurance cover still applies right?
3. What are the considerations/pre-requisites if this has to be a write-off. I still wait for estimate from ford which might take a couple of days. The repair bill looks to be hefty at ~1.2-1.5l from an pre-estimate review.
4. Depreciation costs how is it going to affect for a 2000 model car?

OMG, Thats really bad. Glad to know the occupants are safe but I guess you learned the valuable lesson the hard way. Never ever think of driving if you are tired and its taxing on the brain to keep you alert. To answer your questions:
1. No need of any complaint.
2. Yes, the Insurance cover still applies. Take it to the nearest Ford workshop and get an estimate of the damage. Lodge a claim with BA and let their surveyor inspect the vehicle, then take it forward.
3. If the repair costs are more than 75% of the IDV mentioned in the policy, then the car can be written off a Total loss.
4. The IDV will take care of the depreciation costs.

Drive safe.

Originally Posted by volkman10

This year, I got a quote from Bajaj for 17560 for an IDV of 451881. No claims done sofar so a NCB deduction of 3886 is shpwn in the above.

No issues with the quote except the IDV is off by 15K based on the last year's IDV minus 10% less. Try getting online quotes from Insurers, this way you will find out the comparison of premium rates and whether BA quote is justified.

[MaxTorque]

Originally Posted by volkman10

Any pointers if this sounds okay to close the deal?

Cheers!

You may compare the offers from online sellers. But you have to look very closely to find out the details.

In most of the cases, to get the quote, you need to verify your mobile number. Try to arrange another SIM for getting the quotes, else the companies will keep on calling you.

I checked quotes from a website by giving my mobile number. The renewal due was in July. Still I get calls from insurance agents.