Re: Automobile Insurance Queries? Ask me QUICK REQUEST:
Can you review the attachment and comment whether I've managed to correctly procure Zero Depreciation cover for my car? BACKGROUND STORY:
When my 2 year old Fortuner's auto insurance came up for renewal, I started scouring these pages for insight into how to get myself optimum cover with minimum cost. Here's the trigger - while reading Herr Guderian's Togo Channel updates about his Fortuner, I realized that the last year I had paid too high a premium.
So I started soliciting quotes from all around. Putting requests on policybazar type of sites got me some inquiries. Separately, there exists an army of local Direct Sales Agents (DSA's) who are on the lookout of insurance renewals coming up. I dutifully answered all such cold calls and expressed interest. Once the quotes came in, I realized that the elements of the offer were apples and oranges and difficult to fathom how to compare them. I then took the approach of defining my own parameters and then seeking quotes against that. From some of the quotes I divined a practical set of parameters. So I froze on the following: - IDV: 17,00,000
- NCB needed: 35% (my current was 25%)
- Zero Depreciation cover needed.
I received a new set of quotes. I started sharing the lowest of the quotes with the other parties and seeking them to beat that. Pretty soon I figured out that the insurance company sales folks and the portal folks (like those at policybazar) have limited appetite for bargaining. Whereas the DSA's really stick on like limpets. Since I started this process about a month prior to renewal due date, I had time on my hands. I started playing the DSA's against each other and seeing how much they'd would reduce the premium. Apparently, the DSA's give discount out of the portion of commission that they get from Insurance agencies. I got an inkling that they're willing to forgo 50-60% of that commission. I'd almost settled on renewing with my previous insurer for 32k, when another DSA buckled and agreed for 29k for this insurer. Reading these forums it seemed that this was a decent insurer and at least one of the Toyota dealers in Bangalore (Ravindu) seemed to have cashless tie-up with them. So I went ahead.
I've received the insurance policy today. I wanted your expert eyes to take a look at the policy attached, as to whether the Add-On Package plan mentioned in the Policy Schedule actually amounts to a satisfactory Zero Depreciation Policy. Comments welcome. Please excuse the fact that I've blackened out portions of the information from the attached because of privacy reasons. Hope what is visible is sufficient information. If not, I am happy to supply necessary parts of the blackened out information.
And thanks to all the experts here who helped in this $$$ savings. |