Automobile Insurance Queries? Ask me

aka_iitd · 8th July 2009, 10:15

Quote:

Originally Posted by coreolis

hi rjvora2000

I am writing this is witha little smirk on my face after ur post I had given up and taken life with the "hota hai" attitude, guess what tata aig issued me a policy for a lower amount and charged my credit card for a higher amount . I spoke to the cc company and they said please write a written complaint this tantamounts to credit card fraud.
THe games have begun I shall be seeking all your good counsel to make the best of a funny situation... quoting when life gives lemons you make lemon juice orosmething like that.

Coreolis it happened to me also with Bajaj and they charged 120 bucks more. I paid them through CC and they sent me the email saying X amount is being charged from CC for policy. When I got the actual policy(3 days later) there was a difference of 120 bucks. When I wrote the email they returned 120 bucks which was reflected in next CC statement. Better to follow up with TATA AIG rather than CC company

srijit · 8th July 2009, 11:30

hi rjvora2000,
I had bought a May 2006 Baleno LXI from Maruti TrueValue last November (2008). The insurance policy on that car is in the original owners name, from the Oriental insurance company and will expire this month. I had changed the vehicle over to my name and now I want to change the insurance to Maruti Insurance, NatMar, I believe.
The old IDV is Rs.3,25,000.
Premium was Rs.9,010, Service Tax was 1,114, Total was Rs.10,124

Maruti guys have now quoted a total of Rs.9985 for an IDV of Rs.2,90,500.
They said that since there was a name change they couldnt transfer the No Claim Bonus to the new policy.

Does this sound right? Should I shop around?
Thanks in advance.

rjvora_2000 · 13th July 2009, 10:25

Quote:

Originally Posted by srijit

since there was a name change they couldnt transfer the No Claim Bonus to the new policy.

Does this sound right? Should I shop around?
Thanks in advance.

Sorry friend for the delayed reply as I was out of station.

NCB is given to the person owning the car and not to THE CAR. So you will not be getting the NCB my friend.

srijit · 13th July 2009, 12:13

Thanks for clearing that up, Rupesh

aka_iitd · 13th July 2009, 12:30

Quote:

Originally Posted by srijit

hi rjvora2000,
I had bought a May 2006 Baleno LXI from Maruti TrueValue last November (2008). The insurance policy on that car is in the original owners name, from the Oriental insurance company and will expire this month. I had changed the vehicle over to my name and now I want to change the insurance to Maruti Insurance, NatMar, I believe.
The old IDV is Rs.3,25,000.
Premium was Rs.9,010, Service Tax was 1,114, Total was Rs.10,124

Maruti guys have now quoted a total of Rs.9985 for an IDV of Rs.2,90,500.
They said that since there was a name change they couldnt transfer the No Claim Bonus to the new policy.

Does this sound right? Should I shop around?
Thanks in advance.

Srijit you have purchased the vehicle in 2008 and till now insurance was in earlier owners name. I think this is a risk and you would have not got the claimed you you had tried to do so. Rupesh can detail more on this

2.9L and 10K premium it is too much. It should be MAX around 5 to 5.5K. Try Bajaj Allianz site and see what quotation they are giving.

srijit · 14th July 2009, 20:03

@aka, I know. Didnt have the money at that time.

Rupesh, companies are giving me quotes for various IDV's. Which is better, a low one or a high one, if I am not planning to sell the car in the next 5 years?

Also the current IDV is shown to be 3.20L. Tata-AIG guys claim that the lowest that they could go was 3.14L. They even offerred me 3.45L for IDV, with corresponding high premiums.

Also, I was told that in case of a total-loss claim, the current market value only would be applied. So if I go for a 3.45L claim and I get only 2.75L as current market value, why should I go for higher IDV?

Thanks in advance.

Thad E Ginathom · 14th July 2009, 22:07

Here's a general question about Insurance here in India.

When I read, on threads here about accident damage, and how to pay for it, I often see statements about insurance companies only paying x% for plastic parts or y% for rubber parts.

How is this? Is it an archaic thing based on cars of fifty years ago? Or what? And if so, how are insurers still getting away with it? Have they not noticed that, for instance, the plastic bumpers on their own cars do not disintegrate after a couple of years, but actually last as long as the rest of the car?

It seems crazy, to this "foreigner"!

marlinspike · 14th July 2009, 22:20

Quote:

Originally Posted by Thad E Ginathom

Here's a general question about Insurance here in India.

When I read, on threads here about accident damage, and how to pay for it, I often see statements about insurance companies only paying x% for plastic parts or y% for rubber parts.

How is this? Is it an archaic thing based on cars of fifty years ago? Or what? And if so, how are insurers still getting away with it? Have they not noticed that, for instance, the plastic bumpers on their own cars do not disintegrate after a couple of years, but actually last as long as the rest of the car?

It seems crazy, to this "foreigner"!

Very good point only a "foreigner" can see. This is how it has been here so we didn't it works any other way! now atleast we know the cat needs to be belled, but as for who will do it and when...

rjvora_2000 · 15th July 2009, 08:51

Quote:

Originally Posted by srijit

a low one or a high one, if I am not planning to sell the car in the next 5 years?

Also the current IDV is shown to be 3.20L. Tata-AIG guys claim that the lowest that they could go was 3.14L. They even offerred me 3.45L for IDV, with corresponding high premiums.

This is very easy...

1. Forget all the values given by all the companies.
2. Forget the value which is written in the old policy.
3. Take the actual value in which you have bought the car.
4. Tell all the insurance company that you are the person who is paying premium and the person who will get the money in case of claim.
5. Give all the insurance company a same IDV.
6. Bargain with all the insurance company. (Tell them that other company is cheap)
7. Pay the premium at the earliest.

MrinalSinha · 15th July 2009, 10:52

Quote:

Originally Posted by Thad E Ginathom

How is this? Is it an archaic thing based on cars of fifty years ago? Or what? And if so, how are insurers still getting away with it? Have they not noticed that, for instance, the plastic bumpers on their own cars do not disintegrate after a couple of years, but actually last as long as the rest of the car?

very good observation!!

What should we do now about this?

Quote:

Originally Posted by srijit

hi rjvora2000,
I had bought a May 2006 Baleno LXI from Maruti TrueValue last November (2008). The insurance policy on that car is in the original owners name, from the Oriental insurance company and will expire this month. I had changed the vehicle over to my name and now I want to change the insurance to Maruti Insurance, NatMar, I believe.
The old IDV is Rs.3,25,000.
Premium was Rs.9,010, Service Tax was 1,114, Total was Rs.10,124

Maruti guys have now quoted a total of Rs.9985 for an IDV of Rs.2,90,500.
They said that since there was a name change they couldnt transfer the No Claim Bonus to the new policy.

Does this sound right? Should I shop around?
Thanks in advance.

The premium for IDV 2,90,000 should be around 7000/- without NCB. As already pointed out, you are not eligible for NCB. The premium for IDV 345000 should be around 8K. So the quote is obviously on the higher side.

srijit · 15th July 2009, 11:01

Thank you so much for these tips, Rupesh. Will do.

Thad E Ginathom · 15th July 2009, 19:28

Quote:

Originally Posted by MrinalSinha

very good observation!!

What should we do now about this?

awareness is a first step, I guess.

PIL? --- anyone sufficiently rich and motivated?

Certainly not a thing for a foreigner of very limited means to take on.

Just a few minutes later...

What a coincidence! This could be a good start

rjvora_2000 · 16th July 2009, 09:12

Quote:

Originally Posted by Thad E Ginathom

What a coincidence! This could be a good start

Sirji let me tell you this product is coming from all the Indian insurer.

icar · 16th July 2009, 13:04

J.D. Power’s 2009 India Auto Insurance Customer Satisfaction Index Study

rjvora_2000 · 16th July 2009, 17:28

Quote:

Originally Posted by icar

J.D. Power’s 2009 India Auto Insurance Customer Satisfaction Index Study

I think this should be the corporate study and not the end user ratings(Like us). As Icici is leading.

Because I have not seen very happy customer's of Icici and Ril.

8th July 2009, 11:30	#317
srijit BHPian Join Date: Jan 2008 Location: Trivandrum Posts: 598 Thanked: 8 Times	hi rjvora2000, I had bought a May 2006 Baleno LXI from Maruti TrueValue last November (2008). The insurance policy on that car is in the original owners name, from the Oriental insurance company and will expire this month. I had changed the vehicle over to my name and now I want to change the insurance to Maruti Insurance, NatMar, I believe. The old IDV is Rs.3,25,000. Premium was Rs.9,010, Service Tax was 1,114, Total was Rs.10,124 Maruti guys have now quoted a total of Rs.9985 for an IDV of Rs.2,90,500. They said that since there was a name change they couldnt transfer the No Claim Bonus to the new policy. Does this sound right? Should I shop around? Thanks in advance.
	() Thanks

13th July 2009, 12:13	#319
srijit BHPian Join Date: Jan 2008 Location: Trivandrum Posts: 598 Thanked: 8 Times	Thanks for clearing that up, Rupesh
	() Thanks

14th July 2009, 20:03	#321
srijit BHPian Join Date: Jan 2008 Location: Trivandrum Posts: 598 Thanked: 8 Times	@aka, I know. Didnt have the money at that time. Rupesh, companies are giving me quotes for various IDV's. Which is better, a low one or a high one, if I am not planning to sell the car in the next 5 years? Also the current IDV is shown to be 3.20L. Tata-AIG guys claim that the lowest that they could go was 3.14L. They even offerred me 3.45L for IDV, with corresponding high premiums. Also, I was told that in case of a total-loss claim, the current market value only would be applied. So if I go for a 3.45L claim and I get only 2.75L as current market value, why should I go for higher IDV? Thanks in advance.
	() Thanks

14th July 2009, 22:07	#322
Thad E Ginathom Distinguished - BHPian Join Date: Jun 2007 Location: Chennai Posts: 11,311 Thanked: 29,061 Times	Here's a general question about Insurance here in India. When I read, on threads here about accident damage, and how to pay for it, I often see statements about insurance companies only paying x% for plastic parts or y% for rubber parts. How is this? Is it an archaic thing based on cars of fifty years ago? Or what? And if so, how are insurers still getting away with it? Have they not noticed that, for instance, the plastic bumpers on their own cars do not disintegrate after a couple of years, but actually last as long as the rest of the car? It seems crazy, to this "foreigner"!
	() Thanks

15th July 2009, 11:01	#326
srijit BHPian Join Date: Jan 2008 Location: Trivandrum Posts: 598 Thanked: 8 Times	Thank you so much for these tips, Rupesh. Will do.
	() Thanks

16th July 2009, 13:04	#329
icar BHPian Join Date: Jan 2007 Location: Cochin Posts: 94 Thanked: 15 Times	J.D. Power’s 2009 India Auto Insurance Customer Satisfaction Index Study Attached Thumbnails
	() Thanks

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