[AdhikR]

I was looking at the BMW iX1 LWB and the insurance comes to Rs. 3.5 lakh per the dealer's quote. This seems super steep for a Rs 49L car - almost 7% of the vehicles value. My thumb rule has always been around 3.5%. Is insurance really that much higher on luxury EVs?

[na_agrawal]

Originally Posted by ghodlur

I have chosen this option for my car's insurance for this year from Reliance. Its called Pay as you Drive option and I have opted for 10.5k kms. The addons as seen in the premium quote attached are exactly the same which I also opted for.

Originally Posted by Aviator_guy

There is no perfect answer so it is risk either ways (you pay more for zero dep but don't end up claiming or you don't opt for it and need major repair). You can take a call based on which risk you are willing to live with.

Originally Posted by ghodlur

Suggest to get the Zero dep one for that extra peace of mind

Thank you to both of you for clearing my head.

I finally went ahead with an unlimited kms ZERO DEP policy + 24x7 RSA support along with tyre and rim add-on given as a freebie for my, now, 8 year old Hyundai I20 Active. I am planning a Pune to Himachal drive this year and wanted complete peace of mind.

Thanks again!

[ghodlur]

Originally Posted by AdhikR

I was looking at the BMW iX1 LWB and the insurance comes to Rs. 3.5 lakh per the dealer's quote. This seems super steep for a Rs 49L car - almost 7% of the vehicles value. My thumb rule has always been around 3.5%. Is insurance really that much higher on luxury EVs?

Would suggest to shop for insurance from outside as dealer quotes are generally spiked up ones. Try online comparators to get an approximate quote and check if the dealer can match the quotes.

[ninjatalli]

A query for the knowledgeable for 2-wheeler insurance. I recently purchased a used 2-wheeler via an agent who did the RTO transfer process; with zero contact with the first owner. As of date, the RC has been updated, however the insurance is still in the first owner's name. With the insurance renewal date in ~2 weeks, I have two options at my end

1. Renew the insurance (BajajAll. in this case) with the seemingly tedious process of transfer of policy name which also requires a NOC from the first owner; which is a blocker.

2. Let the current policy expire and get a fresh policy in my name using the current vehicle documents that already has my name & details.

If I go with option 2, say with a different insurer, is there any blocker/constraint? The only negative is I lose the NCB which isn't there as the first owner had only availed 3rd party insurance.

Any views/suggestions?

[xenon0025]

A query for people who have bought a used car and insurance experts. I am looking to buy a pre-owned vehicle and while looking through the online aggregators like Cars24, I have seen that sometimes they have mentioned that the spare key is not available for the vehicle.

I remember reading that in case of a vehicle theft, insurance companies insist on submitting both the keys to them to claim an insurance. In case the spare key is not available, they can deny a claim as well.

So how should I go ahead about this? Shall I skip a vehicle if the spare key is not available? Looking forward to hear comments on this scenario.

[ghodlur]

Originally Posted by ninjatalli

1. Renew the insurance (BajajAll. in this case) with the seemingly tedious process of transfer of policy name which also requires a NOC from the first owner; which is a blocker.

2. Let the current policy expire and get a fresh policy in my name using the current vehicle documents that already has my name & details.

If I go with option 2, say with a different insurer, is there any blocker/constraint? The only negative is I lose the NCB which isn't there as the first owner had only availed 3rd party insurance.

Both the options are OK. In the first case, there is no specific need of any NOC from owner for the name transfer on the Insurance policy as the ownership transfer is already reflected in the RC. This should be sufficient for the name change.
Second option is equally Ok. This way you have a choice of Insurance co selection.
There is no connect with NCB as the NCB always stays with the owner. Your existing NCB can be used for the new Insurance purchase. However in case you do the name change on the existing Insurance, the Insurer may ask for the pro rata basis of NCB amount claimed earlier by previous owner.

So in all sense Option 2 is the preferred choice.

Originally Posted by xenon0025

I remember reading that in case of a vehicle theft, insurance companies insist on submitting both the keys to them to claim an insurance. In case the spare key is not available, they can deny a claim as well.

This is correct that the spare key has to be submitted to the Insurance co when the key replacement claim is raised with the Insurer. Kindly check if the Insurance for the car has any Key replacement add on already included. If yes, post buying the car and Insurance name transfer you can go ahead with the Key replacement for the car. Before you do all this you will also need to check if your NCB will be affected.

Alternatively Cars24 can do the key replacement before the sale process and you could buy the car with a peace of mind.

I would suggest to tread carefully if the car to be bought has a missing key.

[GHPBrezzinBy]

Hey folks,

I’m in a bit of a dilemma and would really appreciate your insights. I own Brezza LXI (Petrol) bought in April '24 and my own damage insurance coverage is expiring in April '25 and now I'm stuck trying to figure out the best insurance option. This is my first time dealing with such car insurance choices, so please bear with me.

Total spent so far:
Car Cost: ₹8.5 lakhs(Ex.Showroom)
Customizations & Accessories: ₹1.7 lakhs
Total Cost: ₹11.9 lakhs
Existing policy IDV ₹7,93,000

Electrical Accessories - ₹95,000 (Dashcam,Infotainment, Speakers, TPMS etc)
Non-Electrical Accessories - ₹95,000 (Alloys, Seat covers, mat etc)

Most of the insurance providers are not providing high IDV, let alone the ₹1.7 lakh accessory cover. I did manage to find ICICI lombard willing to cover as per my terms though at a much higher premium ₹33,000 (which I am ok with, I am willing to pay for peace of mind ).

My question is, will insurers question or deny claims due to the higher IDV, especially in case of total loss or theft? How stringent are insurers when it comes to accessory coverage claims? I have bills for all the accessory as except for the Dashcam rest is all Maruti approved installation done by dealers.

Has anyone faced issues with insurers rejecting claims due to a higher-than-depreciation IDV?

Are there specific insurers who are more flexible when it comes to claims involving customized accessories?

Following are the optional covers I am taking,

Return To Invoice
Zero Depreciation
Engine Protection
Key Protection
RSA
Electrical accessory
Non-Electrical accessory
Consumables protection
Loss of Personal belongings
Tyre Protection - Because my alloys are part of NLX kit offered by Maruti and not 'factory fitted', I am assuming I need this as in case of total loss or theft insurer will only cover steel wheels which is what comes with LXI. Also can Alloy wheels be covered under Non-Electrical accessory? or am I double dipping the alloy wheels coverage in Non electrical cover and tyre protection?

I’d really appreciate any guidance or shared experiences you all can provide. Thanks in advance!

[siddu666]

Hey Guys,

I am buying a new car in the next couple of weeks. I am planning to get it directly since the dealer offered one seems much more expensive than getting it outside.

Which insurance companies should I consider?

Any suggestions would be appreciated!

[Bane214]

Originally Posted by siddu666

Hey Guys,
I am buying a new car in the next couple of weeks.
Which insurance companies should I consider?
Any suggestions would be appreciated!

Congratulations on your upcoming purchase. All insurance companies have good and bad stories associated with them. However, one way to make a better decision is to check on few vehicle owner groups on their experiences. Most importantly, try to take the policy from insurance company which has cashless facility with the brand's service center where you will be visiting for your service/ issues.

[Aviator_guy]

Originally Posted by siddu666

Hey Guys,

I am buying a new car in the next couple of weeks. I am planning to get it directly since the dealer offered one seems much more expensive than getting it outside.

Which insurance companies should I consider?

Any suggestions would be appreciated!

My suggestion would be to stick to reputed companies like HDFC, ICICI, Tata etc. Important point is to make sure that whichever company you chose, it should have cashless tie up with OEM service center of your preference. This is important for better experience during claim processing and getting the car back faster after repair. Lowest quote may not always be the best so please assess all these scenarios.

[huygens]

Is there generally a ridiculous increase in insurance renewal after you make a claim?

Made a claim last year after an accident, and my premium on renewal (IDV 35L with zero zep) seems to be going up from 65k to 1.5L?!

I understand I lose NCB of 20% but this seems off the charts, and seems to be consistent across providers. They're saying they are removing discount as well because of the claim, but this just effectively means I was better off expensing repairs myself instead of claims. Makes no sense.

Is this normal?

[ghodlur]

Originally Posted by huygens

Is this normal?

Very much normal. The Insurance cos see you now as a high risk customer post the claim and their flawed logic is that if they offer your Insurance chances of claims from you will be there. So the premium prices are jacked up substantially forcing to look for other alternatives.

The other loss is the NCB becoming zero as well. So its a double whammy.

[huygens]

Originally Posted by ghodlur

Very much normal. The other loss is the NCB becoming zero as well. So its a double whammy.

So if the insurance company pays 30k as part of my policy, they increase the premium by 1L?! It's blowing my mind that this is legal.

[Aviator_guy]

Originally Posted by huygens

So if the insurance company pays 30k as part of my policy, they increase the premium by 1L?! It's blowing my mind that this is legal.

It is not simple math. Insurance premium is outcome of underwriting; lot of customer data and statistics goes behind it. Insurance is matter of solicitation which means company decides the premium and whether to offer insurance to someone or not. There is no govt regulation for own damage premium and hence it is at the discretion of company. Customer claim history has a big role to play during future renewals.