[AMG Power]

Reviving an old thread.

Wondering if the situation has changed from what's been mentioned above.

Did a little check and found that Iffco Tokio is the only company to offer Nil Dep On cars that are more than 5 years old.

My queries:

1. Is Iffco still as bad as is made out in this thread or have they improved?

2. Does any other company provide Nil Dep post 5 years?

Thanks!

[locusjag]

Originally Posted by AMG Power

Reviving an old thread.

Wondering if the situation has changed from what's been mentioned above.

Did a little check and found that Iffco Tokio is the only company to offer Nil Dep On cars that are more than 5 years old.

My queries:

1. Is Iffco still as bad as is made out in this thread or have they improved?

2. Does any other company provide Nil Dep post 5 years?

Thanks!

My answer to #1 above-
The Incurred Claims Ratio (ICR) of Iffco-Tokio general insurance in 2015-16 was 79% and the same in 2016-17 was 84.37%.
However, please note that in 2016-17, their net earned premium was Rs.2300.56 crores, compared to Rs.2804.95 crores in 2015-16. That's nearly a dip of 18% in earned premiums in 1 year.

Taking their ICR and earned premium figures, I'd say that they're doing okay from a financial health perspective. There seems to be little reason for them to deny proper claims, since for every Rs.100 earned in premium in 2016-17, they only had to pay out Rs.84. There's more to payout if needed. Their YoY dip in annual premiums is rather odd though. They might have hardened their rates and lost potential customers and old customers; no amount of malfeasance by the company in paying out claims can realistically make so many customers avoid Iffco-Tokio in just 1 year!

Pardon me, but I can't spend more time digging into their records, but with more years data being analyzed, the numbers would tell quite a tale.

As far as #2 is concerned - I couldn't see any other insurer providing Zero dep policies for 5+ year old cars.

References:
* https://www.comparepolicy.com/blogs/...ratio-2015-16/
* https://www.bankbazaar.com/insurance...insurance.html

[AMG Power]

Originally Posted by locusjag

My answer to #1 above-
The Incurred Claims Ratio (ICR) of Iffco-Tokio general insurance in 2015-16 was 79% and the same in 2016-17 was 84.37%...

On point 1 was looking more at service quality and responsiveness to customers from an actual user perspective given that this thread seems to have a lot of negative feedback on customer service quality. Was wondering if that has improved.

Originally Posted by locusjag

As far as #2 is concerned - I couldn't see any other insurer providing Zero dep policies for 5+ year old cars.

[Holyghost]

Originally Posted by AMG Power

2. Does any other company provide Nil Dep post 5 years?

Thanks!

Even I had to go with Iffco Tokyo for my 7 Yr old Cruze last year. Premiums were high, but I did not have an option. I enquired almost every company for Nil Dep policy and none provided that option for car older than 5 years. Hoping they provide Nil Dep this year too.

Oriental provides Nil Dep upto 7 years provided you have been renewing with them continuously from year 3.

[PointZero]

Considering that the Bolero-SLX is having very less amount of plastic parts, is Iffco-Tokio is a wise decision to choose for my 6 years old Bolero. The reason is very simple that no other company is offering any Nil Dep insurance any more. Is there any improvements in the company ?

[oilmonkey]

Hello, Is this scenario the same? Iffco Tokio providing Zero Dep for cars more than 5 years old?

Further, any recent experience anyone can share? Especially for EV vehicle?

[ex-innova-guy]

Originally Posted by oilmonkey

Hello, Is this scenario the same? Iffco Tokio providing Zero Dep for cars more than 5 years old?

Further, any recent experience anyone can share? Especially for EV vehicle?

Hello, firstly I hope this isn’t a very late reply to your query. We had a 2015 INNOVA 2.5 V (E4)-7S X. We had purchased a Zero Dep insurance from Iffko Tokio in 2022.

As my username suggests; our car met with an accident and was declared a total loss. The claim procedure took around a month to settle but was very smooth.

Hope this helps!

[oilmonkey]

Originally Posted by ex-innova-guy

Hello, firstly I hope this isn’t a very late reply to your query. We had a 2015 INNOVA 2.5 V (E4)-7S X. We had purchased a Zero Dep insurance from Iffko Tokio in 2022.

As my username suggests; our car met with an accident and was declared a total loss. The claim procedure took around a month to settle but was very smooth.

Hope this helps!

This is helpful. Thank you for sharing your experience. I feel Iffco Tokio is one of the few insurance providers with least troubles in processing claims. I am unsure why is it unpopular among the members considering the give Zero Dep cover for cars that are 7 years old as well.

[ex-innova-guy]

Hello Everyone,
This is going to be a tad-bit long post but hopefully give some clarification about Iffco Tokio Insurance.

Brief History
We had purchased a 2015 INNOVA 2.5 V (E4)-7S X in Super White Colour in July 2015. While some enthusiasts may dislike it because of its body roll and boat feeling it worked really well for us. It was our first Toyota purchase and bought from Lakozy Toyota, Malad and the delivery process was nothing but smooth.
The usage averaged about 35000km/yr and this meant maintaining it to the absolute best.

Toyota ASS Experience
The car was always serviced under the same SA at Lakozy Toyota Malad and then since he shifted to Lakozy Toyota Vasai we changed the Service centre even though it was far from our home. Unlike most here we mostly never visited the service centre and always availed the pickup and drop service. We always communicated with the SA before hand about the issues and they were always rectified.

Midlife Makeover
We generally used to keep our cars for 5 years and then later on change but with COVID taking place and we being happy got it completely repaired, repainted and put on new seat covers in April 2022. This meant that we could simply continue using it for atleast 3 years at the least.

The IDV before this was around 6.3L and the ASS recommend getting In-House Iffco Tokio Insurance after the makeover from them which increased the IDV to 7.93L which comprised of Zero Dep and Consumables as an Add On.

Now here comes the interesting part
We were travelling from Mangaon in Raigad to Mumbai and started around 6am. We were 5 people in the car; Mom, Dad, Sister, Grandma and myself. Since we were going back after a long trip the boot was fully packed and the Right Rear Seat was folded too. The seating arrangement was like this. I was the one driving it; my Sister besides me in the passenger seat; my Mom behind my seat; my dad behind my sister’s seat and my Grandma was seated behind my Dad.


Layout of the 7S Innova

Around just 15 minutes into the Journey there is a 2-Lane very short passage of ~3km consisting of uphill section which has loads of Trailers 24*7. I knew this and even though the roads are wide I give enough space for them. 2 trucks passed and I expected the next to pass too. And to my absolute shock this guy rammed the trailer carrying 20 Tonnes of Steel straight into our car. He hit the Front Headlight and from there he dragged the whole impact till the driver side door. Due to whiplash I for once thought it was over but to my surprise I was awake within 2 seconds while my dad was checking up on all of us. Me and my sister were belted so didn’t suffer any impact but the others just got a few scratches here and there. Surprisingly the 2 front airbags didn’t deploy.

Few Pictures of the Accident






Dashboard was completely destroyed but notice the unharmed Lord Ganesha.


Trailer had completely Torn off the door and I was probably saved by a few inches.


Here it looks as if the whole right side is completely taken out.


The key was completely bent

The trailer driver had tried to fled the scene since he thought it was a fatal accident but we got out of the car inside a minute and soon caught him. Upon asking what happened he said sir I slept at the wheel.


Trailer and Driver

Here in background you can see how off road I was and we were saved because there was a pile of Stones and Sand on the left side and the left rear tyre bursted out there and absorbed the impact.

Post Accident
We had to cancel going to Mumbai but now had a task to get ourselves back to Mangaon but since we our from there we soon went home.

Contacted the SA and he told us to register an FIR. We did the same on the same day. Post this there is Panchnama which took a whole week time for the officers to come and inspect the same. We then towed the car to Lakozy Toyota Vasai.


Upon reaching Workshop

They too took a week’s time to get the repair estimate. The SA was very surprised with how bad the car condition was but how much it had saved us.
The repair estimate given was around 15.20L excluding the GST which clearly meant no sense and the insurance company declared it a total loss. We were ready to repair if the estimate was around 10L.

Since it was deemed a total loss it was put in on an auction. A refurbished garage owner brought this for 5.2L and the rest of the remaining amount out of 7.93L was transferred within a week’s time in our account. The insurance process was very smoothly handled by both ASS and Iffco Tokio. It took a complete month to do all this but 1 week delay was due to Panchnama completion and it being around 200km away from Mumbai.

Our car retired with us after 7.5 years and 2,60,000km+ on the Odometer and was again repaired by the Garage Owner.


Picture clicked by the Garage Owner

We initially wanted to repurchase the car but after a test drive my dad completely rejected it and since our usage is so high it would never give peace of mind it earlier used.

Conclusion
In the end we were a really happy Toyota Customer and especially the build quality of the car. We were completely satisfied with Iffco Tokio too. I now completely agree with holding onto cars for long term especially if it’s a Japanese. Our new car too has insurance from Iffco Tokio.
Personally I have now learnt and realised that there are some things you can never control and appreciate each day as it passes. And be calm and not engage in any sorts of Road Rage especially here in India.

Parting Shots






Mods- Please move or delete the post if it is not apt and a not suitable post on this thread.

[Voodooblaster]

Originally Posted by ex-innova-guy

A refurbished garage owner brought this for 5.2L and the rest of the remaining amount out of 7.93L was transferred within a week’s time in our account.

Our car retired with us after 7.5 years and 2,60,000km+ on the Odometer and was again repaired by the Garage Owner.

Glad to hear that you were able to walk out of the crash without any major incident. Please ensure that ownership transfer formalities are completed ASAP. The moment your car was declared as a Total Loss, the Ins Company will have cancelled your policy

Any further use of the vehicle by the garage owner or subsequent , with RC in your name will be a big legal headache for you

Originally Posted by ex-innova-guy

Initially wanted to repurchase the car but after a test drive my dad completely rejected it and since our usage is so high it would never give peace of mind it earlier used.

Hope the subsequent buyer is made aware of the crash history and not hoodwinked

[ex-innova-guy]

Originally Posted by Voodooblaster

Please ensure that ownership transfer formalities are completed ASAP. The moment your car was declared as a Total Loss, the Ins Company will have cancelled your policy

Any further use of the vehicle by the garage owner or subsequent , with RC in your name will be a big legal headache for you.

This happened in March but there was a delay in Insurance formalities and the Garage Owner got it in April. There were some pending fines on the car for which he deducted the amount from the 5.2L. Since we were keen on repurchasing it we didn’t bother him much about the transfer formalities. It got repaired by mid-May and post TD it was subsequently rejected. We clearly instructed him pay the fines post which we will hand over the last remaining document for Ownership transfer formalities. It was going back and forth till July. He paid the fines in July and we gave him the last document required to complete the Transfer Formalities.

Garage owner told us that someone has bought this but the ownership details online says otherwise. On looking up on the RTO app it still shows in my dad’s name but the garage owner has bought a new insurance (thanks to loopholes). Will be pushing my dad to get it done soon.

Originally Posted by Voodooblaster

Hope the subsequent buyer is made aware of the crash history and not hoodwinked

I am not sure but if one does the homework well, the maths won’t add up as there is a significant drop in Mileage since the last service. On the other hand some Taxi Service Providers do not have buying such cars. From what I know it is bought by a person who lives in Ratnagiri district and I hope I get to see our car again.