[drrajasaravanan]

Hi
Your post has helped me decide on a few things. I am about to finalize the deal for my 2nd year insurance of Xylo. I guess i would go for the zero percent depreciation plan. Its nice to know your insight helped you at the right moment. Cheers.

[Thad E Ginathom]

It's not all bad, then. If you made a claim on your insurance, every year, in the UK, not only would you never get a no-claims bonus, but they would raise the premium sky high!

[TomRider]

My car is also insured with TAIG (0% depreciation). It is almost 2k (for Palio) over the normal premium.

[Maverick79]

Thank you Yeti for such a vital information regarding the existance of such a kind of feature.
After reading this thread, I spoke to my current Insurance company - Then New India Assurance Company, in the Pimpri branch. They were just BLANK. Ofcourse, the head is not available in his seat for futher query. But I feel they too don't offer.

Will surely opt this feature for my next car.

[GTO]

Originally Posted by srishiva

So this is like normal insurance elsewhere outside India!

Not sure if I'd agree to that, Srishiva. Normal insurance in most other countries has a "deductible" on all claims (basically, the amount you pay before insurance reimbursements come into the picture). The lower your deductible, the higher your insurance premium. Similar concept.

[Thad E Ginathom]

UK insurance:

we have an "excess" which is the bit of the repair bill that we have to pay ourselves. It is a fixed amount, not a percentage, and not based on this part or that part or on different materials. Many companies will give a lower premium in return for electing to pay a higher excess. This works well: we take the risk we know we can afford, insurance pays the rest. Some people always have several thousand pounds in the bank, others just manage to pay their insurance in monthly instalments.

Any claim will result in increased premiums. Simple: the claimant becomes a bigger risk!

On top of that, there also no-claims-bonus and other protection plans, and all sorts of extras that they or may not be good value and are a choice.

[vivekparmar]

Thanks for this information. It's really useful. I am surely going for this for my renewal. I am checking whether this can be done mid-term.

[ghodlur]

Originally Posted by vivekparmar

Thanks for this information. It's really useful. I am surely going for this for my renewal. I am checking whether this can be done mid-term.

No, This cannot be done mid term but only at the start of the Insurance year. Also this feature is offered by most Insurers for the first three years of the car and not for older cars > 3 years.

[RaguHolla]

On the same matter I would like to add the following feedback with respect to Bajaj Allianz DriveSure policy (which is same as 0% depreciation). Catch with Bajaj is you can claim only twice 0% depreciation in a year. After that it becomes normal.

I too took this insurance, reason if you know how mad is our traffic, it is not necessary that you make mistake. The other can also cause considerable damage. If this other person is commercial vehicle or auto (who never have insurance on their vehicle), forget about you getting any money. So be safe and get this policy if you can.

The feedback part is, like Sam I too had to use this for an accident with my vehicle. The thing with Fiesta is front overhauling didn't cost like Superb! Total cost is coming to around 35K, with 50% plastics at 13K my share. Though I had Drivesure, insurance surveyor, only approved 50% for plastics. His argument was, "Sir you might meet with bigger incident so why claim now". I told him to pay full, and stop wishing bad luck to their customer. He eventually obliged (he has to!).

So if you happen to have insurance with 0% depreciation, while claiming make sure that you avail that. Clever surveyor tries to pass on like any dealer wanting to repair under warranty.

[csr]

Is there any insurance company which offers similar 0% depreciation coverage for a car which is 5 years old? My Cedia's Bajaz allianz insurance is due for renewal in a couple of months. Also, I heard that for older vehicles if any part (even if it's non-plastic) need to be replaced due to accident, it would not be fully paid by insurance. Is that true?

I've been treating insurance as a formality and never expected to get back anything from the insurance company. I've been lucky to have not claimed the insurance so far, but this thread is an eye opener for me

-CSR

[PPS]

Originally Posted by Sam Kapasi

I neglected to mention. TAIG will also pay me Rs. 20,000 to hire a car to take me to work for 10 days.



All in all, all the additional clauses/endorsements cost Rs. 14,000/- As I have mentioned, these include emergency transport, hotel stay, lost key and more.

(You may laugh at lost key, but do you know what a Skoda Superb key costs? It is a key made by Hella in Germany)

1. It is a yearly amount. I guess it will be lower next year.
2. I don't know. Maybe the more experienced can inform us.

How much do the Superb keys cost? I took delivery of my new keys for my Octavia,costed me 14k for a set of 2!

[gou]

Originally Posted by csr

Is there any insurance company which offers similar 0% depreciation coverage for a car which is 5 years old? My Cedia's Bajaz allianz insurance is due for renewal in a couple of months. Also, I heard that for older vehicles if any part (even if it's non-plastic) need to be replaced due to accident, it would not be fully paid by insurance. Is that true?

-CSR

In another thread I read somebody mentioning that 0% depriciation insurance is not available for vehicles older than 3 years. Could anyone with more knowledge in this matter please inform if 0% depriciation insurance is available for vehicles older than 3 years.

Importantly I want to know if it is available for my OHC which will 9 years old at renewal. Also, does ICICI Lombard provide this addon?

[vivekanand005]

thanks very much for the info Sam.

[anupamsinha]

Thanks Sam for letting me know about this. This really helped me and I opted for the same.

[aghosht]

Here's the add on wording for TATA AIG and Bharti AXA -