[V0rtex]

Last day I went to the Royal Enfield showroom to inquire about the new Interceptor 650. Multiple showrooms have quoted me different prices. The variant here is the insurance, I'm aware that I can take the insurance from outside. The folks at the showroom said that I have the option to take insurance from outside, but if I choose their insurance then it would be much easier for me to make claims. If one were to get insurance from another company, what are some things to look out for. Should I keep my IDV value as high as possible ( invoice rate)? How about the addons like engine protection, road side assistance and invoice price cover?

I went online to search for insurance quotes (policy bazaar etc..), but I wasn't getting the highest IDV possible along with Engine protection, bumper to bumper, and invoice price cover. How can I sort this out.

[Shreyans_Jain]

Straightforward answer: absolutely none.

There are no considerations between choosing dealer provided insurance and outside insurance. Insurance is insurance. This whole idea of it being ‘outside’ and somehow more difficult or complicated is a scam created to make unsuspecting and unaware customers to pay more for the same thing. No dealer can compel you to buy insurance from them.

Get your insurance from wherever it cheaper. Be it dealer or agent or online. The basic tenets of buying remain the same: reputed provider, cashless coverage, zero dep coverage, hydrolock protection, max IDV for a new vehicle. You can get the best possible quotes from outside and ask the dealer to match it. If they do, great. Else, but it on your own.

[vattyboy]

Claims are easier from Dealer Insurance is SCAM

All the dealers try to justify their high rates by saying the above line.

My suggestion based on What I do-

I go to the ASS of the brand and meet their SA and I ask them for the name of the Insurance companies which have cashless tie up with them. From my experience Hdfc, icici and Tata Aig have cashless tie-ups with 95% of garages.

After this, I ask the dealer to match the insurance quotation which policy Bazar is giving. If the dealer matches it then good but if they don't I buy it from the policy bazaar.

For new vehicle add-ons like zero depp, RSA, and return to invoice engine protection are recommended.

[condor]

Vehicle in warranty / extended warranty: go with dealer. Do negotiate.


Vehicle out of warranty:

1) Continue with dealer provided insurance coverage

2) Can take insurance outside, but best if your FNG and that insurance provider have good relationship

[lsjey]

This has been my strategy so far in purchasing insurance for my cars:

1. Find out from the body shop manager of the ASS a list of insurers who are good in claims settlement and have shorter lead times for approvals. I usually stick to the same service center through the life of the car.
2. Get quotes from the list of insurers provided by the body shop manager using the same service dealership.
3. Take policy from insurer who offers the maximum tariff discount. Typically it will be > 65% . I also build a good relationship with the service head and ask for further discounts. I tend to get some discount voucher for about 1K which I can use for service or for the insurance purchase.
4. I never take insurance from the new age insurance providers.
5. I don’t mind spending about 10% extra to get the insurance policy through the dealer as it helps in building relationship with key people in the service center.
6. I buy a bunch of add-ons like RTI, engine cover, bumper to bumper cover, depreciation cover etc. There will be no discounts offered on these add-ons. Only on the base tariff there will be discounts
7. I always present my AASI (Automobile Association of South India) membership and get a few hundred rupees discount in the premium. Also I ensure and check if my NCB is accounted and discounts have been provided.

Hope this helps.

Regards,
Lsjey

[Motard_Blr]

If you go to the same insurer as the one the dealer is pushing on you, it's likely you will get a cheaper quote since the dealer's commission is removed.

You can even get discounts based on your profile rather than the standard premium. These can be based on age, history with the company, your credit score, etc. Anything that tells the insurer that are lower risk than average can be considered favorably.

In my experience, it's not difficult to talk to the insurance company call centre and request for changes in the proposal. It might take a few calls but it shouldn't be difficult.

My experience is with ICICI Lombard and Kotak general. Both were fine.

[Goandiaries]

Originally Posted by V0rtex

I went online to search for insurance quotes (policy bazaar etc..), but I wasn't getting the highest IDV possible along with Engine protection, bumper to bumper, and invoice price cover. How can I sort this out.

If there's Return to invoice in your insurance, you'll get the entire invoice amount, regardless of IDV. So if there's low IDV, see if there's RTI.

[jalsa777]

Buy from where you get it cheaper

Ease of processing because you bought it from the dealer is a scam. In fact, usually the sales please and the service centre don't even talk to each other, so there's no question of processing ease.

• All insurance products must abide by the same rules set by IRDAI and thus the difference between products is not very high.
• All insurance companies process cashless claims when you go to authorized service centre. It's actually in their benefit to do so.
• New age insurance companies can charge substantially lower premiums because their marketing overheads are negligible. (The amount of money traditional insurance companies spend on perks for their agents is alarming).
• As long as your claims are genuine, insurance companies will honour the claims. I always fill the claim form myself.
• You can also opt of voluntary deductible plans. They will give you a discount of 2k on the premium but if you claim, you will have to bear that 2k cost a the time of claim. You save upfront and in case if you do make 1 claim, you still don't lose any money. Different matter if you make more than 1 claim. So, that depends on your risk appetite.

The difference in dealer quoted insurance and outside insurance can be huge. Currently, i have to renew my insurance and dealer sent me a quote of 33k while i can get it outside with a new age insurer for 14k

[rahulpandita]

The 'ease' that the dealerships refer to is the same with all insurance providers, so it doesn't matter. But not all insurance companies have cashless tie-ups with the service centre.

My suggestion: Look up quotations with Insurance aggregators, then check if the insurance company has a tie-up with the garage. Cashless claims will take away the hassle of claiming reimbursements. Use this link to get the indicative IDV for your vehicle: https://idv.gicouncil.in/

My personal experience: I bought an RE in 2019 with dealership insurance (Liberty General). For renewal in 2020, I went with United India as premium was 1/3 of Liberty (didn't check for cashless tie-up). Had to make a claim next month, the processing was trouble free. But at the end of the repairs, I had to pay the bill out of pocket and claim reimbursement from United India, which involved visits to their office and a couple weeks of waiting for the money transfer.

[thomahawk]

Walk into an office or branch and get a quote. They can easily offer some discount over what the dealer is offering (and you can sometimes get the dealer to price match - if there is still room for some margin). I found Acko to be cheaper for higher IDV's with all the extra covers thrown in.

[PaceTraveller]

Originally Posted by Goandiaries

If there's Return to invoice in your insurance, you'll get the entire invoice amount, regardless of IDV. So if there's low IDV, see if there's RTI.

Thanks, someone said IDV is still important for it helps in future vehicle resale value. Is that true? If not, I am actually getting much lower insurance premium for a really low IDV (30% lower than current IDV) but RTI included as an add-on. That just somehow feels too good to be true.

[subhasis]

Isn't RTI a standard add-on for a new car? While paying the booking amount and signing the sales agreement, I forgot to specifically ask about this, as I assumed it was a default add-on. However, when I inquired later, the sales executive told me that it’s not standard and that I would need to purchase it separately. Is that true, or was I misled?

Also, are there any differences between RTI and IDV in terms of road tax and GST? He mentioned something along these lines while explaining that RTI doesn't make much of a difference for a brand-new car since the IDV is 95% of the ex-showroom price.

I'm quite confused and would appreciate your insights. Please help—this is rather urgent.

Thanks in advance.

[yatesh.92]

Dear members, since this thread pertains to bike insurance I'm highlighting a scenario that I'm currently facing for my Gen 3 Duke 390. The bike will complete 1 year on 31st December and the zero dep component is due for renewal next year. Current policy issued by dealer is from United India which is a PSU. However I'm planning to port to a private player as United India doesn't have a cashless option.

Problem is, top private players namely Bajaj Allianz, HDFC Ergo and Tata AIG are not issuing policies for this model due to high number of accidental claims. More details mentioned in below post related to the Duke 390.

https://www.team-bhp.com/forum/motor...ml#post5896738 (2024 KTM Duke 390 Review)

Forum admins, if you feel this post needs a new thread, you may go ahead and create one.

[AgastyaXV]

Hey guys,
So I own an Ola s1 pro gen 2, which I had purchased on January.

I had chosen zero dep comprehensive insurance, which has 5y third party coverage, 1 year own damage and personal accident cover.

Its time to renew my own damage+pa cover, and I wanted to know what's the best way of finding which insurance to go for.

I went on policy bazaar, and i had gotten quotes for 3-4k for own damage, which is on the higher side. (My friend with a speed 400 with 2l idv got own damage for under 1.1k inc gst), Acko seems to be the lowest at 1.8, but I just wanted to know whether you manually go on each providers site, and check which policy is the most feasible, or do you have some sites that will do all the searching for you and display the policies all in one place, like policy bazaar

Thank you