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All about Motor Insurance and Consumer rights

Discussion in 'Insurance & Loan Reviews' started by ramjn, Oct 25, 2012.

  1. AmeyKhedekar

    AmeyKhedekar Amatore

    Messages:
    99
    MH 02
    Mumbai
    Linea Classic
    Dear bros,



    my car would turn 1yr old on 5th may 2015.

    I am having Future Generali general insurance which would expire on 4th March 12AM.



    I need your suggestion regarding my insurance. I have claimed my insurance twice , and my claims were handled well on time , and I am not having any negative to say about Future Generali, so I am planning to continue with the same insurance again.



    I would like to know :



    1. What is zero depreciation insurance ? and what claims can be entertained with this policy ? ( my Hyundai i10 friend was told to pay Rs2000 on insurance claim for side body dent, even though having a zero dep policy.)

    2. What are any add-ons I should opt for in the insurance policy ?

    (I have read in news papers, Kotak insurance provides car keys insurance , is this an ad-on I could chose ? )



    3. What is third party insurance ?

    4. If driver A causes damage to driver B’s car, can driver A’s insurance company pay for drive B’s damaged car caused my driver A ??
  2. asimpleson

    asimpleson Esperto

    Messages:
    3,000
    Heptanesia
    Linea 1.3
    @AmeyKhedekar, def of third party via google..

    This motor insurance do not covers you and your motor vehicle. It covers your legal liability for the damage you caused to a third party only - injury, death, and/or property damage caused to a third party in the event of an accident caused by or arising out of the use of the vehicle.

    Again from google.. Zero depreciation (what it means). Yes you have to pay approx 2k per claim or as per insurance company policy.
    Features of zero dep. (from Bharat AXA); also provided by others.
    • 100% repayment on the depreciated parts at the time of claim settlement
    • Avail repairing costs of fiber glass, rubber, tyres, batteries, air bags, nylon, and plastic parts.
    • Vehicle covered up to 5 years from the date of registration
    • The company shall pay the Depreciation amount deducted on the value of the parts replaced for upto 2 admissible claims * under Section I of the policy

    Check this link too for some idea on addons..
    http://www.bharti-axagi.co.in/sites/default/files/pdfs/car-pdfs/PolicyWordingsAddons.pdf
    AmeyKhedekar likes this.
  3. AmeyKhedekar

    AmeyKhedekar Amatore

    Messages:
    99
    MH 02
    Mumbai
    Linea Classic
  4. ghodlur

    ghodlur Esperto

    Messages:
    2,326
    Thane
    @AmeyKhedekar

    You are one FG fanboy. Atleast I now know one person who is happy with FG. Is that a type mistake of insurance expiring on 4th March or should it be 4th May instead?

    To your 4th question: Yes Driver A's insurance co can pay for the damages to driver B's car through third party liability but it is a tedious process which requires a FIR to be filed, to be take to to Motor tribunal court which will decide the compensation post which the Driver A's insurance co will bear the repair charges. People dont have time for this hence they do an out of court, on the road kind of settlement where the Driver B's vehicle repair changes are borne by Driver A.

    Just a suggestion regarding add ons. Dont get attracted by the add ons and their low cost, read the print and know what these add on's entitle in case of claim. IMO two must have add ons are 1) Zero depreciation 2) NCB protection. And if you travel through areas which get water logged often opt for the engine protection cover.
    AmeyKhedekar likes this.
  5. AmeyKhedekar

    AmeyKhedekar Amatore

    Messages:
    99
    MH 02
    Mumbai
    Linea Classic
    Opps !,:clown::wideyed:

    Yes, I am sorry it should be May. March was written by mistake . Driver error.

    When I booked my car, the dealership provided me free insurance. I haven’t heard anything bad about FG. From my personal experiences, I didn’t faced any issues from the insurance company. My claims were settled without any delays. But Torrid service center guys always take longer to work on the cars.

    many thanks @ghodlur
  6. shams

    shams Esperto

    Messages:
    2,388
    Bangalore
    @Amey, FG is likely to quote a higher price to you since you have claimed twice.

    I would suggest find out the FASSs where you go have cashless tie up with which insurance companies and then get a quote from all and decide.
  7. RaviHegde

    RaviHegde Regolare

    Messages:
    299
    Karnataka
    14.62°N 74.85°E
    Grande Punto 1.4
    Fiat had provided "free" insurance from Future Generali when I bought my car in 2010. I contacted FG one year later when renewal came up. They quoted much higher premium than first year for a depreciated car. So I concluded FG is a rip off and started exploring other insurance providers.

    More over, I had sold my old car and wanted to transfer that NCB (50%) to the new car. In the first year it was not possible since FG's "free" insurance won't consider that. FG refused to consider the NCB for second year insurance too. I spoke to couple of other insurers who did not consider the NCB for one year old car. Bajaj Allianz was willing to transfer old car NCB to new car and offered fantastic premium. Immediately sent a person to complete the formalities. Just grabbed it and I am on BA from that time. So far no claims because I don't claim for minor damages as NCB benefit far outweighs the claim benefit for small damages. So far I would have got at least 30-35 k as NCB benefit (old car + current car). So think twice (or may be few more times) before you claim insurance!
    AmeyKhedekar likes this.
  8. ghodlur

    ghodlur Esperto

    Messages:
    2,326
    Thane
    The NCB certificate validity os for 3 years, so you should be able to claim the NCB in the second year. But the catch is whichever is higher (old NCB % vs present NCB applicable) is taken for premium calculation.

    I think you should then opt for NCB protection add on cover which will help you retain the NCB even if you claims during the policy year. But there are restrictions of max 2 claims per year to avail the NCB protection. In case of claims more then 2 in a policy year, NCB will be back to zero.
  9. UnniMJD

    UnniMJD Timido

    Messages:
    11
    Bangalore
    Bangalore
    Punto Evo 1.3
    Hi friends...
    Kindly guide which Insurance company would be preferable to go for a Package policy... ?
  10. pra.agar

    pra.agar Regolare

    Messages:
    350
    Bangalore
    a17d5cf18ff4f338e16e66dfe693f94b.jpg

    1) Anyone has any idea how much will this damage cost me?

    2) The vechile which did this escaped, will the insurance ppl consider it?

    3) and is it preferable to claim through insurance, as I heard 50% is the claim amount.

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