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Hunt for insurance

Discussion in 'Insurance & Loan Reviews' started by sathishgv, May 16, 2013.

  1. sathishgv

    sathishgv Regolare

    Messages:
    496
    Paradip, odisha
    Grande Punto 1.3 90 HP
    Hello everybody,

    My insurance is due to expire next month. So, i have started the hunt for insurance for my car. So far i have got individual quotes from six companies and also got quotes from policy bazaar dot com. The following are the quotes.

    1. ICICI LOMBARD (Current insurance provider):

    IDV: 400000
    PREMIUM:10596

    2. BHARATI AXA:

    IDV: 505360
    PREMIUM:12236

    3. BAJAJ ALLIANZ:

    IDV: 551079
    PREMIUM:10621

    4. FUTURE GENERALI:

    IDV: 496377
    PREMIUM:11371

    5. HDFC ERGO:

    IDV: 496377
    PREMIUM:11371

    6. TATA AIG:

    IDV: 496377
    PREMIUM: 13239

    FROM POLICYBAZAAR.COM:
    STILL NEGOTIATING.

    Apart from these, the united india insurance and national insurance companies quotes go in excess of 16,000 and i am also not inclined to go to those insurance providers. I have shortlisted from the above two bharati axa and bajaj allianz. The lowest quote that i got for bharati axa is 9615/- and from bajaj allianz is 9175/- both these quotes involve 2500/- voluntary deduction but bajaj allianz covers 24 x 7 assistance and keys & lock replacement whereas bharati axa provides them as an add on.

    Now, i am thinking of decreasing the IDV to about 382500 (based on the depreciated value of my current IDV) so that my premium will come low and i will go for two add on's i.e: return to invoice and voluntary deductible of rs. 2500/- so that in case of total loss/constructive total loss i can get back the invoice value and if i don't claim during the policy period i will have paid lesser premium + 2500/- which i don't have to pay.

    Advice from all (esp insurance guru's) solicited.
  2. bharathj85

    bharathj85 Regolare

    Messages:
    369
    Chennai
    Never reduce your IDV. You may never know what happens in future. If your car faces a total loss then you will be in trouble. Better go for the ones with maximum IDV.

    Try getting a quote from Reliance. They were cheaper option for me along with better IDV when compared to others. Even check for bumper to bumper or Zero dip insurance.
    Last edited: May 16, 2013
  3. sathishgv

    sathishgv Regolare

    Messages:
    496
    Paradip, odisha
    Grande Punto 1.3 90 HP
    Dear bharath, thank you for your advice. But i think you have missed my point. I said i will reduce my IDV and go on for the "RETURN TO INVOICE" Add on. By this my total premium will almost remain the same as My OD premium will be low as the IDV is low and i have to pay extra for the Return to Invoice add on. In case of any claim resulting in Total Loss i will be getting the invoice price and not the IDV as for the Return to invoice the IDV is calculated as the vehicle price+road tax+registration charges.

    Please read the extract below which i have taken from the IRDA website:

    Add on - 2
    Return to Invoice Value (Insured’s Declared Value ie equal to On Road Price)
    (Available to all Classes of vehicles ie Pvt Cars,Two Wheelers, all Commercial vehicles including Misc D)
    The IDV shall be taken as the On Road Price which is defined as Manufacturers’ Selling Price of the vehicle+ Road Tax +Registration Charges as applicable for the class/make model of the vehicle as supported by the invoice of original purchase issued to you by the insured and documents in support of the charges payable under the head Road Tax and Registration Charges .
    In event of a claim for your vehicle being a Total Loss /Constructive Total Loss due to an accident or theft during the period of insurance and not being recovered, we will pay the lowest of the On Road Price of the vehicle at the time of original purchase or the IDV as defined above or the current replacement price (on road ) in case exactly the same make / model is available .
    Conditions : You are the registered owner of the motor vehicle
    1. Claim is deemed to be Constructive Total Loss if aggregate cost of repairs and retrieval exceeds 75% of the IDV .
    2. The addon is available subject to the vehicle not being older than 60 months counting from the date of invoice or the date of registration of the vehicle whichever is earlier
    3. The financiers’ “No Objection” shall be available for above
    4. The Add on shall prevail only if the Total Loss /Constructive Total Loss claim is admissible under the Policy
    5. Not available for Imported vehicles ie fully built up units imported from overseas
    6. The new vehicle should be insured with USGIC
    Specific Exclusions:No coverage under this add on is available if stolen vehicle is recovered within 90 days of theft


    ​Source:

    View attachment 85_Motor Add -on Covers - 30th April 2010.pdf

    Please correct me if i am wrong.
    Last edited: May 17, 2013
  4. sathishgv

    sathishgv Regolare

    Messages:
    496
    Paradip, odisha
    Grande Punto 1.3 90 HP
    As far as the insurance companies that i have compared, Bajaj Allianz is providing the highest IDV and the lowest premium. These are the quotes from BA:

    IDV: 612310/-
    Voluntary Deductible: 2500/-
    Premium : 9731/-

    The following are free:
    1. key and lock replacement -value:15000/-
    2. 24 X 7 roadside assitance
    a. towing
    b. spot survey
    c. hotel stay
    d. taxi benefit upto 50 km

    So, these quotes are looking good for me. 90% finalized to go for it. Guys can you share your experiences about bajaj Allianz service quality regarding claims. Any inputs appreciated. Thanks in advance.

    Its bad that they dont offer Return to Invoice add on. Any way it does not matter as their IDV is reasonably high.
    Last edited: May 24, 2013
  5. bkpabi

    bkpabi Novizio

    Messages:
    40
    Bangalore
    Hi,
    I bought my Punto emotion on july 2013 and my current insurance is due on jun 24, so I am also hunting for a better deal on the insurance.
    For reference :
    My current insurance provider : Future Generali
    Current declared IDV: 660346
    IDV break up: vehicle 660346, non electrical accessories 0, trailers 0, electrical accessories 0, for bio fuel kit 0
    premium: 13388
    note: the insurance I got along with the purchase of the car

    current situation:
    Last year i have claimed insurance once worth 16000. I am new to this insurance field and heard a lot about bumper to bumper insurance. Also I am not sure weather my current insurance is a bumper to bumper insurance or not

    Please suggest should I go with the renewal of the current insurance or should I look out for better deals. If so please suggest some.
  6. The insurance offered from FG is not bumper to bumper.
    As you have already claimed insurance so you wont get NCB on renewal, it wont harm to search for good insurance in the market with more benefits.

    Sent from my GT-N7100 using Tapatalk 2
    Last edited: May 26, 2013
  7. shams

    shams Esperto

    Messages:
    2,388
    Bangalore
    since you have claimed insurance it is likely that fg will hike the premium . better to look for other options. bajaj is a good option

    one thing i didn't understand is if you bought the car in July how can your insurance expire on June 24th. ideally it should expire one day before you bought the car.

    this may be a bad practice prevalent among dealers/insurance companies to fool customers by giving couple of weeksold insurance at the time of car purchase
    Last edited: May 26, 2013
  8. sathishgv

    sathishgv Regolare

    Messages:
    496
    Paradip, odisha
    Grande Punto 1.3 90 HP
    Mods: please update my thread title as "Hunt for insurance ends"

    So, After a two week long hunt for insurance and talking with many private insurance providers, i have at last finalized the insurance for my car. I have gone with Bajaj Allianz as per the previously mentioned quote. Most of the insurance provider who contacted me did not turn up the second time. One interesting thing happened though. I had a very long conversation with "policy bazaar.com" executive but they did not provide the insurance that i asked for. Anyway the experience with them is worth mentioning as they were very patient called me again whenever i asked them to call. Its unfortunate though that i had not bought insurance from them. Also, executive from Berkshire Insurance contacted me and though they provide service for Bajaj Allianz only their quote was very high when compared to the company quote.

    Finally i got a call from the Bajaj Allianz office, pune and the deal was finalized on Saturday. Hope i will get better service, if required in the future, from them. So here are the facts:

    IDV: 612310/-
    Volutary deductible: 2500/-
    Premium : 9731/-

    Since the IDV was the highest and also felt reasonable when compared to the figures from other insurance companies, i did not go for the "Return to Invoice price cover". One good thing though, during these two weeks i had the opportunity to learn more about car insurance and i feel that i can now help others also.

    cheers!!!
  9. Surya

    Surya Superiore

    Messages:
    930
    Namma Bengaluru
    Hi guys, this is the quote i got from Bajaj AllainZ Pune office.. and still negotiating.

    quote2.png quote1.png
  10. bkpabi

    bkpabi Novizio

    Messages:
    40
    Bangalore
    Can u please suggest on should I go for bumper to bumper or normal insurance??

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