1. Introducing the smashing new Team FIAT T-Shirt !! To order yours click here : Team FIAT T-Shirt

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
    I am not taking insurance because i need it i take it because its mandatory, if i can say so. Your insurance has two parts own damage and third party damage and this is mandatory. One can very well take Third party damage only and choose not to opt for own damage, as i have done it for my RE. In case of cars the damage if any due to accident can be too high so you pay a premium to a insurance provider so that he will pay for you. Have you ever thought what happens to your premium when you are not claiming in a particular year? Actually a part of your premium is used to pay for someone else's claim and similarly for you also when you make a claim.

    So you must have learnt a lesson from this incident to park you car in garage.
    Last edited: May 21, 2014
  2. prashantgupta84

    prashantgupta84 Regolare

    Messages:
    383
    New Delhi
    Delhi
    Grande Punto 1.3
    i am not that stupid to take out my car in such situation.....As i told you it was sudden....so it was not my mistake.....Its the same with Health insurance...Insurance is something you take for uncertain expenses.....I have numerous examples where without drivers mistake there were accidents and today most of them happen this way. Most common of all is someone hitting you from behind. Imagine the damage to your pocket with no fault of yours.I wish gudluck to you. cars are not meant to be kept in garage as show pieces but to drive on road. I wish you good luck when you go out in your car...Come and drive in Delhi or Mumbai.....

    I hope you are paying income tax because it is also used for someone else......
    Last edited: May 21, 2014
  3. sathishgv

    sathishgv Regolare

    Messages:
    496
    Paradip, odisha
    Grande Punto 1.3 90 HP
    Then probably i should not go out for not taking health insurance..............Not earn an income for avoiding income tax :lol. I got your point bro, you found it useful and thank you for letting me to know it.
  4. shams

    shams Esperto

    Messages:
    2,388
    Bangalore
    Sathish i have a point to make here. in a major accident, more often than not there are two or more parties involved and most accidents happen due to the fault of ONE of them. So its not right to say that if one follows all safe practices and is careful, he will not meet with an accident. I hope you remember TFIan cuty red's accident.

    By buying insurance you are covering risk at a cost. the more you are ready to pay, more cover you get. End of the day its our wish to buy Zero dep or not. If we dont, we are taking that extra bit of risk. But we cannot deny the value it offers in case of any unwanted event and it is really difficult to quantify it.

    My car met with a major accident in its 1st month with repairs amounting to 2 lakhs. i didnt have zero dep so i ended up paying 40k from my pocket. next year i took zero dep but it wasn't used. after that for two years i took comprehensive one only but i know that i have taken a certain amount of risk.
    2 people like this.
  5. sathishgv

    sathishgv Regolare

    Messages:
    496
    Paradip, odisha
    Grande Punto 1.3 90 HP
    ^^Shams i agree with you and i can again argue as i did with prasanthgupta but no i am not going to do that. You are correct in your view and i am as well. But I would like to clear one thing again, IF Everyone follows safety rules and be careful, sure accidents will not happen (Everyone also includes the other person involved in the accident). For Every accident there are so many incidents happen which we hardly notice.

    So, I have finally brought the insurance from Future Generali with the plan 1 as the add on. Plan 1 includes Zero dep, Coverage for Loss of Key, Loss of personal belongings and Road side assistance (hope some body will be happy here ;)). The details are as follows:

    1. IDV: 4,50,000/- (I kept it low though i had the option of increasing it to 5,50,000/- so that i can reduce the premium with add on)
    2. Premium: 13284/- (package policy with add on)

    Why I went with Zero dep after all the above arguments? because this is the last year that this facility can be availed :D. You can also say that i got influenced by our beloved fellow fiatians. But the reason is I felt that for that premium its ok so i bought it.

    No more hunting at least for a year ::O
    Last edited: May 26, 2014
  6. ghodlur

    ghodlur Esperto

    Messages:
    2,316
    Thane
    @satish, Thats great. Its always is better to have a zero dep add on as this reduces one's liability to a greater extent.

    My discussions with FG are on. Strangely they agreed to renew my policy with earlier pre bundled Gold package which I had opted last year but are adamant not opt provide the earlier Silver package. I guess I wil wait a bit more for a better quote, I still have 3 weeks to expiry of the policy.

    One more strange thing which I noticed is none of the Insurance co are offering the correct IDV. They have straightaway reduced the IDV by 10% from last year's IDV and there is a difference of 20K between the amount and the correct IDV calculated based on current exshowroom cost of the variant. Should I disregard this amount difference?
  7. pv_krish

    pv_krish Regolare

    Messages:
    418
    Chennai
    Grande Punto 1.3 90 HP
    I took Royal Sundaram insurance, first they were quoting a very low IDV value for a one year old car. Then on further inquiry and drilling, they gave me an option of coverage of Ex-showroom value that takes the amount to the value of the actual ex-showroom on the car instead of the IDV value. It was a great deal along with 0 depreciation.
  8. ghodlur

    ghodlur Esperto

    Messages:
    2,316
    Thane
    You mean the IDV of the car was fixed at the exshowroom cost of the variant? Thats grossly incorrect. Or are you referring to the "Return to the Invoice amount" add on which you bought along with the Insurance policy. Your above statement confused me, pls clarify.
  9. prashantgupta84

    prashantgupta84 Regolare

    Messages:
    383
    New Delhi
    Delhi
    Grande Punto 1.3
    It must be return to invoice with additional premium....
  10. pv_krish

    pv_krish Regolare

    Messages:
    418
    Chennai
    Grande Punto 1.3 90 HP
    Hi

    I have availed "Full Invoice Price Insurance Cover" option

Share This Page