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Hunt for insurance

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

  1. ghodlur

    ghodlur Esperto

    Messages:
    2,319
    Thane
    The quote seems to be fair enough. For an IDV of 5.4L the premium amount of Rs 15.5K+ is good enough. Raising the IDV will result in increased premium only. Suggest to check the correct IDV applicable for the car and get the quote for that IDV.
  2. testdrive

    testdrive Amatore

    Messages:
    149
    Chennai
    Thank you ghodlur, mine is 2012 model. I am not sure on IDV for this year model. Total run is 12K. could you or any one advice me on IDV. is is good to have IDV as 600000 and ask for NCB more like 35%? what are the other factors should i bother about?
  3. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,243
    Chennai
    Linea 1.3
    Get quote from few more and take a call.

    I bought the insurance for my car in Sept'2013 from SBI General. IDV - 7.7L and Premium - Rs. 12,800 with 20% NCB. It was comprehensive insurance and not Zero Dep though.
  4. testdrive

    testdrive Amatore

    Messages:
    149
    Chennai
    Thank you Ramesh. Currently i am checking with other people too.
  5. ghodlur

    ghodlur Esperto

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    2,319
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    I have mentioned on quite a few occassions on the forum about the same & would like to reiterate again. IDV is calculated as Current exshowroom cost of the variant times the depreciation applicable in % based on the no of years. The applicable depreciation in your case is 25% of the current exshowroom price in your city. Have a correct IDV and ask for a quote based on that. There's no point in paying higher premium for higher IDV Coz in case of total loss the insurer will use the same above calculation to arrive at the actual IDV.

    NCB cant be increased. Its a fixed percentage value based on years of claim free Insurance. I think what you mean is the additional discount offered for new customers which may vary depending upon the offer by the Insurance co.
  6. testdrive

    testdrive Amatore

    Messages:
    149
    Chennai
    Thank you ghodlur for your details. i hope they have option for zero depreciation. during last year renewal i have selected 0% on this. this year also i opted for 0% on this. i am not sure will this worth. if not i will godhead with 25% as you mentioned with Bumper to Bumber coverage. another question is do we need to include RSA ? or will it be part of base one?
  7. ghodlur

    ghodlur Esperto

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    2,319
    Thane
    @testdrive,

    Frankly speaking I found the addon provided by Future Generali to be totally useless. These add ons were revised this year and most of the add ons are now being offered at a seperate price instead of earlier pre bundled package which was VFM. If you are still fixated on FG suggest you to just pick up Plan 1 addon cover.
  8. asimpleson

    asimpleson Esperto

    Messages:
    3,000
    Heptanesia
    Linea 1.3
    Practically should'nt there be a rule that if as per IDV mentioned on policy paper the company would be liable to pay the said IDV instead of a ficticious or wrongly calculated IDV that's not adhereing to insurance rules and regulations. I mean how can they accept more money and pay lesser later in case of total loss or am I missing something important here.
  9. testdrive

    testdrive Amatore

    Messages:
    149
    Chennai
    As per my request I got following quote which asked yesterday from FG, one with IDV as 6 lac as last year and another one with 5.9 lac. there is not munch difference in premium since no much difference in IDV which i asked. Now i am thinking as information provided by ghodlur (adding 25% depreciation.) and should i include RSA ? or will it be covered in some other way from FIAT :)
    View attachment Q1.pdf | View attachment Q2.pdf
    Last edited: Jun 25, 2014
  10. ghodlur

    ghodlur Esperto

    Messages:
    2,319
    Thane
    A few things to be note Aseem here are
    1) The IDV proposed by Insurers during renewal are based on the exshowroom cost mainatined in their database. This database isnt real time basis and may be revised subject to Insurers' frequency
    2) Insurers leave the offer of raising the IDV to the user, they dont enforce the IDV. They gain by increased premium if user opts for higher IDV.

    Please see below the exceprts from the Motor vehicle act.

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