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Hunt for insurance

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

  1. ghodlur

    ghodlur Esperto

    Messages:
    2,326
    Thane
    The logic fails miserably in the even of total loss since in total loss zero dep and Retrun to invoice dont work. So you will be left with low IDV, self foot on the axe situation.
    Zero depreciation cover is normally calculated as a % of the OD premium. OD premium depends on the IDV. See the connection.

    There are many more gullible customers out there, losing one customer doesnt make a difference to them. They are negotiable esp the OD premium part of the total Insurance premium, provided RS is willing to negotiate. So if Mitesh pitts BA quote against RS quote, he might be able to get some discounts, not to the extent BA gives though. Upto Mitesh to take a call here.
  2. kookaburra

    kookaburra Amatore

    Messages:
    72
    Pune
    So what is "Return to invoice" then?
    What's its use if it doesn't come into picture even in the event of total loss?
  3. ghodlur

    ghodlur Esperto

    Messages:
    2,326
    Thane
    My mistake, apologise for the same. Return to Invoice does help in case of total loss/constructive total loss/theft of the vehicles. Pls note that Return to Invoice is applicable for the first three years of ownership as seen with many Insurers.
  4. shams

    shams Esperto

    Messages:
    2,388
    Bangalore
    zero dep also works in cases of total loss/constructive total loss. IDV is paid in full in these two cases if policy is zero dep.
    1 person likes this.
  5. prashantgupta84

    prashantgupta84 Regolare

    Messages:
    383
    New Delhi
    Delhi
    Grande Punto 1.3
    Return to invoice also works in case of total loss. One gets the invoice value and not the IDV Value.....
  6. Himanshukumar

    Himanshukumar Amatore

    Messages:
    157
    BANGALORE
    Bengaluru
    Grande Punto 1.3
    As per RS insurance Agent...

    As per them if policy includes Zero Depreciation and Return to Invoice Value. The claim will be process based on t below logic

    1. Surveyor will assess the damage to vehicle
    2. if damage is less than 75% of IDV value then insurance will pay based on Zero Depreciation clause. This time insurance company pay the full amount for repair.
    3. if damage is more than 75% of IDV value then surveyor declare as total loss/constructive total loss to vehicle and Return to Invoice clause come into picture. This time Insurance company will pay full Invoice amount to insured person.
    4. Total to Invoice is only applicable for first three years.
    5. For Total to Invoice clause insurance company prefers the actual IDV value offered
    6. Total to Invoice clause is also depend on how many claims you have in current policy duration
  7. kookaburra

    kookaburra Amatore

    Messages:
    72
    Pune
    How to get the additional discount (i.e. 40% you have mentioned for bajaj allianz)?
  8. kookaburra

    kookaburra Amatore

    Messages:
    72
    Pune
    After some research, finally i have shortlisted the following two options.
    Both the quotes are inclusive of the following add-ons.
    1. Zero depreciation
    2. Return to invoice

    [TABLE="width: 329"]
    <colgroup><col><col span="2"><col></colgroup><tbody>

    IDV
    Premium
    Vol Ded 2500

    Royal sundaram
    [TD="align: right"]481600[/TD]
    [TD="align: right"]14776[/TD]
    [TD="align: right"]14101[/TD]

    SBI
    [TD="align: right"]451599[/TD]
    [TD="align: right"]13367[/TD]
    [TD="align: right"]12692[/TD]
    </tbody>[/TABLE]


    What do you suggest guys?
    In some of the posts above, i have seen people getting "additional discount" apart from the NCB. What's that and how do i get it?
  9. Himanshukumar

    Himanshukumar Amatore

    Messages:
    157
    BANGALORE
    Bengaluru
    Grande Punto 1.3
    This is your first year renewal or second... As RS quoted 477000 as IDV for my 1.3 MJD Active for first renewal. And I opted Vol Ded 0.00 hence Premium they quoted is 15169 with same add-ons
    Last edited: Jul 17, 2014
  10. kookaburra

    kookaburra Amatore

    Messages:
    72
    Pune
    First renewal.

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