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Hunt for insurance

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

  1. prashantgupta84

    prashantgupta84 Regolare

    Messages:
    383
    New Delhi
    Delhi
    Grande Punto 1.3
    My cars Insurance (3rd Renewal)is due for renewal next month. Car model is 2012 Fiat Punto Emotion. I have Zero NCB due to claim last year.
    Till now i have got 2 quotes from Future Generali and Royal Sundaram:
    1. Royal Sundaram (Renewal Quote):
    IDV: Rs4L
    Premium: Rs14,512 for Zero Dep + RSA+ Windshield protection

    2. Future Generali:
    IDV: Rs.4.84 L (in negotiation will settle for Rs.5L)
    Premium: Rs.16,346 will give further discount of 5% net Rs.15,528
    includes: RSA, Zero Dep, Loss of key and Belongings
    Consumable extra for Rs. 964 if opted.

    Should i go with Future.....Quote from TATA AIG is awaited
  2. bibin

    bibin Regolare

    Messages:
    297
    kochi
    @prashantgupta84

    please check with the nearby showroom , its better to go with showroom preferred insurance vendor as you will get cash less facility and less hardship when going for a claim.

    i have just renewed my insurance with oriental insurance which has cash less facility with Fiat show room in Cochin.

    punto 2012 mjd active
    amount -Rs 10000, B2B and IDV- Rs 3.6 Lac.
  3. prashantgupta84

    prashantgupta84 Regolare

    Messages:
    383
    New Delhi
    Delhi
    Grande Punto 1.3
    The Fiat workshop that i go to has tie up with all major insurance providers......
  4. ghodlur

    ghodlur Esperto

    Messages:
    2,318
    Thane
    Why is there a difference between the IDV's? Why are RS and FG seeing different IDV's? Calculate the IDV based on the current ex showroom cost times the years of depreciation in %, arrive at the correct IDV. Based on that request quotes from RS and FG. Take a call depending upon the VFM buy. Dont simply go by highest IDV or lowest premium. Take an informed call.
  5. amogh

    amogh Staff Member Janitor

    Messages:
    1,377
    Pune
    Grande Punto 1.3
    Received the following information from @mahesh.bandel

    This is an abstract of how Royal Sundaram calculates zero depreciation premium based on the age of the vehicle. Given his association with the Insurance industry for many years I have every reason to believe that the following information is accurate.

    upload_2015-2-19_9-10-18.png

    I always get a feeling that we tend to spend too much time analysing and discussing insurance renewals. You will know how *good* your policy / insurance underwriter is only when you make a claim. Good option is to speak to the Manager at FASS and check with him which insurer is efficient at resolving claims. Don't get swayed away by different IDV's and premiums. You might buy an insurance with the best IDV, best premium and best add-ons but all that is worth nothing if the claims are not resolved efficiently (Check how many ICICI Lombard customers have suffered like this!)
  6. prashantgupta84

    prashantgupta84 Regolare

    Messages:
    383
    New Delhi
    Delhi
    Grande Punto 1.3
    I am still to clarify with RS. I had no problem with the RS claim process last time i made a claim. It was cashless and easy. So i will definitely stick with FG or RS. Waiting for quote from AIG. Just want to check with you guys whether i should go with FG or not as FIAT FASS person insist on FG>
  7. ghodlur

    ghodlur Esperto

    Messages:
    2,318
    Thane
    Thanks Amogh for the info.

    I would say customer support is the best starting point to decide for an Insurance buying process. If you get sufficient and transparent information, you are likely to face less issues during the claim settlement. If you start getting optimistic but vague answers and if for any query the Insurers is claiming to support thats when the red flag should pop.

    I totally agree with you regarding the ICICI Lombard comment since I myself have experienced it first hand during my Santro days. I vowed never to approach ICICI or Reliance General for any type of Insurance needs.
  8. prashantgupta84

    prashantgupta84 Regolare

    Messages:
    383
    New Delhi
    Delhi
    Grande Punto 1.3
    Finally renewed with FG. Managed to get 50% discount.
    Details:
    IDV: Rs.5.0 L
    Premium: Rs.14,990
    includes: RSA, Zero Dep, Loss of key and Belongings
    kunwar.g and ghodlur like this.
  9. ghodlur

    ghodlur Esperto

    Messages:
    2,318
    Thane
    Considering the amount of battering Chennai has received in terms of rain and flooding, it will better for Chennai Fiat owners to take a note of the following in case Insurance is claimed. Insurance co will try to shrug this off as a natural calamity and may refuse the claim but one needs to be more educated on the subject. Please ensure to get the damage of any correctly assessed by the Workshop so that the claim process can be smooth.

  10. mnvvishwa

    mnvvishwa Novizio

    Messages:
    44
    Bangalore
    Need some advice,

    I need to renew my car (Punto 1.3 Emotion) insurance which is going to end on 15th December and I have quotes for Comprehensive policy from 3 different insurance companies. Please suggest me which is the better one.

    Car Details

    Make & Model: Fiat Grande Punto 1.3 Emotion
    Registration year: 2013
    IDV Values: 5.15 lakhs

    Bajaj allianz - Rs. ~10,700

    future generali - Rs. ~10,400

    SBI Insurance - Rs. 9,870

    Shall I go with SBI ??

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