THE FABIA CLUB

admin · Posted: Mon Jul 06, 2009 7:43 pm Post subject: Car Insurance

My insurance is due next month and I have been getting calls from various providers. Today I got a quote from Tata AIG.

IDV : 5.36 lacs (10% dep on 5.95)
Premium : 11,900/- (Reliance's quote was 10,300/-)
It has green warranty which includes stuff like towing charge upto 1500/- from the accident site. They provide the tow service too. I year warranty for parts replaced.

There is additional add-on value for around 3000/-. It includes:

Have any of you gents tried this add-on stuff. I am inclined for the Tata AIG as service manager says they are usually more prompt than the others. I still have some time and will go through the current policy details for baselining.

k_ajay · Posted: Mon Jul 06, 2009 8:34 pm Post subject:

Hi Rob,

No haven't heard such before but I'd be watching on the decision you make. What you've put down here seems very interesting and also VFM..

My renewal is only due Jan 1st 2010
_________________
Peace precedes Prosperity..

uneet · Posted: Thu Jul 09, 2009 8:43 pm Post subject:

Hi guys,
My renewal is due by the end of this mnth.

The IDV of my 1.4 tdi classic is around 515000/- with 35% NCB.
The premium amount is coming between 8000 - 8500 for ICICI lombard and Reliance respectively.
Any idea which one is better?

k_ajay · Posted: Mon Jul 20, 2009 6:15 pm Post subject: Update?

Mr. Admin [Robin],

Hello. Can you give us an update on the insurance you've circled down to? I am looking for more information on the Tata AIG plan.. Sounds interesting..

Also, if you are aware, let me know if TAFE (or) the other Bangy dealer [not able to immediately recollect their name] have a cashless claims setup with TATA AIG.. My current isurance, FYI, is Reliance..
_________________
Peace precedes Prosperity..

admin · Posted: Mon Jul 20, 2009 7:09 pm Post subject: Re: Update?

uneet · Posted: Mon Jul 20, 2009 8:13 pm Post subject:

I have taken insurance from Reliance for an IDV of Rs. 545000/- with a 35% NCB. The premium amount is coming to Rs. 7575/-

admin · Posted: Mon Jul 20, 2009 8:22 pm Post subject:

uneet · Posted: Mon Jul 20, 2009 8:23 pm Post subject:

orionph05 · Posted: Mon Jul 20, 2009 10:23 pm Post subject: Car Insurance

Hi,
Though this is usefull--
Cover Toppings
You can enhance your vehicle’s cover by adding on any of these options to the mainpolicy
• On Road Protector: On-road help for your car
• Depreciation Reimbursement: Offers full claim on value of parts replaced without any deduction
• Daily Allowance: Meets the cost of hired transport while your vehicle is under repair
• Return to Invoice: Pays current replacement price of new vehicle
• No-Claim Bonus Protection: Get the claim amount without losing the no-claim bonus (NCB)
• Key Replacement: Covers the cost of replacing lost or stolen vehicle's or residence's keys or locks
• Repair of glass, fibre, plastic and rubber parts: No-Claim Bonus will not be affected
• Loss of Personal Belongings: Offers to pay for the loss or damage to personal belongings that were in the vehicle at the time of loss or damage to the vehicle
• Emergency Transport and Hotel Expenses: Covers the cost of overnight stay and taxi charges for returning to the place of residence, or the nearest city, if the insured vehicle has met with an accident and cannot be driven
Regards
Pravin

admin · Posted: Mon Jul 20, 2009 10:30 pm Post subject: Re: Car Insurance

admin · Posted: Mon Jul 20, 2009 10:32 pm Post subject:

orionph05 · Posted: Tue Jul 21, 2009 9:03 am Post subject: Car Insurance

Hi,
As IRDA has allowed the private insurers to charge less than the stipulated amount for the declared IDV.
One can negotiate with insurance company for the premium to be on lower side also the IDV.
When my Diesel amby was insured by Vinayaka (Reliance General) the IDV was 6.97 lakhs.
For the renewal Reliance quoted initially 12000/- for IDV of 6 Lakhs, one agent came to 11000 for the same IDV.
Couple of Agents and Vinayaka told me that ICICI & HDFC are better in settlement.
So I negotiated with HDFC for IDV of 6.3 Lakhs with a premium of 12000/=.
I did not go for Reliance as I faced trouble in renewing my Health insurance with Reliance after claiming last year.
Bajaj Alliance offered the lowest of Rs 9900 for IDV of 7 Lakhs , NCB of 55 %.
Different companies have differrent depreciation rates and NCB varies.
http://money.outlookindia.com/article.aspx?102293
Regards
Pravin

admin · Posted: Tue Jul 21, 2009 10:12 am Post subject:

That's a good article from Outlook. Clearly, I didn't get a good deal from AIG as far as the basic premium is concerned (I was getting a better deal from ICICI) but I checked some other providers for the add-ons (none other really had it). The agent told me stories about 3 mnts Warranty on mechanical job, 6 months on paints, 1 year on parts replaced blah..blah .. and so the rates are high.

The cover toppings from AIG has all the bullets covered from the previous post. It will take some time before other companies start offering the toppings.

So Ajay you will have more options to choose from Smile

Clearly betters days ahead as far motor insurance is concerned .

Srreekumar · Been Around Fabiosi Joined: 05 Jun 2009 Posts: 54

Guys,

My 1.2 is due for insurance renewal on 18/08/09. I got quotes of various insurance companies through an agent. I'm attaching a pic of the quotes. Kindly guide me on the same for the best option.

orionph05 · Posted: Thu Jul 23, 2009 7:01 pm Post subject: Car Insurance

HDFC Ergo gives 10% depreciation for renewal into 2nd year.So you can bargain for the same or lesser premium for more IDV.
You can neotiate more if you contact HDFC Ergo directly.

orionph05 · Posted: Sat Oct 17, 2009 11:43 am Post subject: Car Insurance

Check this latest link on Car Insurance-
http://money.outlookindia.com/article.aspx?262257
_________________
Rgds
Pravin
Bangalore

fabian · Newbie Joined: 16 Jul 2009 Posts: 9 Location: Chennai

I want to renew my insurance in next month for my 1.2 petrol (Active). Can I go for the TATA - AIG plan like our Admin? Please guide me ..

fabian · Newbie Joined: 16 Jul 2009 Posts: 9 Location: Chennai

Hello All ,

I got a quote with the following details from one agent , pls tell me the value offered is worth to take. Looking forward..

1. Car & Make Model :SKODA FABIA 1.2 MPI ACTIVE
2. NCB :20%
3. Existing Insurance :--
4. Cashless Claim Settlement: YES,
5. Accident Repair Warranty(6 Month)
6. Towing Facility Upto Rs 1500/-
7. Property damage upto =7,50,000/-
8. Thrid party body injury unlimited cover.
9. Owner Driver Cover Upto : 2,00,000/-
10. Other Driver Cover Upto : 2,00,000/-

Based on this information, the IDV (Insured Declared Value) of your car
is RS.4,04,422/- & prmium is Rs. 10,940/- (Inclusive of all service
tax)

You can now renew your policy over the phone itself without having got
into the hassles of documentation. If eligible, you can also pay your
premium using your credit card and get 0% EMI's on your premium amount
as well.

As Soon as your payment is made you will receive your policy document
along with the Service Booklet within 7 working days. You can utilize
the Service booklet after your policy with TATA AIG begins (policy
inception date).

The Add-on feature :100% coverage policy:

In addition to this, we also provide you with the "Depreciation
Reimbursement "add-on. This benefit ensures that no depreciation is
charged to YOU in the case of you repairing or replacing any parts of
your car at our authorized garages. All that you have to pay is
the compulsory deductible amount,depending upon the car'scubic
capacity.This Add-on provides this benefit for the first two
claims during the period of the insurance with TAGIC .

You can now renew your policy over the phone itself without having got
into the hassles of documentation. If eligible, you can also pay your
premium using your credit card and get 0% EMI's on your premium amount
as well.

The service booklet entitles you to various types OF discounts like
2free car wash, discounts on servicing,any servicing of car, discounts
on spare parts etc... These discounts can be availed at any authorized
garages or service centers of TATA AIG as mentioned in the
booklet which will be sent with the policy Documents.

As Soon as your payment is made you will receive your policy document
along with the Service Booklet within 7 working days. You can utilize
the Service booklet after your policy with TATA AIG begins (policy
inception date).

NCB SAVING OFFER:-

Another unique feature of this policy is that you will not lose your No
Claim Bonus if your vehicle needs reparing for any Fibre,bumper,
Plastic, and glass parts.

admin · Posted: Thu Apr 22, 2010 10:59 am Post subject:

This policy is expensive in my opinion. This will make more sense if you are opting for some add on features (and if these are not being offered by other players). Also check if if your dealer has tie up with TIG or not.
_________________
Robin

fabian · Newbie Joined: 16 Jul 2009 Posts: 9 Location: Chennai

Hi Robin ,

One more guy give this policy highlight, Also in Chennai the dealer Gurudev dosn't have tie up with TATA - AIG. But they have tie up with ICICI - LAMBORD.

In line with the ZERO DEP product from ICICI LOMBARD, We wish to inform you that our product has been approved by IRDA with special features as mentioned below.

• Zero Depreciation:

In consideration of the payment of an additional premium by the Insured, the Company hereby undertakes to deduct no amounts for depreciation in case of parts replaced on account of damage to the vehicle insured and/or to its accessories, arising out of any peril as covered under the Policy.
Provided always that
(a) such claim is admitted by the Company under Section I – “Loss or Damage to the Vehicles Insured” of the Policy
(b) this add-on shall not be applicable in the event of Total Loss/ Constructive Total Loss of the vehicle insured under the Policy
Subject otherwise to the terms, exceptions, conditions and limitations of this Policy.

** Compulsory deductible will be there.

Terms and Condition:
- The product can only be offered to a customer purchasing ICICI Lombard Comprehensive Motor Insurance Policy
- Vehicle should only be used for private purpose.(i.e. no commercial usage)
- The product can only be offered to vehicles which are aged less than 3 years
- This product is available only at time of purchase of policy & cannot be incorporated in the middle of the year
- Claim amount confirmation issued by the Insurance Company on your own damage claim will form the basis for calculation of the above compensation
- Period of validity of Zero Depreciation is identical to period of regular insurance policy
- Normal wear and tear not covered

(Regular Motor Insurance Policy) ((Policy with Zero Depreciation add-on))_
Depreciation on all rubber/nulon/plastic parts (50%) ((0%))
Depreciation on fibre glass components (30%) ((0%))
Depreciation on metal parts, exceeding 6 months but not exceeding 1 year (5%) ((0%))
Depreciation on metal parts, exceeding 1 year but not exceeding 2 years (10%) ((0%))
Depreciation on metal parts, exceeding 2 years but not exceeding 3 years (15%) ((0%))

Pls tell me is it Value for money