Advice on Renewal of Existing Car Insurance Policy

[balajislb]

Hello Everyone

I need some guidence in choosing the policy from various Insurance Providers.
As my Previous vehicle Insurance From United India Insurance Co Ltd, going to expire on 19th of this month so i need to renew the policy.
I Dont want to go for United India Insurance as the premium costs Rs 23450/- since IDV is for Rs 800000.
Way Costly since i did n't made any claims in previous year.

I am bit confused in choosing the policy, So Friends please suggest me some best Insurance Providers with Low premium rates with some benifits.

Vehicle details
Mahindra Scorpio vlx2.2 mhawk BS3 without airbag 2009 November Model.

Thank You.
Kind Reg
Balajislb.

 

[pravin1987]

Re: Need Advice in Renewal of my existing Vehicle Insurance Policy.

you can try tata aig or icci lombard

 

[nozzlering]

Re: Need Advice in Renewal of my existing Vehicle Insurance Policy.

HDFC Ergo is one of the low cost options. This year I renewed my insurance. SBI quoted lowest. Just to get more info, I tried there customer care number. None of them working! Imagine you trying to claim! Dropped it from my list. Went for HDFC Ergo. Take the basic insurance without any fancy add-ons.

 

[balajislb]

Re: Need Advice in Renewal of my existing Vehicle Insurance Policy.

HDFC Ergo is one of the low cost options. This year I renewed my insurance. SBI quoted lowest. Just to get more info, I tried there customer care number. None of them working! Imagine you trying to claim! Dropped it from my list. Went for HDFC Ergo. Take the basic insurance without any fancy add-ons.

Thanks for the info.
So how is the claim settlement of HDFC ergo insurance. So far have u made any claims bro ?

 

[balajislb]

Re: Need Advice in Renewal of my existing Vehicle Insurance Policy.

Friends I got a online quote from Bajaj Allianz for Rs 13888 net With voluntary excess of Rs 5000.
Here i want to know what is voluntary excess and how it works during any claims ?

 

[ashikawa]

Re: Need Advice in Renewal of my existing Vehicle Insurance Policy.

Friends I got a online quote from Bajaj Allianz for Rs 13888 net With voluntary excess of Rs 5000.
Here i want to know what is voluntary excess and how it works during any claims ?

When you make a claim you pay
1. compulsory access i.e. 1000 to 2000 keeping in view cc of the car as minimum claim charges(applicable to all) and
2. voluntary access i.e. amount chosen by you to save on premium while buying insurance.

When you choose voluntary access you are discouraged to make small claims as every time you have to pay this voluntary access amount. Hope this helps.

What is Bajaj quote without voluntary access?

 

[balajislb]

Re: Need Advice in Renewal of my existing Vehicle Insurance Policy.

When you make a claim you pay
1. compulsory access i.e. 1000 to 2000 keeping in view cc of the car as minimum claim charges(applicable to all) and
2. voluntary access i.e. amount chosen by you to save on premium while buying insurance.

When you choose voluntary access you are discouraged to make small claims as every time you have to pay this voluntary access amount. Hope this helps.

What is Bajaj quote without voluntary access?

Thanks for the info.

Without voluntary access the quote is Rs 18678/- From bajaj allianz.

 

[*SMK*]

Friends I got a online quote from Bajaj Allianz for Rs 13888 net With voluntary excess of Rs 5000.
Here i want to know what is voluntary excess and how it works during any claims ?

balajislb, excess/deductible is the amount which you should bear by yourself in case of loss. if deductible is 5000 as per your policy, and if your loss is 15000, you'll be paid with 10000. meaning 5000 is your self retention. benefit of opting it - you'll get less premium. deductible is inversely proportional to premium. more deductible less premium and vice versa!

When you choose voluntary access you are discouraged to make small claims as every time you have to pay this voluntary access amount.

very true! this is the business meaning of why this concept exists!

 

[balajislb]

Thanks for the Information SMK.

Hello friends, here i would like to mention the quotes Which are provided by various Insurance providers.
here we go

1. United India Insurance Co Ltd - premium Rs 22731/- with 100% cashless claim

2. HDFC Ergo - Premium Rs 14263/- without voluntary excess.

3. Bajaj Allianz -Rs 13888/- With 5000 voluntary excess.

4. Iffco Tokyo - Rs 23470/- 100% cashless claim.

5. Royal Sundaram - Rs 27565/- 100% cashless Claim.

6. L&T - Rs 17181/- without any voluntary excess.

7.ICICI Lombard - Rs 11958/- Included Roadside Assistance cover.

8.Oriental Insurance - Rs 19470/-

9.Reliance - Rs 11390/- with 5000 voluntary excess.
Rs 12064/- without any excess.

10. Tata AIG - Rs 13373/- without any excess.

Now i am very much confused in selecting the above. My ophinion to go with either Reliance or ICICI Lombard. What you guys say ?

 

[Bajaj Allianz]

Friends I got a online quote from Bajaj Allianz for Rs 13888 net With voluntary excess of Rs 5000.
Here i want to know what is voluntary excess and how it works during any claims ?

Dear Sir,

Greetings from Bajaj Allianz ! We would like to help you in choosing the best insurance policy suited to your requirements. Kindly provide us with your contact details at help.support@bajajallianz.co.in & our representative will connect with you to provide information.
Do mention reference no. "ORM040512" when writing to us.

Regards
Bajaj Allianz
General Insurance

 

[ashikawa]

Hello friends, here i would like to mention the quotes Which are provided by various Insurance providers.
here we go

2. HDFC Ergo - Premium Rs 14263/- without voluntary excess.

7.ICICI Lombard - Rs 11958/- Included Roadside Assistance cover.

9.Reliance - Rs 12064/- without any excess.

10. Tata AIG - Rs 13373/- without any excess.

Now i am very much confused in selecting the above. My ophinion to go with either Reliance or ICICI Lombard. What u guys say ?

These options are good, I would suggest in this order 7-10-2-9

Had positive feedback about 7 and 10.
2 is though new but offering good add-on's and relative low premium.

Another question is are these 7-10-2-9 are offering same IDV as this is the amount you get in case of total loss of vehicle.

I myself have Bajaj Allianz for my Polo for last 2 and half years. Till date claimed once(first year- small dent claim paid only 500) and it was hassle free. Bought through agent for the first time. Renewed through agent 1st time and online 2nd time. Reasons for choosing was highest IDV, Drive assure Economy add on and hassle free online renewal and cashless tie up with all VW dealers.

 

[balajislb]

These options are good, I would suggest in this order 7-10-2-9

Had positive feedback about 7 and 10.
2 is though new but offering good add-on's and relative low premium.

Another question is are these 7-10-2-9 are offering same IDV as this is the amount you get in case of total loss of vehicle.

I myself have Bajaj Allianz for my Polo for last 2 and half years. Till date claimed once(first year- small dent claim paid only 500) and it was hassle free. Bought through agent for the first time. Renewed through agent 1st time and online 2nd time. Reasons for choosing was highest IDV, Drive assure Economy add on and hassle free online renewal and cashless tie up with all VW dealers.

IDV for all the above differs. if premium is high IDV is also high. Last two days i am beeing followed by bajaj allianz on call and offered a best premium of Rs 12808/- for IDV 600000 with 24*7 roadside assistance and add on for key and lock replacement cover for Rs 15000/- with 5000 voluntry excess.So i finally decided to take up Bajaj Allianz since IDV is also high whereas premium is low with the following add on.