Insurance Suggestions 11 Year Old Car


Thread Starter #1
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Hi All...

As you all know this is regarding my M800 , the modified M800.

I have to get the insurance renewed by end of June.
Presently the policy is with ICICI lombard, the IDV of the car is 57 k.
As per their webpage for a 2003 M800 STD car the IDV is 78 k, totally confused.
When asked them to renew it, their reply was [frustration] since your car is 10 years old we would not be able to do that.

Finally I called up couple of other Insurance companies, got same answers from few. Few told me I should go in for 3rd party insurance which does not cover anything to my car.

So I have few questions,

Can I get the IDV increased, I am ready to pay extra premium.
Can I add the Electrical accessories (ICE etc) so that the car value increases.
Is is necessary to get a 3rd party insurance for a car which is 10 year old and IDV lesser than 60k ?

I would request members to point out the perfect policy (insurance company) I should go in for. [:)]
 
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Check out New India Assurance, I have a comprehensive insurance package from them for my 18 year old M800.

Have you also checked L&T? They insure my other car and offered to also insure the 800 from next year.
 
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Hi Varun,

Yes thats true, only third party insurance is covered once the car age is above 10 years. Go for New India assurance or Oriental insurance. Only Govt insurance agencies only will provide insurance after 10 years.

Girish
 

350Z

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Can I get the IDV increased, I am ready to pay extra premium.
Yes. It can be done. My car is insured with L&T and I couldn't be happier. They're professional and quite easier to deal with (better than Tata based on personal experience).

Drive Safe,
350Z
 
Thread Starter #6
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Hi 350z could you please let me know the process of getting this done.

I had called up L&T, after hearing its a 10 year old car they had the same answer.
 
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Yes, I checked and the same answer. Let me check out L&N. Whats the process for changing the insurance company's.
Oh, that's odd.

Just inform them that you would like to transfer the insurance of your vehicle and they will take all of the relevant details of your old policy from you. The remaining process is internal and they will take care of it in no time!
 
Thread Starter #8
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Checked L&T too. They are refusing to get it done for 10+ years old car.

I guess I have no more options than getting the 3rd party. Any suggestions..
 

350Z

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I guess I have no more options than getting the 3rd party. Any suggestions..
Personally I'd recommend comprehensive insurance. Inquire with Tata AIG too as my 10 year old Maruti 800 was insured with them. Otherwise a PSU firm is the way to go.

Drive Safe,
350Z
 
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Yes. It can be done. My car is insured with L&T and I couldn't be happier. They're professional and quite easier to deal with (better than Tata based on personal experience).

Drive Safe,
350Z
Recently renewed my Nano insurance with L&T Insurance, their service has been good till now. Also they quoted cheapest price for highest IDV. Next was HDFC Ergo.

@ Varun, even if you raise IDV and make new insurance it would be of no use as per latest IRDA norms for all claims (except theft case) market value of the car will prevail over IDV.
Better go for 3rd party insurance.
 
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Varun,
Have you contacted Maruti Insurance? In Kerala they had no trouble giving me a comprehensive insurance for my old car. In fact they reminded me a week before and they were ready with the paper work when i reached there to pay the premium.
Try National Insurance also.
 
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For 11yrs old M800, I would recommend 3rd party only. My Alto which is 7.5 yrs old has only 3rd Party. However, for my new Manza, I have comprehensive policy.
 
Thread Starter #13
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Thank you all for your suggestions. Finally got the insurance done from Bajaj Allianz (Comprehensive) . It was a easy procedure (online). Now the IDV of the car is 1,04,000 rs. I am happy. The premium I had to pay is 3,500 ~ 3600 rs.

 

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