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Akash1886 8th April 2017 04:22 PM

Dealer Provided Insurance Vs Self Processed Insurance?
 
Friends,

I am having a specific query here with regards to the Insurance of the new cars and their renewals in future. While buying a new car, the dealer offers Insurance which adds to the On-Road Price and the Insurance can also be taken from outside by the owner himself. The premium amount quoted by dealer for the 1st time issuance of the Insurance Policy is always higher than the open-market ones. For Example, the Noida Dealer of TATA is quoting me a premium amount for regular insurance policy of Rs. 24.6K where as the normal insurance policy if I take from outside would cost me around 14-15K (i.e a saving of approx 10K on the dealer's issued policy). Now, as I have to take the insurance so which option should I go for? Dealer or the Open Market Insurance Policies? In the long term which of these would be more viable?

Please share your views!

Regards

Akash

allhyundaicars 8th April 2017 04:28 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
you save 10k for getting insurance done from outside so that should be your first choice and an insurance is only for a short term. you file a claim , if you are satisfied with the company , stay with them, if not there are always other options.
i prefer tata aig and bharti axa.

Akash1886 8th April 2017 04:37 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
Quote:

Originally Posted by allhyundaicars (Post 533048)
an insurance is only for a short term. you file a claim , if you are satisfied with the company , stay with them, if not there are always other options.

By long term I meant which option has a quicker and hassle free claim process? Will the dealer honor the external policy? Can I renew an external policy through the dealer next year or vice-versa?

Quote:

i prefer tata aig and bharti axa.
I prefer Govt. Insurance Companies. Tell the suitable ones in Govt. Sector.

Regards

Akash

allhyundaicars 8th April 2017 04:48 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
yes the dealer will honor the external policy. just ask the advisor from which company they have a tie up with. as long as it's the same company it shouldn't be a problem for the claim.
and i have renewed only with private companies so can't recommend you a government company.

just remember this , whenever you file for a claim , never ever write a reason which puts you as negligent. your claim will be rejected(like i felt sleepy , lost control). always try to give a reason that because of somebody else your car met with an accident ( the guy at the front fell asleep , met with an accident saving the car)
and yes you can get the insurance renewed from the dealer for the second year and at that time too select the policy having more IDV and less premium.

ps : do get zero dep cover , consumables cover and if you want an engine and gearbox protection cover. for tiago xz i got the same done at 18k rupees from bharti axa.
hyundai is charging me 68k for insurance including the above covers and i am getting it at 49k from bharti axa. have asked a tata aig guy to give me his quoation.
you can always ask the adviser if he can match the quote, if he doesn't agree buy the insurance from outside.

Akash1886 8th April 2017 04:54 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
Quote:

Originally Posted by allhyundaicars (Post 533053)
just remember this , whenever you file for a claim , never ever write a reason which puts you as negligent. your claim will be rejected(like i felt sleepy , lost control). always try to give a reason that because of somebody else your car met with an accident ( the guy at the front fell asleep , met with an accident saving the car)

Actually, the car would be chauffeur driven. But if I don't give an honest reason at time of claim will it later on pose any issues? At the time of damage assessment by the surveyor what if he makes out that the story/reason is false? I don't want any such hassles that puts me or my dad in a spot or damage our reputation with the brand.

Regards

Akash

vijay_968 8th April 2017 05:10 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
Quote:

Originally Posted by Akash1886 (Post 533047)
Friends,

I am having a specific query here with regards to the Insurance of the new cars and their renewals in future. While buying a new car, the dealer offers Insurance which adds to the On-Road Price and the Insurance can also be taken from outside by the owner himself. The premium amount quoted by dealer for the 1st time issuance of the Insurance Policy is always higher than the open-market ones. For Example, the Noida Dealer of TATA is quoting me a premium amount for regular insurance policy of Rs. 24.6K where as the normal insurance policy if I take from outside would cost me around 14-15K (i.e a saving of approx 10K on the dealer's issued policy). Now, as I have to take the insurance so which option should I go for? Dealer or the Open Market Insurance Policies? In the long term which of these would be more viable?

Please share your views!

Regards

Akash

Answer comes after TWO checks:
(1) First, check with the Insurance Cos about approved cashless garages and see if your preferred Service Center is in the list.
(2) Some Insurance Cos always doubt even the most genuine claims and delay repair; they might demand an FIR (when the car owner was NOT interested to leave the car at the Police Station for getting an FIR, blah blah ... don't force me to say it so open ... blah). The Service Advisers have a good knowledge on Ins. Cos. Get data from SAs.

Compare the findings from (1) and (2) and you will get almost 99% correct picture.

My 1st year Policy came FREE (I bought in Dec) from Bajaj Alliance, IIRC. The 2nd year Policy came from HDFC Ergo, 3rd year Policy was from "SBI General"; 4th year was from "United India". Currently it is from "New India Assurance". All times, the Service Center recommended the Co. AFTER I verified the premium amount on-line AND verified the "cashless garages list" I said yes. So far, God has ensured things are OK.

MJamshad 9th April 2017 06:09 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
Quote:

Originally Posted by Akash1886 (Post 533047)
Now, as I have to take the insurance so which option should I go for? Dealer or the Open Market Insurance Policies? In the long term which of these would be more viable?

Dealer always quotes higher for insurance policies. you can do two things.

1) Get a quote from outside and ask the dealer to match the quote. If he could match the quote atleast within 1.5-2k difference go with the dealer.

2) Ask the Sales guy about the insurance companies who they have tie up with so you could avail cashless insurance. Or check with the insurance companies who all provides cashless insurance with the specific manufacturer or dealers.

Even while buying my Pocket Rocket (polo GT TDI) the dealer quoted me around 10k higher than i was getting outside from the same insurance company. I asked them to match the quote and they did with a 1k difference. so bought from them.

But 10k difference is not worth as its not for a long time you anyway need to get it renewed at the end of year. Would say get the quotes and show them the quotes you getting from outside and ask them to match those , if they wont budge get the insurace from outside from the ones who has cashless facility with the dealer or manufacturer.

And do always get the Zero depreciation/B2B insurance when buying a new car as its worth it, gives you a peace of mind. You can add on more covers if needed but do get the Zero depreciation Insurance always when buying new.

GautamJ 9th April 2017 09:00 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
I prefer to go with Dealer Insurance but tell them to match the insurance price with the quotation I give and they do it.

Akash1886 9th April 2017 10:03 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
Quote:

Originally Posted by MJamshad (Post 533141)
Dealer always quotes higher for insurance policies. you can do two things.

1) Get a quote from outside and ask the dealer to match the quote. If he could match the quote atleast within 1.5-2k difference go with the dealer.

Quote:

Originally Posted by GautamJ (Post 533146)
I prefer to go with Dealer Insurance but tell them to match the insurance price with the quotation I give and they do it.

The Sales Manager is not giving any reasonable price of normal insurance and approx 25K for it sounds way too high. So, I think it will be wise to take insurance from outside.

Regards

Akash

GautamJ 9th April 2017 11:44 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
Quote:

Originally Posted by Akash1886 (Post 533148)
The Sales Manager is not giving any reasonable price of normal insurance and approx 25K for it sounds way too high. So, I think it will be wise to take insurance from outside.

Regards

Akash

Oh, when I was buying Tiago (diesel), the insurance quotation was 27K, but they had agreed to match the insurance price at time of booking. Later gave them quotation of 18K (from Royal Sundaram) at they matched it. There was some 300 INR difference for another add-on which I was ok with.

Honda guys too agree to match the insurance costs, but still difference of 2K exists for no additional add-ons.

MJamshad 10th April 2017 10:50 AM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
Quote:

Originally Posted by Akash1886 (Post 533148)
The Sales Manager is not giving any reasonable price of normal insurance and approx 25K for it sounds way too high.

If this is the case then its wise to take it from outside. But do makesure the insurance company has cashless tie up with the dealer or the manufacturer and get a zero depreciation/B2B insurance. And check the IDV value in insurance. some insurer's lower IDV value to lower the premium and make the whole package looks cheaper.

Akash1886 10th April 2017 01:04 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
Quote:

Originally Posted by MJamshad (Post 533184)
If this is the case then its wise to take it from outside. But do makesure the insurance company has cashless tie up with the dealer or the manufacturer and get a zero depreciation/B2B insurance. And check the IDV value in insurance. some insurer's lower IDV value to lower the premium and make the whole package looks cheaper.

Surely. As of the 1st year what should be the ideal IDV for a car with Ex-Showroom 6.19 Lac with Anti Theft devices? Since I will opt for a insurance from open market, is there a time frame for getting the car insured from date of purchase since it also requires the RC of the car and as per dealer, the RC takes a month to come.

Regards

Akash

soap 10th April 2017 01:23 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
To my understanding, the car has to be insured from the day of purchase. The insurance registration will under New Car header and the insurance quotation will state that it is a new car with no RC information; only engine and chassis number.

That's how I did for my brother's bike. We took help from our insurance agent.

Prabhagar 10th April 2017 01:54 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
Quote:

Originally Posted by Akash1886 (Post 533205)
Surely. As of the 1st year what should be the ideal IDV for a car with Ex-Showroom 6.19 Lac with Anti Theft devices?

95% of invoice price is the default IDV. You can bump it up to 100% with an add-on package.

Quote:

Originally Posted by Akash1886 (Post 533205)
Since I will opt for a insurance from open market, is there a time frame for getting the car insured from date of purchase since it also requires the RC of the car and as per dealer, the RC takes a month to come.

As answered earlier, you will have to submit insurance policy when car is taken for RTO registration. You can buy insurance policy with just engine and chasis number. I got mine from RoyalSundaram (completely online purchase) as they have cashless tie up with TASC across India.

Surfer 10th April 2017 03:34 PM

Re: Dealer Provided Insurance Vs Self Processed Insurance?
 
Quote:

1) Get a quote from outside and ask the dealer to match the quote. If he could match the quote atleast within 1.5-2k difference go with the dealer.
This helped me saved me a lot. I got insurance almost at Half price


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