Comprehensive Or Zero Dep Cap?

[akop.4040]

Respected members,
What is the simple difference in comprehensive and zero dep cap insurance? In the first year our car had zero dep cap insurance, now the dealer is telling us to go for comprehensive one or comprehensive+zero dep cap, which one is suitable and why? 1 more thing should we stick with skoda dealer and his oriental insurance or shift to some company in the market? he said that just like the zero dep cap, comprehensive or comprehensive+zero dep cap will be cashless.
many thanks

@bhvm
@vijay_968

 

[Nairrk]

What is the simple difference in comprehensive and zero dep cap insurance?

Read below article which explains about Comprehensive & Zero dep Insurance:

Zero depreciation cover in car insurance: Is it worthwhile?

 

[vijay_968]

@bhvm
@vijay_968

I took zero Dep (or bumper-to-bumper) policy for first three years. My "Car insurance renewal" experience, at the end of Verna's first year, is covered in this TAI link here.

3rd year Insurance experience is here.

 

[bhvm]

Do check Coverfox before going for dealer tieup Insurance.

 

[akop.4040]

Read below article which explains about Comprehensive & Zero dep Insurance:

Zero depreciation cover in car insurance: Is it worthwhile?

Thanks. Sticking with zero dep.

I took zero Dep (or bumper-to-bumper) policy for first three years. My "Car insurance renewal" experience, at the end of Verna's first year, is covered in this TAI link here.

3rd year Insurance experience is here.

Thanks. 1 question, you mentioned Start the process in advance, and you are the King. I did not get this.

Do check Coverfox before going for dealer tieup Insurance.

Car insurance quotes

The car number is wrong for obvious reasons. The dealer quoted me 61k for only zero dep from Oriental, last year it was 67k. They will issue it from some other city in Punjab, their reason because only that branch is qualified to issue at such low rates. Previous year ncb 20% . That link of coverfox is showing the policy including comprehensive. How to get quote of only zero dep?

 

[vijay_968]

I meant, "Start the process 3 to 4 weeks before expiry date". With time on your side, you have more bargaining power. I had always renewed well before an active policy expired.

 

[bhvm]

On upper right corner there are add on options. Like zero dep, water damage etc...

 

[akop.4040]

On upper right corner there are add on options. Like zero dep, water damage etc...

That is what I mentioned, I have the quote of only Zero dep but that site is showing Comprehensive+ addons like zero dep etc. and still coverfox is coming as an cheaper alternative by around 25 k.

 

[akop.4040]

I meant, "Start the process 3 to 4 weeks before expiry date". With time on your side, you have more bargaining power. I had always renewed well before an active policy expired.

Bargaining power as in?of the little what i know the quotes are generated on the basis of old, ncb etc. etc. i prefer only government sector companies for this. somehow i fell 60k for second year dep cap by the dealer is too much, that's why i asked this

@bhvm
any help sir, i need to buy one asap

Got a quotation from National Insurance for 48k. Is it fine if I switch? Can I press them for discounts?

 

[bhvm]

Few things to check-
1. Should be cashless.
2. Check if it coveres Little things like oils, fluids, tyres etc.
3. See if they have dealer tieups for faster processing.

BTW PM me your Car details, will check.

 

[akop.4040]

How much is the idv decreased per year? The national isurance 48k insurance is without consumables but the idv is 22.15l. For the 1st insurance the idv was 26.02l
Got the attached quotations from a broker. He said that government insurance companies don't give claims on time. As per him the idv can be increased. The screenshot with the increased premium has the consumables included like engine oil etc.

@bhvm
1. All the insurances/people that I have inquired are saying that it's cashless. Is it mentioned somewhere in the policy?

2. With consumables the premium is more. Four types of zero dep there there I was told
-zero dep
-zero dep+consumables
-zero dep+engine protection
-zero dep+return to invoice

3. How to check this? The broker said that digit insurance has 500+tie ups but I think that's just talk.

Check your pm.


Sorry that I am asking too many questions. We once took an insurance investment scheme and paid heavily for it. So, just making sure about everything.

Isn't TAF available on Tapatalk?
Many thanks

 

[vijay_968]

How much is the idv decreased per year? The national insurance 48k insurance is without consumables but the idv is 22.15l. For the 1st insurance the idv was 26.02l
Got the attached quotations from a broker. He said that government insurance companies don't give claims on time. As per him the idv can be increased. The screenshot with the increased premium has the consumables included like engine oil etc.

@bhvm
1. All the insurances/people that I have inquired are saying that it's cashless. Is it mentioned somewhere in the policy?

2. With consumables the premium is more. Four types of zero dep there there I was told
-zero dep
-zero dep+consumables
-zero dep+engine protection
-zero dep+return to invoice

3. How to check this? The broker said that digit insurance has 500+tie ups but I think that's just talk.

Check your pm.


Sorry that I am asking too many questions. We once took an insurance investment scheme and paid heavily for it. So, just making sure about everything.

Isn't TAF available on Tapatalk?
Many thanks

1. Q: How much is the idv decreased per year? ... Ans: 15% in the first year and 10% in subsequent years (Car depreciation rate table).
2. Q: Is cashless mentioned somewhere in the policy? Ans: City-wise garages approved for "cashless claim" is normally mentioned in Insurance company's website. Check if the Skoda A$$ is mentioned specifically. Get a confirmation from the Insurer on this.
3. Q: Four types of zero dep are there... Ans: "zero dep+return to invoice" ensures the Invoice value of Car is protected, inspite of a lower IDV in the Policy. Obviously it will be the costliest. More details can be found here.
4. Q: broker said that digit insurance has 500+tie ups (for cashless)... Ans: IGNORE Brokers; they will say anything to get your money and won't bother to answer you once payment is made. Digit Insurance website (link) says 1000+ cashless Garages. i tried clicking the links (in both Chrome and Firefox). Under "We will treat you like a VIP", they have given three "Read More"... NONE of them expand. Under "FAQ's related to buying Car Insurance", NINE FAQs are given and NONE of them expand. Under "Not satisfied with claim resolution? 'Escalate Your Claim', Link is not opening. Seriously ??? i DON'T like any of this with this Insurance Co.

THIS survey YOU are DOING NOW is de PROCESS that i mentioned.

 

[akop.4040]

1. Q: How much is the idv decreased per year? ... Ans: 15% in the first year and 10% in subsequent years (Car depreciation rate table).
2. Q: Is cashless mentioned somewhere in the policy? Ans: City-wise garages approved for "cashless claim" is normally mentioned in Insurance company's website. Check if the Skoda A$$ is mentioned specifically. Get a confirmation from the Insurer on this.
3. Q: Four types of zero dep are there... Ans: "zero dep+return to invoice" ensures the Invoice value of Car is protected, inspite of a lower IDV in the Policy. Obviously it will be the costliest. More details can be found here.
4. Q: broker said that digit insurance has 500+tie ups (for cashless)... Ans: IGNORE Brokers; they will say anything to get your money and won't bother to answer you once payment is made. Digit Insurance website (link) says 1000+ cashless Garages. i tried clicking the links (in both Chrome and Firefox). Under "We will treat you like a VIP", they have given three "Read More"... NONE of them expand. Under "FAQ's related to buying Car Insurance", NINE FAQs are given and NONE of them expand. Under "Not satisfied with claim resolution? 'Escalate Your Claim', Link is not opening. Seriously ??? i DON'T like any of this with this Insurance Co.

THIS survey YOU are DOING NOW is de PROCESS that i mentioned.

Thank you so much for explaining in detail.
1. The "broker" said that we can adjust the idv as per our own wish and the premium will be finalized as per the idv. So, I guess the national insurance guy was right here when he said 15%
2. Will do.
3. Thanks. Going only for the zero dep, but your link was a good read, thanks again.
4. To be honest the name, since its not that famous, is a big no. In my Edge browser the tabs are expanding, maybe some addon issue in your browsers? But when I click on click to get quote, it doesn't work.
I know I am late in the survey, lesson learned :(

Will post updates here as soon as I get more info. I wish I had started the process earlier.

@bhvm @vijay_968
The ncb is auto showing as 20%.
Last year's idv as mentioned on the older insurance is 2602050/- how much should I set it? Will finalize today itself.

 

[vijay_968]

@bhvm @vijay_968
The ncb is auto showing as 20%.
Last year's idv as mentioned on the older insurance is 2602050/- how much should I set it? Will finalize today itself.

NCB: Correct. 20% is the best for "One year of No Claims".

IDV Value: Easiest to calculate figure is Rs.26L * 0.85 = 22.1 Lakhs IDV I always go with that. However, as per the 'car depreciation rate table' link I shared above, "IDV always uses the current selling price of the brand and model of your car, NOT the price at which you originally bought it for. This cost includes the Basic Cost + Local Taxes + Duties/Cess,etc. and does NOT include Registration Cost". Find out current Cost of your Car model AS OF TODAY and calculate.

 

[akop.4040]

NCB: Correct. 20% is the best for "One year of No Claims".

IDV Value: Easiest to calculate figure is Rs.26L * 0.85 = 22.1 Lakhs IDV I always go with that. However, as per the 'car depreciation rate table' link I shared above, "IDV always uses the current selling price of the brand and model of your car, NOT the price at which you originally bought it for. This cost includes the Basic Cost + Local Taxes + Duties/Cess,etc. and does NOT include Registration Cost". Find out current Cost of your Car model AS OF TODAY and calculate.

Thanks @vijay_968 and @bhvm
So, ncb is 20% of idv 26l?
About IDV 15% is the slab which everyone is going for, no one here cares about the cost of the vehicle as of today. Getting out of office early, hope I invest in a good one.