Cost Benefit Analysis of Insurance Claim

[brandoo]

Dear members:

When we opt for insurance claim during any accidents, prices quoed are more than 30-40 % on normal or without claim spare prices.

For a front bumper, fender, orvm, alloy wheel, shoker, bush, cost more than 35000 (including labour charges, charges to pain the bumper are insane. Bumper cost around 3000 but pain cost 4000 plus labour cost.

If one year old car is insured at 85 % with zero dep, it cost a bomb evenwith insurance claim.

What is cost:

15% of total repair cost
Log in (file) charges i.e. 1000
No claim bonus for next year.
Total cost @ repair cost of 35000 (total labour charges will be 9000)

@15 %: 5250
File charges: 1000
No claimbonus for third year: 30 % of total premium of 15000: 4500
Total: 10750
If someone repiar car from outside, it actually cost 12000-14000 for the same job including labour and part charges, however, parts are not available for many manufacturers.

My question: should we go for insurance or not. How beneficial insurance claims are?

 

[vaibhav]

Dear
I took zero dep policy from royal sundaram for 17,200 rs . Now i will have to pay only 1000 as file charges for a claim .

 

[brandoo]

What was IDV. I paid 14500 for IDV of 510000