Insurance Policy Renewal of My Punto


Thread Starter #16
Joined
Nov 19, 2011
Messages
3,309
Likes
696
Location
Sydney / Mumbai
Friends,

Can you people through some light on major benefit with zero dep. policy !! be practical with your view and not just written in the rules and regulations of policy document
With Zero Dep. Policy, all the metal and fiber parts on your car are insured in your car.

For. eg. When I had accident I had to pay some % of the total claim, but with zero dep. I don't have to pay anything or minimal charges. [clap]
 
Joined
Feb 3, 2012
Messages
1,436
Likes
100
Location
Ghaziabad
In zero dep policy, fiber or plastic parts like bumper are changed free of charge in case of an accident, otherwise at least 50% is charged for such items in normal insurance policy. I have also heard that airbags are also considered under fiber/plastic parts.

Noteworthy is that zero dep policy is atleast 3k higher than normal policy, and it only benefits if you are saving above 3k in your subsequent claims. For e.g repairing of two bumper costs 7k (i guess for polo it would be to this tune) then under zero dep you are paying zero amount, while otherwise in normal policy you would have paid 7k/2= 3.5k. So, with zero dep policy you save 3.5k, which is higher than 3k (the differential b/w zero dep and normal policy), hence the benefit of 500 bucks in such a case.

If car meets further more accidents, you will be saving more bucks. And, in any case, we never can predict a mishappening, so I think its useful to take zero dep policy.
 
Thread Starter #19
Joined
Nov 19, 2011
Messages
3,309
Likes
696
Location
Sydney / Mumbai
Quote from Reliance:

Capture.JPG

Quote from Bharati Axa:

image002.png

Interesting thing here to note is the IDV value both the vendors are considering. Bharti Axa is taking IDV as Rs.5,77,000 while Reliance is considering IDv as Rs.490451. So please suggest guys, which one to go with? [roll]

I am more inclined towards Bharti Axa. [:D]
 
Joined
Oct 31, 2011
Messages
245
Likes
35
Location
Pune
What was the IDV of your Punto during first year?
It is understood that if IDV value is more premium will increase. Will this IDV value play major role during resale ?
 
Thread Starter #21
Joined
Nov 19, 2011
Messages
3,309
Likes
696
Location
Sydney / Mumbai
During first IDV was same as what Bharti Axa is considering.

I dont know what is the importance of the same, that's why seeking help of the gurus here to decide on which vendor to go with.[confused]
 
Joined
Feb 3, 2012
Messages
1,436
Likes
100
Location
Ghaziabad
During first IDV was same as what Bharti Axa is considering.

I dont know what is the importance of the same, that's why seeking help of the gurus here to decide on which vendor to go with.[confused]
I got insurance renewed for 16415/- from Bharti axa for my polo.
The IDV calculated was around 530k (I guess), while OTR was 653k.

I think the more the IDV, it shows less accidental/repair work. If you have claimed anything then the value of vehicle goes down more as compared to one untouched.
 
Joined
Sep 12, 2010
Messages
386
Likes
70
Location
Chennai
Dharmesh i have missed this thread. Even my Punto's policy expires this weekend. I am still getting quotes from various companies.

Even my friends Punto insurance expires on Nov. Maybe we can ask for more discounts if all 3 of us buy policy from a single agency.

I have PM my contact details to u.

I just got a quote from HDFC ergo for 2 Puntos it was 17k maybe i can talk with those guys again and get it reduced still further if for 3 cars.

There is a clause in Zero Dip policies that is you can make only two claims as zero dip in one year after that it will become normal comprehensive policy.
Whereas in HDFC you can make N number of claims as zero dip.

Attaching you the quote
 

Attachments

Last edited:
Joined
Dec 8, 2010
Messages
8,115
Likes
1,783
Location
Hyderabad
@Dharmesh,

Hahahahahahhahaha, All the discussion has turned into like how many accidents you are prone to meet in coming year[clap] with zero dip discussion[lol][lol]

Please also check with Royal Sundaram and TATA AIG too !!
 
Joined
Jan 21, 2012
Messages
2,880
Likes
295
Location
mumbai
Quote from Reliance:

View attachment 66625

Quote from Bharati Axa:

View attachment 66626

Interesting thing here to note is the IDV value both the vendors are considering. Bharti Axa is taking IDV as Rs.5,77,000 while Reliance is considering IDv as Rs.490451. So please suggest guys, which one to go with? [roll]

I am more inclined towards Bharti Axa. [:D]
If you are inclined for bharti, you can even pressurise that agent for discounts.
I would say check for cashless settlements with bharti.

When i had inquired,i pressurised the agent for more discounts.

He just added a column in his quote.
%discount from source which was around 50% which i felt was fishy. I pressurised him for more and he had extended upto 60%. I then backed off for absence of cashless settlement.

Regarding IDV, higher the IDV, more is the cover for your vehicle incase of theft. That is you are entitled for a bigger claim.
But higher IDV also means you pay higher premiums to it.
 
Last edited:
Joined
Oct 15, 2012
Messages
1
Likes
0
Location
miami
With Zero Dep. Policy, all the metal and fiber parts on your car are insured in your car.

For. eg. When I had accident I had to pay some % of the total claim, but with zero dep. I don't have to pay anything or minimal charges. [clap]
Reading the first page is like I'm lost in translation [:D] but good thing you translated the zero dep. policy with this one. [clap] I'm going to ask my insurance agent about this. I'm no prone to accidents but we'll never know when will it happen. Thank you very much.
 
Thread Starter #27
Joined
Nov 19, 2011
Messages
3,309
Likes
696
Location
Sydney / Mumbai
@Superbad : Yes higher IDV means better value for your car and also higher premium we pay, But it is just 2k more. So I am Ok with it.

@bharathj85 : I will reconfirm with person that how many zero dep claims we can make in one year. Although I dont want to make any. [:D]. And also one more thing, the IDV mentioned in the quote given is quite low than what Reliance and Bharti Axa have mentioned for mine. Please check. For more details IDV also check the Superbad's explaination. So when you try to get discounts from this vendors, they do it by reducing your IDV and we usually tend to miss out on that. Please re check the IDV on your current policy and decide appropriately. I am most probably going with Bharti Axa. But will wait few more days for Bharathj85's response. If we can cash in some more discount.

EDIT: Sorry just realized you PUNTO in Active model, so IDV can be a lesser amount. Sorry for the confusion. But yes if you could talk to him about 3 PUNTO's and also send me all other details of your and friend's car and I will try to talk to Bharti Axa as well. We will see what turns out better for us. [clap].

Thanks to TAI. We got to know so many things. First time around I was ignorant and dint go with Zero dep. But now I am smarter than before. All credit goes to TAI as platform and members of TAI as friends and Gurus.
 
Last edited:
Joined
Dec 8, 2010
Messages
8,115
Likes
1,783
Location
Hyderabad
Thanks to TAI. We got to know so many things. First time around I was ignorant and dint go with Zero dep. But now I am smarter than before. All credit goes to TAI as platform and members of TAI as friends and Gurus.
+100 Dharmesh, even I do not know about this and will take care of this in my next renewal. So thanks to you for posting this topic and thanks to TAI and members for educating us on this[:)]
 
Thread Starter #29
Joined
Nov 19, 2011
Messages
3,309
Likes
696
Location
Sydney / Mumbai
Received call from Reliance guy and on asking he informed that we can only make 3 zero dep claims per year. I will confirm the same with Bharti Axa guy as well.

Will keep informed to you all.
 
Joined
Jul 28, 2011
Messages
1,759
Likes
752
Location
Daman
Dhramesh,

Along with premium amount and IDV value, you should do a reasearch on hazzle free claim.

Some insurance companies reject a considerable portion from your claim.

New India Assurance, other PUC Insurance companies, Tata AIG etc have a good track record of claim settlement.

Insurance policy for my Manza in second year is from SBI General.

Higher IDV value will be of use in case of a theft or a major damage say, a total loss situation.

Also check whether they are including a back to Invoice clause. It should be available with some Insurance companies (assume that its only there till the car completes two years). This may help to get a refund equivalent to the Invoice value(?) in case of a total loss. This info need to be re-confirmed.
 

Top Bottom