Hello All,
I have renewed Insurance of my Car. I got many offers but the best were mentioned below two.
1. The new India Assurance ( Through MSIL)
Total Value (IDV)= Rs. 737253/-
Schedule of premium as follows
A. OWN DAMAGE
Vehicle & Accessories Rs. 14118/-
Total Rs. 14,118/-
Less
a) For Anti-theft Devices= Rs. 353/-
b) 50% NCB= Rs. 6883/- (30% from my Alto and 20 % from SX4)
Subtotal (deductions)= Rs. 7235/-
Zero Depriciation Premium = Rs. 5529/-
TOTAL (A) = Rs. 12411/-
B. LIABILITY
Vehicle = Rs. 1110/-
Add
a) Compulsory PA Cover Premium= Rs. 100/-
b) Additional PA Cover Premium (50000 per person) For 5 Person = Rs. 125/-
c) Legal Liability (WC) to Driver= Rs. 50/-
TOTAL (B)= Rs. 1385/-
Grand Total (A+B)= Rs. 13796/- + Service Tax@ 12.36%= Rs. 1705/-
Total Premium= Rs. 15501/-
2. The new India Assurance ( Directly)
Total Value (IDV)= Rs. 783331/-
Schedule of premium as follows
A. OWN DAMAGE
Vehicle & Accessories Rs. 17491/-
Total Rs. 17491/-
Less
a) 50% NCB= Rs. 8745/- (30% from my Alto and 20 % from SX4)
Subtotal (deductions)= Rs. 8745/-
Zero Depriciation Premium = Rs. 3133/-
TOTAL (A) = Rs. 11880/-
B. LIABILITY
Third Party premium = Rs. 1110/-
Add
a) Compulsory PA Cover Premium= Rs. 100/-
b) Additional PA Cover Premium (100000 per person) For 4 Person = Rs. 200/-
c) Legal Liability (WC) to Driver= Rs. 50/-
TOTAL (B)= Rs. 1460/-
Grand Total (A+B)= Rs. 13340/- + Service Tax@ 12.36%= Rs. 1648/-
Total Premium= Rs. 14989/-
I got best deal with same company but with different brokers.
If we compare above two then I got good IDV, more deductions and best liabilty in case of taking directly from the company (The new India Assurance). Also with least premium.
MSIL is second best option as compared to National Insurance and others.