Used Car - Renew Old Insurance or Get New?


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sramanandi

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I bought an used Swift, It is insured by Oritental insurance, the insurance ends on 15th January 2012, should I renew the old insurance or get thew new insurance from some other company (or may be same !)
 
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350Z

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Re: Used car - Renew old insurance or get new ?

You can simply renew or insure the car with any other company that you find to be offering the best deal.

Drive Safe,
350Z
 
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sramanandi

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Re: Used car - Renew old insurance or get new ?

I haven't checked for other companies and offers. Normally which option will be cheap?
 
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sramanandi

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Re: Used car - Renew old insurance or get new ?

I just asked Oritental insurance company, If I renew the old insurance, I will get premium of around 9200, that seems on higher side for an used car, isnt it ?

Any other suggestions ? How about private companies like icici lombard etc ? Is there any chance that they might be cheaper ?
 
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sramanandi

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Re: Used car - Renew old insurance or get new ?

Oriental insurance valued my car to 220000 and offered premium of around 9000
Today I got call from Tata AIG - they valued my car to 145000 and offered premium of around 6100

I got online quote from ICICI lombard, they valued it around 270000 with premium of around 5300
 
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cooldhaya

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Re: Used car - Renew old insurance or get new ?

Don't get fooled by the IDV they suggest. I have read cases where the insurer was only willing to give the market value of the car in case of theft.


I think ICICI is not very good in their service. TATA AIG is good , but PSU'S are the best.
 
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sramanandi

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Re: Used car - Renew old insurance or get new ?

I have bought the car for 275000, PUS's might be better choice, right now the current insurance is from Oriental insurance company, however the issue is, the premium is costlier (around 9000+) whereas most of private companies are offering around 6000
 
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cooldhaya

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Re: Used car - Renew old insurance or get new ?

I don't understand why they are charging a huge premium! I will suggest TATA AIG , i have not faced any issues with them so far.


I hope you are availing any NCB which you had before.
 
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sramanandi

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Re: Used car - Renew old insurance or get new ?

cooldhaya said:
I don't understand why they are charging a huge premium! I will suggest TATA AIG , i have not faced any issues with them so far.
Click to expand...
According to you, what should be approx. premium for a 2006 make swift vxi ?


I hope you are availing any NCB which you had before.
Click to expand...
The old policy is not transferred to my name, it is expiring next 15th Jan 2012, It has no claims. Should I get NCB for the old policy ! (They told me, it would be voided as owner has changed)
 
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cooldhaya

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Re: Used car - Renew old insurance or get new ?

I think 5-6k should be the ideal premium.


Please understand NCB is not for a vehicle but for the owner. Is this your first car? Then you won't have any NCB.
 
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speed1

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Re: Used car - Renew old insurance or get new ?

sramanandi said:
Oriental insurance valued my car to 220000 and offered premium of around 9000
Today I got call from Tata AIG - they valued my car to 145000 and offered premium of around 6100

I got online quote from ICICI lombard, they valued it around 270000 with premium of around 5300
Click to expand...
HI! sramanandi
There is difference between the IDV, please check with the insurance cos as to why?. And regarding premium there are various factors affecting hence ask for the detailed breakup.
 
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sramanandi

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Re: Used car - Renew old insurance or get new ?

I just got quote from Bajaj Allianz

IDV 205000
- Premium - 6400
- Theft cover - as per IDV
- Driver cover - 2 lakhs
- Third party property damage - 7.5 lakhs
- Third party cover - No limit
- Free toeing
- Free road side break down assistance for one year - including hotel accomodation if required
- Cashless claim

Is this a good deal !
 
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