Vehicle Insurance: General Questions & Discussions

[anshuman8]

Just to be clear (as somebody in the insurance industry) this means 100% of the surveyor's assessment and not the repair invoice.
Because any claim will only include damages incurred in that particular accident. If you choose to repair or touch up any other older damages along with this claim, those will still not be covered.

That is true. What ever the surveyor estimates that would be approved.

 

[Nairrk]

I think Insurance premiums increased recently?

My Tata Tigor insurance is due in 30th August 2019, The insurance was arranged by Tata Motors dealer when I purchased the car through New India Assurance Co Ltd.
I have not received any renewal quote either from Tata Dealer or New India..

Today, I have asked for an online quote from New India for which they quoted Rs.22000/- for IDV Rs.537, 000 which I feel bit high ??

Anyone taken insurance recently - what is the percentage of increase?

 

[Nanofreak]

I think Insurance premiums increased recently?

My Tata Tigor insurance is due in 30th August 2019, The insurance was arranged by Tata Motors dealer when I purchased the car through New India Assurance Co Ltd.
I have not received any renewal quote either from Tata Dealer or New India..

Today, I have asked for an online quote from New India for which they quoted Rs.22000/- for IDV Rs.537, 000 which I feel bit high ??

Anyone taken insurance recently - what is the percentage of increase?

This is way too much, get a quote from Digit Insurance, I got my Nexon XMA renewed from them, I paid below 10k for IDV of 6.3L, (only comprehensive not b2b)once they quote, let us know, and then wait for their SA to call and then negotiate.
All the best, keep us posted.
Regards
Vinod

 

[Nairrk]

This is way too much, get a quote from Digit Insurance, I got my Nexon XMA renewed from them, I paid below 10k for IDV of 6.3L, (only comprehensive not b2b)once they quote, let us know, and then wait for their SA to call and then negotiate.
All the best, keep us posted.
Regards
Vinod

. I
Thanks Vinodji

Checked with Digit and they are quoting Rs.7382 for IDV 526,400. Anyway, I have given time till 2pm to my dealer to give me their best/competitive quote from existing insurance company (New India). I have time till tomorrow midnight. I already have my scooter insurance with ICICI Lombard and will also check with them for their quote.

 

[Nairrk]

This is way too much, get a quote from Digit Insurance, I got my Nexon XMA renewed from them, I paid below 10k for IDV of 6.3L, (only comprehensive not b2b)once they quote, let us know, and then wait for their SA to call and then negotiate.
All the best, keep us posted.
Regards
Vinod

Finally, I have fixed with ICICI Lombard.

New India Assurance initially (online) quoted Rs.22,000 and thereafter Dealer quoted Rs.14,700.

Digit quoted 7,382 plus tax, but unable locate any of their office near my place (also googled but nothing mentioned even in Kerala - only mentioned address of their Pune & Bangalore Offices). I think they mostly 'online' people. Also read a few negative reviews from those people who are having their Policy.

ICICI Lombard have an office in my place so if anything needed I can go and shout there.

ICICI quoted Rs.10,171 plus tax for IDV 525,207

Just for your information, the break-up is as under:

Own Damage
8,380 - Basic OD Premium
199 - RSA (standard)
Less
210 - Anti-theft Device Discount
200 - Automobile Association membership discount
1,594 - NCB @ 20%

Total own damage - Rs. 6,575

Liability
3,221 - Basic Third Party Liability
50 - Legal liability to paid Driver
325 - PA cover for Owner Driver

Total Liability - Rs. 3596
Total Package premium Rs.10,171
Total Tax Rs.1831
Total Premium - Rs.12,002/-
//

 

[CRACING]

325 - PA cover for Owner Driver

Last year I paid Rs. 750 for compulsory PA Cover of 15 lakhs . Is it reduced to Rs. 325 now or ICICI is giving discount?

 

[Nairrk]

Last year I paid Rs. 750 for compulsory PA Cover of 15 lakhs . Is it reduced to Rs. 325 now or ICICI is giving discount?

I did not check on the point, but I told him that I already have ICICI Lombard insurance for my two wheeler and that time I paid Rs.384 (325 plus tax) for sum insured Rs.300000. So, this time also they charged Rs.325 plus tax towards PA cover. Not sure if charges are reduced or not but my previous Personal Protect Policy shows the premium amount as Rs.325 only.

Suggest check your policy (there will be 2 different policies i.e one for vehicle and one for Personal protection) and see how much was the amount mentioned therein.

 

[CRACING]

I did not check on the point, but I told him that I already have ICICI Lombard insurance for my two wheeler and that time I paid Rs.384 (325 plus tax) for sum insured Rs.300000. So, this time also they charged Rs.325 plus tax towards PA cover. Not sure if charges are reduced or not but my previous Personal Protect Policy shows the premium amount as Rs.325 only.

Suggest check your policy (there will be 2 different policies i.e one for vehicle and one for Personal protection) and see how much was the amount mentioned therein.

Sorry for late reply, I got busy with Ganesh Chaturthi decoration.

So I have rechecked my car policy which is from Tata AIG and I have indeed paid Rs. 750 for 15L compulsory pa cover. I got the policy in last year October and it will expire next month.



Yesterday I have checked ICICI Lombard insurance and it quotes Rs. 325 only for PA cover of 15L. There is option to opt out if I already have a vehicle policy with PA cover or standalone policy. However, I haven't checked quotes from anyone insurer yet.

 

[Nairrk]

Oh, I should have avoided paying this Rs.384 (325 + taxes) this time since I already have a scooter insurance with them and that time too I paid Rs.384 for this cover.

Hmm.. will be careful next time .!

Tata AIG charged you 750 + tax which is way high?

(This compulsory PA cover started from September 1st, 2018 so I escaped not paying this amount for my car last time (new purchase) as the dealer took the insurance cover on August 31st).

 

[CRACING]

Oh, I should have avoided paying this Rs.384 (325 + taxes) this time since I already have a scooter insurance with them and that time too I paid Rs.384 for this cover.

Hmm.. will be careful next time .!

Tata AIG charged you 750 + tax which is way high?

(This compulsory PA cover started from September 1st, 2018 so I escaped not paying this amount for my car last time (new purchase) as the dealer took the insurance cover on August 31st).

If you have opted for 15L PA cover (Standalone or bundled with any of your vehicle policy) then you don't have to opt again. Any lesser coverage (i.e 2L or 3L) are optional and doesn't come under compulsory pa cover.

IRDAI set fixed premium of Rs. 750 per annum last year for PA cover (Link) but now I cannot find info about price revision, neither officially nor on news sites. If you can find, please share. I have checked coverfox and Rs. 325 to 375 is being charged for PA cover. Digit quotes Rs. 220! on their website.

 

[Nairrk]

I have now received Insurance renewal Notice from ICICI Lombard for my Scooter. In the letter, they say that we can now renew a policy for a longer duration of 2 or 3 years .

premium details: IDV Rs.25175/-

Premium for 1 year - Rs.1979/-, for 2 year - Rs.3865, for 3 year - 5734

Above premium amount after considering 50% NCB. No detailed calculation given in the letter, but I presume the total premium amount is inclusive of GST.

Is it worth taking 3 years straightaway, which will save the headache of annual renewal and also some saving in case government increases Tax or something else next year?

 

[allhyundaicars]

The longer period is for third party premium or the full insurance ? If it's full then how will they calculate ncb for the 2nd and third year ?

 

[Nairrk]

The longer period is for third party premium or the full insurance ? If it's full then how will they calculate ncb for the 2nd and third year

Yes, that's a good question.
The third party premium cannot be this much. It is indeed full insurance, but how they calculate NCB is the question. For 2nd year and 3rd year they are giving some discount, of Rs.93 and Rs.203 respectively. Is that the ncb deduction ?

Seems, need to clarify with them.!

 

[Akash1886]

Friends,

IRDAI Plans to Increase the Third Party Motor Insurance Rates

Official

Regards
Akash

 

[Akash1886]

Ministry Of Finance Twitter

Regards
Akash