[xBhp Universal Thread]: Insurance for automobiles

[fast_ferocious]

The insurance of my ZMR has expired and Im confused as to which company I must choose. I have compared in terms of IDV's. But IDV says only half the story. The important question is, what will be the depreciation on the plastic parts of the bike. Which company gives the most percentage of the cost of the plastic parts in case of an accident?

It will be great if some fellow xBhpian guides me. Thank you.

[athulbenoy]

My Bike is having Oriental Insurance

[The Great]

Originally Posted by ch.madhur

My cousin met with an accident last night,
he have learning license,
is he eligible to claim an insurance as the bike belongs to him only.

Yes, But only if he was accompanied with a licensed driver who was teaching him.

Remember learners license dosent mean u can ride the bike alone anywhere. Its only for learning purpose and hence at all times a pillion rider who bears a valid license has to accompany.

In such case the claim can be paid, but if he was alone then the claim is null and void due to negligence of the owner.

[The Great]

Coming from the Insurance profession i can safely say, none of the insurance companies are either cheap or expensive in the premium comparisons i would like to bring the following points to the notice of general public for the know how of insurance and its procedures.

1.) The head of insurance companies the IRDA has detariffed the premium structures. Hence any company can quote any premium to you. In other words if you already have got a quote for the premiums, ask for a discount and the same company will offer you a cheaper premium quote.

2.) The main criteria is whats the company's claim settlement background. The rating of a company according to me wouldnt be how cheap the premium is but how good it is at settling claims and what are the rules behind it. Saving a mere 400/500 bucks isnt the deal. The real deal is what are the claims conditions and rules levied by the company.

3.) There are 2 types of policies (incase you didnt know). Third party (which is mandatory according to the Indian law for every vehicle to have at least this type of insurance) and Comprehensive (which includes third party as inbuilt cover along with the own damage cover)
This point is too vast and i will discuss this case to case if anyone is interested.

4.) Did you know that if you do not claim for the whole year you attract a No Claim Bonus discount on premiums. The discounts are 20%, 25%, 35%, 45% and 50% respective to the years unclaimed. The above format works if you do not claim for continuous years.
THE BIGGER FACT IS IF YOU SELL THE VEHICLE AFTER ANY UNCLAIMED YEARS THEN THE BONUS IS TRANSFERABLE TO YOUR NEW VEHICLE PURCHASED ON THE SAME NAME.

5.) Claims and Salvage can be discussed in detail on request.


Kindly note that i am not endorsing any company nor am accepting any responsibility of the above statements. The statements made here are based on my knowledge and experience in the insurance field and can be changed by the company any time.

[The Great]

The above points also levy to the 4 wheeler segment and mostly commercial vehicles too.