Insurance for automobiles

[mithun]

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.

Insurance cannot be claimed by a learner's license holder.

[aargee]

My cousin met...belongs to him only.

My reply over here - http://www.xbhp.com/talkies/578437-post.html

[vkuchhal]

Does any one know about the salvage charges deductions by insurance companies .??

[n_aditya]

Go to Online Insurance, Car Insurance India, Compare Health, Travel & Life Insurance Quotes, Bike Insurance India and check premiums of various companies.

I'm getting an IDV of 7,92,000 for my ninja which cost 3,20,000 on road.

Obviously its an error. I also mentioned the cc of the bike yet the same error. Some lady called me and insisted that the data is correct and i said i'm fine to purchase the insurance if the IDV will hold good at the time of claim. She backed and said she'll check and call back.

Anyway here is my research.

Presently my ninja is insured by Oriental Insurance Co.

Here are the details on the current insurance policy.

IDV - 262,877/-

Premium - 5314/-

If i renew with Oriental then i am entitled to a NCB of 20%.

My premium for 2nd year will be Rs. 4155/- and IDV will be Rs. 249,000/-.

However i was thinking of renewing the policy with some other provider and I did some homework. Here are the results...

1. ICICI Lombard

Premium -3847/-

IDV - 259600/-

Add-on's: Cashless claim. Towing charges reiumbursable upto 1.5k/-

Coverage - 1L for self and 1L for 3rd party. For an extra Rs. 325/- over the premium, coverage increases to 3L for self and 3L for 3rd party (IDV unchaged).

2. HDFC Ergo

Premium - 1655/-

IDV - 228,991/-

Coverage - 1L for self and 1L for 3rd party

I tried getting information from Iffco Tokio, Bajaj Allianz, Reliance and Tata AIG but no joy so far.

Please let me know which company to go for considering i prefer a hassle free experience in the event of a claim (God Forbid!). I dont want to run around for a surveyor, to get him to approve the claim and finally for my cheque. Cashless is best and an overall smooth process of filing a claim and getting reimbursement is most preferred.

I tried the online option in Bajaj Allianz and the IDV was calculated at 3.5L () which is more than the OTR price of the bike. Called the toll free number and the rep was confused too. He asked me to visit the branch for the correct information.

I'll need to decide by the end of the week so first hand experiences will be most appreciated.

TATA AIG does not offer insurance for the Ninja.

My research also pointed out that ICICI Lombard is not a good option. Many have been cheated and were highly disappointed by the promises made by ICICI. Supposedly the first year premium is low to attract customers and then, bang, the next year the premium doubles even when the IDV is significantly lower compared to the previous year.

[sumeetagrawal]

Re: Insurance for automobiles

Insurance is really important. But the more important thing is from where you select your insurance. Today, there are a number of insurance schemes available. The most challenging thing is to find out the best insurance policy among them. For each individual, a different insurance policy may prove beneficial depending on his/her requirement. It is not necessary that the one policy which suits my bike the best will also suit best for your bike. In such cases, one can consult insurance advisory services provider where in professionals will help in identifying the most competitively priced insurance from highly rated companies.

[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]

Insurance

My Bike is having Oriental Insurance

[The Great]

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.

[rahul2880]

Insurance for new motorcycle

Can anybody tell me how can i buy a motorcycle without insurance and buy insurance after taking the delivery of the motorcycle? Also can anybody tell me how is on-road price calculated?

[antz.bin]

Thread Approved and Merged

[antz.bin]

OK.. Insurance update.

My bike had ICICI Lombard insurance for the last 2 years.
Last year my bike's IDV was 56k with a premium of Rs.1534/-
This year ICICI Lombard offered me an IDV of 46.7k. Premium of Rs.1270/- with 25% NCB.

So I checked with EasyInsuranceIndia.com if I can get a better deal, and obviously there were 3 better deals readily available from Iffco TOKIO, Reliance General and Bharti Axa.

I checked Iffco Tokio website directly since thats the deal I liked most to check if I get a better deal if I buy directly.

Iffco Tokio offered me an IDV of 66.2k on my 3 year old bike(which I bought for 78.2k OTR) after including 20% NCB for a premium of Rs.1470/-. Purchase procedure is as easy as on ICICI Lombard and the policy was issued online without any physical document/vehicle inspection. Overall, I am happy with my selection (as of now).

[Shibadip]

Boss, need some help
As u all may know, 200NS has been launched in Kolkata. Now I want to do my Insurance from outside, and not from the dealer.
The Ex-Showroom price is 88,523/-
I enquired from Reliance Gen Insurance, and they are quoting the following:
a) IDV - 77240/- Premium - 1778/-
b) IDV - 64367/- Premium - 1557/-
c) IDV - 57930/- Premium - 1447/-

Now, I need to know, If I go on with the least premium option, Will I be harassed by the Traffic Cops, since the IDV is Not at par with the Ex-showroom price.

Secondly, will it further Depricate the value of my Bike, when I go to Renew the policy in the next year? Even if i change the Insurance Company

PS - The dealer is quoting me 2071/- bucks for the insurance.

[aargee]

Boss, need some help...is quoting me 2071/- bucks for the insurance.

Reply posted in the other thread - http://www.xbhp.com/talkies/pit-stop...tml#post857225