Car Insurance Query

114°
Deal Subedar
Swami007

Hello

The comprehensive insurance of my car is going to expire in few days. The car is Alto 800 petrol (Dec 2016 model). Last year IDV was Rs. 200000 and i paid insurance premium of Rs. 5500 with zero depreciation  package.

The vehicle usage is less (10000 km in year).

Kindly suggest should i continue with zero depreciation package? and is there any rule to set IDV (in case i drop the zero depreciation package)?

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Deal Subedar Deal Subedar
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Bro how old is the vehicle? Which company’s is providing the insurance?
Drop the zero dep, premium will also drop. You can set the idv as per your choice, premium will be as per idv.

Deal Subedar Deal Subedar
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billubakra wrote:

Bro how old is the vehicle? Which company’s is providing the insurance?
Drop the zero dep, premium will also drop. You can set the idv as per your choice, premium will be as per idv.

Registration date is Dec. 2016. Current Insurance company is Shriram General Insurance, which was selected through policybazar last year.

Deal Captain Deal Captain
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In the last 4 yrs you have paid almost ₹5500 x 4 = ₹22k or more for insurance.If no claims until now, then that much money you could have actually saved for any future unforeseen damage or repairs.
Nobody can predict the future so you be the best judge and decide if it is feasible for you to pay that much amount of money when the car is not used frequently.
You can opt for 3rd party insurance assuming usage of the car is very less and you are a good driver.

Deal Subedar Deal Subedar
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Swami007 wrote:

Registration date is Dec. 2016. Current Insurance company is Shriram General Insurance, which was selected through policybazar last year.

Avoid these kinda companies, though all of them are jerks. Drop the zero dep cover.

Deal Captain Deal Captain
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billubakra wrote:

Avoid these kinda companies, though all of them are jerks. Drop the zero dep cover.

+1 no point in getting zero dep cover now.
Ask for a better IDV and negotiate with BB cc biggrin

Budding Star Budding Star
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Nomad wrote:

In the last 4 yrs you have paid almost ₹5500 x 4 = ₹22k or more for insurance.If no claims until now, then that much money you could have actually saved for any future unforeseen damage or repairs.
Nobody can predict the future so you be the best judge and decide if it is feasible for you to pay that much amount of money when the car is not used frequently.
You can opt for 3rd party insurance assuming usage of the car is very less and you are a good driver.

But opting for only 3rd party is simply waste.. it will not cover any damage or theft of his own vehicle, only it will avoid traffic penal charges. (No use of purchasing it then)

Deal Subedar Deal Subedar
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MrKool_JJ wrote:

+1 no point in getting zero dep cover now.
Ask for a better IDV and negotiate with BB cc biggrin

So i should drop the Zero Dep.addon in 5th year policy (6 NOV 2020 TO NOV.2021).

Deal Subedar Deal Subedar
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billubakra wrote:

Avoid these kinda companies, though all of them are jerks. Drop the zero dep cover.

Which are good companies for car insurance

Deal Subedar Deal Subedar
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I have a different opinion. My car was hit on side of road in July. Had very pathetic service from Royal Sundaram, also it took 3 months with lockdown and parts delivery for 2011 i10. Also had to shell approx 20k from pocket.

Anyway, I am ok with spending 3k extra for zero dep. Also, lower IDV with zero dep is my suggestion. As car gets old, not many companies will give 0 dep.
IFFCO tokio was my only option and I went for it.
It all depends on your risk taking capacity, as no one can predict what’s next.

Deal Subedar Deal Subedar
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Swami007 wrote:

Which are good companies for car insurance

Every insurance company is there to make people like us chutiya.
Get the one which has a cheapest quote and whose rating is kinda okay.

Deal Captain Deal Captain
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mastervijay wrote:

But opting for only 3rd party is simply waste.. it will not cover any damage or theft of his own vehicle, only it will avoid traffic penal charges. (No use of purchasing it then)

Only recommending 3rd party when the usage of vehicle is less and person is a good driver,
also when the vehicle is aged and when the vehicle owners financial condition is not good.

Also keep in mind nowadays people need to put in hell lot off effort, time and energy to recover compensation money from these insurance companies.

Budding Star Budding Star
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Nomad wrote:

Only recommending 3rd party when the usage of vehicle is less and person is a good driver,
also when the vehicle is aged and when the vehicle owners financial condition is not good.

Also keep in mind nowadays people need to put in hell lot off effort, time and energy to recover compensation money from these insurance companies.

Is that so.. ? Does all the insurance companies doing it same.. ? There may be 2 or 3 companies do it wantedly and not all companies. If its true why not every individual were not opting 3rd party insurance alone ?

Critic Critic
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Bro kindly look for a good idv…I faced a severe issue..got idv worth 1.5lac last year and the car went into a major accident..the total estimated cost which insurance company provided for the vehicle was 2.1lac so when the idv is less then the total cost of the repair then the insurer will simply give you the idv money in your hand and take away the vehicle with them permanently. ..p.s. I got it myself repaired and went on to shell 1.1lac to get the car repaired from my pocket as the car was ok for small routes.

Deal Subedar Deal Subedar
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Got my car insurance done from Future Generali for 3488/- with IDV 1.90 lac , dropped 0 dep. sunglasses

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