Car Insurance Query

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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.

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

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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.

Pro Analyst Pro Analyst
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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)

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Deal Lieutenant Deal Lieutenant
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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.

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.

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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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