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United India Car Insurance Claim Status – My car insurance is scheduled to be renewed later this month and I am currently registered with Royal Sundaram (RS). Our dealership (in Coimbatore) has a partnership with RS, so we hope to continue that. The car is a Fiesta, about 2 years old and currently displaces about 5.4 liters. The dealer contacted me and sent me an estimate for the renewal of the insurance premium. Estimated to be around 12,5000 (including own damage and liability). It included discounts of up to 4000 and 2.5000 for NCB and commercial discounts.
To check this price, I went to the ICICI online insurance premium calculator and entered all the required details and the price came out to be around 8.5000. The insurance value (IDV) received by RS was 5.2 lakhs and that of ICICI was 3.8 lakhs. According to the RS website, the depreciation counter is 30% while landing on IDV, which is compatible with ICICI IDV and not compatible with ICICI IDV.
United India Car Insurance Claim Status
Is there any benefit to having a higher IDV – my understanding is that insurance premiums are paid based on the age of the vehicle (with some depreciation applied to the actual insurance value). Does a high IDV affect the calculation?
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The IDV value is useful when you are listing your car for sale. This can be useful in other situations. I don’t know if this will affect your insurance…
Nimo, after showing you the ICICI deal, please note that you can get the same deal from RS people too… Relins gave me a better deal and I am now with Bajaj Allianz. It worked when I used it in the member. ..
My insurance will also be renewed. Is it better to get it through a dealer? I’m not sure, but I’ve had two complaints this year and the dealer responded politely to both complaints. All you have to do is fill out the complaint form.
Modi Ford offers free car wash, wheel alignment, free towing (valued at ¥2,500), 10% discount on accessories and several other services when you renew your insurance.
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I got the best price for the renewal first and then asked the insurance rep if I wanted to pay through the car dealer, no problem.
Thanks VC12. I knew about the discount but didn’t know about the towing service and accessories.
As far as I know, no. Bills are based on an amortization schedule, not a price you set.
I assume the IDV is valid if the car is a total loss. Otherwise, the IDV of the car will not be taken into account when repairing a dent or replacing a bumper.
United India Insurance Company
If necessary, you can negotiate with the insurance company to waive the IDV. However, there must be enough time before the insurance renewal deadline for this to happen.
Thanks for the clarification guys. Ask RS to reduce IDV. I have about 3 weeks until my insurance expires, so unlike last year, I will be doing a thorough investigation this time.
Even with full loss insurance, the depreciation amount is calculated over the years. It makes no sense to give a high price to a car when it is old.
They gave me good upgrade options. I am currently registered for international insurance. Anyway, check the renewal amount with them as well
United India Insurance Service Centre
Can the policyholder change the IDV, I thought the insurance company changes the IDV according to an internal “chart” and we pay the premium?
I don’t understand your question. I said that depreciation is usually 20% in the first year, for example if it’s registered and it’s 100,000, 20% goes down to 80,000. The insurance company has a maximum obligation to pay this 80,000 and it does not make sense to estimate more than that.
But if the owner wants depreciation, the company may or may not allow 70,000, but in that case the maximum liability is limited to 70,000. It really isn’t worth it, especially for 1-3 year old cars. On the other hand, if you ask them to estimate the value of your car at 90,000 yen, they will probably disagree.
In the event of a total loss or similar, the lower of depreciated cost or market value is used in the calculation. Partial claims have no cost and are paid as per applicable normal claims rules (% for plastic parts, metal parts etc.).
Karunya Arogya Suraksha Padhathi Health Insurance Scheme
In other words, you should choose the true IDV, which is the true depreciated value of the car. If you choose a higher IDV, you’ll only pay a higher premium, but you’ll only get back the actual depreciation amount, no matter how high the IDV is. It’s a no-win situation for me. However, if your IDV is low, you will lose money if you scrap the car, but you will gain by paying the annual premium.
The question remains: What is a real IDV? Don’t all insurance companies have the same rate of depreciation as the basis of their calculations?
