Need some advice on car insurance

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vishaka.menon
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Need some advice on car insurance

Post by vishaka.menon » Tue Jun 12, 2018 12:24 pm

Hello!

I needed some help with my car insurance. Basically, so I had a minor accident and I think the dent can be repaired for around 5000 rupees compared me going to an authorized service center where I will have to co-pay around 1500 rupees. How will this affect by NCB when it comes for a renewal (due in two months).

I have an HDFC ergo policy, and own a Ford Figo. Please also advice me on renewal tips and what all should be included as part of the insurance cover.



soumen
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Re: Need some advice on car insurance

Post by soumen » Tue Jun 12, 2018 12:46 pm

Hi Vishaka!

Since your insurance is due in 2 months time, I would suggest you make full use of your Insurance premium. Along with the dent, make claim for painting for exteriors if there are any scratches. You can easily claim for repairs on 2/3 sides of your car depending on your explanation that is convincible that the dents and scratches are from the same accident. Also, from the next year I'd suggest you to take your car insurance from National Insurance, coz, claims process is simple, and YoY premiums are also lower.



tarun.singhal
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Re: Need some advice on car insurance

Post by tarun.singhal » Tue Jun 12, 2018 1:54 pm

Hey @soumen

What is the significance of IDV?



soumen
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Re: Need some advice on car insurance

Post by soumen » Tue Jun 12, 2018 2:33 pm

IDV for 1st year is 95% of Ex-showroom price, 2nd Year is 80%, 3rd year is 70%, 4th year is 60% etc.etc.......these are standard YoY depreciation of a vehicle. Your claiming insurance for repairs doesn't affect your IDV for the next renewal. We have to understand that we purchase insurance for certain benefits and if we do-not take the benefits of it then Insurance becomes just another mandatory expense for buying a car, something which should not be. Insurance Companies don't want you to make claims just for their benefits and not ours. There are absolutely no benefit for not claiming insurance just for "witty invention of NCB". An NCB can make a difference of 2-5k depending your car value and it should not be something to consider and make payments out of your pockets for repairs that can cost you 10k or more. Even for repairs of 5k one should use their Insurance cover.



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