Renewal of Car Insurance after one year please suggest/advise

If you won't get the value that your car is insured for in case of total damage, then why should one go for higher IDV ?? what's the benefit of higher IDV

Virtually nothing.  One shouldn't go for lower IDV.

 "One shouldn't go for lower IDV" -Typing error ?? If there is no benefit then why should one go for higher IDV ?

Some confusion, I suppose.  I mean...

However, one should NOT go for lower IDV...

Yup. Got it now . Thanx.

Thanks for sharing........

http://www.imms.com/insurance-agents/Virginia/Old-Dominion-Insurance/

hi Guys,

My car insurance is getting expired on 22nd March'11. Now in dilemma to go for conventional policy or 0 depreciation policy (drive assurance) for renewal.

premium for 0 dep insurance - Bajaj : Around Rs 14000

premium for conventional insurance - New India insurance: Around Rs 9800.

Car is one yr old. (Beat LT O)

Currnely holding the Bajaj Aliance and had claim in 1st yr. Had good exp.

GM has tie up with Bajaj, Reliance and New India & ICICI lomard. As per AVK, they said that i can go with other co. but then have to pay the defference in rate of GM and other insurance co. take into account.

for Eg. For some damage to my car, my claim is per GM rate if it is Rs.3000 and as per any other insurance co. (lets say TATA or ifco etc) claim amount is Rs.2000 then i have to pay the Rs.1000 difference.

So basically i am getting feel that i should go with AVK tie-up co. as they settle the claim as per GM rate. (cashless)

What is your opinion for New India insurance policy? Hows your exp./ feedback.?

Would like to know what's your opinion on this?

Appreciate your feedback and suggestions.

Many Thanks in Advance.

Normally Car Companies do not tie up with Insurance Co.  It is the Dealer concern, who has some nexus with a particular Insurance Co. or some staff of that Dealer do sort of side-business. I am telling this because, I also purchased Beat LS from M/s. Keysons Motors, Siliguri and they got my car insured from The Oriental Insurance Co.  Thus we can not say that GM has some tie-up with Bajaj Allianze or some other.  While renewing my insurance, I opted for National insurance, and the premium has come around 7500/- including geographical extension of Bhutan, Nepal & Bangladesh (I often visit Bhutan/Nepal, its Border area).

-Hira

hi,

sorry to reply so late i would suggest you to go on same idv as per IRDA , it has some rules like the depreciation % of vehicle even if anyone exceeds the IDV Value the coverage you will get will be the same as per Ex-Showroom price, taking more idv means wastage of money , as said u have not used your vehicle much and the vehicle is brand new, so u will be liable for 20% ncb, if little more money really don't matter go for ZERO Dept policies in which u will be getting 100% coverage plus other services which i prefer for my car.....other cases never undervalue your vehicle

Thanx

Sachin Joshi

ICICI LOmbard contacted while i tried to renew online for my second year insurance. They gave a cometitive price and also a host of offers like:

1. 2700 worth of vouchers at CARNATION

2. 6 months intreset free EMI

3. Two fees reimbursed upto 1800

4. All rubber parts and fibre at 50% and Windshield 100%