Insurance Confusion

Hi,

My car is going to complete 1 year in the next month, and i require your expert comments on renewing insurance. I contacted several insurance companies like Bajaj Allianz, Reliance, ICICI Lombard, Tata AIG and they quoted me different premium amounts ranging from 5500 to 8000 Rs. This amount is for the IDV 3.10 Lacs.

Kindly share your experiences with the companies and the best one to go for.

Thanks,

Pawan

I am having Santro GL purchased in Mar2009, my insurenece got mature in march 2010.

I am going for new insurence. Got following specs from Tata AIG. Pls let me know if its best choice:

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1.        Car & Make Model       :HYUNDAI SANTRO XING GL
2.         NCB                   :20%
3.        Existing Insurance     :--
4.        Cashless Claim Settlement: YES,
5.        Accident Repair Warranty(6 Month)
6.        Towing Facility Upto Rs 1500/-
7.        Property damage upto =7,50,000/-
8.        Third party body injury unlimited cover.
9.        Owner  Driver Cover Upto : 2,00,000/-
Based on this information, the IDV (Insured Declared Value) of your car
is Rs.2,42,088/-& Premium is Rs.5,906/-inclusive of all service tax
You can now renew your policy over the phone itself without having got
into the hassles of documentation. If eligible, you can also pay your
premium using your credit card and get 0% EMI's on your premium amount
as well.  
 
Another unique feature of this policy is that you will not lose your No
Claim Bonus if your vehicle needs repairing for any Fiber, Plastic, and
glass parts. However, to avail of this offer the vehicle should be
repaired at our Key Preferred Garages only.

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Hi Pravin,

I also had a discussion with Tata AIG persons, but on comparing the premium with Reliance and Bajaj Allianz, i found it at a higher end. Regarding the feature that they are claiming as unique for continuation of No Claim Bonus in case of minor repair, so i asked them that this would only be covered till i am with Tata AIG, i took Tata AIG this year and in order to utilize the unique facility i had my car repaired for some 2000 Rs and next year due to some reasons, i opted to go for some other insurance vendor, then they will not consider this No Claim Bonus facility and they will treat a minor repair (which was just 2000 Rs) also as claim and hence the No Claim bonus will go for a toss.

So i didn't find their unique feature any beneficial. If anybody else has some different view then please share.

Moreover you can check for Reliance and Bajaj Allianz, Reliance is offering least premium but i am not sure how are they offering such a less premium.

My car's last year IDV was 3.24 lacs, this year they were offering for 2.93 but i am interested in little more IDV, may be around 3 lacs, so you can check that also.

Thanks,

Pawan