Car damaged- should claim insurance or not?

I own a Swift Vxi, which I purchased as 10 month old. All the papers are transferred on my name including insurance endorsement.

Recently I hit a ruuning bus and got my car badly dented near the left headlamp as can be seen in the photograph.

I need to repair the thing and need to know how much expenditure is involved?

Can I claim insurance and if yes how does it affect future claims?

Thanking you

If you do not claim the insurance cover, you will get benefit of NCB (No Claim Bonus) next year on renewal premium - else, you will lose that.

1) Enquire about the likely NCB you will benefit if no claim is lodged by you.

2) Get the cost of repairing & denting/painting assessed (garage). 

3) Also take a rough idea on the amount that would be reimbursed to you from the total expenses incurred on repairs -  in case you claim the insurance.

If the likely amount of claim to be settled (3 above) is higher than the likely amount of NCB you would otherwise be entitled to (1 above), lodge/claim the insurance - else, bear it yourself.

Dear Kailas,

NCB for 1st year would be 20% of premium paid.Now ask the maruti dealer to give an estimate on the repair charges ,then you calculate if it would be more than NCB or not.say if insurance paid is 10000 then NCB is 2000.

denting best done with delaer as he would take all headaches of FIR,claim lodging & getting it passed.Also they use DUpont colours,so matching your shade is best.

Following are the rates of NCB...

• 20% on 1st renewal.
• 25% on 2nd renewal.
• 35% on 3rd renewal.
• 45% on 4th renewal.
• 50% on 5th & subsequent renewals.

Please note... the NCB turns 0% on insurance claim & restarts afresh (as above) from the subsequent renewal.

Few queries about insurance:

1. Is there any upper lilmits on claims per year?

2. What is the impact on renewal premium amount if there are heavy claims on previous year, I mean is there any standard increase in renewal premium amount, similar to NCB?

3. Is it possible to change insurance company or is it mandatory to stick with same company?

4. If yes, then can the new company ask for previous claim history while deciding renewal premium amount?

Cheers!!

Dear Prashant,

Probably no upper limit as I had claimed twice in a year for my M800.Once 5000 once 13000.

You will not be eligible for NCB.thats all.

Stick to the same insurer.I am with Bajaj allaianz for last 4 years.no adverse impact.Since my car is for city use,every year I end up claiming something.

Thanks Vishal for clarifications. I'm too with Bajaj Allianz, i've good experience with them. They are pretty quick and efficient in processing claims. So far this year I have claimed 12 & 35K and now renewal is due in Jan-09. Was just wondering if they would drastically increase my premium amount due to such heavy claims !! (Not my fault though in those accidents, its just the RASH traffic of Pune, a complete absence of traffic sense in ppl here...)

Academically (on the above / not discussed)...

• There is no restriction on changing the Company - you can do that on each renewal (it's advisable to stick to one company - unless you have some bitter experience).
• In case of change, the new company will renew your policy based on the previous policy (earlier company) - after inspecting the vehicle.  The NCB will continue as it would have continued with the earlier company.

I just talked to the insurance guy at Vitesse workshop Prabhadevi and he has given me the estimate of Rs 8000/ for replacement of the left front piece of the body, and painting of the bonnet.

He says after claiming the insurance for the same I will have to shell out Rs 1000/

Thanks

So the claim amount will be 7K - much higher than the NCB.  Please lodge the claim.