insurance renwal after 1 yr ,i10 era

My car insurance will need renewal in a month's time . I received a call today from some agent . She works for 5 companies but suggested me bajaj allianz or tata aig as the best . Now she offered me 2 plans :

1) a normal plan

2) a so called " per plan " in which she said the company will be giving 100% compensation for every damage or quoting her " the car will be company's responsibility "

Now , i haven't heard of such per plan before . Does such a thing exist ?? or is it just a trick with hidden terms and conditions ??

She offered a discount of 40% for both companies .

The normal plan would cost me Rs 7779 with IDV of 2,98,000 and 3 service coupons

the per plan would cost me around Rs 9500 (don't remember the exact amount) plus 3 service coupons .

The IDV she said is calculated as 80% of the initial cost of the car which i told her from memory as 3.73L ( not sure , will have to check ) . Isn't the IDV to low ?? and which plan should i go for ??

Which was your previous insurance provider??

IDV 2.98 is less. I renewed mine last week from bajaj allianz, premium 6750 IDV 3.4L

@amit : previous insurance provider was oriental

@dabance : ya , i also felt so . is the IDV negotiable or is it really 80% of car's original cost ?? And ,  by the way 6750 is quite good considering i am being asked to pay around 1000 bucks more for IDV which is way lesser than yours..

And please guys throw some light on this " per plan " thing ??

I guess you guys know that each insurance providers are increasing their rates for small and midsize cars up to 10-25%. ICICI and Bharti AXA have already raised their rates and others are planning to. So please choose a provider sooner the better.

Source: MSN.

look for lesser known companies, their premiums are always much lower

hi this site gives u more info about insurance renwals and various policies check it hope its useful

Insurance Renwal

Even my Insurance renewal in July. What will be the normal depreciation in % for a 1 year old car?

Can someone help me out? What will be normal depreciation for a 1yr old car. Maruti Insurance says that it will be 20%, but there are other insurance companies who provide a less than 20% (say 15%). How is IDV normally calculated?

What all needs to checked in case of Insurance renewal?

Hi Jey,

Generally the next year IDV is calculated based on previous year IDV. The next year IDV is taken 10% less than previous year IDV. But you can have some negotiation in that as well.

I give you the example of my car for which i got insurance renewed last month from Bajaj Allianz. My car's first year IDV was around 3.3 lacs, so for the next year the insurance companies started giving quotations for IDV 2.97 lacs, to which i negotiated and took the final IDV of 3.10 lacs.