Insurance Cover...

[shanX]

Am planing to get a full insurance cover for a vehicle, which I have been using with 3rd party insurance for sometime now. The car was valued at 8 lakhs, so I got a quote from an Insurance agent (SLIC), it is estimated 25k with all covers like accident, theft, flood ...etc. The agent suggested if we remove the flood cover, it would be around 22k. And I have some no claim discounts. So anyway, is it this the normal amount for a full insurance cover for a similar car??

[Watchman]

for a fresh policy that should sound about right.

A corolla ee100 wagaon my grandfather owns is covered for 1.0mil with a policy of 10k (after the no-claim bonus n all)

[Sifaan]

Am planing to get a full insurance cover for a vehicle, which I have been using with 3rd party insurance for sometime now. The car was valued at 8 lakhs, so I got a quote from an Insurance agent (SLIC), it is estimated 25k with all covers like accident, theft, flood ...etc. The agent suggested if we remove the flood cover, it would be around 22k. And I have some no claim discounts. So anyway, is it this the normal amount for a full insurance cover for a similar car??

From j********i, the Premium was 45k for a car value of 2.0m. So that's 2.25% of the value.

Strike/Riot/Civil Commotion is another 4000. Don't know if that's a fixed amount of varies according to value (because I think this is paid from a govt. fund or something)

Flood cover was 4.5k, so maybe that's 10% of the premium.

Owners Contribution would apply if replacing new parts (on a recent thread I shared the numbers I got from the insurer, supposed to be the same across the industry but I haven't compared); windscreen is covered in case of accidents only; if airbags activate in an accident then 50% of replacing them is covered (the extra cost for full airbag cover was quite high). There maybe few minor extra bells and whistles (e.g. cash for replacement vehicle (max 10 days) if repair exceeds 4 days at no extra premium)

They apply NCB (to the premium only), calculate the total and add taxes and fees... in my case worked out to 17% of the total premium after NCB.

For you, working on same percentages, 2.25% of 800k + 17% = approx. 21k, so the prices seem to be comparable.

But the prices don't reflect the kind of hoops you may have to jump through when you need to get a claim processed, so you should check on that too... got fed up with earlier insurer and that's why we switched to j********i, but haven't had to get a claim from them yet so can't say from personal experience that they will be any better!

And don't be afraid to switch insurers because you're afraid to lose the NCB from them; if you show the NCB you were getting from the old place, a new insurer will generally be able to match or better that in return for switching.

[shanX]

@Sifaan: Yeah it seems the quote I got was reasonable. Anyway this car isn't daily driven, so that's why I want the cheapest plan. Not much experience with Insurance stuff, so that's why wanted to clear up. Thanks

[shanX]

for a fresh policy that should sound about right.

A corolla ee100 wagaon my grandfather owns is covered for 1.0mil with a policy of 10k (after the no-claim bonus n all)

Where did you guys get this cover?? And when?

[Watchman]

Where did you guys get this cover?? And when?

This was at Union-Ass. Its been the premium for the last couple of years as i remember..