Forums Insurance Insurance Renewal Tips,Tricks and Must Cover


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  • #5208

    Hi Everyone,

    My insurance is due for renewal anytime sooner. Can you all please what all should I consider while getting the renewal from insurance company. Few I could think about are

    – Depreciation Cap

    – Hydro-static / accidental engine lock

    – Consumables

    – Bumper to Bumper

    – Unnamed passengers covers

    – 3rd Party (compulsory)

    What is way to calculate the IDV and is it advisable to take higher IDV cover than the value as per calculation?

    Seek advice..



    KunalKunal Raheja

    Dear PSH,
    There are many add-ons available with different Insurance companies.

    Do try to take maximum coverage , Insurance agent will try to reduce IDV for lower premium which is not recommended at all.  IDV is important in car insurance because that is the value you will receive if your insured car undergoes total loss or is stolen.

    Check this link for IDV by General Insurance Council :

    Also every state have different discounts from by all companies .

    You can Contact Mr Gaurav +91 89683 37434 and take quotes from all companies before finalizing your Insurance.

    Below is the Coverage offered by TATA.

    Insurance Coverage by Tata




    One can even think of taking a return to invoice add on. In the recent floods in Kerala lot of people had their vehicles categorised as total loss. In case of Jeep compass almost all of them were less than an year old. For these people to get a new compass they had to shell out 4-7 lakhs extra ( difference between the new on road price and the idv). In such a circumstance an RTI add on is a good thing.

    People should not fall just for a low insurance premium quote. They should take into consideration the claim settlement ratio of the company, their rapport with the service centre and the fine print( for eg someone can give you a lower quote with a lower idv/a higher voluntary deductible etc)

    In case of add-ons stick to things you want from the policy. For eg taking a add-on from Mopar for tyre protection is a waste of money. The add-on costs almost the cost of a tyre?. As Padam had mentioned a B2B with zero dip with an engine protection and consumables covered will be an ideal basic thing. If you want more you can add NCB protection, RTI, daily car allowance, key loss, loss of personal belongings etc.

    And above all, get maximum number of quotes and bargain hard before deciding finally

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