TATA NEXON 2ND YEAR INSURANCE WITH ADD ONS | DIGIT INSURANCE REVIEW | PRICE, IDV??

Summary

In this video, the speaker discusses their car insurance renewal experience with Digit Insurance. They explain the process of renewing their policy, including the zero-depreciation cover and the benefits of choosing a two-year policy over a one-year one. The speaker also highlights the advantages of their policy, such as unlimited claims and cashless garage services, and shares their premium amount. They encourage viewers to share their experiences with Digit Insurance in the comments section.

Takeaways

• 🚗 The video discusses the renewal of the car insurance policy and the associated costs.
• 📅 The insurance renewal coincides with the car's birthday, which is when the car service and insurance costs are incurred.
• 🔍 The narrator has already renewed their insurance and is planning to get the car serviced next.
• 💡 The car's service is considered a necessary expense, while insurance is a cost that can be managed.
• 📉 The insurance policy chosen is a 'Zero Depreciation' insurance, which covers the full value of the car in case of total loss or theft.
• 💰 The insurance premium is calculated based on the car's depreciated value, which is 70% of the original value after two years.
• 📝 The policy includes 'Add-ons' such as roadside assistance and personal belongings coverage, with a limit of 30,000 for personal belongings.
• 🆓 The narrator opted for a digital insurance policy for the first time, citing a good offer and zero depreciation.
• 💹 The final premium amount after discounts is significantly lower than expected, highlighting a good deal.
• 👍 The narrator confirms the policy's benefits, including unlimited claims and direct claim settlement without the need for a surveyor.

Q & A

What is the main topic of the video?

The main topic of the video is about the renewal of the car insurance and the speaker's experience with it, particularly focusing on zero depreciation insurance from Digit.

Why does the speaker mention that cars require expenditure during specific times of the year?

The speaker explains that cars tend to require expenses, such as servicing and insurance renewal, around the owner's birthday or every one or two years, when these activities become due.

What type of insurance did the speaker choose?

The speaker chose a zero depreciation car insurance policy from Digit.

Why did the speaker not increase the Insured Declared Value (IDV) of the car?

The speaker decided not to increase the IDV because several experts suggested that, in case of theft or total loss, the claim amount would be based on the actual depreciated value, not on any artificially increased IDV.

How does depreciation affect the value of the car during the first and second year?

In the first year, the car's value depreciates by 5% in the first six months and 15% for the rest of the year. After the first year, the depreciation increases to 20%, and by the second year, it reaches 30%.

What additional benefits did the speaker get with the Digit insurance?

The speaker received several add-ons with the insurance, including Roadside Assistance (RSA), car key and personal belongings coverage, and unlimited zero depreciation claims.

How does the zero depreciation feature work in the speaker’s insurance policy?

The zero depreciation feature allows the speaker to make unlimited claims without the depreciation cost being deducted from the claim amount. This is a special feature, as some policies limit the number of zero depreciation claims.

What is the speaker’s opinion on dealing with insurance surveyors?

The speaker finds dealing with insurance surveyors frustrating because they tend to reduce the claim amount by ignoring damages to certain parts of the car, such as only approving claims for one side's damage while rejecting the other.

What process does the speaker need to follow in case of a claim?

In case of a claim under the Digit policy, the speaker needs to get a quotation from the service center, send it to the insurance company, and the claim will be processed without needing a surveyor for amounts below ₹50,000.

What is the overall cost of the speaker’s insurance policy, and how does it compare to previous insurance policies?

The total cost of the speaker’s insurance policy is ₹6,400, which they find favorable compared to a previous policy for their other car, which cost ₹6,500 despite the car being older and not having a third-party policy.