Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 1st July 2011, 10:22   #1
BHPian
 
Tommie's Avatar
 
Join Date: Nov 2009
Location: Bangalore
Posts: 253
Thanked: 44 Times
Red face Verify the quote before renewing your car's insurance!

My car is due for Insurance renewal next month. I got a letter from my existing insurance company with the premium details. When I opened the renewal notice, I was shocked. The premium quoted was Rs 24403/-. I was shocked to see the quote why it was so high even though IDV mentioned is Rs 6.5 lacs.

I call up the customer care and they give me an online revised quote for Rs 14600/-. I asked the phone agent why such a difference, then they said it is because of the fact that the letter is sent by the Local office. I asked, so what. Then the phone agent said that is why we are here to help.

So my advice to folks, Please ensure to cross check such details before renewal and also know all the specific clauses such as depreciation, Ant-theft discount and other conditions including the claim rules.
Tommie is offline   (3) Thanks Reply With Quote
Old 1st July 2011, 10:45   #2
BHPian
 
s.prashanth's Avatar
 
Join Date: Jul 2006
Location: bangalore
Posts: 361
Thanked: 59 Times
Default Re: Insurance Renewal cheating

this is the norm, all insurance agencies can be negotiated for better prices, hence they quote more. I Insure with Bajaj and the renewal notice is final, others follow a different principle. It is afeel good factor for the customer that He was able to get discount and in your case Rs10000.
s.prashanth is offline   Reply With Quote
Old 1st July 2011, 10:49   #3
BHPian
 
raj_srini's Avatar
 
Join Date: Jun 2011
Location: Delhi
Posts: 145
Thanked: 19 Times
Default Re: Insurance Renewal cheating

My 2cents. The insurance premiums in Tata AIG are pretty nominal and I have not faced any issue of exoribitant premiums from them. Pls don't go with national insurance. They have given me a very diffcult time for processing claims.
raj_srini is offline   Reply With Quote
Old 1st July 2011, 11:22   #4
Senior - BHPian
 
Join Date: Oct 2009
Location: BANG-A-LURE.
Posts: 1,111
Thanked: 3,463 Times
Default Re: Insurance Renewal cheating

Quote:
Originally Posted by raj_srini View Post
Pls don't go with national insurance. They have given me a very diffcult time for processing claims.
State owned insurance firms like National,New India and Oriental will give you a tough time for processing claims, but will not cheat you on premium sum.

These firms will also give you ''no claim bonus'' without any fuss on renewing the policy.
SILVERWOOD is offline   Reply With Quote
Old 1st July 2011, 11:35   #5
BHPian
 
Join Date: Nov 2010
Location: San Jose, CA
Posts: 145
Thanked: 30 Times
Default Re: Insurance Renewal cheating

This is absurd and horrible! My dad never checks all these things and from now on let me make sure that I catch up with all these things.
hdnivara is offline   Reply With Quote
Old 1st July 2011, 11:38   #6
BHPian
 
raj_srini's Avatar
 
Join Date: Jun 2011
Location: Delhi
Posts: 145
Thanked: 19 Times
Default Re: Insurance Renewal cheating

Quote:
Originally Posted by SILVERWOOD View Post
State owned insurance firms like National,New India and Oriental will give you a tough time for processing claims, but will not cheat you on premium sum.

These firms will also give you ''no claim bonus'' without any fuss on renewing the policy.
@silverwood, you do have a point, but I would perhaps still go with the private players. Why?
1) National Insurance does not have a cashless facility tieup with most dealers.
2) I have been chasing them regularly but not got my claim in 6 months.
3) I would perhaps pay Rs.1000 more for a private guy in exchange of the hassles above.
raj_srini is offline   (1) Thanks Reply With Quote
Old 1st July 2011, 12:09   #7
Distinguished - BHPian
 
dhanushs's Avatar
 
Join Date: Oct 2009
Location: Bathery/BLR
Posts: 3,446
Thanked: 4,054 Times
Default Re: Insurance Renewal cheating

IMO, vehicle insurance has umpteen number of clauses and loopholes. One can always find a better deal if you can shop around.

About insurance renewals and payment of bills, I would strongly advise against cross-checking the bills. Again, there are umpteen number of incidents where people have been overcharged.

Eg: http://www.team-bhp.com/forum/gadget...ing-fraud.html (Airtel 3G Billing Fraud)
dhanushs is offline   Reply With Quote
Old 1st July 2011, 12:14   #8
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,039
Thanked: 2,075 Times
Smile Re: Insurance Renewal cheating

Quote:
Originally Posted by Tommie View Post
My car is due for Insurance renewal next month. I got a letter from my existing insurance company with the premium details. When I opened the renewal notice, I was shocked. The premium quoted was Rs 24403/-. I was shocked to see the quote why it was so high even though IDV mentioned is Rs 6.5 lacs.
Whenever you feel that the insurance renewal quote from the present Insurer is high, always shop around and find out whether the quote is valid or not. Check for online quotes too, you may find the difference even more that what your agent quoted.

BTW to get such a high quote initially did your Insurance co think that you had made a claim or something?
ghodlur is offline   Reply With Quote
Old 1st July 2011, 12:31   #9
Senior - BHPian
 
esteem_lover's Avatar
 
Join Date: Jul 2006
Location: Madras/Py
Posts: 7,554
Thanked: 445 Times
Default Re: Insurance Renewal cheating

You could even take a quote from a different insurance company, get hold of an agent, he is the one that will get you the maximum discount.
esteem_lover is offline   Reply With Quote
Old 1st July 2011, 12:58   #10
BHPian
 
Tommie's Avatar
 
Join Date: Nov 2009
Location: Bangalore
Posts: 253
Thanked: 44 Times
Default Re: Verify the quote before renewing your car's insurance!

I got various different quotes:

Honda Assure : IDV for Rs. 583100, Insurance Premium 17558
Add on for ZERO deprecation claims: 6111 (Total-23669) This is almost close to a new car

ICICI:
Agency "A'
IDV for Rs. 583100: Premium Rs: 13757

Agency "B"
IDV for Rs. 750000: Premium Rs16045

Bharti AXA:
IDV 583100 : Premium Rs 12701

Last edited by Tommie : 1st July 2011 at 13:01.
Tommie is offline   Reply With Quote
Old 1st July 2011, 13:20   #11
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,039
Thanked: 2,075 Times
Question Re: Insurance Renewal cheating

Quote:
Originally Posted by esteem_lover View Post
You could even take a quote from a different insurance company, get hold of an agent, he is the one that will get you the maximum discount.
Is it true that an agent can get you maximum discount, I always found the online quotes to be cheaper by atleast 1K or more than an agent quote.
ghodlur is offline   Reply With Quote
Old 1st July 2011, 14:12   #12
Senior - BHPian
 
mayankjha1806's Avatar
 
Join Date: Jan 2011
Location: BLR/Gurgaon
Posts: 2,133
Thanked: 820 Times
Default Re: Verify the quote before renewing your car's insurance!

Whenever i get a mailer from my insurance company to renew my car insurance i have found it to be higher then when they actually call me and talk to me. Once on the phone call ask questions like why is it so high or even i will check with some other insurance companies and get back etc etc is enough to for them to come down by at least 10% and sometimes more.
mayankjha1806 is offline   Reply With Quote
Old 1st July 2011, 14:48   #13
GTO
Team-BHP Support
 
GTO's Avatar
 
Join Date: Feb 2004
Location: Bombay
Posts: 47,705
Thanked: 89,154 Times
Default Re: Verify the quote before renewing your car's insurance!

Thanks for the very useful tip! You'll be surprised to know that a majority of the insurance-renewing folk never bother to shop around and simply go with whatever their insurer quotes them.

Always, always pit one insurer against the other. That's the best way to get your premiums tumbling down.
GTO is offline   Reply With Quote
Old 1st July 2011, 14:48   #14
Senior - BHPian
 
Join Date: Oct 2009
Location: BANG-A-LURE.
Posts: 1,111
Thanked: 3,463 Times
Default Re: Insurance Renewal cheating

Quote:
Originally Posted by ghodlur View Post
Is it true that an agent can get you maximum discount, I always found the online quotes to be cheaper by atleast 1K or more than an agent quote.
Simple Funda.

The agent gets 10-15% commission on the premium received.The commission of the agent is ruled out once you buy it online.

Same is the case with air ticket;if you book the ticket through the travel agent, it is costlier by 250-300rs + applicable service charge.
SILVERWOOD is offline   (1) Thanks Reply With Quote
Old 2nd July 2011, 09:49   #15
BHPian
 
Equus's Avatar
 
Join Date: Sep 2006
Location: Bangalore
Posts: 872
Thanked: 158 Times
Default Re: Verify the quote before renewing your car's insurance!

Very true - I experienced it myself.
The company lease on my car ended last year and I had it transferred to my name.
The insurance renewal gave me a quote which was actually more than the last year's premium. I called them up and demanded clarity. They just casually mentioned, "oh you transferred the vehicle and thats why". I was stunned - how could it be so much more. I told I am shopping for insurance elsewhere..

Guess what? They said they had forgotten the 35% NCB and my insurance came down significantly.

Learning - (especially) If you havent made any claims, then you can nego!!
Equus is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
ICICI Lombard: Send photo of your current policy, get quote for insurance renewal ghodlur Indian Car Loans & Insurance 2 5th August 2015 10:08
Scam alert: Cops overstating penalty. Verify traffic fines before actually paying them! akshladha Street Experiences 26 30th May 2015 08:44
Your favorite QUOTE(S) Surprise Shifting gears 104 30th June 2010 13:40
Advice Needed: Renewing Insurance of Viva CRDI mobike008 Indian Car Loans & Insurance 11 27th September 2007 18:26


All times are GMT +5.5. The time now is 17:59.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks