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


Reply
 
Thread Tools Search this Thread
Old 15th September 2012, 15:54   #16
BHPian
 
Join Date: Mar 2009
Location: New Delhi
Posts: 209
Thanked: 82 Times
Default Re: Cholamandalam-MS refuses to offer insurance to 5+ year old cars from North India

Well I guess lesson learnt here is to not expect any loyalty from insurance companies. It hit me like a tonne of bricks and I was completely blindsided when this happened. Incredibly though, I floated my insurance query out and have been bombarded by all the other companies with all kinds of offers. Well guess what, I'm going to squeeze out every bit from them before I make a decision.
duke is offline   Reply With Quote
Old 15th September 2012, 16:06   #17
Senior - BHPian
 
Join Date: Apr 2007
Location: Pune
Posts: 2,453
Thanked: 955 Times
Default Re: Cholamandalam-MS refuses to offer insurance to 5+ year old cars from North India

Actually, Chola may have told you the truth.
They insured your car for last 5 years because they thought that it was worth the business (and within their risk management capability). Of course, as you had no claim, you wouldn't know how ethical Chola really were in case a claim would be due. But again, as you had no claim whatsoever, their decision is certainly not based on your personal records so it's not biased on unfair - technically. This may be their business policy in general and if it's not against any IRDA regulation, they can't be blamed!

Shocking, of course, it is and certainly leaves an old and loyal customer with bad taste.
may be they want to exit the general isurance business or reduce the footprint to become profitable, who knows?

last year in May, when it was time to renew my insurance, my Tucson was 6 years old and Bharti AXA were not much interested in renewing my policy. Like you, I pursued them to offer me a quote and they quoted sky-high!!! So I went to Bajaj. Conspiracy theory was that they were selling their insurance business to Reliance (which has not actually happened yet I think).
anandpadhye is offline   Reply With Quote
Old 15th September 2012, 17:27   #18
BHPian
 
Join Date: Mar 2009
Location: New Delhi
Posts: 209
Thanked: 82 Times
Default Re: Cholamandalam-MS refuses to offer insurance to 5+ year old cars from North India

Here's the funny part, I get an email from Chola-MS offering to insure my car in response to an enquiry i posted on a popular insurance website!!!! I'm not sure if it is an automated response or not, but it has a properly generated quote against the details of the car that I gave. Ugh!

Last edited by GTO : 15th September 2012 at 18:11. Reason: If you indirectly abuse again, your account will receive severe Mod action
duke is offline   (1) Thanks Reply With Quote
Old 15th September 2012, 17:41   #19
BHPian
 
Daewood's Avatar
 
Join Date: Dec 2009
Location: Chennai
Posts: 943
Thanked: 223 Times
Default Re: Cholamandalam-MS refuses to offer insurance to 5+ year old cars from North India

Quote:
Originally Posted by duke View Post
this company has taken my insurance premium for the past 5 years (I have a No Claim in the 5yr period)
Quote:
Originally Posted by ethanhunt123 View Post
but i dont see why their behaviour is illegal. Just like you have a option to choose Chola as your insurance provider, they also have a option to choose you as their customer.
If he is a taking a policy from them for the first time maybe they have a reason, but it's not the same here. He has been their customer for 5 years without any claims. If it is their policy not to insure cars older than 5 years, they should have stated that explicitly in the terms and conditions, when he took the policy for the first time, like how some medical insurance providers say, they won't allow policy renewal after xx age. I think the OP has to contact the insurance ombudsman and register a complaint.
When an autorickshaw driver can be fined for not plying a customer, why can't motor insurers be fined for denying a policy to genuine customer.

Last edited by Daewood : 15th September 2012 at 17:45.
Daewood is offline   (1) Thanks Reply With Quote
Old 15th September 2012, 17:48   #20
BHPian
 
Join Date: Apr 2007
Location: Bangalore
Posts: 289
Thanked: 95 Times
Default Re: Cholamandalam-MS refuses to offer insurance to 5+ year old cars from North India

Quote:
Originally Posted by duke View Post
Here's the funny part, I get an email from Chola-MS offering to insure my car in response to an enquiry i posted on a popular insurance website!!!! I'm not sure if it is an automated response or not, but it has a properly generated quote against the details of the car that I gave. Ugh!
We'll thats how businesses work. You get Chola agents to work hard to get you a quote and drop them off at the last minute quoting you got a better deal. That will give you catharsis.
No financial transaction should ever be done out of faith. Be a bean counter and do the practical things.

Last edited by GTO : 15th September 2012 at 18:12. Reason: Quoted post edited
zoombiee is offline   (1) Thanks Reply With Quote
Old 15th September 2012, 17:58   #21
BHPian
 
ethanhunt123's Avatar
 
Join Date: Aug 2006
Location: Bangalore
Posts: 868
Thanked: 239 Times
Default

Quote:
Originally Posted by Daewood
If he is a taking a policy from them for the first time maybe they have a reason, but it's not the same here. He has been their customer for 5 years without any claims. If it is their policy not to insure cars older than 5 years, they should have stated that explicitly in the terms and conditions, when he took the policy for the first time, like how some medical insurance providers say, they won't allow policy renewal after xx age. I think the OP has to contact the insurance ombudsman and register a complaint.
When an autorickshaw driver can be fined for not plying a customer, why can't motor insurers be fined for denying a policy to genuine customer.
Because Autorockshaw license has that stipulation. I don't think there is any such rule for insurance companies.
ethanhunt123 is offline   Reply With Quote
Old 15th September 2012, 18:10   #22
BHPian
 
Join Date: Mar 2009
Location: New Delhi
Posts: 209
Thanked: 82 Times
Default Re: Cholamandalam-MS refuses to offer insurance to 5+ year old cars from North India

Zoombie - Best advise ever.

So the guy calls from the Chola call center in Chennai and has taken all the details and has emailed me a revised quote. This for the same car that they've denied renewal of insurance for! I'm finding this whole thing really funny now. Does the left hand not talk to the right one?

BTW Royal Sundaram and Tata-AIG are both following up pretty aggressively with offers and freebies. Man what was I missing out on? All these years all I had was this overpriced, zero-service insurance company and here these guys are offering me free cab, pick up drop, cash if i'm out of town and stuff. WOW. I didn't know that the insurance business was this technicolor considering I've been watching this B&W movie for a while now.

I think I'm going to move away from BMW Insurance for the other car which will be a year old next month.
duke 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
Two Classics, One Car - 81 year old Packard and 101 year old owner karlosdeville Beyond Borders 5 29th August 2016 00:42
Rumour: Skoda India to offer 5 year standard warranty on its Cars anarchy_99 The Indian Car Scene 76 19th September 2013 14:54
My friend has got an offer in Dubai-Is it a good offer ? snaronikar Shifting gears 50 14th June 2010 16:27
96 year old sells 55 year old Italian Fiat for Nano !! emkay456 Shifting gears 14 11th May 2009 14:02
Bajaj Alianz Car Insurance offer: is it a good offer amya Indian Car Loans & Insurance 7 25th January 2008 12:08


All times are GMT +5.5. The time now is 19:00.

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