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Old 18th December 2008, 15:56   #46
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Originally Posted by amohit View Post
ICICI are not considered to be the best in motor insurance.
If you dont have a pressing reason, try getting some quotes from Bajaj allianz, Tata AIG, Royal sundram and Reliance. AFAIK these 4 insurance and numerous others are rated better than ICICI when it comes to claims.

Regards,
Insurance is something which is very much subjective issue. My views will differ from you a bit because I always had a problem in dealing with them. but still I never said it is a bad company or something.

Remember I always say that all the pvt. companies are good.
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Old 22nd April 2009, 14:27   #47
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Default Query on insurance renewal premium

I have Swift Vxi (Jun 2008) and my maruti insurance is up for renewal. I bought the car from Sagar Automobiles, Bangalore and got a call from them for the renewal.

The contact person said that if I renew before Apr 15th I will be getting a Rs1000 discount and my premium will be Rs8016, otherwise it will be Rs9060. On repeated confirmation, it was said that the discount is only for limited period.

I called up Mandovi Motors for double checking and they said that my premium will be Rs 8016 immatter of whenever I renew.

Yesterday I got a call again from Sagar for renew with the premium still being Rs8016 only. When I told them about the earlier incident they were answerless.

What could be the motive behind Sagar Automobiles in fooling me? Is it the agent commision that they get?

What other points that I should be aware off before taking up the renewal.
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Old 22nd April 2009, 22:11   #48
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What could be the motive behind Sagar Automobiles in fooling me? Is it the agent commision that they get?
What other points that I should be aware off before taking up the renewal.
Auto insurance is very competitive and Sagar is probably just trying to make sure that you renew with them. The commission is probably a factor too. Dont get swayed by these so called schemes. Shop around. Try policybazaar dot com. They give you comparative quotes. Also remember that you can renew online with maruti insurance if you want to avoid the dealer route.
I have had a relatively good experience with iffco tokio and new india.
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Old 23rd April 2009, 09:14   #49
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Originally Posted by rajakumar View Post
I have Swift Vxi (Jun 2008) and my maruti insurance is up for renewal. I bought the car from Sagar Automobiles, Bangalore and got a call from them for the renewal.

The contact person said that if I renew before Apr 15th I will be getting a Rs1000 discount and my premium will be Rs8016, otherwise it will be Rs9060. On repeated confirmation, it was said that the discount is only for limited period.

I called up Mandovi Motors for double checking and they said that my premium will be Rs 8016 immatter of whenever I renew.

Yesterday I got a call again from Sagar for renew with the premium still being Rs8016 only. When I told them about the earlier incident they were answerless.

What could be the motive behind Sagar Automobiles in fooling me? Is it the agent commision that they get?

What other points that I should be aware off before taking up the renewal.
Make it a point that you have quote in your hand before renewing the policy.

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Originally Posted by Roy.S View Post
Auto insurance is very competitive and Sagar is probably just trying to make sure that you renew with them. The commission is probably a factor too. Dont get swayed by these so called schemes. Shop around. Try policybazaar dot com. They give you comparative quotes. Also remember that you can renew online with maruti insurance if you want to avoid the dealer route.
I have had a relatively good experience with iffco tokio and new india.
Sirji this policybazar is just a good tool to search the different quotes and nothing else. Service wise they are not very good let me tell you that. They also go for that insurance company where they get the maximum income.

I will advice never to go for direct insurance always have some intermediary in the business if you are not very good in insurance.
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Old 23rd April 2009, 15:47   #50
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Sirji this policybazar is just a good tool to search the different quotes and nothing else. Service wise they are not very good let me tell you that. They also go for that insurance company where they get the maximum income.
I too have suggested getting only comparative quotes from their website. Would be a sheer waste of time to call every insurance co for a quote when you can get them all in a few clicks. I have never actually renewed through them but the person who called me seemed quite helpful.
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Old 27th April 2009, 10:52   #51
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Make it a point that you have quote in your hand before renewing the policy.
I will make it a point to have a quote before renewing the policy. Thanks a lot rjvora_2000 and Roy
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Old 27th April 2009, 17:22   #52
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I too have suggested getting only comparative quotes from their website. Would be a sheer waste of time to call every insurance co for a quote when you can get them all in a few clicks. I have never actually renewed through them but the person who called me seemed quite helpful.
Dear Roy,

Do you know that there quotes are also not 100% right. There are some coverages which insurance companies offer and there website says that it is not covered.

All in all bad website.
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Old 15th May 2009, 16:43   #53
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@rjvora :

Thats interesting...
Not having accurate quotes and not having some covergaes are 2 diffferent things.. btw, which coverages do not appear, please let know this will help layman like me a lot...

The website (Buy Online Insurance, India Car Insurance, Mediclaim & Health Insurance, Life Insurance Policies: Policybazaar) looks more like yatra or makemytrip, just that instead of travel it is insurance.
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Old 16th May 2009, 14:22   #54
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It is always better to check with the company / agent before deciding on the renewal. Also check the coverages offered before issuing the cheque.

When we insist on some discount, the agents generally provides Voluntary Excess option to provide the discount which results in some deduction at the time of claims which will be hard to bear.

There are certain must have covers like Personal Accident cover to the occupants which costs only Rs.100/- for Rs.2 lacs of cover which are generally not informed by the agents as they do not get commission on this.

Tata AIG has introduced certain good add on covers which is worth checking before renewing your policy.
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Old 18th May 2009, 11:10   #55
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There are certain must have covers like Personal Accident cover to the occupants which costs only Rs.100/- for Rs.2 lacs of cover which are generally not informed by the agents as they do not get commission on this.
Exactly, when I recently renewed my insurance, the agent offered me additional personal coverage. With Rs 275/- I get 1 lac coverage for 5 persons. Another option is to scale down and pick up 1 lac coverage for driver/owner.
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Old 19th May 2009, 10:22   #56
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Originally Posted by dxconbhp View Post
@rjvora :

Thats interesting...
Not having accurate quotes and not having some covergaes are 2 diffferent things.. btw, which coverages do not appear, please let know this will help layman like me a lot...

The website (Buy Online Insurance, India Car Insurance, Mediclaim & Health Insurance, Life Insurance Policies: Policybazaar) looks more like yatra or makemytrip, just that instead of travel it is insurance.
Sirji you are asking too general question to me. I can answer any specific question.
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Old 13th June 2009, 18:34   #57
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Ok guys I have a query. Insurance on my 2005 Indica V2 DLS is coming up for renewal. My current insurer is Royal Sundaram who have stayed my insurer from day one.

Now I have two queries,
* Till last year the IDV on my car was 2.75 lacs (leaving the small change aside). However during the renewal last year they all of sudden reduced the IDV to 2.20 lacs. Now that is a pretty steep fall in a year. They had no convincing answer to it. Does this IDV for a 3 year old car looks ok to you (it started the 3rd year last year when the insurance was renewed)? I have a suspicion that with the change in the tarriff structures they have doctored their IDV lookup tables suitably to keep the premium look small to their clients.

* This year I was wondering whether to go with a different insurer. BA's site says the IDV for my car should be 2.14 lacs (much smaller fall). By the way, I got curious as the lady who called me and offered different insurers than RS wanted to know whether I have had any claims in the past and what is my NCB. This has set me thinking. What stops me from claiming a fictitous NCB? Is their a standard national database for cross checking things like past claims, accumulated NCB etc? I do not think a rival insurance co. will ever share such detail with their competitor who snatches away their business. So is it entirely the prospective customer's claim by which they go?


EDIT: some clarification on Point 2. Its sheer lunacy. Actually BA's site agrees to a claimed IDV of upto 236000 but while calculating the premium it just refuses to accept anything more than 1.79 lacs as the IDV for my 3 years old car (it will begin its 4th year next month)!!!

This is madness. What is the basis for such stupid calculations? At this rate within another 2 premium years they will drag down the IDV to less than a lakh. Whereas 5 year old Indicas in tip-top condition, like mine is, go for anything upto 2.4 lacs(for the ones in really good condition) here down south. How much can the prices vary elsewhere in the country? This calculation looks absolute stupid to me!

Last edited by Zappo : 13th June 2009 at 19:08.
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Old 15th June 2009, 09:34   #58
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Originally Posted by Zappo View Post
Ok guys I have a query. Insurance on my 2005 Indica V2 DLS is coming up for renewal. My current insurer is Royal Sundaram who have stayed my insurer from day one.

Now I have two queries,
* Till last year the IDV on my car was 2.75 lacs (leaving the small change aside). However during the renewal last year they all of sudden reduced the IDV to 2.20 lacs. Now that is a pretty steep fall in a year. They had no convincing answer to it. Does this IDV for a 3 year old car looks ok to you (it started the 3rd year last year when the insurance was renewed)? I have a suspicion that with the change in the tarriff structures they have doctored their IDV lookup tables suitably to keep the premium look small to their clients.

* This year I was wondering whether to go with a different insurer. BA's site says the IDV for my car should be 2.14 lacs (much smaller fall). By the way, I got curious as the lady who called me and offered different insurers than RS wanted to know whether I have had any claims in the past and what is my NCB. This has set me thinking. What stops me from claiming a fictitous NCB? Is their a standard national database for cross checking things like past claims, accumulated NCB etc? I do not think a rival insurance co. will ever share such detail with their competitor who snatches away their business. So is it entirely the prospective customer's claim by which they go?


EDIT: some clarification on Point 2. Its sheer lunacy. Actually BA's site agrees to a claimed IDV of upto 236000 but while calculating the premium it just refuses to accept anything more than 1.79 lacs as the IDV for my 3 years old car (it will begin its 4th year next month)!!!

This is madness. What is the basis for such stupid calculations? At this rate within another 2 premium years they will drag down the IDV to less than a lakh. Whereas 5 year old Indicas in tip-top condition, like mine is, go for anything upto 2.4 lacs(for the ones in really good condition) here down south. How much can the prices vary elsewhere in the country? This calculation looks absolute stupid to me!
1. Last year what was done was only one thing that is reduction of IDV for lower premium. - There is no other logic.

2. As off now there is no such data sharing done for NCB or for claims as well. Let me tell you that all companies are thinking on same grounds and on same lines to reduce the losses but till now nothing has been done till date.

(I think only Bajaj has this system where they have some minimum and maximum value of IDV system.)
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Old 15th June 2009, 14:48   #59
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Originally Posted by Zappo View Post
Ok guys I have a query. Insurance on my 2005 Indica V2 DLS is coming up for renewal. My current insurer is Royal Sundaram who have stayed my insurer from day one.

Now I have two queries,
* Till last year the IDV on my car was 2.75 lacs (leaving the small change aside). However during the renewal last year they all of sudden reduced the IDV to 2.20 lacs. Now that is a pretty steep fall in a year. They had no convincing answer to it. Does this IDV for a 3 year old car looks ok to you (it started the 3rd year last year when the insurance was renewed)? I have a suspicion that with the change in the tarriff structures they have doctored their IDV lookup tables suitably to keep the premium look small to their clients.
The IDV of the car goes down by 15-20% every year! Seems like they have offered you the least IDV to provide the cheapest quote.

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Originally Posted by Zappo View Post

* This year I was wondering whether to go with a different insurer. BA's site says the IDV for my car should be 2.14 lacs (much smaller fall). By the way, I got curious as the lady who called me and offered different insurers than RS wanted to know whether I have had any claims in the past and what is my NCB. This has set me thinking. What stops me from claiming a fictitous NCB? Is their a standard national database for cross checking things like past claims, accumulated NCB etc? I do not think a rival insurance co. will ever share such detail with their competitor who snatches away their business. So is it entirely the prospective customer's claim by which they go?
No their is no national database to check for fictitious NCB. But there is a law of Utmost Faithfulness. At the time of claim settlement, they will not settle a single penny of yours if they find any information which was incorrect when provided by you!

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Originally Posted by Zappo View Post
EDIT: some clarification on Point 2. Its sheer lunacy. Actually BA's site agrees to a claimed IDV of upto 236000 but while calculating the premium it just refuses to accept anything more than 1.79 lacs as the IDV for my 3 years old car (it will begin its 4th year next month)!!!

This is madness. What is the basis for such stupid calculations? At this rate within another 2 premium years they will drag down the IDV to less than a lakh. Whereas 5 year old Indicas in tip-top condition, like mine is, go for anything upto 2.4 lacs(for the ones in really good condition) here down south. How much can the prices vary elsewhere in the country? This calculation looks absolute stupid to me!
These IDVs are not to be confused with resale value of your car. Once your car has completed 5 years, the agent will come and physically asses the car to check the IDV. And the IDV will be reduced further (much more than 20% of the previous IDV). Many a times he will suggest you to go with only TP (which is mandatory by law).
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Old 15th June 2009, 16:10   #60
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These IDVs are not to be confused with resale value of your car. Once your car has completed 5 years, the agent will come and physically asses the car to check the IDV. And the IDV will be reduced further (much more than 20% of the previous IDV). Many a times he will suggest you to go with only TP (which is mandatory by law).
I think there is no such law which says this thing that, the vehicle has to be checked by insurance company after 5 year's or so. your IDV has to be the resale value of your car and not more then that or not less then that also.

That's reason why it is called Insured Declared Value and not the Insurance Company Declared Value or the Surveyor Declared Value or Agent Declared Value.

Only T.P. is suggested to take only after 10 year's age car's.
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