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Old 22nd February 2018, 18:18   #16
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Default Re: How good is Iffko Tokio?

Reviving an old thread.

Wondering if the situation has changed from what's been mentioned above.

Did a little check and found that Iffco Tokio is the only company to offer Nil Dep On cars that are more than 5 years old.

My queries:

1. Is Iffco still as bad as is made out in this thread or have they improved?

2. Does any other company provide Nil Dep post 5 years?

Thanks!
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Old 22nd February 2018, 18:41   #17
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Default Re: How good is Iffko Tokio?

Quote:
Originally Posted by AMG Power View Post
Reviving an old thread.

Wondering if the situation has changed from what's been mentioned above.

Did a little check and found that Iffco Tokio is the only company to offer Nil Dep On cars that are more than 5 years old.

My queries:

1. Is Iffco still as bad as is made out in this thread or have they improved?

2. Does any other company provide Nil Dep post 5 years?

Thanks!
My answer to #1 above-
The Incurred Claims Ratio (ICR) of Iffco-Tokio general insurance in 2015-16 was 79% and the same in 2016-17 was 84.37%.
However, please note that in 2016-17, their net earned premium was Rs.2300.56 crores, compared to Rs.2804.95 crores in 2015-16. That's nearly a dip of 18% in earned premiums in 1 year.

Taking their ICR and earned premium figures, I'd say that they're doing okay from a financial health perspective. There seems to be little reason for them to deny proper claims, since for every Rs.100 earned in premium in 2016-17, they only had to pay out Rs.84. There's more to payout if needed. Their YoY dip in annual premiums is rather odd though. They might have hardened their rates and lost potential customers and old customers; no amount of malfeasance by the company in paying out claims can realistically make so many customers avoid Iffco-Tokio in just 1 year!

Pardon me, but I can't spend more time digging into their records, but with more years data being analyzed, the numbers would tell quite a tale.

As far as #2 is concerned - I couldn't see any other insurer providing Zero dep policies for 5+ year old cars.

References:
* https://www.comparepolicy.com/blogs/...ratio-2015-16/
* https://www.bankbazaar.com/insurance...insurance.html
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Old 22nd February 2018, 19:26   #18
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Default Re: How good is Iffko Tokio?

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Originally Posted by locusjag View Post
My answer to #1 above-
The Incurred Claims Ratio (ICR) of Iffco-Tokio general insurance in 2015-16 was 79% and the same in 2016-17 was 84.37%...
On point 1 was looking more at service quality and responsiveness to customers from an actual user perspective given that this thread seems to have a lot of negative feedback on customer service quality. Was wondering if that has improved.

Quote:
Originally Posted by locusjag View Post
As far as #2 is concerned - I couldn't see any other insurer providing Zero dep policies for 5+ year old cars.

Last edited by AMG Power : 22nd February 2018 at 19:32.
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Old 22nd February 2018, 22:29   #19
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Default Re: How good is Iffko Tokio?

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Originally Posted by AMG Power View Post

2. Does any other company provide Nil Dep post 5 years?

Thanks!
Even I had to go with Iffco Tokyo for my 7 Yr old Cruze last year. Premiums were high, but I did not have an option. I enquired almost every company for Nil Dep policy and none provided that option for car older than 5 years. Hoping they provide Nil Dep this year too.

Oriental provides Nil Dep upto 7 years provided you have been renewing with them continuously from year 3.
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