[vina]

In fact I would say not just at the time of renewal - at the time of buying the car itself you must check the premium.

Doing so is very easy (just go online, get a quote, and if not satisfied with what you did yourself call the call-center) and not doing so leaves ample scope for getting screwed (I did two months ago, to the tune of roughly 7k on a premium that should have been roughly 13k).

[esteem_lover]

Originally Posted by SILVERWOOD

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.

The dealers and brokers get anywhere between 25 to 50% as commissions. IRDA has put a cap on % of commissions, but these insurance companies find other means to pay them. It is a rotten industry.

Originally Posted by vina

In fact I would say not just at the time of renewal - at the time of buying the car itself you must check the premium.

Yes, very important, you do not have to go with the Ins companies the dealer is pointing to, you get quotes from others too. Try to stick to the nationalised ones.

[SILVERWOOD]

Originally Posted by esteem_lover

The dealers and brokers get anywhere between 25 to 50% as commissions.

Must be the case with private players.

I am sure the state owned companies pay 10-15% as commissions for full insurance.For third party insurance, it is much lesser.

[amitmk]

I was looking around to renew my car insurance.

Online I found that they ask for how many yrs has insurance not been claimed to determine NCB that is applicable. My Q is how will they verify whether what I say is true or not. I can probably buy the insurance policy of a company I have not dealt with before & select no claims made since purchase despite having made a claim in the past year (on a different company) and get an NCB of upto 50% and hence save on premium.

Is this a loophole or will there be problems later if I genuinely make a claim.

[KPS]

Originally Posted by amitmk

My Q is how will they verify whether what I say is true or not. I can probably buy the insurance policy of a company I have not dealt with before & select no claims made since purchase despite having made a claim in the past year (on a different company) and get an NCB of upto 50% and hence save on premium.

Normally the Insurance companies have a method of cross verifying with the previous insurer for NCB. Mostly they insist on the renewal notice from the existing insurer. Subsequently, if they find that you have misrepresented, they will load your premium/cancel the cover.

If you have no NCB please do not misrepresent. Already the motor pool is loss making and this will eventually result in increase of premium for every one. You may temporarily save a little money, but it will cost every one else in the long run