[ndp88]

Insurance is one of most corrupted sectors in India. The penalty imposed by IRDAI is like peanuts. The kind of benefits Insurance companies pass on to OEM, Dealer/Distributors is obscene. Exorbitant commission, incentives, foreign trips, I can go on. All this while customers suffer badly.

This needs structural changes in insurance & all allied industries. Everybody involved is dirty, everybody. These one-off fine/penalties are not going to change anything apart form some PR damage.

[VKumar]

I am the odd one out here, I have always got the best quote from my dealer itself. VW Gurugram is my dealer and I have been insuring not just mine; but multiple cars in my circle.

Other than Digit and some public sector insurers, no private player can beat their quote when it comes to the total cost with the mandatory additions for me, which are:
RSA
Zero Dep with consumables cover
Engine protect

So, I am always fine with the insurance form my dealer. I am fine paying a thousand or two extra if this results in a better claim process and hassle free service.

All I know is that my car goes (the guy comes with all papers) and returns back, no follow ups are done from my end, nothing. the body shop manager calls me up and tells me that car will be ready on so and so date latest - right on the day 1 itself.

Originally Posted by ndp88

Insurance is one of most corrupted sectors in India. The penalty imposed by IRDAI is like peanuts. The kind of benefits Insurance companies pass on to OEM, Dealer/Distributors is obscene. Exorbitant commission, incentives, foreign trips, I can go on. All this while customers suffer badly.

Man, at least in car insurance, we know what we are getting. Look at the kind of consumer-fooling (Mis-selling is the term) they do in life insurance business. As a car buyer, now you have bank guys coming behind you with multiple insurances from their end too. Recently while buying a car, the bank guy was like, "Sir, expensive car; please put something in this Life Insurance scheme too for the bank"! I simply asked if the bank is doing me a favor by making a DD from my own account, out of my own money; that I should buy something 'for the bank'?

I was shocked and surprised to discover that a customer was given an insurance policy on the name of FD too citing that its the FDof the private player.

Entire insurance industry IMO needs a overhaul now.