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View Poll Results: Which one is your favourite?
Acko General Insurance Limited 39 12.75%
Bajaj Allianz General Insurance Company 30 9.80%
Bharti AXA General Insurance Company 5 1.63%
Cholamandalam MS General Insurance Company 1 0.33%
DHFL General Insurance 0 0%
Digit General Insurance 19 6.21%
Edelweiss General Insurance 1 0.33%
Future Generali India Insurance 2 0.65%
HDFC Ergo General Insurance Company 39 12.75%
ICICI Lombard General Insurance Company 27 8.82%
IFFCO Tokio General Insurance Company 13 4.25%
Kotak Car Insurance 1 0.33%
L&T General Insurance Company 0 0%
Liberty General Insurance 0 0%
Magma HDI General Insurance 0 0%
National Insurance Company 11 3.59%
Navi General Insurance Ltd. (COCO) 0 0%
New India Assurance Company 31 10.13%
Oriental Insurance Company 5 1.63%
Raheja QBE General Insurance Co. Ltd. 0 0%
Reliance General Insurance Company 5 1.63%
Royal Sundaram General Insurance Company 24 7.84%
SBI General Insurance 1 0.33%
Shriram General Insurance 0 0%
Tata AIG General Insurance Company 23 7.52%
United India Insurance Company 17 5.56%
Universal Sompo Insurance 1 0.33%
Other (please specify in your post) 11 3.59%
Voters: 306. You may not vote on this poll

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Old 10th August 2021, 09:42   #61
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Re: The 2020 thread: Your preferred car insurance company & why

Quote:
Originally Posted by CrAzY dRiVeR View Post
Voted for Oriental Insurance.


Only main criteria I have - No ICICI Lombard.
A big no to ICICI Lombard & Bajaj Allianz

till date had a good experience with Royal Sundram & this year going with HDFC Ergo for my car.
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Old 25th August 2021, 12:11   #62
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Re: The 2020 thread: Your preferred car insurance company & why

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Originally Posted by any23 View Post
I think enough is enough, needs advice from experts-

Service provider - ICICI Lombard motor insurance
Previous Policy with - ICICIC Lombard motor insurance
Policy expired - 21July 2021
Policy Renewed - 29July 2021
No resolution till date.

I paid online renewal premium for sister's car as per the details mentioned above. The payment process completed without any issue, but no policy number generated or no policy copy shared. Just after successful payment contacted customer care, they told me to wait till 2nd August for a assured resolution. Till 2nd august there was a pin drop silence and when i called the customer care they told me break-in is pending. Okay i told them to send their agent to my address for physical inspection, next day nobody visited my place and when i called customer care they said system is showing break-in complete and again i was asked to wait till 5th-August and i will get my policy copy. Here come 5th August and no communication from the company, when i dialed the customer care, again they were confused about the break-in, i asked them i am not interested in online survey and they can send their agent to my address for the same. Next day again when i called the customer care they said system is showing break-in complete and their team is working on the issue to issue policy copy and i was asked to wait till 10th August. Today when i called the customer care they said server is down.

During whole process i kept on asking them to refund my amount i will get the policy from my dealer who is ready with a pre-approved policy for my lapsed policy. 29thJuly morning i paid the premium online, same day afternoon the dealer informed me that my policy is approved and i can make the payment, whenever i asked ICICI Lombard team for a refund they gave me reason that i must provide alternate policy number for refund, as far as my knowledge is concerned TP policy(which is active till July2022 in my case) is what is compulsory not OD policy.


Now i am stuck here in a never ending process and i am thinking to escalate the issue as this seems to be a modus operandi of these fraudsters, same issue was faced by my relative when he renewed his lapsed policy(Bajaj allainz), the payment was taken upfront, and even after doing online survey etc after months of follow ups the policy was not issued to him. He warned me that not to go online route as the policy is expired but my bad i didn't took him seriously and now facing lot of trouble.

If anyone can help what to do to get the policy or if possible refund(i will prefer a refund) as i don't trust ICICI Lombard anymore.
Can anyone help in this regard, since we were unable to get the policy copy, we purchased policy from dealer itself who got a pre-approval of insurance and the policy was issued immediately.

The ICICI customer team kept me insisting to provide OD policy copy to accept cancellation/refund request, now as the same is provided to them still no resolution. Now the customer service team has gone irresponsive, my call is being put on hold and it gets cut automatically after 30-40 minutes.

I am really fed-up and there seems to be a dead end as i am unable to contact customer service. Guys need help, i am planning to raise a com plaint in consumer forum.
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Old 25th August 2021, 14:23   #63
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Re: The 2020 thread: Your preferred car insurance company & why

Well, from my recent claim experience less than 2 weeks ago, I can say which insurance NOT to go for - That is Future Generali. The most hopeless and trouble some insurer I have thus encountered. Fortunately our cars don't get into too many accidents & so we don't have to claim most of the times. However, last month our Innova was hit by an errant Ola driver, who in-turn was trying to save a road romeo biker near the slums of P D'Mello road at the entrance of freeway.

Long story short, Future Generali made my life living hell to get the claim cleared. The surveyor wields too much power & lies through the nose. Hopeless isn't the word to describe FG. It was only due to fellow member & friend, F-50 that the claims were cleared. Even then, for him as well it was a headache.

We have been using FG for about 10yrs now over multiple cars & have made only 1 claim 5yrs ago, this current being the 2nd. When I recall, last time as well, FG had given me heartache. So going ahead, I have decided, I will pay 2-3k more to other company but won't take FG insurance. Totally disgusting & lax attitude, coupled with incompetence at Madhuban Toyota's Body & Paint department. My car was there for 16 days for a job that should have taken no more than 10 days...that also being quite generous!
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Old 29th August 2021, 12:26   #64
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Re: The 2020 thread: Your preferred car insurance company & why

Quote:
Originally Posted by any23 View Post
Can anyone help in this regard, since we were unable to get the policy copy, we purchased policy from dealer itself who got a pre-approval of insurance and the policy was issued immediately.

The ICICI customer team kept me insisting to provide OD policy copy to accept cancellation/refund request, now as the same is provided to them still no resolution. Now the customer service team has gone irresponsive, my call is being put on hold and it gets cut automatically after 30-40 minutes.

I am really fed-up and there seems to be a dead end as i am unable to contact customer service. Guys need help, i am planning to raise a com plaint in consumer forum.
Document every interaction with them.
If over phone, then note down time/date/commitment made.

1) Try contacting ICICI Lom on twitter.

2) Try logging into their website to chk if the system has generated a policy?
https://www.icicilombard.com/

3) Follow Escalation matrix - https://www.icicilombard.com/grievance-redressal

4) If not, Contact ICICI Lom's GRO
vasundhara.bhonsle@icicilombard.com
gro@icicilombard.com
Source - http://www.cioins.co.in/GRONonLife.html

5) Almost last option - http://www.cioins.co.in/ombudsman.html
Contact insurance ombudsman. This has an effect.
I had purchased Royal Sundaram long back (2017), and the agent had put wrong details, but asked me to "adjust", and refused to issue updated policy.
I emailed the ombudsman, and within one week I got a call from the agent, who then sent me a revised/corrected policy document.

6) Last resort (Pull the Rip cord) - Visit Chilkur Balaji. If u are new to Hyd, u may not get the joke. Talk to any local engineering student to receive an elaborate explanation!
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Old 30th August 2021, 13:59   #65
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Re: The 2020 thread: Your preferred car insurance company & why

Quote:
Originally Posted by som9729 View Post
Document every interaction with them.
If over phone, then note down time/date/commitment made.

1) Try contacting ICICI Lom on twitter.

2) Try logging into their website to chk if the system has generated a policy?
https://www.icicilombard.com/

3) Follow Escalation matrix - https://www.icicilombard.com/grievance-redressal

4) If not, Contact ICICI Lom's GRO
vasundhara.bhonsle@icicilombard.com
gro@icicilombard.com
Source - http://www.cioins.co.in/GRONonLife.html

5) Almost last option - http://www.cioins.co.in/ombudsman.html
Contact insurance ombudsman. This has an effect.
I had purchased Royal Sundaram long back (2017), and the agent had put wrong details, but asked me to "adjust", and refused to issue updated policy.
I emailed the ombudsman, and within one week I got a call from the agent, who then sent me a revised/corrected policy document.

6) Last resort (Pull the Rip cord) - Visit Chilkur Balaji. If u are new to Hyd, u may not get the joke. Talk to any local engineering student to receive an elaborate explanation!
I have tried every possible way to contact ICICI Lombard - Facebook, twitter, Gmail, call, chat, followed the escalation matrix too. But the fact is now body responds to mails & calls, it just says you are waiting and call gets disconnected automatically after 10-15mins.
Will try my luck by sending mail to above shared email addresses, I have raised a complaint in "insurance ombudsman" too.

After this recent experience I am in no way going to make online payments to buy a motor insurance, it is always better to have a touch point when in need. You can imagine how helpless I am when the customer care has simply ignoring calls or kept my number on blacklist.
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Old 30th August 2021, 14:30   #66
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Re: The 2020 thread: Your preferred car insurance company & why

Quote:
Originally Posted by any23 View Post
I have tried every possible way to contact ICICI Lombard - Facebook, twitter, Gmail, call, chat, followed the escalation matrix too. But the fact is now body responds to mails & calls, it just says you are waiting and call gets disconnected automatically after 10-15mins.
Will try my luck by sending mail to above shared email addresses, I have raised a complaint in "insurance ombudsman" too.

After this recent experience I am in no way going to make online payments to buy a motor insurance, it is always better to have a touch point when in need. You can imagine how helpless I am when the customer care has simply ignoring calls or kept my number on blacklist.
Your experience is indeed unfortunate, but its not universal.
I've been buying car insurance online for 2 cars for the last 4-5 years, and its always been hassle free.

Infact, I stopped going to agents after my agent (ROyal sundaram) didn't put the right addons & refused to help me out after policy issual.

Yours is more of a company centric issue.

I've purchased both online: Digit insurance, Royal Sundaram (after talking to someone at their call center, as some addons are only available that way.)

To ask the obvious, have u again checked if there's any update on their website? on car no basis?

One last thing is to visit one of their big local branches & see if a Lombard guy is sitting there. Just tell them u need help with this. Maybe the branch guy might've better access?


Can't think of much more to do beyond this.

Note - I've heard the same about bajaj allianz, and avoid it.
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Old 30th August 2021, 15:23   #67
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Re: The 2020 thread: Your preferred car insurance company & why

Quote:
Originally Posted by som9729 View Post
Your experience is indeed unfortunate, but its not universal.
I've been buying car insurance online for 2 cars for the last 4-5 years, and its always been hassle free.
Similar incidence happened with my relative few years back when Bajaj Allianz made him pay for his mistake to pay renewal premium online for his lapsed policy.
I do believe that this is not universal as I buy my policies online, but such an experience where customer care put you on blacklist is unexplainable. Nevertheless my car policy is due next month and I might renew my policy online only
Quote:
Originally Posted by som9729 View Post

To ask the obvious, have u again checked if there's any update on their website? on car no basis?

One last thing is to visit one of their big local branches & see if a Lombard guy is sitting there. Just tell them u need help with this. Maybe the branch guy might've better access?


Can't think of much more to do beyond this.

Note - I've heard the same about bajaj allianz, and avoid it.
Yes I am checking the status on regular basis still no policy update, in fact i asked my sister to buy policy from the dealer which she did, and now the point is to get the refund of amount which I paid online. Yes I am planning to visit the office in a day or two to get this matter resolved.

thank you for your suggestions i have mailed my case to the mail addresses shared by you and have received a acknowledgement reply from vasundhara.bhonsle@icicilombard.com
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Old 27th September 2021, 22:35   #68
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Re: The 2020 thread: Your preferred car insurance company & why

An update here. Bharti AXA General Insurance is now part of ICICI Lombard General Insurance.

There goes one more option from the market.

Link

Given there are quite a few reviews which are not in favor for ICICI Lombard i believe it is loss for customer to have lesser proven choices.

I haven't read this consolidation in news.
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Old 6th November 2021, 21:47   #69
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Re: The 2020 thread: Your preferred car insurance company & why

How do insurers compare by the % of claims they settle and the % of claims they reject

I am in the market for a new car, and while I want a cheap insurance, I still want an insurer who likely would pay a genuine claim without too much hassle.

Fortunately for us, IRDAI, the regulatory authority publishes actual data for all insurers. How many claims they paid/settled (settlement ratio), how many they rejected (reject ratio) and how quickly they pay the claims (settlement speed).

Taking all that data from the IRDAI report, I have compiled the below materials for the benefit for all of us. My apologies, but all of these are viewed best on a desktop screen, or even a tablet. Though you could always zoom in on a smartphone, there are too many insurers to compare easily on a small screen.

If you are in a hurry and don't have the patience to go through the resources, here is a quick summary of what IRDAI data suggests.

All of the insurers in the groups below are ordered by first letter. treat all insurers in a given group as similar

Top quality insurers:
  • Bajaj Allianz
  • HDFC Ergo
  • Oriental
  • Royal Sundaram
  • SBI General
Slightly Good insurers:
  • Edelweiss
  • Iffco Tokio
  • National
  • New India
  • Tata AIG
Average insurers
  • Future Generali
  • Go Digit
  • ICICI Lombard
  • Liberty
Below average insurers
  • Acko
  • Cholamandalam MS
  • Magma HDI
  • Reliance
Absolutely avoid
  • Kotak Mahindra
  • Shriram General
  • United India
List of resources for your use:

1. A simple image/infographic that compares insurers based on settlement ratio and claim ratio (picture attached below).

2. The same infographic in a slightly more interactive dashboard. you can hover your mouse on the icons to see actual numbers
Insurance Simple Infographic

3. A more advanced infographic with an example of Mahindra XUV 300. You can see how the low priced insurers also happen to be the ones that pay less % of claims
Insurance Advanced Infographic


source:
IRDAI 2019-20 report


The 2020 thread: Your preferred car insurance company & why-dashboard-simple_edited.png


If you found this helpful, please let me know so that I know this wasn't a wasted effort. If you feel these materials could be improved by making them either simpler or cleaner, your feedback is welcome.
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Old 18th December 2021, 17:19   #70
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Re: The 2020 thread: Your preferred car insurance company & why

My 2020 Duster Turbo CVT is up for insurance renewal. Renault insurance desk says NRFSI (Nissan Renault Financial Services) official insurance providers are ICICI, Reliance and Cholamandalam. I want to stick to these three given that repairs (if in case of mishap) are smooth.

I'm looking at below add-ons,

1) Zero-Depreciation
2) Engine Protect
3) RTI
4) RIM protection (Bangalore roads mandate this)
5) Tyre Protection (17inch are pretty costly)
6) RSA - (Does it make sense in India when OEM RSA itself is a joke)
7) Daily allowance (During repair I need a backup car which no ASC offers - Hope this helps with such situations
8) NCB protect (I'm said this is only applicable if incase of Windshield replacement only. NCB is not protected for any other claim - it's not NCB protect anymore !!! )

From the thread forum members don't have experience with Reliance & Cholamandalam. Hence have to go with ICICI Lombard without any choice.

Could someone please advice whether these add-ons are processed and honoured by ICICI Lombard ? Thanks in advance.

PS - a simple insurance renewal quote I'm just having a tough time with Renault folks. Wondering how future will be !
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Old 23rd December 2021, 09:18   #71
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Re: The 2020 thread: Your preferred car insurance company & why

Quote:
Originally Posted by Ritz2010 View Post
I want to stick to these three given that repairs (if in case of mishap) are smooth.
This is a misconception that dealers claim to push buyers to pay 2x for insurance. My Mahindra dealer (as well as Tata) quoted me 45-54k for insurance on the XUV. Regular market was 18-28k (28k was for the good players with high settlement ratios and most options that you listed above)

When they pitched that insurance price, I told them that I am getting insurance outside to which the sales rep and the dealer finance guy, both claimed that repairs are smoother if purchased through the dealer. When I asked them how - they had no answer.

My cousin works as a Sales Manager for Bajaj Allianz Insurance. From what he has told me, insurance companies make their majority of General insurance sales through auto dealers. Because of the volume, they do have influence over getting preferential treatment. But no dealer would use that influence to help you as a customer in getting your vehicle repair claims. We will be dealing directly with the Insurance company assessor (person who surveys your vehicle after an accident to assess cost of repairs/claim).

In addition to that, vehicles repaired at your dealer's garage are more expensive than an authorized repair center. The insurance companies don't pay for glass, rubber and other consumables. In case of insurance add-ons that claim full coverage, read the fine prints first. maybe someone from the forum can talk about actual expenses, if any, despite add-ons.

Ask your dealer as to how exactly taking the insurance through him will help with your repairs, and you can get further clarity. But even if they do, paying additional 28k per year (1L+ over 5 years) doesn't justify any extra repair help that the dealer can provide.
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Old 4th January 2022, 12:53   #72
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Re: The 2020 thread: Your preferred car insurance company & why

Quote:
Originally Posted by asitmonty View Post
[b]

If you found this helpful, please let me know so that I know this wasn't a wasted effort. If you feel these materials could be improved by making them either simpler or cleaner, your feedback is welcome.
Very interesting infographic. Great effort & thanks for sharing the same.

Although a lot of the insurance jargon we deal with on an annual basis, it still takes a bit every year to refresh one's memory and fully understands the terms and conditions to these policies.
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Old 8th January 2022, 16:29   #73
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Re: The 2020 thread: Your preferred car insurance company & why

While this is a good thread to know of which specific provider, I also wonder what is the most preferred method to go about renewing insurance?

I find myself being constantly hounded every year a month in advance for renewal of my car insurance by various people all calling from mobile numbers claiming to be from xyz insurance companies but actually are just agents.

Then there's a follow up from the dealer side too to get my business.. but I always wonder why? Do they get a hefty cut out of the policy based on premium paid?

The issue with going through policybazaar and other aggregators is that they mandatorily want you to share your mobile number and then that's more of the same harassment where they will call you and hound you to know if you went through with the policy purchase from their site.

I'm utterly fed up of being harassed every year by nearly 30-40 different callers.

So how do you guys handle this??
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Old 19th January 2022, 11:40   #74
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Query regarding add-on coverage

I am in the process of renewing insurance for my X3 (2016 model registered in Jan/Feb 2017). The current policy is with Future Generali and I have been renewing this through Navnit Motors. For this year's renewal I am told that Engine protect, Zero Dep add-ons are not available since it is allowed only upto 5 yrs from mfg date. Isn't Engine protect a common add-on and also quite an importance coverage to have? What options do I have to get the Engine covered? One of my main worries as I use the car is of hydro-static lock especially given the state of monsoon/ roads in KA, TN, KL where I mostly drive.
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Old 19th January 2022, 13:32   #75
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Re: Query regarding add-on coverage

Quote:
Originally Posted by Mnjdnght View Post
The current policy is with Future Generali and I have been renewing this through Navnit Motors. For this year's renewal I am told that Engine protect, Zero Dep add-ons are not available since it is allowed only upto 5 yrs from mfg date.
That's not true. I have a 2014 BMW F10 520d and renewed it's insurance policy just a few months back. I was dead stuck on getting Engine Cover / Hydrostatic Lock. Looked up all insurer's websites only to find that no policy has engine cover available as an add on. Got a call from BMW Infinity some time later and they were able to get me a comprehensive policy with engine cover from ICICI Lombard. I was, and still am surprised as to why ICICI's own website didn't offer the said add on but I guess that's just how the insurance industry works.

Regarding zero dep, you can easily get it for a 5 year old car, I had received quotes from Infinity regarding zero dep as well but I wasn't too keen on getting it. There are many insurers offering zero depreciation for up to 10 years, Royal Sundaram being one of them. There's many cars here on the forum having a zero depreciation cover that are much older than yours, including GTO's 530d if I'm not wrong!
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