[esteem_lover]

Originally Posted by mail4loys

I thought that Royal sundaram was moving out of business. This is a surprise to me !!!

This is not true. Did you make any claims during the preceding years ? Or were you shifting to 3rd party insurance ?

[nemo]

Originally Posted by rjvora_2000

But do you know that after online calculation also they bargain the rates of insurance premium.

Yes i do and infact that's what i did. The online tool gives an indicative rate from where you can use your negotiation skills to bring down the premium.

[ikoneer]

Originally Posted by sanchits

hi guys....i have a 2007 civic,currently its insured with reliance, but i am planning to renew the 2nd year insurance with royal sundaram. an agent from royal sundaram is giving a discount of 40% and then after the discount a no claim bonus of 20% which is standard after 1st yr and also offering "no depreciation on headlights/tailights". after all the reductions i would be paying approx 19k as premium for the 2nd yr insurance. do u think its a good deal? do they really give such discounts other than NCB.
please advice.

I recently renewed my NHC insurance with Royal Sundaram and i got about 30% discount in addition to the 20% NCB. In fact, when RS sent the renewal notice, they gave a little discount %, but then i was also approached by another direct sales agent guy for RS and he got me additional discounts and i saved about rs.1500 through this sales guy.

The offering on headlights/tailights are quite nice and worth considering as well. Also, i have availing RS for many years now and its' been hassle free so far, touch wood.

[rjvora_2000]

Originally Posted by ikoneer

I recently renewed my NHC insurance with Royal Sundaram and i got about 30% discount in addition to the 20% NCB. In fact, when RS sent the renewal notice, they gave a little discount %, but then i was also approached by another direct sales agent guy for RS and he got me additional discounts and i saved about rs.1500 through this sales guy.

The offering on headlights/tailights are quite nice and worth considering as well. Also, i have availing RS for many years now and its' been hassle free so far, touch wood.

Tell them that you are offered more discount from other company his person will also bargain the rates.

[rjvora_2000]

Originally Posted by nemo

Yes i do and infact that's what i did. The online tool gives an indicative rate from where you can use your negotiation skills to bring down the premium.

this is a good way of doing it...

[mail4loys]

Originally Posted by esteem_lover

This is not true. Did you make any claims during the preceding years ? Or were you shifting to 3rd party insurance ?

@E_L: I had made Rs15000/- claim the preceding year. Will that be a reason for them to turn down with an irresponsible statement?

[rjvora_2000]

Originally Posted by mail4loys

@E_L: I had made Rs15000/- claim the preceding year. Will that be a reason for them to turn down with an irresponsible statement?

I agree with you, claim of Rs. 15000/- is a very small amount for insurance company to not accept the renewal of a policy.

I have made a claim of Rs. 1,80,000/- with Cholamandalam and still they had accepted my insurance policy renewal. (This has happened 2 years before with my Optra)

And giving such a reason that insurance company is colsing down, is a nonsense behavior from insurance company employee. I will advice you to go to that branch again, and meet the branch manager and tell him this matter and ask the apology letter from him.

[mail4loys]

Originally Posted by rjvora_2000

I agree with you, claim of Rs. 15000/- is a very small amount for insurance company to not accept the renewal of a policy.

I have made a claim of Rs. 1,80,000/- with Cholamandalam and still they had accepted my insurance policy renewal. (This has happened 2 years before with my Optra)

And giving such a reason that insurance company is colsing down, is a nonsense behavior from insurance company employee. I will advice you to go to that branch again, and meet the branch manager and tell him this matter and ask the apology letter from him.

hmmm ... I belived his words that time. If i would have known about it that time, i would have met the branch manager. Anyway I have not lost anything here, though they have lost one customer ! right now my car is insured with ICICI and 3 month bach i have renewed it again (2nd time).

[esteem_lover]

Originally Posted by mail4loys

@E_L: I had made Rs15000/- claim the preceding year. Will that be a reason for them to turn down with an irresponsible statement?

Some of these small time private insurance companies make a risk assessment & try to avoid high risk policies, not that i am saying yours is a high risk policy, but they do not like making settlements.

[whitemm550]

Originally Posted by rjvora_2000

Tell them that you are offered more discount from other company his person will also bargain the rates.

well, freinds, this is a common practice with all private insurance co, because, they overcharge on basic own damage rates by approximately 30 to 35 %, you can check out the rates of public sector ins co like new india/ united india, for rates before finalising rates with private guys, anyways these private cos , always hesitate, to settle claims nowadays bcoz of the financial crunch

[rjvora_2000]

Originally Posted by whitemm550

well, freinds, this is a common practice with all private insurance co, because, they overcharge on basic own damage rates by approximately 30 to 35 %, you can check out the rates of public sector ins co like new india/ united india, for rates before finalising rates with private guys, anyways these private cos , always hesitate, to settle claims nowadays bcoz of the financial crunch

Now this is something new for me too “insurance companies overcharge” – till now I have never heard this that insurance company overcharging to motor policy holder.

I have seen the government insurance company’s rate chat and private insurance company’s rate chart. You will be happy to know that they both are same and don’t have any difference in the rates as such. This difference in premium has been started since last 3 year’s or so, till that period all the insurance company’s were charging the same rate, which was give by TAC (Tariff advisory committee of India)

Since last 3 years IRDA (Insurance Regulatory Development Authority of India) has decided that all the insurance company’s can charge the rates, which they want to charge. (Popularly known as OD discount, long term relationship discount or de-tariff discount) Since then there is a difference in the rates of premium in all the insurance company’s.

No private or the government companies have stop paying insurance claims to any of the insured for “financial crunch” this is not true please don’t give wrong information without the proof in writing. Indian insurance companies are not running in to losses.

Latest news:- Companies have been given the authority to change the minimum deduction % (or rate) (companies have to take the permeation from IRDA for this also.) This will be applicable from 1st of December 2008.

[rjvora_2000]

Originally Posted by rjvora_2000

Now this is something new for me too “insurance companies overcharge” – till now I have never heard this that insurance company overcharging to motor policy holder.

I have seen the government insurance company’s rate chat and private insurance company’s rate chart. You will be happy to know that they both are same and don’t have any difference in the rates as such. This difference in premium has been started since last 3 year’s or so, till that period all the insurance company’s were charging the same rate, which was give by TAC (Tariff advisory committee of India)

Since last 3 years IRDA (Insurance Regulatory Development Authority of India) has decided that all the insurance company’s can charge the rates, which they want to charge. (Popularly known as OD discount, long term relationship discount or de-tariff discount) Since then there is a difference in the rates of premium in all the insurance company’s.

No private or the government companies have stop paying insurance claims to any of the insured for “financial crunch” this is not true please don’t give wrong information without the proof in writing. Indian insurance companies are not running in to losses.

Latest news:- Companies have been given the authority to change the minimum deduction % (or rate) (companies have to take the permeation from IRDA for this also.) This will be applicable from 1st of December 2008.

Sorry guys there is a correction in the date it is 1st of January 2009 and not the one i have written in the post.

[vnabhi]

Well, it's good to know that good discounts on renewals are being given by some private companies. But how fast are they at settling claims?
This apart, claims are more hassle-free if one takes insurance through the dealer. Most dealers don't have Royal Sundaram on their list in Hyd for Ford and Maruti cars.

[sonirohit]

Originally Posted by mail4loys

@rjvora: I do understand your point. All i'm saying is that when the employee of Royal sundaram says to a customer that they are not doing well and showing another company, what do you believe? Again to remind that this incident happened within Royal Sundaram insurance office over the counter, no where else!!!

Must be a dissatisfied employee of RS or one who is having a bad day.

[mail4loys]

Originally Posted by vnabhi

Well, it's good to know that good discounts on renewals are being given by some private companies. But how fast are they at settling claims?
This apart, claims are more hassle-free if one takes insurance through the dealer. Most dealers don't have Royal Sundaram on their list in Hyd for Ford and Maruti cars.

Actually, My car Ford Ikon was insured with Royal sundaram by the 'then' dealer Sundaram Ford in Hyderabad. Later he moved out of Ford cars in Hyderabad. I have not faced any issue for my claims with them (i did it with MPL Ford and Chennai Ford), but as stated in posts above i was redirected to ICICI on my 3rd renewal !