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-   -   Royal Sundaram giving 40% discount on insurance (https://www.team-bhp.com/forum/indian-car-loans-insurance/46412-royal-sundaram-giving-40-discount-insurance.html)

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.

Of course they give discounts over & above the NCB. However, AFAIK, they aren't permitted to give discounts off the counter. Thus, they will mail you a cheque for a difference after a month or something.

Always cross-shop with other providers to get the best rates for finance & insurance.

My 2 bits:

1. Ensure that the agent is an authorised one. Ask for proof.
2. Calculate the premium yourself using any of the premia calculators on the Net.
3. Get everything in writing before handing over the cheque.
4. Check that none of the usual covers have been excluded.
5. Make sure they are maintaining an acceptable IDV. Some insurers lower the IDV and claim that there quote is much cheaper etc.

6. make sure you issue the check in the name of the Insurer only, rather then any individual.
7. Do read fine documents properly as it must include passenger's insurance etc.

Does that mean that in event of a broken headlight, the insurance will cover 100%?? If true, thats really cool!

Are you getting this in writing?

You can get discount more also till 45%. Total of the two discount should not be more then 65% thats the rule of Bajaj Allianz.

19 K is a good 2nd year Prem for a civic - pl ensure you cross check the IDV. It should not be lesser than 20% of the previous years IDV. Also check what is the deductible (Min is 500 - Max can go till 25 K or higher).
If you are taking it through an Agent - ask him to give you a temp cover note which has these things in writing.

I don’t know how I missed this thread. 1 and a half years back I went to renew my insurance for my car Ford Ikon with Royal Sundaram office at Nungambakkam - Chennai office, The royal sundaram officer told us that royal sundaram is making heavy loss in motor insurance business and they are not booking any insurance. The same guy took us to the ICICI Lombard which was near and made us to renew there! I thought that Royal sundaram was moving out of business. This is a surprise to me !!!:Shockked:

Sirji there is no notice to IRDA that Royal is closing there business activity.

Welcome to IRDA

Please don't believe any roomers that any tom dick or any unauthorised person is spreading.

@rjvora ... Everthing happened within Royal Sundaram office - Nungambakkam branch. i dont know why they took me to ICICI then!

If it was from somebody else i would have not believed and discussed here. If it was from Royal Sundaram then can we term as unauthorised???

Anyway i'm happy that they are in business !:)

The reason why i am saying that there is noting wrong this company is...
Document1.pdf

How can company close there business when they are in such a good position in the market?

They are on 6th position with growth of 20.05% compare to last year, which is a very good thing for insurance company.

@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!!!

looking at the discussion the only thing i can say is what a pity. people are ready to eat any business coming there way. and what happened with you was very sad...

This reads like a Standard fireworks Diwali sale - upto 90% off -- it clearly means that the MRP or in this case the premium is utter nonsense.

Btw, Im with RS for the last 3 years and i'm pretty satisfied with their service. i'm not sure if it was mentioned earlier but ICICI has a link to calculate the premimum online and you can use this to get an idea of the premium.

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