[bdutta]

Anyone got any feedback on L&T Insurance ? They seem to be around since 2010, and quoting significantly lower premium compared to TataAIG, BhartiAXA etc.

I did a quick search, and do find consumer complaints against service ranging from shoddy claims processing, surveyor asking for bribes (didn't realize that private insurance co. surveyors do it), and misquoting higher IDV while selling insurance but policy having much lower IDV. However, I find somewhat similar complaints most of the other insurance companies as well. Thus confused.

[r_nairtvm]

Originally Posted by bdutta

surveyor asking for bribes (didn't realize that private insurance co. surveyors do it

Just to clear a little mis-conception

Surveyors are supposed to be "independent". Per say they are not employed by any insurance company on a permenant basis. They are remunerated by Insurance company on a scale of fee fixed by IRDA, for the job assigned to them by the insurance company.

So there is nothing like "private Insurance Company Surveyors" and "public Insurance company Surveyors"

Best Regards & Drive Safe

Ram

[bdutta]

Thanks @r_nairtvm, for the clarification.

Slightly off-topic:
In any case, does IRDA have any procedures or policies to check the "asking for bribe" menace, since there is clearly a conflict of interest at play here. I suppose, surveyors who are able to turn down the maximum reimbursement (coverage) requests, would be treated more favorably, such as by either some incentives or by repeatedly handing them assignments. How is the true neutrality of surveyor maintained ? In case, you happen to know how these things work.

[Vahanam]

Originally Posted by ghodlur

Generally the difference between the quotes is in the range of 2-3K provided all the criterias are almost identical. In your case maybe the IDV quoted by Tata must be lesser than BA, add ons might be charged. Did you compare the two quotes are all sections of the premium breakup? Also if you are a present customer of BA, they feel they can charge you higher premium whereas Tata must be seeing you as a new customer.

In my case of Punto's insurance renewal, I find a difference of 3.5K between the lowest quote and the quote by existing Insurer.

IDV considered by Tata AIG - 1054500
IDV considered by Bajaj - 1025550

Am still figuring out how to compare the quotes. I have asked the breakups and policy details from Tata AIG. They had not provided earlier. Defying logic: Why should BA charge such a premium for a loyal customer? I mean, if not reward for loyalty, at least don't punish the customer for staying with you.

[r_nairtvm]

Originally Posted by bdutta

Thanks @r_nairtvm, for the clarification.

Slightly off-topic:
In any case, does IRDA have any procedures or policies to check the "asking for bribe" menace, since there is clearly a conflict of interest at play here. I suppose, surveyors who are able to turn down the maximum reimbursement (coverage) requests, would be treated more favorably, such as by either some incentives or by repeatedly handing them assignments. How is the true neutrality of surveyor maintained ? In case, you happen to know how these things work.

There is a slight correction in what I said in my earlier post. The sacle of fee is not fixed by IRDA, bit its fixed by the Indian Institute of Surveyors and Loss Adjusters and agreed by the General Insurers Association of India.

IRDA's usual reporting channels work for reporting the errant surveyors. Also, if I am not mistaken, they also come under the purview of Insurance Ombudsman.

As far as I understand the Scale of fee is dependent on the Estimate of Repairs and not on the final assessment - this is done so with the logic, the insured/owner is not put under pressure to finalise on a lower assessment.

The current fee scale I believe is as per below as of 2013.



Best Regards & Drive Safe

Ram

[bdutta]

Originally Posted by r_nairtvm

Just to clear a little mis-conception

Surveyors are supposed to be "independent". Per say they are not employed by any insurance company on a permenant basis. They are remunerated by Insurance company on a scale of fee fixed by IRDA, for the job assigned to them by the insurance company.

So there is nothing like "private Insurance Company Surveyors" and "public Insurance company Surveyors"

Best Regards & Drive Safe

Ram

Originally Posted by Vahanam

IDV considered by Tata AIG - 1054500
IDV considered by Bajaj - 1025550

Am still figuring out how to compare the quotes. I have asked the breakups and policy details from Tata AIG. They had not provided earlier. Defying logic: Why should BA charge such a premium for a loyal customer? I mean, if not reward for loyalty, at least don't punish the customer for staying with you.

Thanks @Vahanam. I'd figured out the IDV difference thing earlier... and other "bundled features". So I always make it a point to get quotes for same (or very close) IDV. This doesn't work over web-interface, and requires call to the customer-care/sales dept. In my case, there is a difference of 10% between L&T's quote and Tata-AIG's quote for same IDV (well, IDV difference is 0.03%). Between Tata-AIG and Bajaj, the difference is much lesser 2% for very similar IDV. Bharti-AXA surprisingly couldn't come down to the IDV value, so I can't make a head-and-head comparison. Their lowest admissible IDV is 18% higher than Tata-AIGs. I presume the premium calculation can differ due to many non-transparent (proprietary) parameters on which companies calculate the real risk they'd be covering.

Anyhow, so far, after checking quite a bit around, I've found absolutely no one, who has actually gone in for a L&T motor vehicle insurance !!

[bdutta]

Originally Posted by r_nairtvm

There is a slight correction in what I said in my earlier post. The sacle of fee is not fixed by IRDA, bit its fixed by the Indian Institute of Surveyors and Loss Adjusters and agreed by the General Insurers Association of India.

IRDA's usual reporting channels work for reporting the errant surveyors. Also, if I am not mistaken, they also come under the purview of Insurance Ombudsman.

As far as I understand the Scale of fee is dependent on the Estimate of Repairs and not on the final assessment - this is done so with the logic, the insured/owner is not put under pressure to finalise on a lower assessment.

The current fee scale I believe is as per below as of 2013.

Attachment 1244514

Best Regards & Drive Safe

Ram

Thanks a lot Ram. That does clear up the matter, but looking at the compensation part, I can see that they have nothing to lose, by trying to act tough (needlessly or unfairly), since their "under-the-table" compensation may be much higher. In case, customer doesn't fight back the undue low-assessment, and doesn't offer a bribe, they have only a little to lose. Statistically, I figure, the coercion route (leading to undervaluation and then to bribe), might be more lucrative.

[ghodlur]

My Punto Insurance renewal is in the corner and I have been scouring the Insurers online quotes for the best deal. After getting a few quotes one thing which I distinctly noticed was the absence of "Anti Theft Device installed" discount in the quotes. This was available till last year and prominent in the OD premium break up along with Automobile Association membership discount and others. The discount offered for the Anti theft device was around Rs 400/-. Upon enquiry with a couple of Insurers, it was disclosed that the discount was stopped due to wrong information provided by customers, although I dont buy this statement. Surely the Insurance co would be having the information about the car model/variant being fitted with factory anti theft devices.

Anybody taken the Insurance recently can confirm if they have been given the Anti theft discount??

[r_nairtvm]

Originally Posted by ghodlur

Anybody taken the Insurance recently can confirm if they have been given the Anti theft discount??

Ghodlur,

I renewed my Honda Amaze's insurance yesterday, through Hondaassure scheme of National Insurance and I can confirm that I had a discount of INR 400/- for anti theft devices.

Best Regards & Drive Safe

Ram

[richie4u]

I had to make a claim from Iffco tokio and the amount as per their calculation and after deduction of depreciation is 14K, but I have a Voluntary deduction of Rs. 5000 (25% Discount on OD premium) so as per my understanding I should be liable to get 14K-5K= 9K from the Insurance company right? Can someone clarify this for me cause my Service Advisor has himself confused and told me I might not get anything as 14K will be reduced as voluntary deduction!

[ghodlur]

Originally Posted by richie4u

I had to make a claim from Iffco tokio and the amount as per their calculation and after deduction of depreciation is 14K, but I have a Voluntary deduction of Rs. 5000 (25% Discount on OD premium) so as per my understanding I should be liable to get 14K-5K= 9K from the Insurance company right? Can someone clarify this for me cause my Service Advisor has himself confused and told me I might not get anything as 14K will be reduced as voluntary deduction!

Yes, you are correct. Your contribution towards the repair is 5K and Insurance co's 9K. Add 1K more to your contribution towards compulsory deduction for making the claim.

Suggestion: Avoid opting for Voluntary deductions in order to reduce few hundreds in your yearly Insurance premium.

[gearedup]

Originally Posted by madhav14

Seems like you are facing too many difficulties with the renewal. Let me see if I can help you out. PM me if you couldn't get a renewal quotation there

Firstly thanks for your help Madhav. I took a clue from your approach & pressurized our Insurance Agent to help me on the basis of the the Non-Automotive Insurance business provided to them by the Company I work in. [yeah, I am a highly principled man when I look into the mirror, But I had to keep all my principles in the cooler ]

Voila! they approached Iffco Tokio and got the renewal done. Same IDV as last year was used - Rs. 68K, No NCB since I had declared that I had made a claim.

Total premium incl Tax Rs. 3,443. And guess what - I got a call from Reliance on 27th May evening @ 18:40 hrs with 5 hrs left for the expiry of the policy & they were asking on when I will renew the Policy Vented out all my frustration on them & slammed the phone.

[ghodlur]

Originally Posted by r_nairtvm

I renewed my Honda Amaze's insurance yesterday, through Hondaassure scheme of National Insurance and I can confirm that I had a discount of INR 400/- for anti theft devices.

Thanks for the info.

Royal Sundaram confirmed that they have included the anti theft discount in the total discount offered for the OD premium. Strange they dont want to show the discount under the actual head.

Any recent Royal Sundaram car insurance buyers on the forum can confirm?

[parsh]

Anti-Theft discount is necessarily separate line item in the policy just like AAI discount. It is charged at 2.50% of Basic OD Premium capped at Rs 500/-. Anybody claiming anything else is just eye-washing. Insist on the the separate line item being stated clearly. It only needs providing the invoice of the installation of such a device on the car for proof, at the time of taking policy. It is also irrespective of any insurers. I am not able to put forth direct link to the information right now, but there are IRDA regulations regarding this. It may also help identify the security measures on the car and the process later in case of insurance claim, e.g. theft.

[yogeshnaik]

I have some queries on the IDV of a vehicle and bumper to bumper insurance. Is that the IDV remains the same after 5 years and above? This is what I was told by one of the executives of an insurance company. There is one more insurance called bumper to bumper where all the plastic parts are covered. It looks like there are also some depreciation involved. Apart from glass parts which is insured 100% the plastics are nearly 50%, is that the bumper to bumper insurance covers the plastic parts more than 50% ? Thanks