![]() | #3001 |
BHPian Join Date: Dec 2009 Location: Bangalore
Posts: 139
Thanked: 25 Times
| ![]() 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. |
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![]() | #3002 | |
Senior - BHPian ![]() | ![]() Quote:
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 | |
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![]() | #3003 |
BHPian Join Date: Dec 2009 Location: Bangalore
Posts: 139
Thanked: 25 Times
| ![]() 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. |
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![]() | #3004 | |
BHPian ![]() Join Date: Apr 2014 Location: Bengaluru
Posts: 110
Thanked: 105 Times
| ![]() Quote:
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. | |
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![]() | #3005 | |
Senior - BHPian ![]() | ![]() Quote:
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 | |
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![]() | #3006 | ||
BHPian Join Date: Dec 2009 Location: Bangalore
Posts: 139
Thanked: 25 Times
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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 !! | ||
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![]() | #3007 | |
BHPian Join Date: Dec 2009 Location: Bangalore
Posts: 139
Thanked: 25 Times
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![]() | #3008 |
Senior - BHPian ![]() | ![]() 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 ![]() ![]() Anybody taken the Insurance recently can confirm if they have been given the Anti theft discount?? |
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![]() | #3009 | |
Senior - BHPian ![]() | ![]() Quote:
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 | |
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![]() | #3010 |
BHPian ![]() | ![]() 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! |
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![]() | #3011 | |
Senior - BHPian ![]() | ![]() Quote:
Suggestion: Avoid opting for Voluntary deductions in order to reduce few hundreds in your yearly Insurance premium. | |
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![]() | #3012 | |
BHPian ![]() | ![]() Quote:
![]() 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 ![]() | |
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![]() | #3013 | |
Senior - BHPian ![]() | ![]() Quote:
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? | |
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![]() | #3014 |
Senior - BHPian ![]() | ![]() 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. |
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![]() | #3015 |
BHPian ![]() Join Date: Dec 2009 Location: Bangalore
Posts: 334
Thanked: 149 Times
| ![]() 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 |
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