1. Do these bills have to be in INR or they can be foreign bills also?
2. I read somewhere that in absence of bills the insurance agent can decide ther mkt value of the accessories...?
3. For PA, for a 5 seater car why we need additional cover for 5 people and not 4, when owner / driver is already covered separately?
1. As far as my knowledge goes it is in Indian Rs. only but still I will get it clarified from some insurer in a day or two.
2. It is not Insurance Agent's who will fix the values but it is the Surveyor and Valuers who will tell you the value of the accessories. You need to inform to insurer about this and they will send the valuer from there side who will give the report of your accessories value and then you can insure them. (You might have to pay some little amount to them but you can bargain with the insure that you are paying premium then why you have to pay this amount but at the same time don't bargain it too much as legally you have to pay this amount to them.)
3. What if your friend is driving the car? as he is not an owner and he is not an your paid driver also. - That's the reason.
The Motor Insurance data for all classes of vehicles was hosted on the website of the Tariff Advisory Committee for the period 2006-07 with a link provided in the IRDA website. The tabulations in the form of Summary Reports contain (i) Public Sector aggregate data, (ii) Private Sector aggregate data and (iii) Industry level data.
Similar tabulations have been generated for the period 2007-008. They relate to both, Public Sector and Private Sector insurance companies as well as Industry level aggregate data. Three types of tabulations have been generated as detailed below:
MR1 gives the vehicle class-wise details of total number of policies, total premium and total incurred claims and claims paid.
MR2 gives the vehicle class-wise details of Premium and claims break-up of Own Damage (OD) and Third Party (TP).
MR3 gives the vehicle class-wise details of claims ratios (claims paid ratio, incurred claims ratio) Claims paid ratio is a percentage of claims paid to premium. Incurred claims ratio means claims paid during the year plus closing provision at the end of the year less opening provision at the beginning of the year expressed as a percentage to the premium
The Summary Reports of the data have been collated from the transactional level data submitted by the respective insurance companies. The summary statements have been duly verified and validated by the concerned insurance company. The Summary Reports do not include (i) one public sector company, viz M/s United India Insurance Company as they have note submitted the transactional level data and (ii) One private sector company, viz M/s Royal Sundaram General Insurance Company as they have not validated their data.
These reports are hosted for the benefit of all stakeholders and general public. Comments and suggestions, if any, may be sent to Data Centre, 9 th floor, United India Insurance Towers, 3-5-817/818, Hyderguda, Hyderabad 500 029.
Last edited by rjvora_2000 : 24th July 2009 at 10:45.
I am not sure how to read these tables... Also data only for 1 year does not give complete pictures. I wish TAC had appointed 1 analyst to just interpret these numbers for common man.
I have collated information for Private car together in the attached Excel file. Without much accounting knowledge of accrual concept etc, what I can figure out is
1. New India most popular, they payout highest Avg claim, though their avg premium collection is second lowest. Seems like they are collecting less and paying more.
2. Bajaj Alliance collects most premium, it has highest avg premium, i.e. they target premium segment (expensive cars). Their avg claim payment is third lowest, though Incurred Avg Claim is highest.
3. Claims paid to incurred is lowest for Bajaj, i.e. they are very slow in processing their claims, and most of their claims are pending (under provision).
Claims Incurred data ratio seems to be incomplete without reference to other years to give full picture. In absence of that only Total Claims Paid (so far) can be relied on which is as below. Bajaj seems to be worst option for end user?
Percentage money paid in Claims vs collected from Premiums for Private cars in 2007-08
Oriental Insurance Co 77.63 %
ICICI Lombard General Insurance Co. 62.66 %
HDFC Ergo General Insurance 61.61 %
IFFCO - TOKIO General Insurance Co. 58.27 %
National Insurance 57.01 %
TATA AIG General Insurance Co. 55.27 %
New India Assurance 43.56 %
Reliance General Insurance Co. 30.82 %
Cholamandalam MS General Insurance Co. 26.03 %
Bajaj Allianz General Insurance Co. 25.76 %
Are these interpretations correct? If not why so?
Please advise asap, I need to buy insurance tomorrow. I had almost finalized with Bajaj, but now I don;t think so...
All this business about bills and Indian Rupees is bunkum. It sounds like yet another way of business stacking the odds against the customer; making sure that the flow of money remains unidirectional.
I'm not arguing that it is not the insurance companies' policy and way of going on; if that is what they do, that is what they do --- but I wonder if it would stand up in a court?
If damage or loss has occurred to accessories, and they are insured, the insurer should cover that loss. Where they came from, how much was paid for them, and in what currency doesn't seem relevant, so long as an objective valuation can be made.
Hmmm... Not so sure I should have included "loss" in that without qualification. An insurance company is certainly within its rights to expect some sort of proof that the item did, indeed, exist. Companies may not be angels, but neither are all customers!