[Dippy]

Honda Siel India has the launched a new Insurance Program called 'Honda Assure'. Under this program, Honda aims to make the the whole insurance claim procedures hassle free for its customers. Here is the official Press Release:

HSCI launches 'Honda Assure' Insurance Program

New Delhi, November 5, 2009: Reinforcing its position as a customer centric company, and to enhance ownership experience for Honda car customers, Honda Siel Cars India (HSCI), leading manufacturer of premium cars in India today announced the launch of 'Honda Assure', Honda’s Insurance initiative.

Under the Honda Assure program all Honda customers will get the benefit of a more transparent, hassle-free and quick turnaround time on their insurance claims. The entire transaction will be routed through an on-line central server which will enable HSCI to monitor the overall operations more effectively. Some of the direct benefits to the customers include Cashless Insurance across India, clear demarcation of plastic & metal parts for greater transparency, instant policy issuance, and improved turnaround time. Honda Assure has been launched to bring more value and convenience to Honda customer.

SMC Brokerage Pvt Ltd., a leading financial services provider in India, has been appointed as the exclusive broker for Honda Assure Program. The business partners for this program include leading insurance companies in India such as National General Insurance Company, Bajaj Allianz General Insurance Company, Royal Sundaram General Insurance Company, Iffco Tokyo General Insurance Company and Universal Sompo General Insurance Company (Regional Partner-West).

For effective working of the program, HSCI has made a pre-set service level agreement with partner insurance companies to ensure a quick turn around time for survey and disbursal of claims and will also allow self survey for windshield glass and rear view mirror etc.

Speaking on the occasion of the agreement signing with the partner insurance companies, Mr. M. Takedagawa, President, Honda Siel Cars India Ltd. said, “We are pleased to announce the launch of the Honda Assure program for our customers in India. This program is in line with our commitment to the customers towards enhancing ownership experience of their Honda cars. A pilot project of Honda Assure has been operational in Delhi and NCR region for the past one month and we have generated more than 1500 policies during this period.”

[rjvora_2000]

This is good,

I think what they have done is the same like Maruti insurance but with some different and add on features.

[rr_zen]

While this is a good move by Honda, I am sceptical about the cost of this insurance vis-a-vis the other insurance providers. And again, will Honda enforce this insurance program on the customer is something that remains to be seen.

[muralisk]

This is good provided the insurance cost is competitive and market realistic. If not, then this would not take off and would fall.

[rjvora_2000]

There are only two things which will work in the market as on date one Service or the product and second the price. I think Honda will have a combination of both they will have some good product as well as at a good rate.

[drnibu]

But what is it aiming? To provide some benefits to honda customers like, cashless insurance ? I thnk that facility already exists with honda..

[hrmanju1]

Example Quote for Honda Assure vs Bajaj Allianz for ANHC VAT

Honda Assure: 27,532
Bajaj Allianz: 21, 434

Now i am confused which one to go for?

Objective

To provide our customers reliable and superior insurance services to enhance the joy of owning Honda car, increase dealer profitability and protect workshop business from any potential threat due to changing business environment.

Benefits/Features of Honda Assure for Customer

1. Instant Policy Issuance

Customer need not to wait for the policy document for which Insurance Companies were taking time of one month or so for delivering to the customer after giving the cover note. Although the cover note validity is for 60 days but still customer has to go through the legal hassle in claim settlement. Honda Assure policy is being issued through internet immediately.

2. Nearly Cashless Repairs

All Honda Dealerships will provide the nearly cashless repair facility to all Honda vehicles customers for claim settlement. Customer has to pay excess (fixed as per tariff according to the cubic capacity of the vehicle) and applicable depreciation depending upon the age of the vehicle.

3. Seamless Services Across Country

Customer can get all the services like new car policy, renewal of the policy, endorsements and claim settlement at any Honda Dealer Workshop across the country. The services cover right from policy issuance to emergency assistance to post accident repairs and claim settlement.

4. Tension-free & Transparent Claim Settlement

The claim settlement under Honda Assure is fare and transparent (liability of the customer is as per standard is admissible by Insurance Company and fair clarification of the parts and their labor rates. It means customer is not forced to pay the undue cost of repair/replacement.

5. Quality Repair at Honda Dealerships

Honda Dealer workshops are equipped with the best facilities and infrastructure which leads to quality repair with genuine spare parts and trained manpower in the workshops, customer need not to compromise on the quality of the repair for the health of his car.




Features of Honda Assure

1. TAT

a) The Turn around time for surveyor appointment is 4-6 hours.
b) TAT for pre-inspection of the vehicle is 4 hours for any break in insurance.

2. Spare Parts and Labor Rates

a) All electrical parts like ECM, Radiator, various sensors, motors, actuators, wiring harness, headlight assembly etc. are to be treated as “other parts” where the depreciation depends upon the age of the vehicle METAL (calculation of metal part) & not as plastic which is being practiced by insurance companies for normal insurance.
b) Consumable to be given by insurance companies. Whereas for normal insurance customer is required to pay for consumables.
c) All rates of spare parts and labor will be charged from Insurance Companies as per rates prescribed by HSCI.
d) Survey can be done by Dealership incase of replacement of wind screen (if the loss estimate is less than Rs.20,000/-) but dealer has to complete all formalities related to file and send to Insurance Company for claim settlement.

[aargee]

Wow, big time for insurance companies. First it was for BMW, now, in a little different way to Honda. At this rate we all have work hard to pay for the insurance companies more. This seems to be getting us towards the path of insurance companies in US. As expected the premium is little higher as "hrmanju1" says.

[rjvora_2000]

Originally Posted by hrmanju1

Example Quote for Honda Assure vs Bajaj Allianz for ANHC VAT

Honda Assure: 27,532
Bajaj Allianz: 21, 434

Now i am confused which one to go for?

I knew that this will come up one or the other day. Ask the Honda guy what extra you are getting in the difference what you are paying them?

I think this is same like Maruti insurance for their client. Where there is no difference in the product. They sell insurance policy at higher rate with lesser discount and more commission income.

[ashthedivx]

Hey Is this a old one ?? I was almost informed by all Honda dealers from the last 1 month while confirming the prices and test-driving Honda Vehicles. Looks like they were testing the customer feedback.

Good part of the assurance program is that it covers 100% of plastic and rubber parts which aren't covered anyhow in any of insurance plan.

[rr_zen]

Originally Posted by rjvora_2000

I knew that this will come up one or the other day. Ask the Honda guy what extra you are getting in the difference what you are paying them?

I think this is same like Maruti insurance for their client. Where there is no difference in the product. They sell insurance policy at higher rate with lesser discount and more commission income.

Originally Posted by hrmanju1

Example Quote for Honda Assure vs Bajaj Allianz for ANHC VAT

Honda Assure: 27,532
Bajaj Allianz: 21, 434

Now i am confused which one to go for?

Well, I am in the same boat as you are. Honda Assure costs me 39K - 40K for a new Civic while I got a quote of 34K from my regular insurance agent. He claims that their insurance will offer the same as Honda Assure but the dealer gives me a different picture. I am in a dilemma now. Attaching the presentation that the dealer gave me on Honda Assure which includes the benefits for the dealer as well.

@rj vora: Need your expert comments on this. Thanks.

[rjvora_2000]

Originally Posted by ashthedivx

Good part of the assurance program is that it covers 100% of plastic and rubber parts which aren't covered anyhow in any of insurance plan.

I would love to update your knowledge bank with an good piece of information.

Cholamandalam, Bajaj, Tata (till now only this 3 company as I know) have a product which will cover 100% of plastic parts and such other benefit.

[rjvora_2000]

Originally Posted by rr_zen

Well, I am in the same boat as you are. Honda Assure costs me 39K - 40K for a new Civic while I got a quote of 34K from my regular insurance agent. He claims that their insurance will offer the same as Honda Assure but the dealer gives me a different picture. I am in a dilemma now. Attaching the presentation that the dealer gave me on Honda Assure which includes the benefits for the dealer as well.

@rj vora: Need your expert comments on this. Thanks.

First of all thank you very much for putting the information for my reference.

Frankly speaking the only difference which I could find out in this is of consumables which are covered by them. Unfortunately there is not other major difference I could see in the list. I think there must be some other information which is not listed in your post.

@ ALL

Please can anyone upload more information, writeup, brochure or anything.

[greenhorn]

Seems like another way to ripoff customers when buying. Typical Honda!
When other manufacturers offer discounts, Honda threatens customers to 'buy before price rise'. When other manufacturers provide free/nominal insurance as offers, but when honda does it, its the same thing at a higher price

[hrmanju1]

Well, to clear some air

Honda Dealer is not making it mandatory for me to go with Honda Assure.
Infact they are providing me with BA insurance agent phone # also.

Pardon my ignorance - one thing which i did not understand is "consumables". What is a consumable in the context "Consumable to be given by insurance companies."