[lejhoom]

Yesterday I sent a query to the Bajaj Allianze regarding this issue. Got a reply stating that they are looking into it and would respond shortly.

New private players brought in a new benchmark as far as honoring the claims were concerned. It was a sharp contrast to the lackadaisical attitude of Pubic sector companies. Sure enough, the private players were able to mop up huge volumes. Now that I believe they reached a plateau, these guys have started showing their true colors.

I was just being a bellwether so as to warn others who might fall into such a trap, especially after waiting till the last minute to renew the policy.

[anToNIcHeN]

Since this is insurance, cant IRDA be involved here?

[lejhoom]

Originally Posted by anToNIcHeN

Since this is insurance, cant IRDA be involved here?

I would like to know from Bajaj Allianze as to what prompted them to deny the policy. Being a rookie and quite scared of the jargon in the IRDA website, I would like to get a hold on the issue in my own way. It will be a great help if any one knowledgeable in the team-bhp point out the relevant rules in the insurance act as to what options are open to a customer.

[rock18]

I also had a very bad experience with Bajaj allianz insurance. I bought my pulsar 200 in june2007. when i renewed my insurance last year.They did not reduce the premium amount despite the fact that i did not have a single claim so far.
Their reply is, "since pulsar 200 is having lot of accident claims,we will not be able to reduce the premium"
Why should i bear it when i did not make even a single claim??
Anyway i paid the premium.
Llast month went to renew my premium for this year.
To my surprise,They quoted double the premium amount compared to last year.i was like WTH??? but they had this pay it or leave it attitude.
I went to New india assurance and they quoted a reasonable amount without even checking my bike.

Will never deal with bajaj allianz...

[asdon]

I faced a different situation with Maruti. My car insurance was with Maruti Insurance - Royal Sundaram, I had 2 claims last yr amounting 16000/- in total. When I went to renew my policy maruti quoted 4975/- where as my last yr premium was 4466/- when i asked why its higher they said NCB is not available, but I still don't get how they have calculated higher value than last yr, as the car value goes down next yr and if there is no NCB also, still it should have been lower than last yr's figure!! or I am missing the math here?

But then I approached Royal Sundaram directly and they gave me a quote of 4561/- now I got the policy from RS, but I am really confused how a same company can give me 2 different quotation for a same car?

[guptavis]

Originally Posted by anToNIcHeN

Since this is insurance, cant IRDA be involved here?

I dont think the IRDA would come into question here.
The grievance is of a different kind.
However, If its related to a company not honouring its insurance cover on frivolous grounds then one can approach the Insurance Ombudsman for the area. This post is appointed by Govt. to check unfair practices by Insurance companies. The Chandigarh (Punjab) region Ombudsman is in Sec-17.
You might still try your luck and file a complaint with the Ombudsman in your area. But as you were 'offered' the insurance after adding the 'loading' charge then i think the company has fulfilled its legal obligation.

[rjvora_2000]

Originally Posted by asdon

I faced a different situation with Maruti. My car insurance was with Maruti Insurance - Royal Sundaram, I had 2 claims last yr amounting 16000/- in total. When I went to renew my policy maruti quoted 4975/- where as my last yr premium was 4466/- when i asked why its higher they said NCB is not available, but I still don't get how they have calculated higher value than last yr, as the car value goes down next yr and if there is no NCB also, still it should have been lower than last yr's figure!! or I am missing the math here?

But then I approached Royal Sundaram directly and they gave me a quote of 4561/- now I got the policy from RS, but I am really confused how a same company can give me 2 different quotation for a same car?

I think Maruti insurance was right. You might have higher NCB and that's the reason of higher premium form the last year's premium.

If you approach 10 insurance company all will give you different rate as they all offer different IDV, PA cover & different discount.

Originally Posted by rock18

Their reply is, "since pulsar 200 is having lot of accident claims,we will not be able to reduce the premium"
Why should i bear it when i did not make even a single claim??
Anyway i paid the premium.
Llast month went to renew my premium for this year.
To my surprise,They quoted double the premium amount compared to last year.i was like WTH??? but they had this pay it or leave it attitude.

Will never deal with bajaj allianz...

You need a good agent who can explain you the thing's. Bajaj is offering up to 30% discount other then NCB on bikes insurance.

Originally Posted by mjothi

This is exactly what i am afraid of with entry of private players in indian market. not just this private player, but all pvt players for whom we have welcomed with open heart!

Is there a provisional for we consumers to know WHY from insurance company? legally?

You have to accept the fact that all the Pvt. player's in which ever market have come they will stay and beat all the public sector companies.

There are lot of way's you can ask the working method of them. Consumer Forum is just one of them. RTI is also good.

Originally Posted by aargee

+1; I once approached Iffco Tokio to take a cover on insurance for my 2 decade old RX & they said they've insure only newer model motorcycles & not RX. When I pointed out that they'd RX100 mentioned on their website, they asked me to take the motorcycle for evaluation to one of their centres with no guarantee that an insurance will be covered.

Possibly since your bike was 20 year's old. They just don't insure bad condition bike's. If you had take the bike to there office, then there are possibility that they would have insured your bike.

Originally Posted by SDP

1. Yes, the insurer has the right to deny cover if it believes that the risk is high.

2. Again how they calculate risk is internal to them and can hardly be questioned for private players.

3. ...But then this is India!

1. They can not reject the renewal without giving the valid reason in writing.

2. You can ask them anything and they have to give you all the reasons. You have a right to know.

3. Sirji please don't balm hole India for non renewal of one insurance policy.

Originally Posted by condor

Also for vehicles that are older than 5 years. I dont think it is allowed.

@RJVora, what do you say ?

You are right that is not allowed but insurance companies are doing this and there has been no action on them, that's the most unfortunate part.

Originally Posted by lejhoom

Palio

Is it the norm of insurance companies that if you make a claim they do not renew the policy? What is the use of paying them so much money when we do not get any benefit. Is there any corrective measures I need to pursue with regard to the attitude of the company in this instance? Or, is it their right to deny cover?

I can see only one reason of non renewal of your policy and that is "Palio".

Without giving any reason in writing they can not reject the renewal. Please ask for renewal notices from the insurance company.

[Gilead]

Originally Posted by rjvora_2000

I can see only one reason of non renewal of your policy and that is "Palio".

You are saying the Fiat name is so bad that even insurance companies are running away? Any idea if Ford and GM are in the 'blacklist' too?

[rjvora_2000]

Originally Posted by Gilead

You are saying the Fiat name is so bad that even insurance companies are running away? Any idea if Ford and GM are in the 'blacklist' too?

I am saying "Fiat-Palio" is not in the good list. That car is offered the lowest discount in premium's as well.

This is just the possibility I am talking of, There can be some other reason also, we need to wait till we get something in writing from insurance company.

[SafeDrive]

One other thing is that the cost of your insurance will also depend on the deductable you take. If you are willing to take a larger deductable, then you can see the cost of insurance being lower by a few hundred rupees.
As Insurance for a vehicle is mandatory as per law, it should not be easy for a company to deny you insurance. That is my take. But at the end of the day, the private companies are in it for profit and not charity, so it is possible that they can do these things even if it might be against the law (not sure on that).

[asdon]

If it is legal for Insurance companies to reject insurance for a vehicle more than 5 yr old, what does the RTO rule says? can we drive such vehicle without valid insurance?

[rjvora_2000]

Originally Posted by SafeDrive

One other thing is that the cost of your insurance will also depend on the deductable you take. If you are willing to take a larger deductable, then you can see the cost of insurance being lower by a few hundred rupees.

NOTE:- Never ever take higher deductibles, they are in insurance companies favor and not in your favor.

Originally Posted by SafeDrive

...But at the end of the day, the private companies are in it for profit and not charity, so it is possible that they can do these things even if it might be against the law (not sure on that).

So do you mean government companies do charity by paying claims?

So what if Pvt. player's are hear to make profits, all the insurance companies have to work according to the law of insurance in India.

[sanjayc]

Vora bhai, never knew RTI can be had against private players? Am waiting with bated breath for that day to come...couple of private players are in my cross-hairs;-}

[AbdulRahmanM]

I own a 10 year old Indica, i acquired it last year and got an Insurance with Reliance Insurance for an IDV of 50000 and premium of Rs 2350. This year after hearing good things about TATA AIG, i tried to renew it Online, but i was not able to since my city address was not listed, i registered it with their website. I also registered with reliance website, reliance got back to me within an hour and they sent me a person today to renew the insurance and collect the premium. The Insurance person told me that most of the insurers are reluctant to renew for old vehicles and they have almost stopped renewing insurance to cabs, if you are willing to pay a high premium , then they are willing to renew it. This was the case with Lombard, as they were quoting me a premium of almost 7000 RS.

[GTO]

Originally Posted by asdon

If it is legal for Insurance companies to reject insurance for a vehicle more than 5 yr old, what does the RTO rule says? can we drive such vehicle without valid insurance?

5 year old cars are welcomed by every insurance company; its when your vehicle is over 10 years old that you hit a roadblock. It's tough finding insurance cover for an old car.

The RTO mandates 3rd party insurance as a minimum for any car.