Verify the quote before renewing your car's insurance!

Tommie · 1st July 2011, 10:22

My car is due for Insurance renewal next month. I got a letter from my existing insurance company with the premium details. When I opened the renewal notice, I was shocked. The premium quoted was Rs 24403/-. I was shocked to see the quote why it was so high even though IDV mentioned is Rs 6.5 lacs.

I call up the customer care and they give me an online revised quote for Rs 14600/-. I asked the phone agent why such a difference, then they said it is because of the fact that the letter is sent by the Local office. I asked, so what. Then the phone agent said that is why we are here to help.

So my advice to folks, Please ensure to cross check such details before renewal and also know all the specific clauses such as depreciation, Ant-theft discount and other conditions including the claim rules.

s.prashanth · 1st July 2011, 10:45

this is the norm, all insurance agencies can be negotiated for better prices, hence they quote more. I Insure with Bajaj and the renewal notice is final, others follow a different principle. It is afeel good factor for the customer that He was able to get discount and in your case Rs10000.

raj_srini · 1st July 2011, 10:49

My 2cents. The insurance premiums in Tata AIG are pretty nominal and I have not faced any issue of exoribitant premiums from them. Pls don't go with national insurance. They have given me a very diffcult time for processing claims.

SILVERWOOD · 1st July 2011, 11:22

Quote:

Originally Posted by raj_srini

Pls don't go with national insurance. They have given me a very diffcult time for processing claims.

State owned insurance firms like National,New India and Oriental will give you a tough time for processing claims, but will not cheat you on premium sum.

These firms will also give you ''no claim bonus'' without any fuss on renewing the policy.

hdnivara · 1st July 2011, 11:35

This is absurd and horrible! My dad never checks all these things and from now on let me make sure that I catch up with all these things.

raj_srini · 1st July 2011, 11:38

Quote:

Originally Posted by SILVERWOOD

State owned insurance firms like National,New India and Oriental will give you a tough time for processing claims, but will not cheat you on premium sum.

These firms will also give you ''no claim bonus'' without any fuss on renewing the policy.

@silverwood, you do have a point, but I would perhaps still go with the private players. Why?
1) National Insurance does not have a cashless facility tieup with most dealers.
2) I have been chasing them regularly but not got my claim in 6 months.
3) I would perhaps pay Rs.1000 more for a private guy in exchange of the hassles above.

dhanushs · 1st July 2011, 12:09

IMO, vehicle insurance has umpteen number of clauses and loopholes. One can always find a better deal if you can shop around.

About insurance renewals and payment of bills, I would strongly advise against cross-checking the bills. Again, there are umpteen number of incidents where people have been overcharged.

Eg: http://www.team-bhp.com/forum/gadget...ing-fraud.html

ghodlur · 1st July 2011, 12:14

Quote:

Originally Posted by Tommie

My car is due for Insurance renewal next month. I got a letter from my existing insurance company with the premium details. When I opened the renewal notice, I was shocked. The premium quoted was Rs 24403/-. I was shocked to see the quote why it was so high even though IDV mentioned is Rs 6.5 lacs.

Whenever you feel that the insurance renewal quote from the present Insurer is high, always shop around and find out whether the quote is valid or not. Check for online quotes too, you may find the difference even more that what your agent quoted.

BTW to get such a high quote initially did your Insurance co think that you had made a claim or something?

esteem_lover · 1st July 2011, 12:31

You could even take a quote from a different insurance company, get hold of an agent, he is the one that will get you the maximum discount.

Tommie · 1st July 2011, 12:58

I got various different quotes:

Honda Assure : IDV for Rs. 583100, Insurance Premium 17558
Add on for ZERO deprecation claims: 6111 (Total-23669) This is almost close to a new car

ICICI:
Agency "A'
IDV for Rs. 583100: Premium Rs: 13757

Agency "B"
IDV for Rs. 750000: Premium Rs16045

Bharti AXA:
IDV 583100 : Premium Rs 12701

ghodlur · 1st July 2011, 13:20

Quote:

Originally Posted by esteem_lover

You could even take a quote from a different insurance company, get hold of an agent, he is the one that will get you the maximum discount.

Is it true that an agent can get you maximum discount, I always found the online quotes to be cheaper by atleast 1K or more than an agent quote.

mayankjha1806 · 1st July 2011, 14:12

Whenever i get a mailer from my insurance company to renew my car insurance i have found it to be higher then when they actually call me and talk to me. Once on the phone call ask questions like why is it so high or even i will check with some other insurance companies and get back etc etc is enough to for them to come down by at least 10% and sometimes more.

GTO · 1st July 2011, 14:48

Thanks for the very useful tip! You'll be surprised to know that a majority of the insurance-renewing folk never bother to shop around and simply go with whatever their insurer quotes them.

Always, always pit one insurer against the other. That's the best way to get your premiums tumbling down.

SILVERWOOD · 1st July 2011, 14:48

Quote:

Originally Posted by ghodlur

Is it true that an agent can get you maximum discount, I always found the online quotes to be cheaper by atleast 1K or more than an agent quote.

Simple Funda.

The agent gets 10-15% commission on the premium received.The commission of the agent is ruled out once you buy it online.

Same is the case with air ticket;if you book the ticket through the travel agent, it is costlier by 250-300rs + applicable service charge.

Equus · 2nd July 2011, 09:49

Very true - I experienced it myself.
The company lease on my car ended last year and I had it transferred to my name.
The insurance renewal gave me a quote which was actually more than the last year's premium. I called them up and demanded clarity. They just casually mentioned, "oh you transferred the vehicle and thats why". I was stunned - how could it be so much more. I told I am shopping for insurance elsewhere..

Guess what? They said they had forgotten the 35% NCB and my insurance came down significantly.

Learning - (especially) If you havent made any claims, then you can nego!!

1st July 2011, 10:22	#1
Tommie BHPian Join Date: Nov 2009 Location: Bangalore Posts: 256 Thanked: 51 Times View My Garage	Verify the quote before renewing your car's insurance! My car is due for Insurance renewal next month. I got a letter from my existing insurance company with the premium details. When I opened the renewal notice, I was shocked. The premium quoted was Rs 24403/-. I was shocked to see the quote why it was so high even though IDV mentioned is Rs 6.5 lacs. I call up the customer care and they give me an online revised quote for Rs 14600/-. I asked the phone agent why such a difference, then they said it is because of the fact that the letter is sent by the Local office. I asked, so what. Then the phone agent said that is why we are here to help. So my advice to folks, Please ensure to cross check such details before renewal and also know all the specific clauses such as depreciation, Ant-theft discount and other conditions including the claim rules.
	(3) Thanks

1st July 2011, 10:45	#2
s.prashanth BHPian Join Date: Jul 2006 Location: bangalore Posts: 365 Thanked: 86 Times	Re: Insurance Renewal cheating this is the norm, all insurance agencies can be negotiated for better prices, hence they quote more. I Insure with Bajaj and the renewal notice is final, others follow a different principle. It is afeel good factor for the customer that He was able to get discount and in your case Rs10000.
	() Thanks

1st July 2011, 10:49	#3
raj_srini BHPian Join Date: Jun 2011 Location: Delhi Posts: 145 Thanked: 19 Times	Re: Insurance Renewal cheating My 2cents. The insurance premiums in Tata AIG are pretty nominal and I have not faced any issue of exoribitant premiums from them. Pls don't go with national insurance. They have given me a very diffcult time for processing claims.
	() Thanks

1st July 2011, 11:35	#5
hdnivara BHPian Join Date: Nov 2010 Location: San Jose, CA Posts: 145 Thanked: 30 Times	Re: Insurance Renewal cheating This is absurd and horrible! My dad never checks all these things and from now on let me make sure that I catch up with all these things.
	() Thanks

1st July 2011, 12:09	#7
dhanushs Distinguished - BHPian Join Date: Oct 2009 Location: Chennai Posts: 4,434 Thanked: 11,472 Times	Re: Insurance Renewal cheating IMO, vehicle insurance has umpteen number of clauses and loopholes. One can always find a better deal if you can shop around. About insurance renewals and payment of bills, I would strongly advise against cross-checking the bills. Again, there are umpteen number of incidents where people have been overcharged. Eg: http://www.team-bhp.com/forum/gadget...ing-fraud.html
	() Thanks

1st July 2011, 12:31	#9
esteem_lover Senior - BHPian Join Date: Jul 2006 Location: Madras/Py Posts: 7,556 Thanked: 513 Times View My Garage	Re: Insurance Renewal cheating You could even take a quote from a different insurance company, get hold of an agent, he is the one that will get you the maximum discount.
	() Thanks

1st July 2011, 12:58	#10
Tommie BHPian Join Date: Nov 2009 Location: Bangalore Posts: 256 Thanked: 51 Times View My Garage	Re: Verify the quote before renewing your car's insurance! I got various different quotes: Honda Assure : IDV for Rs. 583100, Insurance Premium 17558 Add on for ZERO deprecation claims: 6111 (Total-23669) This is almost close to a new car ICICI: Agency "A' IDV for Rs. 583100: Premium Rs: 13757 Agency "B" IDV for Rs. 750000: Premium Rs16045 Bharti AXA: IDV 583100 : Premium Rs 12701 Last edited by Tommie : 1st July 2011 at 13:01.
	() Thanks

1st July 2011, 14:12	#12
mayankjha1806 Senior - BHPian Join Date: Jan 2011 Location: Bangalore Posts: 2,159 Thanked: 989 Times View My Garage	Re: Verify the quote before renewing your car's insurance! Whenever i get a mailer from my insurance company to renew my car insurance i have found it to be higher then when they actually call me and talk to me. Once on the phone call ask questions like why is it so high or even i will check with some other insurance companies and get back etc etc is enough to for them to come down by at least 10% and sometimes more.
	() Thanks

1st July 2011, 14:48	#13
GTO Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 71,841 Thanked: 321,586 Times View My Garage	Re: Verify the quote before renewing your car's insurance! Thanks for the very useful tip! You'll be surprised to know that a majority of the insurance-renewing folk never bother to shop around and simply go with whatever their insurer quotes them. Always, always pit one insurer against the other. That's the best way to get your premiums tumbling down.
	() Thanks

2nd July 2011, 09:49	#15
Equus Senior - BHPian Join Date: Sep 2006 Location: Bangalore Posts: 1,122 Thanked: 424 Times	Re: Verify the quote before renewing your car's insurance! Very true - I experienced it myself. The company lease on my car ended last year and I had it transferred to my name. The insurance renewal gave me a quote which was actually more than the last year's premium. I called them up and demanded clarity. They just casually mentioned, "oh you transferred the vehicle and thats why". I was stunned - how could it be so much more. I told I am shopping for insurance elsewhere.. Guess what? They said they had forgotten the 35% NCB and my insurance came down significantly. Learning - (especially) If you havent made any claims, then you can nego!!
	() Thanks