[Lobogris]

Originally Posted by jeygani

I prefer third party since it is mandatory, and I get it from online, no agent involvement.
Fortunately, I never had major mishaps with my car apart from minor battle scars since I purchased my car 7 years back and no comprehensive insurance neither for car nor two wheeler. I have covered parking for my vehicles in my apartment and office.

That is a good idea. If the value of the vehicle drops to say under 5 lakhs, one can self insure rather than paying an added premium if one is financially able to bear a loss of few lakhs. Of course it depends on the premium as well.

[aadya]

As per my understanding insurance policies(document) once issued cannot be changed. It has to remain as it has been issued by the insurance at the first instance. If there is any discrepancy/errors in the issued insurance policy we have to represent the insurance company and they have to issue and endorsement/amendment for the policy. This should be a separate document from the initial insurance copy. This is done to ensure your that there is no litigation when there is a claim made about the actual representation in the policy.

Though I am not an expert in this field my advice would be to request for a quote/proposal form by email and reply with the payment proof before the policy is issued. This squarely place the responsibility on shoulders of the company if there is a change when the policy is issued.

[dr.gk]

Originally Posted by Lobogris

That is a good idea. If the value of the vehicle drops to say under 5 lakhs, one can self insure rather than paying an added premium if one is financially able to bear a loss of few lakhs. Of course it depends on the premium as well.

Not really, i beg to differ. Mine is 10 years old wagonR VXi, Premium for third party only insurance comes close to 2800 change(including GST)
for comprehensive insurance it come close to 4 grands. In case of any untoward incident, i can get 50% of the claim covered. Though never had any till date. Small & minor dents or scratches, never claimed coz it doesnt make sense to. But for an additional Thousand bucks i feel it's worth it.

Originally Posted by jeygani

Please research/read/study before parting with your money and nowadays online payment is available for most of the insurance companies. I also feel, the whole insurance industry is not transparent, while paying to get insurance it is simple but while claiming there will be multiple checks, phone calls, follow ups etc.

I prefer third party since it is mandatory, and I get it from online, no agent involvement.
Fortunately, I never had major mishaps with my car apart from minor battle scars since I purchased my car 7 years back and no comprehensive insurance neither for car nor two wheeler. I have covered parking for my vehicles in my apartment and office.

[dr.gk]

Now this is hilarious from Bharti Axa. As i have said in my first post, They would just not listen to my series of complaints for the mistake done by their own agent, instead kept on sending several mails asking me to procure the NCB Certificate/Statement from my previous insurer to provide any resolution. After series of attempts, i finally asked Tata AIG to send me the NCB certificate/Statement, for which they obliged and sent the same.

Sent the NCB Statement to Bharti Axa a week back



This was the NCB statement sent to bharti axa.


Then they kept on pestering me & penalised me to rectify their mistake casued. Kept sending me SMS/E-mails to pay the difference amount for NCB correction.

Once again direct payment link was given, Paid the difference amount.
After 3 days of payment, they send me an endorsement which is shocking !! They PUT NCB 35% !!!!!!



Do they expect me not to read minute details and miss out on their mistake again ??

Grievance redressal is as pathetic as ever.

[Lobogris]

Originally Posted by dr.gk

Not really, i beg to differ. Mine is 10 years old wagonR VXi, Premium for third party only insurance comes close to 2800 change(including GST)
for comprehensive insurance it come close to 4 grands. In case of any untoward incident, i can get 50% of the claim covered. Though never had any till date. Small & minor dents or scratches, never claimed coz it doesnt make sense to. But for an additional Thousand bucks i feel it's worth it.

I agree. That is why I said it also depended on the premium. If the extra premium is negligible then it makes sense.

[xrules]

Originally Posted by mangalore_guy

Attachment 2177015

It is crazy that we need to pay attention to every aspect of the document, but it is good that we all do that. In your case he changed 35% from 45% but the amount of discount did not change.

I am never happy when an agent fills out any document for me. Starting from sim-cards, to bank account/loans and insurance policies. A good practice is to DIY these ourselves. I have had no issues for last 10 years getting my insurances online. Only once I mistyped my car number (one alphabet) and by gods grace nothing happened that year. I only realised after renewing next year and when contacted Bajaj Allianz it was corrected without any hassle.

[no_fear]

As a perennial insurance newbie (I never read the terms and always learn the hard way), what is the benefit of the insurance company in perpetuating this scam?

IF NCB is altered randomly, what does the insurance agent or the company gain here? Does the agent have a quota to fill, so by filling out wrong NCB and showing lower premium the agent gets to win business? But that will be counterintuitive, as once the insurance is declared null and void, the company loses goodwill and customers and gets bad press + review.

I am just trying to understand the angle of the insurance agents in doing this sort of online trickery.

[speedmiester]

Originally Posted by no_fear

As a perennial insurance newbie (I never read the terms and always learn the hard way), what is the benefit of the insurance company in perpetuating this scam?

IF NCB is altered randomly, what does the insurance agent or the company gain here? Does the agent have a quota to fill, so by filling out wrong NCB and showing lower premium the agent gets to win business? But that will be counterintuitive, as once the insurance is declared null and void, the company loses goodwill and customers and gets bad press + review.

I am just trying to understand the angle of the insurance agents in doing this sort of online trickery.

The agent can quote lower prices for the premium owing to higher NCB which will look attractive to customer.
At the other end, the insurance company will deny claims as wrong info is present in the policy. They will put the blame on the customer and don't think any court will side with the customer in this case.

It is very important to ensure all the information in the policy is accurate.

[no_fear]

Originally Posted by speedmiester

They will put the blame on the customer and don't think any court will side with the customer in this case.

It is very important to ensure all the information in the policy is accurate.

I get your point. But the paper trail will clearly show the discrepancy. PDF document sent to client is a legal document and can be interpreted as binding. Not withstanding what is recorded on the insurance company's end. That just deems the insurance company is resorting to fraud and makes them look bad if matter goes to court.

I don't see how an insurance company can say its customer's fault for accepting wrong NCB or not pointing it out and believe they can escape without blame.

[speedmiester]

Originally Posted by no_fear

I get your point. But the paper trail will clearly show the discrepancy. PDF document sent to client is a legal document and can be interpreted as binding. Not withstanding what is recorded on the insurance company's end. That just deems the insurance company is resorting to fraud and makes them look bad if matter goes to court.

I don't see how an insurance company can say its customer's fault for accepting wrong NCB or not pointing it out and believe they can escape without blame.

Insurance company will always gather data from the customer to generate the policy and the onus lies with the customer to share correct info and correct it if there are any discrepancies in the policy document.

This is true for any insurance, not just motor insurance.

[Latheesh]

I faced similar issue few years back. They entered car model wrong in the policy and corrected it but entered wrong variant. I had to follow up with them again to get it corrected in the policy.

I have a question. I have 50% NCB from the last car I owned and got NCB letter from the insurer which can be used to get insurance when buying new car. I know that insurance renewals show the NCB % in the policy, how does it show when purchasing new car with NCB from the last car?

Thanks!

[speedmiester]

Originally Posted by Latheesh

I faced similar issue few years back. They entered car model wrong in the policy and corrected it but entered wrong variant. I had to follow up with them again to get it corrected in the policy.

I have a question. I have 50% NCB from the last car I owned and got NCB letter from the insurer which can be used to get insurance when buying new car. I know that insurance renewals show the NCB % in the policy, how does it show when purchasing new car with NCB from the last car?

Thanks!

For a new car, the NCB will be zero. The previous car's NCB will help in reducing the OD premium.

[SnS_12]

Originally Posted by jeygani

Please research/read/study before parting with your money and nowadays online payment is available for most of the insurance companies.

Reading the terms and conditions at quoting stage and once the policy is issued is very important and as necessary when signing or agreeing to any legal document in life as majority onus lies on yourself to ensure everything in in order and as explained to you by the opposite person.

Originally Posted by no_fear

As a perennial insurance newbie (I never read the terms and always learn the hard way), what is the benefit of the insurance company in perpetuating this scam? .

Its the agent who wants to ensure his earning and the majority reason for this is de tariffing of motor insurance as before this the premium quoted by every company was the same as they had to follow tariff rates. An agent gets his commission on own damage premium and hence by giving higher NCB doesn't have to give a higher discount on the tariff rate.

Originally Posted by speedmiester

Insurance company will always gather data from the customer to generate the policy and the onus lies with the customer to share correct info and correct it if there are any discrepancies in the policy document.

This is true for any insurance, not just motor insurance.

One can also argue on the previous policy shared where the correct NCB was stated and can push the onus back on Insurance company for not doing proper due diligence in such cases. As a one year old policy can have only 20% NCB not anymore. Hence the agents will do this only on older policies.

Originally Posted by Latheesh

I faced similar issue few years back. They entered car model wrong in the policy and corrected it but entered wrong variant. I had to follow up with them again to get it corrected in the policy.

I have a question. I have 50% NCB from the last car I owned and got NCB letter from the insurer which can be used to get insurance when buying new car. I know that insurance renewals show the NCB % in the policy, how does it show when purchasing new car with NCB from the last car?

Thanks!

One can transfer NCB by cancelling the previous policy at time of car sale and get a letter issued for NCB which is valid for three years and purchase of car in the same name in which the previous insurance was issued. When motor insurance was tariff based maximum NCB used to be 65%. Huge savings if one still has such high NCB

[Lalvaz]

Originally Posted by dr.gk

Do they expect me not to read minute details and miss out on their mistake again ??

Grievance redressal is as pathetic as ever.

Sad state of affairs. Bharti AXA shouldn't be putting the customer in a spot and ask him to pay up for their mistakes in the first place. And when the customer finally complies due to the fear of being uninsured, the company should ensure that there is no further mistake. Shows the lack of processes in the firm, where untrained personnel are filling out the proposals and there is no QC, even in escalation cases.

Happy to not be dealing with Bharti Axa. Perhaps you should seriously consider shifting to a better insurance provider. Try Acko, they seem to be far better in their processes.

[Rehaan]

Reading this thread really made my blood boil!

Originally Posted by dr.gk

They would just not listen to my series of complaints for the mistake done by their own agent

Why don't you complain about this to the IRDA? If anyone can shake things up it will be them.

I understand if you don't want to devote more time to it, but maybe just shoot off a mail and see what comes of it?