[ghodlur]

Originally Posted by debjyotimitra

[*]Broker is telling me settlement would be cumbersome if I go with online insurances.[/list]Please advise me the best route.

I fail to understand why would any Insurance co claim settlements would be cumbersome if taken from outside, its just another age old way of arm twisting by the brokers, take it with a pinch of salt.

Best way to go around is check with the comparator sites (cover fox, Policy bazaar etc) and get an approximate estimate. If online quotes are lesser then ICICI, ask ICICI to match the same. If they do well and good, go ahead with them. If not buy from outside.

Kindly ensure that the IDV is correctly calculated when asking for premium quotes.

[sibot]

Posted in the wrong thread. <snip>

[asitmonty]

Originally Posted by McQueen

1. Is there anything that should be kept in mind?

Check the insurance cost directly from the insurer. In my case, Mahindra offered me HDFC insurance at 45K. I checked Mahindra website and it came to 34K. Called up the Sales guy and told him that I will get it from HDFC directly, and they immediately offered to match HDFC online quote.

1. Is that 3-yr + 1-yr TD+OD usual with Nexa cars? Or they offer more years of insurance to other customers?

It is the same for all cars. Its really an insurer offer and not by car. Most do offer 2 or 3 yr OD, but you don't get any real discounts. On paper it looks nice, but if you take into account the fact that you will make 8-10% on the amount if you put it in an MF, then it evens out. For e.g. if my OD for year 1 is 10k, unless the insurer gives a discount of more than 800 for Year 2, it isn't worth much.

1. The insurance has already been done without even consulting with the customer. Can the company (Digit) be changed? Can Nexa be trusted?

If you haven't purchased the car already, then you can change it. The Nexa dealer would get the most commission from Digit and that's why they are pushing it. But in general, any insurer you go through them, they will still make some commission. So they wouldn't care that much.

Don't go with Digit unless you already like them or they give an exceptionally low premium. They have ~85% claim settlement ratio, which is not great. In general, good insurance = higher premium. bad insurance = lower premium. Check this post ( an year old now, but things haven't changed significantly for most insurers)
https://www.team-bhp.com/forum/india...ml#post5189927 (The 2020 thread: Your preferred car insurance company & why)

[asitmonty]

Originally Posted by debjyotimitra

• Broker is telling me settlement would be cumbersome if I go with online insurances.

Please advise me the best route.

I had asked the Mahindra sales guy what exactly was the benefit and he gave all the same reasons. I already knew that's just a shady trick by the dealer and told them that I will get it outside if they can't match the online quote. They tried to push back and eventually gave up.

Last year, I had a claim. As expected, there was not one step where the dealer was involved. Raised the claim on insurer's app, and their investigator showed up.

It doesn't matter if you go with the dealer or go on your own. Ask the dealer to match the online quote, else just go with online (or another broker who is giving it cheap).

[Rocky_C]

Hi Everyone,

I have a doubt regarding renewal quote received for my 2023 Baleno. This is my first renewal, I had claimed cover once last year. The current insurance is from New India Assurance which I got with the car through Maruti Suzuki insurance Broking. Quote received is ₹20742 (incl. GST) for OD.

Add-ons are Zero Dep, ROI and Engine protect. I don't know if this amount is correct or if it's a bit high. Looking for your advise to get some knowledge regarding this. If I should look for other quotes please suggest a good alternative. Thanks in advance.

[manishalive]

Originally Posted by asitmonty

The 5 insurers listed below are the top insurance companies based on the number of claims settled. They are pricier than the rest, but IRDAI (insurance watchdog) data shows it is worth it (see the link below for more details)

• Bajaj Allianz
• HDFC Ergo
• Oriental
• Royal Sundaram
• SBI General

https://www.team-bhp.com/forum/india...ml#post5189927 (The 2020 thread: Your preferred car insurance company & why)

GoDigit, Acko have poor settlement ratios. With Acko worse that GoDigit. For every 100 claims filed, GoDigit pays 83 claims as opposed to 90 claims paid by the above listed 5 insurers. So, shop around within these 5 and pick whoever is the lowest.

Guys quoting and old post. I was looking to know the recent metrics and information on oriental insurance. Are they any good compared to HDFC Ergo. I have had HDFC Ergo on my Swift for years, this year my insurance person got me Oriental insurance. And I have had not claimed any insurance so far so it ok for me. For HDFC I had claimed early on and it was seamless.

Now I am going for a new car (XUV 3XO) and there come the dilemma - 28K all bells and whistles with NCB discount from Oriental vs 43K of HDFC Ergo.

I think Oriental is still not cashless and that the process is more manual. vs HDFC Ergo which will be automatic from dealership itself. This could be a big factor.

[asitmonty]

Originally Posted by manishalive

I was looking to know the recent metrics and information on oriental insurance.

I have been updating this annually and have been able to further break down by Insurance Type (data obtained from IRDAI through RTI queries). The data takes a long time so I am currently doing maybe 1 insurer every few weeks, starting with the ones that had good ratios overall.

The below images break it down by OD (own-damage) and TP (third-party). The dashed lines show historical movement. As an example, under OD, the dashed line for HDFC moves from left to right implying - slight improvement in claim settlement ratio compared to the previous period.

For OD, you should consider both HDFC Ergo and Royal Sundaram. I agree with you that even though Oriental has the cheapest rates and the best metrics, it is more suited for someone who is willing to spend time and inconvenience in a claim. I had one claim with HDFC (approx 70k in body repairs) and their process was extremely smooth and fast. Settled within 48 hours of making the claim. similar experience with Royal Sundaram (though this was for a health claim and not motor).

Also, is that 43K quote from dealer? or from online? I had a high quote from dealer for my XUV300. Initially they had quoted 43K, but online it showed 38K. I told them that I will do it outside unless they match online. And they did match the online quote after some pushback.


Motor OD




Motor TP