1. Introducing the smashing new Team FIAT T-Shirt !! To order yours click here : Team FIAT T-Shirt

Hunt for insurance

Discussion in 'Insurance & Loan Reviews' started by sathishgv, May 16, 2013.

  1. asimpleson

    asimpleson Esperto

    Messages:
    3,000
    Heptanesia
    Linea 1.3
    Clearly this is wrongful practise then. Maybe the IRDA ought to seal these loopholes in better interest of the insurees.
    2 people like this.
  2. testdrive

    testdrive Amatore

    Messages:
    149
    Chennai
    Any input on this?
  3. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,244
    Chennai
    Linea 1.3
    You need not worry much if you are still covered under Free RSA from Fiat. However if the cost of this RSA cover is not that high and if you travel a lot, additional/backup RSA would be better.
    1 person likes this.
  4. testdrive

    testdrive Amatore

    Messages:
    149
    Chennai
    Thanks Ramesh. Free RSA is enough now. I will consider later if needed.
  5. testdrive

    testdrive Amatore

    Messages:
    149
    Chennai
    I got following from HDFC ERGO General Insurance Company. seems they support any number of claims. Is any one with HDFC ERGO? plz provide your input.

    NO RESTRICTION ON ANY NUMBER OF CLAIMS.

    * PERMISSIBLE TO CLAIM ANY NUMBER OF TIMES DURING THE POLICY PERIOD.

    * IN CASE OF BUMPER TO BUMPER POLICY ALL THE CLAIM WILL BE SETTLED AS BUMPER TO BUMPER WITHOUT ANY SUB LIMIT IN THE NUMBER OF CLAIMS INCURRED.
    We will support you & assure you the best service always.

    *(The below quote not applicable to existing HDFC ERGO client & may be revalidated . we request you to kindly ignore the mail if your previous insurance with HDFC ERGO.)

    BUMPER TO BUMPER COVERAGE :
    Cheque / DD amount : Rs.14752/- for 5.60 Lac IDV

    COMPREHENSIVE COVERAGE :

    Cheque / DD amount : Rs.12,235/- for 5.60 Lac IDV
    Last edited: Jun 25, 2014
  6. miteshpunjani

    miteshpunjani Amatore

    Messages:
    154
    vadodara-gujarat
    My Royal Sundaram Car Insurance Policy is getting over on 28th August 2014. It is a 0 dep, cashless, bumper to bumper policy. The IDV for 2013-14 policy was 7.20 lacs. I had a claim for the current year hence there will not be any NCB. Now I am having two options for the renewal.

    Option 01.
    Continue with Royal Sundaram - Car IDV 6.48 lacs Premium INR 24,700/- (includes engine and consumables)

    Option 02.
    Shift to Baja Allianz - Car IDV 6.50 lacs, Premium 19,700/- (includes engine and consumables along with 24x7 services for Fuel, Punctures, towing etc)

    My dealer Bhaskara Fiat has a tie up with RS and is insisting me to go for the same only.

    Experts please suggest.
  7. asimpleson

    asimpleson Esperto

    Messages:
    3,000
    Heptanesia
    Linea 1.3
    ^^Go for Royal Sundaram. They have tie-up and that means a lot in claim settlements. Why is there so much difference in Royal Sundaram quote, just due to NCB not applicable?
  8. kookaburra

    kookaburra Amatore

    Messages:
    72
    Pune
    How does the IDV amount play a part when I take Depreciation Cover (zero-dep)?
    And if IDV amount doesn't play any role if I have zero-dep, then why shouldn't one just choose the lowest possible IDV?
    I can always add the rider "Return to invoice" to cover the total-loss.

    So my preferred combination is: LowestIDV + ZeroDep + ReturnToInvoice

    Does the above logic make sense?
  9. ghodlur

    ghodlur Esperto

    Messages:
    2,325
    Thane
    Dont get bogged down by their insistence, take a judicious decision. How was RS's response during the claim from lodging to final settlement? Were they transparent enough to be given a second chance? Its not always lowest premium provider is the best, sometimes better things come at a slight extra cost.

    Aseem,
    RS sees Mitesh as a high risk customer due to the claim last year. Apart from losing the NCB, he now falls in the bracket for risky drivers which means if the Insurance co would want to provide Insurance to him, they would have to do it at an extra cost. Agreed that probabality of Mitesh loding another claim in the second year is rare, but Insurance co wouldnt take that liability on themselves. Hence the additional cost for the providing the Insurance. By this they give the option to Mitesh of taking the Insurance outside RS or pay exta to continue. Double edged sword you see.
    Last edited: Jul 15, 2014
  10. asimpleson

    asimpleson Esperto

    Messages:
    3,000
    Heptanesia
    Linea 1.3
    Yes well said, thats why I too thought RS would be better.

    As far as claim settlement ratio goes, I think they all claim themselves to be the best or transparent or fast in processing. I don't buy these statistics. Differs case to case.


    I see the concept there, did figure that much that the extra premium might be because of risk assessment calculations. But it is even foolish to loose a customer now, esp. when the claim is made once. See, purely from their business perspective. I guess the double edged sword implies here as well. :)

    I think Mitesh should see this extra 4.x difference and compare to this claim settlement awarded. Something feels like continuing with RS even at higher premium should be good for him. Might be he could ask them for a deal for about 22k; don't know how negotiable these things are.
    1 person likes this.

Share This Page