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Hunt for insurance

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

  1. ghodlur

    ghodlur Esperto

    Messages:
    2,317
    Thane
    Future Generali has done two things wrong. 1) Separated the add on covers from the earlier bundled package 2) Hiked the add on premium costs. And all of this without any valid reason of course.

    I was quoted Rs 4k for the zero dep add on by Royal Sundaram during the last renewal, why are they suddenly charging 6K for the same beats me.
  2. asimpleson

    asimpleson Esperto

    Messages:
    2,998
    Heptanesia
    Linea 1.3
    As per my findings it looks like GIC based companies are offering much better insurance cover prices if you can live with cashless for example. Zero Dep. is possible IIRC. Just get a quote from one of those.
    Last edited: Sep 24, 2014
  3. bharath

    bharath Regolare

    Messages:
    328
    Coimbatore
    Got the quotation from CAI dealer for Future Generali (zero depreciation).For the past few days ,I get continuous calls from the dealer,Royal Sundaram and Policy bazaar and I am quite confused with all sorts of stuffs like IDV calculation,value add ons and the price variations !

    Current IDV is Rs. 9,30,463 and the below IDVs are mentioned for the renewal of Insurance for zero depreciation.

    IDV (Rs) Zero depreciation Quotation (Rs)
    Future Generali 8,30,000 18,957
    Royal Sundraram 7,77,600 21,295

    But I am quite taken away by the benefits mentioned by Royal Sundaram though there are more possibilities of not get used.

    Policy Benefits of Royal Sundaram:-


    • § Protection from loss of car or damage to your car.
      § We facilitate cashless facility all over India.
      § Personal Accident Cover for you, your paid driver and the occupants in the car.
      § Free vehicle inspection at your door step, in case of break in insurance, and facility to buy online within 24 hours.
      § Get 24x7 Roadside Assistance in case of emergencies due to accidents.
      § Dedicated 24X7 helpline in case of claim
      § Speedy authorization of repairs to get your car back on road quickly.
      § Transfer of No Claim Bonus (NCB) from other insurance company on renewal with Royal Sundaram's Car Insurance Policy Online.
      § You will receive the soft copy of the policy immediately after purchase to your mail id which is digitally signed.
    VALUE ADDED SERVICES :-
    We provide road side assistance kit for our on-line customers which includes the following features free of cost.

    24x7 roadside assistance* (free service)
    – Emergency Towing assistance
    – Repair on the spot
    – Flat tyre service
    – Pickup of the vehicle in case of driver disability
    – Emergency fuel delivery
    – Vehicle Repatriation
    – Legal Assistance
    – Vehicle key service
    – Assisting accommodation.

    1)I hope most of the above benefits (like RSA) apply for Future Generali as well but they had not mentioned in the quotation.I have sent a mail to confirm the benefits covered under the pla..
    2) Your views on IDV calculation. A lakh has been depreciated from the original IDV by Future Generali and I suppose this to be fine which I don't want to go below than that.[Though I pray no accident occurs to recover that amount :) ]

    Future Generali (Zero Depreciation) quotation:
    upload_2014-10-7_16-10-23.png
    Last edited: Oct 7, 2014
  4. ghodlur

    ghodlur Esperto

    Messages:
    2,317
    Thane
    Its confusing to see such a huge disparity in the IDV values quoted by the Insurance co. RS seems to have done the reverse - low IDV, high premium. Are these quotations generated online on the Insurer's website? Ideally based on last year's IDV your next years IDV should be 8.37L (Making it simpler @ less 10%). FG comes close to the actual IDV. Have an online chat with RS on their website to understand the breakup of RS quote. Compare the two quotes like to like and then decide.

    Have FG restarted their prebundled packages for add ons (Silver plan as seen in the quote)? They had discontinued it.
    bharath likes this.
  5. bharath

    bharath Regolare

    Messages:
    328
    Coimbatore
    @ghodlur ,Thanks for the reply. All the quotations mentioned were discussed/got via mail from RS and the dealer (future Generali).I am equally shocked looking at the inconsistency of IDVs that these companies calculate!

    RS quotation:
    upload_2014-10-7_16-51-32.png


    upload_2014-10-7_16-52-30.png
  6. pv_krish

    pv_krish Regolare

    Messages:
    418
    Chennai
    Grande Punto 1.3 90 HP
    @bharath, if you feel the IDV value is low, royal sundaram has one option where instead if IDV you can claim the ex-showroom price of the car, for cars that are 1-3 years old. I forgot the name of the option. It should be there in the previous post in the same thread.
    bharath likes this.
  7. ghodlur

    ghodlur Esperto

    Messages:
    2,317
    Thane
    The add on cover is known as "Full Invoice Price Insurance Cover" and is applicable only for car upto 3 yrs of ownership. Still this doesnt mean that the IDV should be less than the actual (under Insured).

    @bharath Can you check if RS have got the value of model/variant you own wrong int their database, hence the IDV must be coming lower than normal.
    bharath likes this.
  8. bharath

    bharath Regolare

    Messages:
    328
    Coimbatore
    @pv_krish and @ghodlur ,Thank you both :).Since many have voted for RS in this thread, I decided to switch from Future Generali but the quotation given by them with low IDV and high premium became the shop stopper! Meanwhile ,the quotation from Future Generali suddenly appears to be fine in front of it.Once I have decided after checking with RS ,I would be deciding within this week and let you know the final choice. (The online generated from policy bazaar showed IDV around 6.5 lakhs :eek: -- Tata Aig , L&T).
  9. GP_Freak

    GP_Freak Amatore

    Messages:
    240
    Chennai/Madurai
    Chennai
    Linea 1.3
    Did you check Bajaj Allianz insurance ? For Normal insurance, I have always found that their premium is the least for the same IDV from other insurance companies.
  10. bharath

    bharath Regolare

    Messages:
    328
    Coimbatore
    @GP_Freak I didn't check Bajaj Allianz since it was not that recommended due to their service/customer care despite their premium to be least and also didn't want to play too many gambles :D(already Fiat,US visa...).I just wonder that you have asked me :) ,may be you had good time with them ?

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