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Review: Royal Sundaram vs Bajaj vs ICICI lombard vs Tata-AIG

Discussion in 'Insurance & Loan Reviews' started by Prabu, Aug 2, 2010.

  1. My Linea 1.3 MJD's insurance renewal is due to first week of next month, I got following quote from TATA AIG and Royal Sundaram. I checked with KHT motors about the cashless claims, they confirmed its available for both the above insurance companies.

    IDV= 730000
    NCB = 0
    Premium : 26900 ( With 0% Depreciation and return to invoice value)

    Royal Sundaram:

    IDV= 697600
    Premium = 21300 ( With 0% depriciation, return to invoice value and all other add on covers)

    Also got an offer from Tata Motors Insurance, which is just the comprehensive package without any add on covers. They have tie up with United India,Royal Sundaram and TATA AIG. For the below premium we can choose between any one of these three insurance companies.

    Rs 21700/-

    Would like to know whether going with Tata Motors Insurance have any advantage in case of claims or as Royal Sundaram has cashless facility, Can I directly buy from them ( as they give all the add on covers for the same price) ?

  2. Ravi

    Ravi Staff Member Janitor

    Grande Punto 1.3
    I don't think there will any other advantages, other than cashless facility for claims, from Tata Motors Insurance.
    As per my knowledge, for Fiat cars they offer only Future Generali through Tata Motors Insurance.
  3. Apart from Future Generali, they offer from Royal Sundaram,ICICI Lombard,Untied and TATA AIG, but the advisor was insisting to go for Royal Sundaram or TATA AIG.
    Also for FG they quoted 28K , which I am not considering. Mostly made up by mind to buy directly from RS, so wanted to know about their service during time of claims
  4. Ravi

    Ravi Staff Member Janitor

    Grande Punto 1.3
    I just checked Concorde Motors website -
    Source - http://www.concordemotors.com/Insurance4Service1.aspx

    Again these things are mainly from Dealer side link, so they will push in which they get maximum margin.
  5. fiatlover

    fiatlover Esperto

    Grande Punto 1.4
    Very true.
    They quoted me a 3rd year renewal premium of 12k with National Insurance Co, when I had paid only 8.5k in the second year for the same provider.

    When I asked about this, this is what they said: The maximum discount we(TATA) can provide is 20%, and we can only reduce it. Insurance companies can even provide more than 30% discount.
    Probably they get it at 30% and sell it to us at 20%, making 10% profit! The whole thing looked funny.
    I have decided to deal directly with National Insurance Co.
    Last edited: Jun 28, 2011
  6. abk1980

    abk1980 Amatore

    Why are the IDV's different? And what IDV should one go for? Clearly, a lower IDV implies a lower premium.

    As per my limited knowledge, all insurance companies will follow the same straight line (?) depreciation model in case you go for a full claim. But the depreciation would be from which price? - the ex-showroom in your city? I guess that is the IDV one should go for.
    Also, does IDV have any other implications apart from the case where your car is totalled?
    Last edited: Jun 29, 2011
  7. Even though the IDV is lower compared TATAAIG, in case of Total loss/Theft, Royal sundaram should be paying me the total invoice price of the car because I have opted for that cover ( return to invoice value) apart from 0 depreciation.
  8. redbull


    ^ i think the idv can be adjusted +-15% at the discretion of the agent
  9. nkrishnap

    nkrishnap Staff Member Janitor

    Linea 1.3
    I guess the customer has the leverage of 10% of the permissible IDV. These insurance terms are very tricky and difficult to understand.
  10. Italia-Linea

    Italia-Linea Staff Member Janitor

    bought a bajaj allianz insurance.

    IDV - 75000 , OD premium Rs.12999
    Zero depreciation Rs 7860, total round up paid Rs.20000

    Carnation 300 rs coupon free for washing.

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