Any insurance experts here?

Discussion in 'T&AA - Travel and Anything Automotive' started by SumitB, Aug 31, 2012.

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  1. SumitB

    SumitB RAID Staff Staff Member

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    I have an insurance related query and would appreciate if someone can help me with it. I have a 2010 Tata Safari which is due for renewal of insurance on the 22nd September, 2012. It is currently insured with National Insurance. If I renew it with the current insurer, I will have to pay about 25xxx for the renewal. I have no claims in the 2nd year of ownership and was checking for quotes online on policy bazaar. I was surprised to see that I was being offered a renewal at 16xxx by Reliance Insurance while the next lowest quote was 26xxx! Now what gives? Why is there a difference of 10000 rupees between these two quotes and is it safe to go with Reliance Insurance? I am looking at comprehensive policies and these quotes are for the same.

    I have been told elsewhere that its best to go with the insurance provider who has a tie up with my regular workshop to benefit from the "cashless" policies of the insurance company. While this may make sense in towns and cities other than Shillong, in Shillong, this is a farce as last time when I made a claim with my current insurer, I was made to pay the whole repairing cost as that's the policy the dealership follows and was reimbursed the amount after the claim was settled and still the dealership and the insurer insisted that this was a "cashless" policy. I am not interested in "bumper-to-bumper" and other such fancy policies as I have understood one thing, when it comes to an accident, I should be prepared for a "huge" bill if I need to avoid hassles and harassment! As such, I am looking for the lowest quote.

    Has anyone had any issues with either policy bazaar or with Reliance Insurance? As I have mentioned already, the above quotes are for comprehensive policies (as per policy bazaar) and I will confirm the same before I make the payment. Do I need to be cautious about anything else?
  2. vasishta.sushant

    vasishta.sushant Some title...

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    Generally companies offer lesser premium because of two reasons :
    1. They'll declare lesser IDV
    2. They'll increase voluntary payment.

    Check on both terms before comparing the premiums.

    Also I guess it makes sense to go for reliance.

    And yes I can vouch for policy bazaar. My health insurance, life term insurance and my last car's insurance were all purchased from them.

    (sent from the mighty Galaxy NOTE)
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  3. JD666

    JD666 RAID Leader Staff Member

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    late bump, but Vinny 's dad has an insurance agency.
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  4. Vinny

    Vinny RAID Rookie

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    HI Sumit,

    My dad is an expert, let me know i can share his contact details.

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