Today I am listing down the various things one should keep in mind while renewing a car or bike insurance policy. Continuing from my previous post on exploring various insurance providers in India, I must say the story has taken a happy twist. As soon as 9 am in the morning, I started getting calls from various companies including those whom I contacted yesterday. First it was Bajaj Allianz sales representative to ask me about the details of the requirement. This guy was friendly enough to not put me on hold while he got busy with calculations. Promptly called me back in less than 10 minutes and gave me a quote as well as all other details on how to go about renewing without me having to go around places. However, when I asked for all these details to be sent out on an email, they denied to provide me the quote stating IRDA concerns.
In the mean time Reliance General Insurance folks too called me up. Looks like yesterday evening call effect! I gave them also all the information and asked for a quote. They took about good 1 hour to call me back. These folks quoted almost Rs 3000 extra when compared to Bajaj Allianz at the beginning for the same ‘Comprehensive insurance cover’. I informed Reliance folks about my conversation with Bajaj Allianz and asked them why they are charging so much. They started talking all stories blaming IRDA for the standard norms. By hearing all that, I was about to switch over to Bajaj Allianz and I made my decision clear to Reliance folks. The person asked me to wait for awhile as he would re-calculate and get back to me. In next 5 minutes, he called me back and matched the premium as that of Bajaj. That was astonishing! When I asked him how he could reduce so much this time, he went on talking about various options available with insurance companies to provide discount offers to the customers.
I could smell something fishy with both of their competitiveness. Decided to play a bit more prank on each other and because of which I got to know all the loopholes in the system, I have listed most of them below. So, forget not to enquire with a couple of companies before renewing your policy. This is my golden set of tips if you are planning to renew your policy.
- Make sure to start negotiating at least 15 days ahead of expiry date.
- Don’t blindly go ahead and renew your policy with current provider.
- Contact multiple insurance companies to get quotes.
- Ask and evaluate various options provided by each vendor.
- Get the quotes exclusive of ‘Voluntary Accessories Deductibles’ discount.
- Insist on providing best discounts – month ends fetch better deals :)
- Forget not to mention that you are in touch with other providers as well.
- Ensure you get ‘No claim bonus’ if you qualify.
I certainly got a fair deal from Reliance at the end of the day which includes 3rd party coverage upto 7.5 lakhs, own damage cover for full IDV, owner/driver plus 4 passengers personal accident cover of 2 lakhs per head, hired driver personal accident cover of 50k etc.,Though I was cursing the online softwares and customer care reps yesterday, it appears to be great blessing in disguise. If they had worked properly, probably I would have ended up with an additional 3K dent in my pocket! Customer is still the king in multiplayer market. Hope this helps you…