INSURANCE TROUBLE

I owned Bajaj Discover 125 which I purchased in Year 2004. When we purchase a new vehicle, we have to get it insured. I insured my vehicle from Bajaj Allianz General Insurance Company by paying approximately Rs. 1000/- as first year premium.

The premium payment process worked well for next two years and every year I paid some reduced premium amount (Insurance premium amount should decrease every year because the value of the asset reduces every year because of depreciation). But in 2007, Bajaj Allianz person told me that we have to pay a premium of Rs. 1000/- because company has increased the prices. I blindly agreed and paid. In 2008, again the same issue, and I paid 1000/-.

This year I went to pay the premium and surprisingly they asked me to pay 2000/-. As I knew the premium amount should decrease every year but in this case it was reverse in this case. Above all Bajaj Allianz has discontinued all the notification (like premium due date, premium amount etc.) being sent to customers. This means customer has to check when the insurance period is going to end, and before the period ends he has to go to Bajaj Allianz office and pay whatever amount say.

Later I visited websites of ICICI Lombard, Reliance Insurance companies to calculate premium amount for a 5 year old vehicle. The calculated amount came around Rs. 800/-. I found that whatever being said by Bajaj Allianz people was completely wrong and without any document, letter proof from company or government, they are charging huge premium amounts to their customers.

After getting a bad experience from Bajaj Allianz I went to National Insurance Company and purchased a new policy from them. The premium amount I paid was only Rs. 682/-.

Thus when you purchase any policy, do verify the policy details by comparing similar policies of at least two companies. Private companies may charge extra without any reason, just what happened in my case.