Will you believe what I am about to write down. If you don’t believe you can try this exercise yourself as well using Bajaj Allianz online motor car policy purchase/renewal tool. My car insurance with bajaj allianz is about to expire on coming 4th August, 2012. Due to the same reasons, I got a renewal call from one of their employee/agent. I was asked to renew the policy online using their website. I entered all the existing policy details in their website and a quotation of Rs 8891 was generated. I was about to pay the same but somehow, I got an idea to check the policy rate if I want to buy new policy instead of renewing it. I again entered all the details required on their website about my car and existing policy. This time the quotation was Rs. 7507 . WOW... what the hell is this??? A difference of around Rs. 1400 for existing customer vs the new customer. I must mention here that I did not made a single claim in previous years.
I called their customer care and they told me that this is the best they can offer me and reduced my premium to 8500 but still the difference between new policy and renewal policy was 1000. Now you yourself can try this and you will see that Bajaj Allianz has a habit of looting its existing customers.
What would an intelligent customer do???
Every year, before renewing please check with other (good) insurance providers and if you are getting a better quote (which you will surely get because you are a new customer for another provider), go for the new provider every year rather than renewing your existing policy. After all, they are private insurers and they are all the same at the time of registration of claims.