My car insurance is expiring very soon. Recently having seen coverfox.com tv commercials, I thought to give it a try. I opened the website and fed in my contact details followed by my vehicle number. Based on it, the website pulled out details of my vehicle and when my insurance is expiring. The next page displayed the results. The results covered the insurers which have tied up with the website. I dint like the quotes as I was looking for a zero debt policy which was unavailable for my car. I closed the website.
Story begins: I received a call from their executive within two hours. Since I was busy in office, I asked him to call me on Saturday and the executive followed up on Saturday.
At the start, he again asked for the details of the vehicle. When I asked him that the details have already been mentioned on their website, he told that he has partial number only. Anyways, I provided him the the number. He started telling me the date of expiry of my insurance. When I asked him about possibility of getting zero debt policy, he outrightly said no. He told that no car insurers provide zero debt policy for cars older than 5 years. I again asked him if he is sure to which he replied in yes.
From my interaction with my previous year’s agent, I was informed that New india insurance company and oriental insurance are the only two insurers which provide zero debt policy for cars upto 7 years old. To my knowledge, both these insurers are govt agencies which will atleast not offer any fraud policies.
I told the coverfox executive about this. He said that as per IRDA rules, no company can provide zero debt policy for cars older than 5 years. This was a clear lie to somehow sell their policy.
In all, guys please beware before buying any policies from coverfox.com. They are clever like fox and appear to be willing to lie and fool customers in order to sell policies.