Moneylife online survey on car insurance shows that car-dealers often offer ‘free’ insurance while purchasing a new car and other ‘freebies’ in subsequent years. Are they really the best options?
Read Save More on Car Insurance, our cover story, which explores different parameters which help you to reduce the premium and avoid questionable ways to reduce it.
Our survey received responses from 427 readers. Only 27% of the respondents have used web aggregator sites like Policybazaar.com to compare car insurance premium. Two out of three have not compared the quotations of the premium for online renewal/purchase from the same insurance company.
Over 61% said they would renew car insurance with the existing insurer. Interestingly, only 11% feel that the car-dealer will give them best quote at the time of purchase or renewal. Four out of 10 said that they buy or renew car insurance from car-dealers believing that claims handling will be smoother. A few stick with car-dealers due to fear of unwarranted charges or delay in service. Some respondents opt to buy from the insurer based on manufacturer’s recommendation.
At the time of renewal, three out of 10 respondents listen to tele-callers from rival companies. One out of three respondents uses online web aggregators. Two out of three will talk with friends or insurance advisors.
Only 42% of the respondents were aware that some insurers offer discounts based on profession, age group, an automobile association’s membership and anti-theft devices. A good 60% are aware of the meaning of ‘IDV’ (insured declared value) of the car.
75% respondents check for no-claim bonus or NCB while renewing car insurance. Unfortunately, almost half of the respondents are unaware of the protection offered by ‘own damage’ cover; only one out of four lacks awareness of ‘third party’ cover.
The Mahindra group company will provide services to Brazil-based Schahin Petroleo for supply chain solutions. It will also provide transformational solutions to a leading bank in Brazil
Tech Mahindra Ltd said Complex IT, its unit in Brazil, has signed two deals in that country for delivering enterprise solutions in oil and gas and banking vertical. No financial details were provided.
Arvind Malhotra, senior vice president, strategic accounts, Tech Mahindra, said, “Our growth strategy in Latin America leveraging a combination of inorganic and organic plays is showing early results.”
The first project is with Schahin Petroleo to deliver a new enterprise business solution for the operations of the oil and gas division of the Schahin Group. The project includes implementation of SAP ERP and addresses business pain points around complex supply chain logistics and strengthening of the integration process.
On another instance, Complex IT has also signed a transformational contract with a leading bank in Brazil to deliver enterprise business solutions for SAP demands on AMS, projects and ongoing demands. This will help them overcome high complexity environment and helping internal SLA.
At 3.40pm Friday, Tech Mahindra was 1.5% down at Rs1232 on the BSE, while the 30-share Sensex was also marginally down at 19,164.