Royal Sundaram — Renewal of Policy

Address:

Kozhikode, Kerala

I have an active private car package policy with Royal Sundaram Alliance Insurance Co with policy No VPC[protected] for a Scorpio Vehicle whose IDV is presently Rs 4.00 Lacs. The policy is due for renewal on 20 Dec 11. On contacting the Calicut office of the company for a renewal, the staff there stated that the IDV presently is to be marked at Rs 4.30 Lacs and will therefore increase my premium to Rs 10,745.00 from the previous year’s premium of Rs 10,639.00. As I understand for vehicles of 5 Yrs vintage the IDV has to be negotiated between the insurer and the Insured. In any case an increase of IDV cannot be in order.

My attempt in contacting the Branch Manager to obtain a reasoned explanation was stonewalled and he is inaccessible. This forced me to send a complaint on the website of the Co. The same was replied to by them and I was informed that my grievance will be redressed in due course before 20 Dec 2011. A person purporting to be the Branch manager of their office at Calicut called me and informed me that he will get back to me with the reasons for the increase. This has not been done till now.

I am getting a better quote from Insurance Co for an IDV of Rs3.11 Lacs. It can therefore be assumed that the Company wants to either carry out an unjustified increase or wants to jettison such small policies for the reasons best known to the Company. The response from the Company is appalling.