My father's car insurance is up for renewal. He was previously on ICICI Lombard, and since I was visiting him, I convinced him to shop around. The best premium offered so far was by Axis Bank (which uses Tata AIG), which was INR 33,877, cheaper than what Tata AIG showed on their website. Policybazaar for ICICI Lombard was similarly priced. Meanwhile I also reached out to AmEx. Seems like they are offering the exact same insurance for INR 20,711, with a slightly higher IDV (10L instead of 9.8)
Plans seem to be the same (Sapphire++ choice1), and all coverages such as Zero Depreciation and Return to Invoice are included. What am I missing? How is AmEx cheaper? Could the actuaries be valuing AmEx clients as somehow more reliable/cautious?
The make model, everything in both quotes is the same.
Here's the policy from Tata/Axis's own website (IDV 9,84,130):
Here's what AmEx is offering us (10L):
Plans seem to be the same (Sapphire++ choice1), and all coverages such as Zero Depreciation and Return to Invoice are included. What am I missing? How is AmEx cheaper? Could the actuaries be valuing AmEx clients as somehow more reliable/cautious?
The make model, everything in both quotes is the same.
Here's the policy from Tata/Axis's own website (IDV 9,84,130):
Here's what AmEx is offering us (10L):