Kotak General Insurance Company Limited is a wholly-owned subsidiary of Kotak Mahindra Bank Limited. The company offers a range of general insurance products and car insurance is one such product offered by Kotak Mahindra under its motor insurance plans. Kotak offers different types of car insurance plans allowing you to choose the most suitable policy based on your coverage needs.
Benefits of Kotak Mahindra Car Insurance
If you choose to buy a car insurance policy from Kotak, here are some benefits that you can avail of –
- Digital process
You can log on to https://www.turtlemint.com/car-insurance/ and compare between plans to choose the one which best suits your needs. Once you provide the details of your car, you will be displayed a number of policies for you to choose from.
To buy Kotak Car Insurance Plan, you can log onto the official website of Kotak Mahindra, choose the policy that you want, generate an online premium quote, pay the premium and the policy would be issued instantly.
- Comprehensive coverage
Kotak car insurance offers you a comprehensive scope of coverage by allowing coverage against third party legal liabilities, damages suffered by the car due to natural or man-made disasters and theft of the car.
- Long term coverage
If you are insuring a new car you can avail of the mandatory long-term third party cover for three continuous years. The policy allows mandatory coverage without the hassle of annual renewals.
- Personal accident cover
Kotak car insurance also offers an optional personal accident cover of INR 15 lakhs that you can add to the base plan. This cover provides a lump sum benefit if the driver or policyholder suffers accidental death or permanent disablement while driving the car. The cover provides comprehensive protection at a very low amount of premium.
- Choice of add-ons
The comprehensive Kotak car insurance policy offers you a range of add-on coverage benefits that can be added to the base policy. These add-ons enhance the coverage and boost the claim amount at very affordable premiums.
- No claim bonus
If you don’t make claims in your comprehensive Kotak car insurance policy, you can avail of a no claim bonus. This bonus allows an attractive discount on the renewal premium. It starts from 20% and goes up to 50% if you experience five successive claim-free years.
- Premium discounts
Kotak car insurance allows different types of premium discounts, including the no claim bonus discount. These discounts reduce your premium outgo and make the car insurance policy affordable in your pockets.
- Easy claim settlements
Kotak General Insurance Company is tied up with major garages across India. You can easily locate a garage near you and get your car repaired on a cashless basis. Kotak also follows a simplified claim process ensuring that your claim settlements are smooth and quick.
- Good Incurred Claims Ratio (ICR)The ICR of Kotak General Insurance for the financial year 2015-16 stood at 73.09%. This shows that the company enjoys good profitability and is stable enough to pay the claims.
Why buy Kotak Car Insurance?
You can invest in Kotak car insurance because of the above-mentioned benefits that the company offers. Moreover, Kotak car insurance is a wise choice because of the following reasons –
- You get a choice of policies to choose from
- The premium discounts make the car insurance plans affordable
- You can customize your coverage with the range of add-ons provided under Kotak car insurance and opt for the best coverage
- You can buy and renew the policy online through the company’s portal for ease and convenience
- The company provides 24*7 customer support for your queries and grievances
Kotak car insurance coverage
The coverage under the Kotak car insurance policy depends on the type of policy that you choose. Third-party coverage is mandatory for your car which covers the following instances –
- Legal liability suffered if a third party is physically injured due to the car
- Legal liability suffered if a third party dies due to the car
- Legal liability suffered if a third party property is damaged due to the car
These coverage benefits are available under both third party and comprehensive car insurance plans. However, if you choose the comprehensive policy called Kotak Car Secure, the following coverage benefits would be allowed in addition to the above-mentioned benefits –
- Damages suffered by the car due to natural disasters like earthquakes, floods, storms, cyclones, lightning, hurricane, landslides, etc.
- Damages suffered by the car due to man-made disasters like fire, riots, malicious acts strikes, etc.
- Damages suffered by the car when it is being transported through air, road or water
- Theft of the car
You can also choose the personal accident cover that would cover accidental death and disablement suffered by the owner or driver of the car.
Kotak car insurance add-ons
Add-ons are additional coverage benefits that are offered with Kotak Car Secure, the comprehensive car insurance policy offered by Kotak. Here is the range of add-ons that you can find under the comprehensive Kotak car insurance plan –
- Roadside assistance
Under this add-on, you get round-the-clock assistance if your car breaks down in the middle of the road and it cannot be taken to the nearest garage. All you have to do is contact Kotak General Insurance and the company would provide the assistance needed any time of the day.
- Depreciation cover
This add-on gives you cover for the depreciation that is deducted at the time of claim. When the car is used, its parts get depreciated due to normal wear and tear. This depreciation is not covered under the car insurance policy. As such, at the time of claims, the insurance company deducts the relevant depreciation from the parts that have been repaired or replaced and you bear the depreciation costs yourself. However, if you choose this add-on, depreciation would be covered by the Kotak car insurance policy. No deduction for depreciation would be done by the company and you would get a higher claim settlement.
- Consumables cover
Consumables are one-time use items that are used by the garage when repairing your car. For instance, engine oil, lubricants, nuts and bolts are called consumables. The cost of consumables is not covered at the time of claim. However, if you choose the consumables to cover add-on, the cost of consumables would be included in claim settlement and you would get a higher amount of claim.
- Engine protect
The engine protects add-on provides coverage against engine damage which occurs if water leaks or seeps into your car’s engine. Usually, engine damage due to water seepage is not covered by the car insurance policy but if this add-on is selected, coverage is allowed for such damage. This add-on is particularly useful if you live in areas that are prone to water-logging in monsoons as your engine is prone to get damaged due to water seepage.
- Return to invoice
If you choose this add-on you would get the invoice value of the car in case your car is stolen or if it is damaged beyond repairs. In the absence of this add-on, the Insured Declared Value (IDV) of the car insurance policy is paid which depreciates the market value of the car due to the car’s age. Thus, the IDV involves a lower claim settlement but if you choose this add-on you can get the price of the car that you paid.
You can choose one or more of these add-ons when buying Kotak Car Secure policy. For every add-on that you select, you would have to pay a small additional premium but you can enjoy a wider scope of coverage.
Kotak Mahindra car insurance exclusions
Kotak car insurance provides a wide scope of coverage against possible damages. However, there are some instances that are excluded from the scope of coverage. These instances are called exclusions and the common exclusions include the following –
- The loss suffered due to the ageing of the car
- Consequential losses
- Normal wear and tear of the car and its parts
- Contractual liability
- Violating the limitations of using the car
- Driving the car under the influence of alcohol and/or drugs and any subsequent damages suffered
- Driving the car outside the Indian territory and any subsequent damages suffered
- Deliberate accidents
- Intentional or self-inflicted damages
- Driving the car without a valid driving license and the damages suffered subsequently
- Mechanical and electrical breakdown of the car
- Damages suffered due to war or nuclear risks
- Using the car for illegal activities and the damages suffered subsequently
These are not the exhaustive list of exclusions but give a fair idea of the common instances when the Kotak car insurance policy would not pay any claims.
Kotak car insurance offers
Kotak General Insurance allows various offers on its car insurance policy. Some of these offers are as follows –
- You can claim up to 50% discount by using the no claim bonus
- If you are a registered member of a recognized automobile association you can claim a premium discount
- If you install safety devices in your car and the devices are approved by ARAI, you can claim a premium discount
- If you cancel your policy during the coverage duration, you can get up to 80% of the premium refunded depending on the tenure after which you cancel the plan
How to apply for Kotak Mahindra car insurance?
If you wish to buy Kotak car insurance, you can visit the website of the insurance company and buy the policy online. The process is as follows –
- Visit Kotak General Insurance website and click on ‘Get a Quote’
- Enter the details of your car and your personal details. These details include the following-
- Car registration number
- Mobile number
- Email ID
- Manufacturer’s name
- Model and variant of the car
- Registration location
- Registration date
- Details of the previous policy (if you have any)
- Claim history, if any
- No claim bonus, if any
- Agree to the terms and conditions of the company and the premium, without add-ons, would be displayed
- If you are interested, you can proceed with your application. You can also add the required add-ons and the premium would be updated accordingly
- Provide your details, fill up the online application form and pay the premium through any digital payment modes
- Once the premium is paid, the policy would be issued instantly
Alternatively, you can apply for a Kotak Mahindra car insurance policy online through Turtlemint’s platform as well. Turtlemint is an online portal that allows you to compare the available car insurance plans and choose the best policy for your vehicle. Just visit https://www.turtlemint.com/car-insurance/ and enter your card details. You would be shown a list of available car insurance plans. Compare the available plans on their coverage and premium and then you can find the most suitable policy.
How to make a claim under Kotak car insurance?
There is a claim process that you should follow to initiate a claim under your Kotak Mahindra car insurance policy. This process is as follows –
- As soon as you suffer a claim, inform Kotak General Insurance about the same. To inform, you can visit https://www.kotakgeneralinsurance.com/claims and register your claim online. You can also call the toll-free number 1800 266 4545 between 8 am and 8 pm and intimate the company. Alternately you can simply click on https://www.turtlemint.com/raise-claim/ and raise your claim by filling up a form:
- Claim Form:
- Insurer Name
- Policy Number
- You contact details
- Details of the incident for the claim
- Claim Form:
- After registering your claim, you would get a Claim Reference Number (CRN) which would be used for claim processing
- You would have to submit a list of documents for the claim processing. These documents include the car insurance policy, driving license, RC book of the car, FIR (for a third party or theft claims), etc.
- The company would arrange for an inspection of the claim after which the claim would be approved
- If you have taken your car to a networked garage, you can opt for cashless claims. The company would settle the repair costs directly with the garage
- In the case of non-networked garages, however, you should bear the repair costs initially. Then, after you submit the original invoices and bills, the company would reimburse you for the costs incurred
- Any deductible applicable under the policy and excluded costs would have to be borne by you
Alternatively, if you have bought the Kotak car insurance policy through Turtlemint, you can take Turtlemint’s assistance in claim settlement. Either drop a mail at firstname.lastname@example.org or call 1800 266 0101 and inform Turtlemint of your claim. Turtlemint would follow the claim process and help you get the claim settled without any hassles.
How to calculate Kotak car insurance premium?
The premium of the Kotak Mahindra car insurance plan depends on a lot of factors. You need to assess these factors to find out the premium payable for the policy. The factors are as follows –
- Type of policy
Third-party plans provide mandatory basic coverage. Their premiums are fixed by the Insurance Regulatory and Development Authority of India (IRDAI) and are low. Comprehensive plans, on the other hand, provide a wider scope of coverage and so, their premiums are higher. So, depending on which type of policy that you choose, your premium would be calculated.
- Make, model and variant of the car
The make, model and variant of the car determines the value of the car. Depending on this value, the premium is calculated. If the value of the car is high the premium would be higher and vice-versa.
- Registration date and location
The registration date determines the age of the car. As the car ages, its value reduces and so does the premium. Registration location, on the other hand, is used to find out whether the car is registered in a metropolitan city or not. Premiums are higher in metro cities since the chances of claims and the associated cost of repairs are higher in such places.
- Insured Declared Value
The IDV is the market value of the car adjusted for depreciation. The higher is the IDV the higher would be the claim liability of the insurance company. So, the IDV impacts the premium directly. If the IDV is high the premiums would be higher and vice-versa.
- Add-ons selected
Add-ons require an additional premium to be paid and so, if you choose add-ons with the policy, the premiums would increase.
- No claim bonus available If you are renewing your Kotak car insurance policy, the accumulated no claim bonus can be used for claiming a premium discount. So, depending on the no claim bonus that you can claim, the premium would be calculated.
- Other discounts
Kotak Mahindra car insurance plan offers attractive discounts on the premium of comprehensive policies. If you are eligible for the available discounts, the premium would be reduced.
- Previous policy details
If your previous car insurance policy has expired, the renewal premium might be increased by the insurance company. Thus, depending on the status of the existing car insurance policy, the premium would be calculated.
Other facts about Kotak car insurance
Some other interesting facts about Kotak General Insurance Company and its car insurance policies are as follows –
- The company believes in customer-centric operations and ensures that your car insurance policy provides you with the best experience
- You can contact the company anytime through its toll-free number 1800 266 4545 or by sending an email to email@example.com
- To renew your policy online, you can log on to www.turtlemint.com and provide details of your vehicle. The options pertaining to your vehicle would be displayed for you to choose from. You need to select the plan you wish to buy and then proceed. Alternately, you can log onto the official website of Kotak Car Insurance, select the policy and enter your policy number or customer ID number for quick online renewals
So, buy a car insurance policy from Kotak General Insurance and get the best coverage at the best premium rates.
The no-claim bonus depends on the successive number of claim-free years that you have. It is calculated as follows –
|Number of claim-free years||Applicable no claim bonus|
|2 successive years||25%|
|3 successive years||35%|
|4 successive years||45%|
|5 successive years and beyond||50%|
The accumulated no claim bonus continues to be valid for up to 90 days from the date of expiry of the current policy. If you renew the policy within this period you would be able to claim the no claim bonus as a discount. If not, however, the accumulated bonus would be lost.
Under the roadside assistance add-on, Kotak provides coverage for towing facility, jumpstarting a dead battery, fuel supply, support over the call, flat tyre repair or replacement, emptying the fuel tank, lost key replacement, minor repairs and arrangement for a cab.
Yes, you can avail of a long term third party liability policy. This coverage is available only for new cars. However, a long term comprehensive policy is not available. If you buy a new car you can avail of a long term third party cover and an annual own damage cover under a bundled policy.
In case of third party claims, you need to file a police FIR and intimate the company about your claim. The claim is handled by the motor accidents tribunal that decides the compensation that you are liable to pay. Once the tribunal gives its ruling, Kotak car insurance policy pays the specified compensation to the third party.