Kotak Car Insurance: Plans, Claim Settlement Ratio, Add-ons & Renewal

Kotak Claim Settlement Ratio

99%

Kotak

94.67%

Industry Average

Car claim settlement ratio is the percentage of claims settled against the total claims received by the insurance company in a given fiscal year. Kotak has a claim settlement ratio of 99%, as compared to the industry average of 94.67%.

Kotak Car Insurance Plans Overview

Kotak car insurance offers 2 car insurance plans. The premium of these plans starts from Rs. 2094/yr. Details of the comprehensive coverage provided by the following 2 Kotak car insurance plans are listed below:

Comprehensive

Starting Premium- ₹ 3,374/yr

There are types of Kotak Comprehensive plan

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.

Third Party

Starting Premium- ₹ 2,094/yr

There are types of Kotak Third Party plan

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.

Kotak Premium Calculator

Use our Kotak car insurance premium calculator to estimate Kotak car insurance premium for your car within 30 seconds

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Kotak Cashless Garages

Kotak has a network of 2274 cashless garages across India. To find the nearest Kotak authorised cashless garage, enter your location below:

Delhi

Mumbai

Pune

Hyderabad

Chennai

Kolkata

Ahmedabad

Check Kotak Cashless Garages List

Add-ons Available Under Kotak Car Insurance Plans

Add-ons are additional coverage benefits which can be chosen voluntarily by paying an additional premium. Add-ons help increase the scope of coverage of the Car insurance policy. Kotak Car insurance plans offer the following types of add-ons with the comprehensive policy:

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.

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 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.

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.

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.

Features Of Kotak Car Insurance Plans

If you choose to buy a car insurance policy from Kotak,here are some benefits:

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.

Exclusions Under Kotak Car Insurance Plans

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
Depreciation
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

How To Raise 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:
- https://www.turtlemint.com/raise-claim/#claim-form
- Insurer Name
- Policy Number
- You contact details
- Details of the incident for the claim
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 support@turtlemint.com 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.

Kotak Customer Care

Customer Care Number

1800 2664 545

Email ID

Care@kotak.com

Kotak Car Insurance Renewal Process

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

FAQs

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
1 year	20%
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.