Oriental Third Party Car Insurance

Oriental Car Insurance

Comprehensive Car Insurance

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Starting Premium

₹ 1994/Yr

No. of Branches

1,800+

Cashless Garages

3,100+

Oriental Third Party Car Insurance Overview

There are types of Oriental Third Party plans

Liability only policy

A liability-only policy is mandatory as per the rules stated in the Motor Vehicles Act, 1988. This policy covers the legal financial liability which the car-owner faces if the car causes third party injuries or property damage. Third-party is considered to be an individual apart from the insurance company and the owner of the car. Liability only policies cover the following instances

Death of an individual in an accident involving the car
The physical injury suffered by an individual in an accident involving the car
Damage to an individual’s property by the car

Coverage for death is unlimited but for damage to property, coverage is limited to INR 7.5 lakhs.

Premiums of liability only policies are fixed by the Insurance Regulatory and Development Authority of India (IRDAI). They depend on the engine capacity of the car and the coverage duration. As per the latest changes made by the IRDAI, for new cars bought on or after 31st September 2018, the liability only policy would have to be taken for three consecutive years. Older cars, however, can opt for a one-year coverage only. The premiums for both these durations have also been specified by the IRDAI.

They are as follows

The cubic capacity of the car	The third-party premium for one year term	The third-party premium for a three-year term
Up to 1000 cc	INR 2072	INR 5286
1001 cc to 1499 cc	INR 3221	INR 9534
More than 1500 cc	INR 7890	INR 24,305

Oriental Claim Settlement Ratio

94%

Oriental

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. Oriental has a claim settlement ratio of 94%, as compared to the industry average of 94.67%.

Oriental Premium Calculator

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Add-ons Available Under Oriental 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. Oriental Car insurance plans offer the following types of add-ons with the comprehensive policy:

Comprehensive Oriental car insurance policies allow you optional coverage benefits which are called add-ons. These add-ons are available at an additional premium and you can choose as many add-ons as you want with the basic policy. The add-ons available under Oriental car insurance plans are as follows –

Nil Depreciation Cover

Depreciation of the car and its parts are not covered by the policy. When the car is damaged and is sent for repairs, the parts of the car can undergo replacement or repair. In that case, when paying a claim, the insurance company deducts the applicable depreciation from the parts which have been repaired or replaced. The rate of depreciation which is deducted depends on the parts of the car and is as follows

Types of parts of the car	Rate of depreciation applicable
Rubber, plastic or nylon parts	50%
Fibreglass parts	30%
Tyres and tubes	50%
Metal parts	As per the depreciation of the Insured Declared Value of the car

Since the depreciation is deducted, the claim amount becomes low and you have to pay the deducted cost out of your pockets. This is where the Nil Depreciation add-on comes to the rescue. This add-on nullifies the applicable rate of depreciation and the insurance company pays you the full cost of the parts of the car which have been repaired or replaced.

If you lose your personal belongings while they were placed in the car, the add-on would give you compensation for the loss suffered. Items such as cash, laptops, credit cards and mobiles would not be covered. The coverage limit can be INR 5000 or INR 10,000 and the premiums for them would be INR 400 and INR 650 respectively.

If your car is damaged and the extent of damage is such that the repairs would cost more than 20% of the Insured Declared Value, this add-on cover would become applicable. As per the cover, you would get a daily allowance for up to 15 days @ INR 400 or INR 650. This allowance would allow you to arrange for an alternate car for the time that it takes for your vehicle to be repaired.

How To Raise A Claim Under Oriental Third Party Car Insurance

There are three types of claims which can incur in an Oriental car insurance policy. These claims and their process are listed below

Third-party claims
If any third party is physically hurt or killed by the car or if you damage someone’s property, a third-party claim would occur. In the case of this claim, the claim process is as follow

Inform the insurance company immediately of the claim that you have suffered
File a police FIR at the local police station
The claim would be taken to the motor accidents tribunal where a judgement would be passed stating the liability that you face
Inform the insurance company of the stated liability
The insurance company would pay the claim and settle your liability

Theft of the car
If the car is stolen, it would be a case of theft. The claim process would be as follows

Inform the insurance company immediately of the claim that you have suffered
File a police FIR at the local police station
The police would try and locate the stolen car. If they cannot do so, they would issue a non-traceable certificate
This certificate should be submitted to the insurance company for settlement of the claim
The insurance company would verify the claim and pay the IDV of the policy

Damage suffered by the car
If the car suffers any damage which is covered under the policy, it is called an own damage claim. The claim process for this claim is as follows

Inform the insurance company immediately of the claim that you have suffered
The company would inform you of the nearest preferred garage wherein you can claim cashless claim settlements
Take your car to the nearest garage. You can also claim free towing services if you have bought the policy from specified branches of the company
Once the car is at the garage, the surveyor of the insurance company would visit the garage and estimate the damages suffered
The surveyor would prepare a claim report and submit it to the insurance company
The company would then approve the claim based on the surveyor’s report
Once the claim is approved, the garage would repair your car and you can take the delivery after the claim is settled.

There is another way to get the claims of your car insurance plans settled. This is through Turtlemint. If you are an existing Turtlemint customer, you can simply call the company at 1800 266 0101 and inform it of the claim. You can also send an email at claims@turtlemint.com to intimate the company of your car insurance claim. Once informed, Turtlemint’s claim department would work on your claims on your behalf. They would follow all the necessary steps and ensure that you get the settlement of your claims at the earliest.