Oriental car insurance

The Oriental Insurance Company was founded in the year 1947 as a subsidiary of The Oriental Government Security Life Assurance Company Limited. The objective behind forming The Oriental Insurance Company was selling general insurance business. Later on, when the Life Insurance Corporation of India was formed in 1956, Oriental became its subsidiary till the year 1973. In 2003, the ownership was transferred to the Government of India and today the Government owns Oriental Insurance.

Today, Oriental Insurance is one of the four public sector general insurance companies with more than 1800 offices in India. The company also has an international presence in Dubai, Nepal and Kuwait and enjoys the trust of its customers.

Car insurance policies offered by Oriental Insurance

Oriental Insurance offers two types of insurance plans for insuring your car. These plans are as follows –

• Liability only policy
• Private Car Package Policy

Let’s understand these policies in details –

1. 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 –

1. Death of an individual in an accident involving the car
2. The physical injury suffered by an individual in an accident involving the car
3. 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

2. Comprehensive policy

A comprehensive car insurance policy is a policy which offers a wider scope of coverage. The policy covers the mandatory third-party liability and also the damages that the car itself suffers. Coverage under the plan is, therefore, allowed for the following contingencies –

1. Death of an individual in an accident involving the car
2. The physical injury suffered by an individual in an accident involving the car
3. Damage to an individual’s property by the car
4. Damages suffered by the car because of natural disasters like earthquakes, lightning, landslides, cyclones, etc.
5. Damages suffered by the car because of man-made disasters like self-explosion, fire, theft, malicious acts, etc.
6. Damages suffered by the car when it is being moved from one place to another through air, water or land

There is also a personal accident cover which covers the owner/driver of the car against accidental deaths and disablements. The cover is available for INR 15 lakhs and it pays a lump sum benefit if the owner/driver of the car suffers an accidental death, permanent total disability or permanent partial disability.

Moreover, if you buy the policy from the branch of the company located in Delhi, Haryana, Punjab, Rajasthan, Himachal Pradesh, South Indian states, Mumbai or Kolkata, free emergency services would be allowed if your car breaks down. The company would give you free towing facilities to take your car to the nearest garage.

Exclusions under Oriental car insurance policies

Oriental car insurance plans, whether liability-only policies or comprehensive policies, do not cover the following types of claims –

1. Claims incurred when driving without a valid driving license
2. Claims incurred when driving outside the territorial borders of India
3. Claims incurred when driving under the influence of alcohol
4. Claims incurred when engaging in acts of criminal nature
5. Normal wear and tear of the car or depreciation
6. Mechanical breakdowns or electrical breakdowns
7. Claims incurred if the car was not used within its usage limitations
8. Consequential losses

Add-on covers under Oriental car insurance plans

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 –

1. 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.

2. Loss of personal effects
   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.

3. Alternate car benefit
   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.

Eligibility conditions for Oriental car insurance policies

To buy an Oriental car insurance policy, you should own a car in your name. Other eligibility conditions are as follows –

1. Policy duration
   The policy is available for a period of one year. However, if you have bought the car on or after 1st September 2018, the coverage tenure would be three years for third party cover and one year for comprehensive cover.

2. Sum insured
   The sum insured under the comprehensive car insurance policy would depend on the IDV of the car. IDV stands for Insured Declared Value. It is calculated as the market value of the car (without registration costs and cost of insurance) less depreciation based on the car’s age. The applicable rate of depreciation used to calculate the IDV is as follows –

Age of the car	Depreciation rate
Up to 6 months	5%
More than 6 months but less than 1 year	15%
More than a year but less than 2 years	20%
More than 2 years but less than 3 years	30%
More than 3 years but less than 4 years	40%
More than 4 years but less than 5 years	50%

If your car is more than 5 years old, the IDV would be decided mutually by you and the insurance company.

1. Premium
   A premium of Oriental car insurance policy depends on a lot of factors. These factors are as follows –
   
   • Type of policy bought – liability-only policies have very low premiums compared to comprehensive plans
   • IDV – higher the IDV, higher would be the premium of the plan
   • Age of the car – older cars have lower premiums than newer cars
   • Make, model and variant of the car – the make, model and variant determines the value of the car. The higher the value, the higher would be the premium
   • Registration location – if the car is registered in a metro city, the premiums would be higher
   • No claim bonus discount – if there have been no claims in the existing car insurance policy, you can get a no claim discount which reduces the renewal premium
   • Other discounts – car insurance plans allow different types of premium discounts. The more the discounts that you can claim the lower would be the premium
   • Add-ons selected – if any add-on is selected, the add-on premium would be added to the base premium of the policy. As such, the total premium would increase.
   • Modifications to the car – if any modifications have been done to the car which increases its value, the premiums would also increase.

Important terms and conditions for buying Oriental car insurance

Here are some terms and conditions which you should remember about Oriental car insurance policies –

• Liability only policies can be bought as standalone policies for fulfilling the requirement of the Motor Vehicles Act, 1988
• In case of a claim, a written intimation would have to be given to the company for registering the claim
• The insurance company can inspect the insured vehicle any time that it wants to
• You should maintain your vehicle in a safe condition always
• All the details should be clearly provided to the insurance company in case of a claim

How to buy Oriental car insurance plans?

You can buy Oriental car insurance policies through the following ways –

• Through the company’s branch office
  Oriental Insurance Company has a widespread network of branches all over India. To buy a car insurance policy from the company, you can visit any nearest branch of the company and buy the policy from there.

• Through an Oriental insurance agent
  You can get in touch with an insurance agent of Oriental Insurance and buy a car insurance policy from him/her.

• Online
  Another alternative is to buy the policy online. Turtlemint is an online platform which allows you to easily buy Oriental car insurance online. To buy from Turtlemint’s website you can take the following steps –

• Visit www.turtlemint.com/car-insurance
• Enter the details of your car. The details would be the registration number or location, make, model and variant, manufacturing year, fuel type, details of existing policy (if any) and your contact details
• You would, thereafter, be shown a list of suitable car insurance policies offered by different companies
• You can compare the listed policies, choose the most suitable one, pay the premium online and the policy would be bought

How to renew Oriental car insurance?

Renewal of Oriental car insurance plans can be done by paying the renewal premium. This premium can be paid directly at the office of the company or online on the company’s website. You can also renew the policy through Turtlemint if you are an existing customer. Just pay the renewal premium and the policy would be renewed instantly.

Documents required for buying/renewing Oriental car insurance

You would have to submit the following documents to buy or renew Oriental car insurance plans –

1. RC Book of the car
2. Invoice of the car
3. Your identity proof
4. Address proof
5. Age proof
6. Copy of the driver’s license

Process of the different types of claims under Oriental car insurance plans:

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

1. 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 follows –
   • 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

2. 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

3. 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.

Documents required for car insurance claims

The following documents would have to be submitted for car insurance claims –

• RC book of the car
• Driving license
• Police FIR (in case of theft or third party claims)
• PUC certificate of the car
• The claim form, filled and signed
• Identity proof of the policyholder
• Any other documents required by the insurance company