Why choose Kotak General Insurance

The Insured's Declared Value (IDV) of the vehicle is the maximum Sum Assured fixed by the insurer at the beginning of each policy period for the insured vehicle. If the vehicle suffers total loss, the IDV is the compensation that the insurer will provide to the policyholder.

The IDV of the vehicle is calculated based on the manufacturer's listed selling price of the brand and model of the vehicle proposed for insurance at the commencement of insurance or renewal and is adjusted for depreciation (as per the schedule specified below). The IDV of the sidecar(s) and/or accessories, if any, fitted to the vehicle but not included in the manufacturer's listed selling price of the vehicle is also likely to be fixed.

An endorsement is written evidence of an agreed change in policy terms.

Typically, general insurance contracts are for a period of one year, unless stated otherwise. Please check your policy certificate cum schedule to determine the period of coverage.

General insurance protects you and your family against any financial contingencies that may occur due to damage caused to property or any injury to a person other than life. The most common kinds of general insurance are home, travel, health, and motor insurance. Motor insurance is further divided into four-wheeler insurance, two-wheeler insurance, and commercial vehicle insurance. There are also other types of insurance, such as marine insurance, corporate insurance, shop protection insurance, and many more.

General insurance protects you and your family from any financial setbacks that may arise due to unforeseen events. Accidents or mishaps may happen anytime and anywhere, but having general insurance keeps us prepared for all times. Such as, health insurance provides financial support if a member of the family needs hospitalization; similarly, car insurance or two-wheeler insurance protects your car or your bike in case of an accident, theft, or man-made and natural calamities.

• Life insurance is a life coverage wherein the benefits and sum assured are paid to the policyholder on maturity or to the beneficiary in case of the policy holder’s death.

• General insurance is paid upon raising a claim when the specific event mentioned in the policy has occurred.

• Life insurance is a long-term contract, and the premium is paid all through the term period or at least till the minimum premium term payment. In contrast, general insurance is a short-term contract and is paid only till the policyholder renews the policy.

General insurance protects your savings from depleting as it takes care of any financial needs during damage or loss of your asset. You can also save taxes with the premium paid on health insurance under Section 80D and get quality health care services. In case of total damage to your asset, you get a lumpsum compensation amount that can help you recover from the loss of value of the asset.