Car Insurance Overview by Kotak
Nothing compares to the pride of having your own car. With your car, you do not have to rely on anyone else to reach any destination. Owning a car comes with the responsibility of buying car insurance. And once you are driving on Indian roads which
are laden with perils, it becomes a necessity. Given the poor road conditions and traffic indiscipline, accidents have become a frequent occurrence on Indian roads. A car is undoubtedly one of the most valuable assets you own. Is it not your duty
to protect your precious vehicle from damages?
Car insurance is an agreement between a car owner and an insurance company wherein the latter agrees to protect the car owner from financial losses which may occur due to an unfortunate event involving his/her car.
With Kotak Car Secure comprehensive car insurance policy, you can protect yourself and your car from any financial loss and damage. A comprehensive motor insurance policy will cover all the damages caused to you, your vehicle, and the third-party damages caused by accident. Therefore, it is essential to opt for a comprehensive car insurance policy that provides complete financial protection after an unforeseen event. In addition to protecting, you from car theft, comprehensive car insurance also covers damage to your car caused by causes other than traffic accidents. Buying a Kotak Car Insurance Policy ensures your all-around safety every time you hit the road.
Get All-around protection for your precious vehicle in a few simple steps. We at Kotak General Insurance understand the value of your time and have simplified the car insurance buying process to a few simple steps. Follow the below steps on how to
buy Kotak Online Car Insurance:-
- Click on the “Get a Quote” button on the Kotak Car Insurance Page.
- Fill in your car details such as registration number, model, make etc.
- Fill in your personal details
- Make the payment online
Note: As per the Supreme Court directive, insurance for new cars will have a mandatory 3-year third party insurance cover. Please call on, 1800 266 4545 for more details.
How to renew a car insurance policy?
Renewing your Car Insurance before it lapses is crucial in order to ensure seamless protection. At Kotak General Insurance, renewal of car insurance is quick and hassle-free. All you need to do is enter your existing policy number or customer ID on the online car insurance renewal page. Once your policy number/customer ID is verified, you can make the payment to renew your insurance instantly.
Key Benefits of Renewing Car Insurance Online
Time Saving Process
You can renew your car insurance policy online from the convenience of your home and save a lot of time, whereas renewal of a car insurance policy offline is often tiring and time-consuming.
All the details online enable a policyholder to make an informed decision. That's why the renewal of a car insurance policy is a secured process.
Easy to Customise
Another benefit of the online renewal of a car insurance policy is the ease of customization. You can easily modify your car policy coverage online by modifying car insurance add-ons.
Transparency is another significant benefit a policyholder avails while renewing a car policy online. All the policy information is available to the policyholder with a click.
When you renew your car insurance policy, you should always transfer your No Claim Bonus (NCB). In the case of an offline policy setup, this can take some time, whereas doing it online can be more accessible and timesaving.
Important Car Insurance Terms
Car Insurance Premium
The car insurance premium refers to the amount paid periodically by the policyholder to the insurance company for the coverage as per the policy.
IDV of a car
The Insured Declared Value (IDV) of a vehicle is the maximum Sum Insured fixed by the insurer at the beginning of each policy period for the insured vehicle. The IDV of the vehicle is to be fixed on the basis of the manufacturer's listed selling price of the brand and model as the vehicle insured at the commencement of insurance/renewal and adjusted for depreciation. If the vehicle suffers total loss, the IDV is the compensation the insurer will provide to the policyholder.
Coverage in Car Insurance
Coverage is the amount of risk that is covered for the policyholder through an insurance policy.
No Claim Bonus (NCB) in Car Insurance
The No Claim Bonus is the discount on the own damage portion on the premium offered to the policyholder from the car insurance company for responsible driving and not filing damage claims during the preceding policy year.
Zero Depreciation in Car Insurance
The Zero Depreciation Cover is an add-on wherein the entire claim amount is settled by the insurance company without factoring in depreciation value of the insured car. This cover is applicable to vehicles that are less than 5 years old.
Own Damage cover in Car Insurance
Own Damage cover protects the insured vehicle against the damages caused due to accidents, and man-made and natural calamities such riots, theft, fire, flood, etc.
Cashless Claims in Car Insurance
When you get your damaged car repaired at your insurance provider's network garage, the insurer pays the garage directly. Since the policyholder does not have to handle this expense from his/her own pocket, this facility is called a cashless claim.
Comprehensive Coverage in Car Insurance
Comprehensive car insurance covers a four-wheeler against own and third-party damages. It provides financial help to the policyholder if the insured car has sustained damages due to road accidents, natural disasters, artificial calamities, theft, fire, etc., along with third-party liabilities.
Deductibles in Car Insurance
In car insurance, deductibles are a part of the claim amount you will pay from your pocket during claim settlement. The rest of the claim amount is paid by the insurance company. There are two types: voluntary and compulsory deductible. A compulsory deductible is an amount you must pay mandatorily whenever a claim is registered. The amount of mandatory deductible depends on the cubic capacity of a car's engine. On the other hand, a voluntary deductible is the part of the claim amount you willingly choose to pay at the time of claim settlement. You can also choose not to pay voluntary deductibles by opting for zero deductibles while buying a car policy.
RTO stands for Regional Transport Office and is a government body responsible for vehicle registration and issuance of driver’s licenses. Also, the RTO in each state is responsible for maintaining the database of its drivers and vehicles.