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About Kotak Mahindra General Insurance Company
Launched in 2015, Kotak Mahindra General Insurance Company is a 100% subsidiary of Kotak Mahindra Bank Ltd. The insurance company was established with the aim to offer services to the non-life insurance sector in India. Kotak Mahindra General Insurance Company has 19 branches spread across the country with its headquarters situated in Mumbai.
With its customer-oriented approach, Kotak Mahindra General Insurance Company offers customized insurance products and services that customers can purchase online without any hassle. It functions with a customer-oriented approach and offers plans for all kinds of vehicles. Moreover, the company excels in offering quality customer services with an efficient claim handling process and a diverse range of products including four wheeler insurance.
Key Features of Kotak Mahindra Car Insurance
| Features | Coverage and Benefits |
| Third-Party Coverage: | Yes |
| Incurred claim ratio: | 74.64% |
| Personal Accident Insurance | Up to 15 Lakhs |
| Network Garages | 2327 |
| No Claim Bonus | Yes |
Benefits of Kotak Mahindra Car Insurance
Kotak Mahindra car insurance comes with the following benefits and features:
- Kotak Mahindra car insurance offers hassle-free cashless services at more than 2327 network garages throughout India.
- The plans provide coverage for both third party liabilities of the car owner.
- Coverage for own damages of the insured car is also available
- No Claim Bonus discounts can also be retained while shifting another car insurance policy to Kotak Mahindra motor insurance.
- The insurance company also provides an additional discount on car premium if you are an active member of the Automobile Association of India (AAI).
- Additional discounts on insurance premiums are also given while opting for voluntary deductibles.
- Kotak Mahindra General Insurance Company also offers all-round assistance to the policyholders.
- Kotak Mahindra car insurance claim settlement ratio is 98%.
- The insurance company has a team of experienced professionals that offers prompt claim registration and settlement.
Types of Kotak Mahindra Car Insurance Policy
Under Kotak Mahindra car insurance policy, three types of coverage are offered towards private cars:
1. Kotak Mahindra Third Party Liability Insurance Policy
Under this Kotak Mahindra car insurance policy, the insurer compensates the policyholder for the loss or damage caused to the third party involved in the accident by the insured car. It covers the car owner’s liability arising out of accidental injury, property damage or death of a third party. However, this policy doesn’t cover any damages to the insured vehicle.
2. Kotak Mahindra Comprehensive Insurance Policy
Kotak Mahindra comprehensive insurance plan covers the insured vehicle against damages arising due to road accidents, fire, theft, natural disasters, manmade disasters, etc. This policy also covers third-party liability expenses arising out of accidental damage, injury or death of a third party.
3. Kotak Mahindra Own Damage Insurance Policy
Kotak Mahindra own damage insurance plan covers the insured car against damages incurred in case of an accident, fire, theft, natural calamity, etc. This plan can be purchased in addition to the third-party liability-only policy.
Coverage Under Kotak Mahindra Car Insurance
- Natural Calamities: Damages arising due to natural disasters like earthquakes, floods, storms, tempests, typhoons, hailstorms, cyclones, landslides, etc. are covered
- Theft and Burglary: Damages sustained by insured car due to theft, housebreaking or burglary are included in the plan
- Fire, Self-ignition, Lightning: The plan covers damages due to fire, lightning and self-ignition as well.
- Malicious Acts: Damages arising due to malicious acts, such as riots, strikes and terrorist activity, are covered under the car insurance plan.
- Accidental Damage: Any damage caused to the insured vehicle during a road accident is covered.
- Third-Party Liability: Third-party liability expenses resulting from property damage, injury disability and death of a third party are covered.
- In-transit Damage: Damages to the car while in transit by road, rail, lift, waterway, and air are included.
- Personal Accident Cover: Accidental death or disability of the car’s owner-driver is covered.
- Wear and Tear: Normal wear and tear of the vehicle leading to depreciation is excluded.
- Consequential Losses: Any kind of consequential loss to the insured car is not covered by the insurer.
- Car used for Other Purposes: If the insured vehicle is being used for another purpose than private use, then coverage is not available.
- Invalid Driving License: If the driver doesn’t carry a valid driving license while driving and meets with an accident, it will not be covered.
- Breakdown: Mechanical or electrical breakdown of the car is not covered under the plan.
- Outside Geographical Area: Any accidental loss or damage sustained outside the geographical area mentioned in the motor insurance policy is excluded.
- Contractual Liability: Any claim arising out of liability that is contractual is not included.
- Drunk Driving: Any accident that occurs when the vehicle was driven under the influence of alcohol or drugs is excluded.
- War & Related Perils: Damage occurred due to war or warlike the situation or use of a nuclear weapon is excluded.
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Kotak Mahindra Car Insurance: Add-ons
To aid you with increased policy coverage, Kotak Mahindra car insurance offers a range of add-on covers such as:
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Roadside Assistance Cover
This add-on cover offers roadside assistance to the policyholder in case the insured car gets stuck somewhere on the road. It also arranges for towing services to the nearest network garage if the car stops moving in the middle of a road.
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Consumables Cover
The Consumable add-on covers the insured car for the cost of replaced consumables like screws, nuts, oil filters, etc.
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Depreciation Cover
This add-on covers an insured against depreciation borne by the insured car. All metal and plastic parts are fully covered, whereas tyres, batteries and tubes are covered at 50% under this add-on cover.
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Engine Protect Cover
The Engine Protect add-on offers coverage against any damage sustained by the engine and gearbox in case of lubricant leakage or water ingression in the insured car.
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NCB Protector
NCB Protector cover allows you to retain your NCB discount even after you register a claim in your previous policy.
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Tyre Cover
The Tyre cover add-on covers the insured against the cost of repair/replacement of tyres and tubes of the insured car.
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Loss of Personal Belongings Cover
This add-on cover provides coverage for the loss or damage of personal belongings kept in the insured car. However, the policyholder will have to pay Rs. 250 as deductible towards every claim made under this cover.
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Key Replacement Cover
The Key Replacement add-on will cover the policyholder against the cost of repair/replacement of the insured car keys, including labour costs, if the original keys are lost, stolen or damaged.
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Daily Car Allowance Cover
Under this add-on cover, the insurance company will pay a car allowance to the policyholder for the cost incurred in hiring a transport if the insured car is getting repaired for damages.
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Return to Invoice Cover
Under this add-on cover, the insurance company will pay the policyholder the difference between the Insured’s Declared Value (IDV) and the purchase invoice price of the insured car in the event of a total loss or theft of the insured vehicle.
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How to File a Claim Under Kotak Mahindra Car Insurance?
Kotak Mahindra car insurance ensures a seamless claim process if you approach it in the right way. In order to ensure a smooth claim with the insurer, follow the steps mentioned below:
- Inform the Insurer: The first step is to inform the insurance company immediately after the incident.
- Register a Claim: Register a claim by submitting a filled-in claim form. The claim assistance executive will guide you through the process.
- Vehicle Inspection: A surveyor from the insurance company will investigate the loss and estimate the damages sustained by the insured car. Don’t forget to carry the relevant documents that need to be handed over to the surveyor.
- Claim Processing: If it is a cashless claim, the expenses will be directly settled with the workshop/garage after the surveyor submits its report and the insurer verifies the documents. In case of a reimbursement claim, the expenses have to be paid by you initially but are reimbursed to you later.
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Documents Required to Raise a Claim Under Kotak Mahindra Car Insurance
These essential documents are required to raise a Kotak Mahindra car insurance claim:
- Road Tax receipts
- Police FIR copy, in case of accident or theft claim
- A copy of the Registration Certificate (RC)
- Car insurance policy document
- A copy of the valid driving license
- Total repair bills and discharge voucher signed by you
How to Renew Kotak Mahindra Car Insurance?
Follow the below-mentioned steps for Kotak Mahindra car insurance renewal online:
Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited and select ‘Car Insurance’ from the ‘Insurance Products’ dropdown menu
Step 2: Enter your car number in the form provided and select ‘View Instant Quotes’
Step 3: Add your name, email, mobile number and proceed
Step 4: Select the expiry date of your policy and whether you previously made a claim or not
Step 5: Find the Kotak Mahindra car insurance plan from the mentioned plans. You can also view policy details by selecting the ‘Policy Details’ option.
Step 6: Select add-on covers you wish to add at an additional premium and proceed further
Step 7: Select No Claim Bonus percent of your existing policy and proceed
Step 8: Fill out the proposal form correctly
Step 9: Select “Summary and Payment”
Step 10: Make a payment using your preferred payment mode
Step 11: Once the payment is complete, your Kotak Mahindra car insurance policy will be renewed. The insurance renewal documents will be sent to your registered email address.
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FAQs
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Q1: Why is IDV important in car insurance?
Ans: The Insured's Declared Value stands for the current market value of your vehicle. The IDV is decided at the beginning of a car insurance policy, which directly influences your car insurance premium. As it is based on the car age and depreciation, the premium is higher for a vehicle with high IDV and vice versa. In case of a total loss or damage, the insurer pays up to the IDV of your vehicle. Hence, IDV plays an important role in your car insurance policy.
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Q2: What are the risks covered under my Kotak Mahindra Third-Party Policy?
Ans: Third-party car insurance policy is a very basic kind of car insurance, which actually covers the liabilities towards third party arising for:
- Legal expenses arising out of accidental injury
- Accidental property damage
- Accidental death or disability
- Damage to third party car
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Q3: What is a cashless facility in Kotak Mahindra car insurance?
Ans: Under the cashless facility of Kotak Mahindra four wheeler insurance, the policyholder can avail the car-repairing services free of cost by just paying the depreciation and deductible. With a zero depreciation cover, the car owner can avail the full IDV. However, cashless services can only be availed at a network garage of the insurance company, where the insurer settles the claim amount by paying the expenses directly to the garage.
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Q4: What is the tenure of my Kotak Mahindra car insurance policy?
Ans: Usually, a car insurance policy comes with one-year tenure. However, the Kotak Mahindra General Insurance Company also offers long-term car insurance policies. This is especially useful for new car owners who need to mandatorily buy third-party car insurance for at least 3 years under the latest IRDAI guidelines.
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Q5: Where do I find the model or variant information about my newly bought car?
Ans: To know your car model and variant details, refer to your car registration card, which contains details on the car make and model, registration date, manufacturing date and so on.
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Q6: What is an RTO location?
Ans: RTO stands for Regional Transport Office where every car of a particular location is registered. Without this registration, no car is allowed to drive. Let’s say if your car is registered in Gurgaon, your RTO location will be Gurgaon.
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Q7: What happens if the car registration city and city of usage are different?
Ans: In order to ascertain an accurate premium, the insurance company has to be provided with the exact location of where the car is registered. So, if your car is registered in another city and is being used in another city, you need to register with the concerned RTO of that location.
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Q8: How does residential location impact my car insurance premium?
Ans: The car insurance premium is decided based on certain factors. Location of car registration is one of them. A car registered in a metro city always tends to have a higher premium because of a higher probability of road accidents. As in the small cities, road risks are lower, hence, the premium also tends to be less.
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Q9: Can I avail an insurance quote even if my car is not registered yet?
Ans: It is possible to avail quote from Kotak Mahindra Car Insurance online when your car is not registered. The insurer sends a suitable quote for your vehicle with premium details based on the invoice date of your car. However, to buy a Kotak Mahindra car insurance plan, getting your car registered is mandatory.
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Q 10: Is vehicle inspection before policy issuance is necessary?
Ans: A vehicle inspection is required in case your car insurance policy has lapsed. The inspection helps the insurance company to identify damages if any. This, in return, helps to initiate a fast claim without any hassle.
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Q11: Can I change my car’s IDV?
Ans: Yes, you can change the IDV under Kotak Mahindra car insurance up to a maximum of 10%. However, it is recommended to go with the options suggested by the insurance company as a change in IDV may impact your premium adversely.
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Q12: How is the car inspection process initiated?
Ans: In order to initiate a car inspection in case of a Kotak Mahindra car insurance claim, you need to get in touch with the customer care team of the insurance company. The concerned customer care executive will arrange for a time and date of the inspection. The schedule is decided as per your convenience and availability.
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