Kotak Mahindra Car Insurance
Kotak Mahindra Car Insurance Overview
Your responsibility doesn’t end at buying a new car; even the actual responsibility starts after that. A car while on the road is exposed to a plethora of risks, which need your attention. A small scratch can lead to a huge financial strain in case of a luxury car. Therefore, having insured your vehicle is essential to avoid those unexpected expenses. In this regard, Car insurance by Kotak Mahindra General Insurance Company can be an ideal option!
Named as Kotak Car Secure, this insurance policy offers optimum protection to the insured vehicle by covering it for own damage, third party liability damage, personal accident, including accessories. Moreover, this can be clubbed with a range of add-on covers such as Zero Depreciation, Road Side Assistance, Engine Protection cover etc. let’s have a detailed look at Kotak Mahindra car insurance.
Benefits & Features
Kotak Mahindra car insurance comes with the following benefits and features.
- Kotak Mahindra car insurance comes with comprehensive coverage
- Covers third party liabilities as well
- Instant policy renewal is possible by opting for Kotak Mahindra online insurance
- Less paperwork while claiming Kotak Mahindra car insurance
- All-the-round assistance
- Prompt claim registration
- Discounts like NCB Bonus, Voluntary deductible etc. can be availed
- Policy portability is possible
Why buy Car Insurance from Kotak Mahindra
Kotak Mahindra car insurance is one of the most sought after products in the market, due to its customer-friendly and easy-to-avail approach. Here’s why you should buy car insurance from Kotak Mahindra General Insurance:
- The insurer is 100 % subsidiary of Kotak Mahindra Bank Ltd. which is one of the leading private sector banks in India. Given that, the authenticity of the insurer is well assured.
- Car insurance policy offered by Kotak Mahindra General Insurance comes with additional discounts, apart from the basic coverage
- The plan can be customized by opting for add-ons.
- The plan is comprehensive in nature, where round-the-clock assistance can be availed.
- Cashless services can be availed at network garages throughout India
Types Kotak Mahindra Car Insurance
Under Kotak Car Secure policy two types of coverage are offered towards private cars:
- Third Party Insurance
- Comprehensive Insurance
1. Kotak Mahindra Third Party Liability Insurance
This is the most basic cover, which is mandatory to have in India as per the Motor Vehicles Act, 1988. Under Kotak Mahindra car insurance with liability coverage, the insurer compensates the policyholder for the loss or damage caused to the other party involved in the accident or in case of a liability arising out of accidental injury, property damage or death to a third party. However, this policy doesn’t cover the insured vehicle. Hence, this becomes inadequate, where you have an option to buy a policy, which is more comprehensive in nature.
2. Kotak Mahindra Comprehensive Cover or own Damage Cover
With car accidents are at the rise, this poses a threat to the lives of those who own it, the fellow drivers, the passengers and the people on road. Here’s why only having third party insurance is not sufficient. You need a comprehensive cover that also protects you as well as the other party. Here comes Kotak Mahindra Car Secure with comprehensive cover. Though this is an optional cover, it is highly recommended by the experts as it covers the insured vehicle for damages due to natural disasters such as fire, lightning, flood, hurricane, storm, self-ignition, cyclone, tempest etc. Kotak Mahindra car insurance with comprehensive coverage also includes man-made calamities such as riot, strike, terrorist activities, damage while transit by road, air and waterway, lift, elevator etc. This policy comes with a benefit covering the third party liability expenses arising out of accidental damage, injury or death of a third party.
Kotak Mahindra Car Insurance Inclusions
The insurer will compensate the insured for the loss or damage to the insured vehicle and well as the third party liability, arising out of-
- Theft and burglary
- Fire, self-ignition, lightning
- Earthquake, flood storm, tempest, typhoon, hailstorm, cyclone etc.
- Malicious acts such as riot, strike and terrorist activity
- Accident by external means leading to damage to the vehicle or passenger
- Personal accident cover for the owner-driver while driving, mounting into and demounting for
- Personal accident cover to the co-passengers
- Third party liability expenses including property damage, injury disability and death of a third party
Kotak Mahindra Car Insurance Exclusions
When the insurer tries to cover almost every related perils, the below conditions are just not feasible. Here’s where your Kotak Mahindra car insurance policy remains unresponsive:
- Normal wear and tear leading to depreciation
- Any consequential loss
- If the insured vehicle is being used for another purpose than private
- If the driver doesn’t carry a valid driving license while driving
- General ageing of the car
- Mechanical or technical breakdown of the car
- Liability that is contractual
- Accident occurs when the vehicle was driven under the influence of alcohol or drugs
- Damage occurred due to war or warlike the situation or use of a nuclear weapon
- Injury or damage for participating in adventitious sports,
Kotak Mahindra Car Insurance Additional Benefits
To aid you with an increased policy coverage, the insurer offers a range of add-on covers such as:
- Roadside Assistance
- Consumables Cover
- Depreciation Cover
- Engine Protect
- NCB Protector
To know more, you can refer to the policy document.
How is IDV Derived for Kotak Mahindra Car Insurance?
In car insurance phraseology, IDV stands for the actual value of the insured car. This is the maximum amount your insurer pays in case of a partial or total loss. That means, if the insured vehicle is lost or damaged beyond repair, the amount that is liable to receive for the insurer’s end is equivalent to the IDV of the value at that time.
So, it is very important to know from policyholder’s point of view, who decides the IDV?
The IDV is decided at the time of policy initiation by following the formula:
The current market value of the car minus the depreciation price on the parts. However, the registration cost and insurance premium are excluded here. In case the accessories are to company-fitted, the cost of these is calculated separately.
As you already know the value of your car gets depreciated with time. With every passing day, the vehicle condition is not the same as it was at the time of buying. Even when it is out from the showroom, the value depreciates by 5%. Based on the depreciation percentage, the insurer decides the IDV of your car. Let’s check how a car depreciates its value over the time:
Age of the Vehicle
Up to 6 months
6 months but not more than 1 year
1 year but not more than 2 years
2 year but not more than 3 years
3 year but not more than 4 years
4 year but not more than 5 years
More than 5 years
on mutual agreement between the insurer and the insured
Thus, the insurer comes up with the IDV and premium of your Kotak Mahindra car insurance.
Kotak Mahindra Car Insurance Claim
Kotak Mahindra car insurance ensures a seamless claim process if you approach it in the right way. Car insurance offered by Kotak Mahindra can be claimed under the Cashless and Reimbursement clause. In order to ensure a smooth claim with the insurer, follow the below claim steps:
- Step 1: The first step is to inform the insurer immediately. Register a claim by intimating about the incident and ask for a claim form. The claim assistance executive will guide you through the process.
- Step 2: The second step is to send the vehicle for inspection. A surveyor from the insurance company will investigate the loss and estimate the damage. Don’t forget to carry the relevant documents that need to be handover to the surveyor. The associated deductibles have to be paid directly by you before taking the repaired vehicle home.
- Step 3: If it is a cashless claim, the expenses will be directly settled with the workshop, after the surveyor submits its report and insurer verify the documents. In case of a reimbursement claim, the expenses have to be paid by you initially and claim for the same later. You’ll require the original repair invoice to be submitted along with the claim form.
Documents Required for Claims
The essentials documents are required in support of your Kotak Mahindra car insurance claim:
- Duly filled and signed claim form
- Police FIR copy, in case of accident or theft claim
- Registration Certificate
- Vehicle insurance document
- Valid driving license
- Total repair bill and discharge voucher signed by you
How to Calculate Kotak Mahindra Car Insurance Premium?
The car insurance premium is decided based on certain parameters. The insurer takes into account certain factors at the time of calculating premium, the most significant one include:
Car Make & Model
Car insurance premium depends on the type of model you own. It includes car make, model, transmission type fuel type etc. The higher your model is, the higher would be the premium you pay. Let’s say a car model of Mercedes Benz will have a costly premium as compared to Suzuki. So, choose your car model wisely.
Type of Cover
It is always based on the type of cover you choose. You pay comparatively a less premium if you own third party cover only. But if you own a comprehensive one, the premiums are always on a higher side. It again goes up, if you opt for additional coverage such as zero depreciation, roadside assistance or something like that. That’s why it is essential to analyse your requirements first, then buy. Because you may not require comprehensive insurance for your more than 5 years old vehicle. So, buying comprehensive insurance and paying a higher premium doesn’t make sense here.
Age of the Vehicle
The premium goes up for a newly bought vehicle as the IDV seems to be higher. The IDV indicates the value of your vehicle. Higher the IDV, higher will be the premium.
Location of Registration
Based on the location where the car is registered, your insurance premium will be calculated. A car registered in a small city is less prone to risk as compared to one that is registered in a metro city. Based on the risk it is exposed to, the insurer decides the premium.
IDV and Car Insurance Premium
Car IDV is directly proportional to the insurance premium of the car. The premium for an older car reduces with depreciation, as there is no point of insuring a vehicle with lower IDV at a higher cost because you won’t be highly reimbursed at the time of claim.
How to Compare Kotak Mahindra Car Insurance
When it comes to buying the right policy, comparison always comes first. You must be wondering how comparison help cracking the right deal. Well, by ensuring the comparison in the right way, you can surely land on the right car insurance policy, provided you keep the below things in mind while comparing Kotak Mahindra car insurance:
- Compare the Plans based on Your Insurance Needs: Car insurance price is directly proportional to your needs and the cover you choose. Hence, the policy comes with a cheap premium may not fulfil your requirements as it limits you in many ways. It’s better to compare the plans as per your insurance needs and buy.
- Compare the Insurance Company: One of the most important things to consider while comparing is the background of the insurance company. Make sure you buy from a reputable one with no record of bankruptcy and with a good claim settlement ratio.
- IDV: IDV is the current market value of our vehicle and the different insurer may come with different IDV for the vehicle. So, always compare on this ground and settle for the one that offers the best IDV for your prized possession.
- No Claim Bonus: You should compare based on the NCB benefit offered by the insurer. No Claim Bonus is offered for not claiming the insurance which ranges from 20% to a maximum of 50%. Settle with the company or plan that pays the higher NCB or offers NCB. In the case of Kotak Mahindra car insurance, you can transfer the accumulated NCB with your previous insurer at the time of porting.
How to Purchase Kotak Car Insurance Online?
Buying Kotak Mahindra car insurance is very simple. In the advent of the internet, buying insurance is not a big deal these days.
- Just visit the official website of Kotak Mahindra General Insurance
- Go to the ‘Get Quotation’ option on the car insurance page
- Fill the required details about your vehicle such as vehicle registration number, make and model etc.
- Provide your personal details
- Calculate the premium and pay the premium online
You’ll receive instant approval on the payment and the policy document will be sent to your registered email Id.
How to Renew Kotak Mahindra Car Insurance?
When it’s the matter of availing policy benefits continuously, renewing Kotak Mahindra car insurance on time matters. Kotak Mahindra ensures seamless policy renewal with online insurance, where you can renew the policy in a hassle-free manner. Just visit the official website and navigate through the ‘renew’ option. Select the policy and provide the relevant information. Calculate the premium and pay it online. Get the instant message on policy renewal and stay protected. You can approach the insurer offline by visiting the nearest branch and pay the premiums via cheque or cash.
Renewal is the best time to review the policy. As your requirement tends to change, you may feel the coverage offered under Kotak Mahindra car insurance insufficient after a continuous renewal for two years. Now you may feel to ask for some additional coverage or lower the premium etc. such type of changes can be done at the time of renewal only by making a written request to the insured.
Things to know about Kotak Mahindra Car Insurance
Apart from the basic coverage, the policy also offers additional benefits such as:
- NCB benefit up to a maximum of 50%
- AAI Membership discount on renewal
- Network Garage Locator online
- NCB Transfer benefit
- Cashless services at network garages across India
Kotak Mahindra Car Insurance FAQ
Q1. Why is IDV important in car insurance?
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 car insurance premium. As it is based on the car age and depreciation, the premium is higher for a vehicle with high IDV or vice versa. In case of total loss or damage, the insurer pays up to the IDV of your vehicle. Hence, it plays an important role in your car insurance policy.
Q2. What are the risks covered under my Third Party Policy?
Third party insurance 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
- Accidental death or injury to a third party
- Damage to third party property
Q3. What is a cashless benefit in car insurance?
Cashless facility means where the insured can avail the services free of cost by just paying the depreciation and deductible only. Even with a zero depreciation cover, one can avail the full IDV. Cashless services can avail only at a network garage of the insurer, where the claim is settled by paying the expenses directly to the garage. A vehicle inspection is done from the insurer’s end, based on which report, the insurance company pays for the damages.
Q4. What is the tenure of my car insurance policy?
Usually, car insurance policy comes with one-year tenure. However, the insurers have started introducing long-term policies as well. Even the recent announcement of IRDA, now the new car owners have to buy car insurance for at least for 3 years.
Q5. Where do I find the model or variant information about my newly bought car?
To know your car model and variant, refer your Registration Card details which contain the car make and model, registration date, manufacturing date and so on.
Q6. What is RTO location?
RTO stands for Regional Transport Office where every car of a particular location is registered. With this registration, no car is allowed to drive. Let’s say if your car is registered in Gurgaon, your RTO location will be Gurgaon.
Q7. What happens if the car registration city and city of usage are different?
In order to case an accurate premium, the insurer 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.
Q8. How does residential location impact my car insurance premium?
The car insurance premium is decided based on certain factors. Location of registration is one of them. The car registered in a metro city always tend to has a higher premium. As in the small cities, road risks are lower, the premium also tends to be on a lower side.
Q9. Can I avail a quote even if my car is not registered yet?
It is possible to avail quote from Kotak Mahindra 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 availing Kotak Mahindra car insurance, getting your car registered is mandatory.
Q10. I have heard a vehicle inspection will do before the policy issuance. Is it necessary?
A vehicle inspection is required in case your car insurance is expired. The inspection helps the insured to identify damage if any. This in return helps to initiate a fast claim without a hassle, further.
Q11. Can I change car IDV?
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 insurer as a change may impact your premium as well.
Q12. How is the car inspection process initiated?
In order to inspect a car in case of Kotak Mahindra car insurance claim, the concerned customer care executive will arrange for a time and date. The schedule is made as per your convenience and availability.
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