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.
|Features||Coverage and Benefits|
|Claim Settlement Ratio||98%|
|Personal Accident Insurance||Up to 15 Lakhs|
|No Claim Bonus||Yes|
Kotak Mahindra car insurance comes with the following benefits and features:
Under Kotak Mahindra car insurance policy, three types of coverage are offered towards private cars:
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.
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.
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.
To aid you with increased policy coverage, Kotak Mahindra car insurance offers a range of add-on covers such as:
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.
The Consumable add-on covers the insured car for the cost of replaced consumables like screws, nuts, oil filters, etc.
This add-on lets you switch off your OD cover when not using the car. It offers a discount on next year's policy renewal premium. If you don't drive your car frequently, you can switch off the button through the Policybazaar app and save on next year's renewal.
The discount on own damage is based on the reward days as mentioned below:
|Reward Days||Discount on accident cover (OD cover)|
|20 - 60||15%|
|61 - 120||25%|
|121 - above||40%|
Moreover, if you have switched off the OD cover continuously for 24 hours, you will be rewarded with 1 bonus day. The discount will not be given if you make any claim for your OD (accident) cover during a policy year.
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.
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.
NCB Protector cover allows you to retain your NCB discount even after you register a claim in your previous policy.
The Tyre cover add-on covers the insured against the cost of repair/replacement of tyres and tubes of the insured car.
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.
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.
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.
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.
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:
These essential documents are required to raise a Kotak Mahindra car insurance claim:
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.
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.
Ans: Third-party car insurance policy is a very basic kind of car insurance, which actually covers the liabilities towards third party arising for:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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