Oriental Vehicle Insurance

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Oriental Vehicle Insurance

The oriental commercial vehicle plans are premeditated to cater the protection needs of vehicles used for commercial purposes. Such vehicles generally travel to larger distances and on roads which are not well maintained. The value of the goods is associated with the vehicle carrying it and hence the insurance to cover both is more critical.

The Salient Features of commercial vehicle plan are

  • Coverage for pan India locations.
  • Accidental death benefits for driver-owner of the vehicle.
  • Limit for liability as similar to other clauses as same as Private Car and liability to third party.
  • The Coverage period is for one year; however shorter duration covers are also available under the plans.
  • Personal accident covers to Owner/ Paid Drivers, Cleaners & Conductors with at par compensation in the case of severe body injury.
  • Vehicles fitted with anti-theft devices approved by Automobile Research Association of India (ARAI), Pune and whose installation is duly certified by any of the recognized Automobile Associations are eligible for a discount of 2.5% on the OD component of plan premium subject to a maximum of Rs. 500/-.
  • No Coverage in case of damage to property conveyed by the towed vehicle.
  • The coverage shall also exclude any accident loss damage and/or liability caused sustained or incurred whilst the insured vehicle is 4 towing a greater number of vehicles than is permitted by law.
  • Online Portal for host of services such as Online Purchase of various plans, Renewal of plans, Migration for Car insurance plans.
  • Renewal of plans from any location.
  • Free Benefit of Emergency Service through TVS without any extra premium.
  • NIL Depreciation Cover in the plan is available on additional premium to cover the full value of parts in claim of Partial Damages to the Vehicle
  • Protection cover for any loss to personal belongings on payment of additional premium of amount Rs. 400 or Rs. 650/- , all included under the plan.
  • The insured decelerated value (IDV), shall be projected as the Sum Insured for the vehicle.
  • Insurance Cover for Any legal obligation to a third party in the event of any Injury/Death and/or Property Damage to a third party caused due to insured vehicle causes,
  • The Insurance amount shall be the Insured Declared value of the Vehicle (IDV). For such vehicle which is less than five years old the Insured Declared value is the Manufacturers listed selling Price adjusted for Deprecation based on age of Vehicle. For vehicles beyond five years of age and obsolete vehicles, the IDV is mutually agreed value and quoted in the plan offer.
  • Oriental insurance offer an assortment of discounts to its customer on the premium towards the Car insurance plan. The discounts are offered basis

a) Voluntary Deductible  under one or multiple plans
b) Discount for anti theft Device
c) If no claim is preferred in the expiring Plan, a Bonus or Discount named NO CLAIM BONUS is given on the Premium of the new Plan.
d) Automobile Association discount is also available under Car plan.

Plan Benefits

The benefits under Oriental Commercial Vehicle Plan are offered in two different variants

Liability Only Benefit

This has been deliberated to meet the requirements as per mandatory clauses of Motor Vehicles Act. This plan covers two most critical aspects of the motor vehicle’s act.

  • Personal accident cover: A personal accident cover of Rs. 2 lakh is provided for individual owner driver of the vehicle insured while traveling in, mounting or dismounting from the vehicle. The cover is for death and any kind of permanent disability
  • Third party legal liability: Car Insurance Plan under its Liability Only Plan provides complete protection against legal liability arising due to accidental damages, any permanent injury/ death of a person and/or any damage caused to the property

Package Benefit

  • In the event of any loss or damage caused to the vehicle due to the natural calamities such as  Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide are included in the plan
  • Any loss of damage done due to manmade calamities or any consequential event  such as Burglary, theft, riot, strike, malicious act, accident by external means, any damage in transit by road, rail, inland waterway, lift, elevator or air are duly covered in the plan as well.
  • For disabled vehicle due to any accident or other loss, compensation of Rs. 750/- for three wheeled vehicle, Rs. 1500/- for taxis and Rs. 2500/- for other commercial vehicle is paid towards removal to the nearest repairer and redelivery to the owner of the vehicle.
  • Other Important extension covers are also available basis additional premium amount paid as per plan.
  • Loss/damage to electrical/non-electrical accessories.
  • Subject to a deduction for depreciation the expenses towards replacement of part due to accident are paid as well. 50% of net expenses for all rubber nylon plastic parts ,tyres and Battery, however nil expense shall be paid for all parts made of glass.
  • In the event of the Car being disabled by reason of loss or damage covered under this  plan ,Oriental insurance under its Car plan shall bear the reasonable cost of protection and removal to the nearest repairers and redelivery to the insured but not exceeding in all Rs.300/- in respect of any one accident. 

Expense towards the replacement of parts in the plan is subject to deduction of depreciation value which is calculated as below.

Nature of Expenses

% of Depreciation

For all rubber/nylon/plastic parts, tyres, tubes, batteries and air bags

50%

For fiber glass components

30%

For all parts made of glass

Nil

 

Rate of depreciation for all other parts including wooden parts will be considered under the plan as per the following schedule

Age of Vehicle

% of Depreciation

Not exceeding 6 months from commencement of the plan

Nil

Exceeding 6 months post commencement of the plan but not exceeding 1 year

5%

Exceeding 1 year post commencement of the plan but not exceeding 2 years

10%

Exceeding 2 years post commencement of the plan but not exceeding 3 year

15%

Exceeding 3 years post commencement of the plan but not exceeding 4 years

25%

Exceeding 4 years post commencement of the plan but not exceeding 5 years

35%

Exceeding 5 years post commencement of the plan but not exceeding 10 years

40%

Exceeding 10 years post commencement of the plan

50%

 

General Exclusions in Commercial Vehicle Insurance Plans

  • In the event of any loss or damage or liability which has happened beyond the geographic area as  defined in the plan documents
  • For cases where the loss or damage is due to any kind of contractual agreement.
  • For any claim which has aroused due to the usage of vehicle other than agreed or defined.
  • For any loss or damage in case the vehicle is being driven by any third person other than a Driver as stated in the Driver’s clause.
  • In the event of accident caused under the influence of intoxicating liquor/drugs.
  • Vehicle being driven without a valid license.
  • In the event of any War and nuclear perils.
  • No separate claim shall be reimbursed for any Damage to tyres/tubes unless insured vehicle is also damaged in the same incident. The maximum reimbursement could be up to 50% of replacement cost will be paid.
  • Mechanical or electrical breakdown, depreciation, wear and tear.

Calculation of Plan Premium

Oriental insurance adopts a holistic methodology to derive the value of  premium in all its car insurance plans . The amount of premium to be paid is based on below mentioned factors

  • IDV of the vehicle
  • Cubic capacity of the vehicle
  • Zone of registration
  • Age of Vehicle

Apart from this, customer may opt of additional coverage as per their requirement. Additional Premium has to be paid for such covers such as:

  • Electrical & electronic items
  • CNG/LPG FUEL
  • Add on cover
  • Extra Benefit

Important terms and conditions for Commercial Vehicle Plans

  • For the personal accident cover, the compensation shall be payable for one event (I.e.  Death or body injury as mentioned in the table) to the owner-driver for one such incidence only during one term of insurance and to the maximum quantum of Rs 2 Lakh.
  • No compensation or claim shall be accepted for any death or body injury arising out of event which is a direct result or consequential event of usage of liquor or drug or any other narcotic substance or an act of self sustained injury or suicide attempt.
  • The Insurance cover is subject to below mentioned conditions
    • The driver-owner should be the registered owner of the insured vehicle.
    • The owner –driver is the insured named in the plan.
    • The driver-owner should a valid driving license as the law of land.            
  • All compensation shall be payable only with the approval of the insured and directly to the injured driver or to his/her legal representatives whose receipt shall be a full and final discharge in respect of the injury to such person.
  • No compensation under this endorsement shall be payable if the driver involved in the accident is otherwise entitled to compensation under Workman’s Compensation Act 1923.
  • The cover for third party legal liability is subject to conditions including the death of or bodily injury to any person including person conveyed in or on the Car
    • Such person is not carried for hire or reward,
    • Damage to property other than property belonging to the insured or held in trust by or in the custody or control of the insured or any member of the insured’s household or being conveyed by the Car.
  • PROVIDED ALWAYS that the company shall not be liable in respect of death injury or damage caused or arising beyond the limits of any carriage way or thoroughfare in connection with the bringing of the load to the Car for loading thereon or the taking away of the load, from the Car after unloading there from.
  • The Company will pay all costs and expenses incurred with its written consent.
  • In terms and subject to the limitations of the indemnity which is granted by this Section to the Insured the Company will indemnify any Driver who is driving the Car on the Insured’s order or with his permission provided that such Driver shall as though he were the Insured observe, fulfill and be subject to the terms, exceptions conditions and limitations of this plan in so far as they can apply.
  •  
  • The Company may at its own option (A) arrange for representation at any Inquest or Fatal Inquiry in respect of any death which may be the subject of indemnity under this Section and (B) may undertake the defense of proceedings in any Court of Law in respect of any act or alleged offence causing or relating to any event which may be the subject of indemnity under this Section.
  • In the event of any person entitled to indemnity under this Plan the company will, in respect of the liability incurred by such person indemnify his personal representatives in the terms of and subject to the limitations of this Plan provided that such personal representatives shall as though they were the insured observe, fulfill and be subject to the terms, exceptions and conditions of this Plan in so far as they can apply.

How to enroll into Oriental Commercial Vehicle Insurance Plans

  • Online

    • Customer has to logon to www[dot]orientalinsurance[dot]org[dot]in
    • Select Buy Online from the top tab bar menu
    • Select the sub option as Buy new
    • A New pop up window shall give multiple insurance plans
    • Select Vehicle plan and fill up the vehicles details
  • Request Callback – Click the option – “HAVE US CALL YOU”
    • Fill up the required details and the concerned team shall get in touch
  • Visit nearest Branch

Other Online services

Online Premium Payment- Oriental Insurance offers the option to pay the premium of their Commercial Vehicle insurance plan premium online in a hassle free way.  For payment of the premium, customers have to register first            

Apart from this, customer may use online platform for other services such as

  • Renewal of Plans
  • Renewal of non Oriental  insurance plans
  • Buy new Plans.
  • Online Premium Calculator

Oriental Vehicle Insurance- FAQs

1. How to pay a premium? What are the modes of payment available?

The Oriental Insurance Company offers 2 modes of premium payment namely:

  • Cash payment at the branch
  • Online Payment

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status for Oriental vehicle insurance?

You can go to the website to check your policy details if registered.

3.
What is the policy renewal process for Oriental vehicle insurance?

You can go for the online renewal on the website of the company. Login with the policy details, select payment mode and finally print/save receipt.


4.
What is the company’s process to settle claim for Oriental vehicle insurance?

To settle the claim you can intimate the company by filling a form online.
For further assistance you can visit your nearest branch


5. What is the policy cancellation process for Oriental vehicle insurance?

You can submit the policy documents in your nearest branch. The refunds will be directly credited in your bank account, after deducting applicable cancellation charges.

Oriental Vehicle Insurance Reviews

TOTAL REVIEWS (1)
Harish
Dwarka
May 13, 2016

Nice

I purchase oriental commercial vehicle insurance. Accidental death benefits for driver/owner of the vehicle. No Coverage in case of damage to property conveyed by the towed vehicle. Renewal of plans from any location. The policy coverage and the claims are good. All okay plan.