What is Car Insurance?
Car insurance, sometimes referred to as four-wheeler insurance, is a contract that protects four-wheelers against monetary losses brought on by unanticipated circumstances like accidents and natural disasters. It is signed by the owner of the vehicle and the car insurance provider.
When driving, auto insurance is meant to protect you, your vehicle, and other road users from life’s unforeseen detours.
When unfavorable things happen, having auto insurance will protect your finances from dangers and losses. It guarantees that you abide by the laws and covers third-party responsibilities as well.
Key Features of Car Insurance from Kotak
- Cashless Servicing
Our wide network of garages will enable you to take advantage of hassle-free cashless auto insurance service nationwide, no matter where your lengthy drives take you.
- NCB discounts & entitlements
If you change auto insurance, are you afraid you won’t be able to keep your No Claim Bonus (NCB)? You don’t have to worry since if you decide to transfer your current auto insurance policy to Kotak General, you will still be able to receive your NCB benefits (based on your expired policy).
- Premium Discounts
If you choose to have both Compulsory and Voluntary Deductible on your auto insurance policy, you will receive an additional discount on your premium (based on the tariff).
- AAI Members Discount
A certified Automobile Association of India (AAI) membership entitles you to an additional reduction on your auto insurance rates.
Additional Kotak Car Insurance Features
- Affordable Premiums
- Optional Add-on
- Third Party Liability
- Own Damage Cover
- Personal Accident Cover
- Easy Cashless Claims
- Claim TAT
- No Claim Bonus
- Round-the-clock assistance
- Policy Purchase
- Documentation
- Add-ons available
Why Do You Need Car Insurance?
- Legally Mandatory
First of all, it is legally required to get auto insurance. Before you take your car for a drive, the Motor Vehicles Act of 1988 mandates that it be insured under a legal third-party coverage. Therefore, having auto insurance becomes essential in order to abide by the law and avoid penalties.
- Coverage against third party liabilities
If your vehicle causes property damage to a third party or someone else’s bodily harm or death, you are liable for third-party obligations. The policy provides coverage for these unforeseen events. In accordance with the governing laws and regulations of the Motor Vehicle Act, obtain coverage up to the legal liability for claims relating to physical injury, death, or property damage. To learn more about the distinctions between comprehensive and third-party auto insurance
- Coverage against man-made and natural calamities
Both man-made and natural disasters are covered by a comprehensive auto insurance policy. Take advantage of protection against losses resulting from landslides, fires, riots, strikes, explosions, earthquakes, lightning, floods, hurricanes, storms, etc.
- Theft Cover
You suffer a significant financial loss in addition to losing an asset when your car is stolen. Your comprehensive auto insurance covers this loss, and you get paid for the damages you incurred.
- Compensation for financial loss
You may have to pay a large amount of money for repairs if your car is damaged. Since cars are expensive, there would be a significant loss in the event of a theft. Liabilities to third parties may potentially represent a significant financial burden. These unforeseen events are covered by comprehensive auto insurance, which also pays you for any potential losses.
- Personal Accident Cover
You not only lose an asset when your automobile is taken, but you also suffer a considerable financial loss. A comprehensive auto policy will cover your loss, and you will be paid for the damages you have incurred.
- Peace of Mind
Plans for comprehensive auto insurance let you add a variety of extras to improve your coverage. In the event of an emergency, you can receive help around-the-clock, have the impact of depreciation on your claim reversed, and receive the car’s original invoice value if it is stolen or completely lost, among other benefits. Select one or more add-ons to expand the coverage and increase the inclusiveness of your policy.
Types of Car Insurance Plans by Kotak
- Comprehensive Car Insurance
The most comprehensive type of auto insurance coverage is called comprehensive, and it holds an insurance company responsible for both the insured person’s personal vehicle damage and any financial obligations they may have toward a third party. The coverage is applicable not only to incidents involving vehicles but also to natural or man-made disasters, explosions, fires, theft, self-ignition or lightning, etc.
- Third Party Insurance
Driving a car in India requires having a third-party auto insurance coverage. It is also known as a Liability Only Car Insurance Policy because it is the most basic type of auto insurance policy. Under this coverage, the insurance provider is responsible for paying for any third party’s physical injuries, temporary or permanent disability, and death resulting from an accident involving the insured’s vehicle. Additionally, this plan covers up to Rs. 7.5 lakh in property damage caused by a third party.
- Own Damage Car Insurance
The Standalone Own-Damage auto insurance coverage was established by the Insurance Regulatory and Development Authority of India (IRDAI) in September 2019. In accordance with this plan, the insured is solely covered for own-damage to their four-wheeler in the event of a fire, explosion, theft, or other incident, as well as natural or man-made road accidents. The goal of a stand-alone own-damage auto insurance policy is to give the insured choice over the insurance company.
Features of our various Car Insurance Policies
- Comprehensive Car Insurance Policy
A comprehensive auto insurance policy takes care of the third-party liability need and offers comprehensive coverage.
- Covers damages suffered by the car
If your car is damaged due to natural or man-made causes, the comprehensive car insurance plan covers for the loss suffered.
- Coverage for theft
The comprehensive plan also covers theft of the car and pays the Insured Declared Value (IDV) against the same.
- Personal accident cover for the owner/driver
The owner or driver of the vehicle has access to personal accident coverage with a Rs. 15 lakh maximum insured. In the event of an accident-related accidental death or permanent total disability, the coverage pays a payout.
- Range of Add-ons
Add-ons are extra perks of optional coverage that you can select with the comprehensive plan. For full coverage, Kotak’s comprehensive auto insurance policy offers a variety of add-ons.
- Premium discounts
You can avail premium discounts for installing safety devices in your car, for being a member of an automobile association, for choosing a voluntary deductible etc. These discounts bring down the premium cost.
- No Claim Bonus
If you don’t make a claim in your comprehensive car insurance plan, you earn a no claim bonus. The bonus starts at 20% after the first claim-free year and keeps on increasing after each successive claim-free year. You can earn up to 50% no claim bonus and claim an equivalent discount on the premium.
FAQs about Car Insurance with Kotak Mahindra:
Q1. What is car insurance, and why do I need it?
A1. Car insurance, also known as auto insurance, is a contract between you and the insurance provider that protects your vehicle against unexpected events like accidents and natural disasters. It’s essential because it’s legally mandated and safeguards you from financial losses arising from unforeseen circumstances.
Q2. What does Kotak Mahindra’s car insurance cover?
A2. Kotak Mahindra’s car insurance offers comprehensive coverage, including protection against damages to your vehicle, third-party liabilities, theft, personal accident cover, and optional add-ons for enhanced protection.
Q3. How does Kotak Mahindra’s cashless servicing work?
A3. With Kotak Mahindra’s extensive network of garages, you can enjoy hassle-free cashless auto insurance services across the country. Simply visit any authorized garage within the network for repairs, and the billing will be settled directly with the insurer.
Q4. What is No Claim Bonus (NCB), and how does it work with Kotak Mahindra’s car insurance?
A4. NCB is a discount offered on the renewal premium for every claim-free year. With Kotak Mahindra, if you transfer your existing policy to them, you can retain your NCB benefits based on your expired policy.
Q5. Are there any discounts available with Kotak Mahindra’s car insurance?
A5. Yes, Kotak Mahindra offers premium discounts for opting for both Compulsory and Voluntary Deductible, being a member of the Automobile Association of India (AAI), installing safety devices, among other factors.
Q6. What are the additional benefits of Kotak Mahindra’s car insurance?
A6. Additional benefits include round-the-clock assistance, easy cashless claims, fast claim processing time, and a range of optional add-ons to tailor your coverage according to your needs.
Q7. What are the different types of car insurance plans offered by Kotak Mahindra?
Q7. Kotak Mahindra offers Comprehensive Car Insurance, Third Party Insurance, and Own Damage Car Insurance to cater to various needs and preferences of car owners.
Q8. How does the Own Damage Car Insurance policy differ from Comprehensive Car Insurance?
A8. The Own Damage Car Insurance policy specifically covers damages to your vehicle, while Comprehensive Car Insurance provides coverage for both your vehicle and third-party liabilities.
Q9. How can I avail of Kotak Mahindra’s car insurance policy?
A9. You can purchase Kotak Mahindra’s car insurance policy online through their website or by contacting their customer service representatives for assistance with documentation and policy purchase.
Q10. What happens if I don’t have car insurance?
A10. Driving without car insurance is illegal and can result in penalties. Additionally, you risk financial losses due to unexpected events like accidents or theft, as you’ll be personally liable for damages to your vehicle and third-party liabilities.
