Reliance General Insurance – Auto Insurance

Purchasing auto insurance from a reputable company is crucial for comprehensive coverage and peace of mind. You can benefit from a comprehensive auto insurance policy with a reputable company like Reliance General Insurance. Our vehicle insurance plans and policies are designed with greater convenience, clearer procedures, and higher returns in mind.

Happy Customers

Our 3 crore+ policyholders adore our customer-focused philosophy and prompt customer service.

Pocket-Friendly Premiums

Our top-notch auto insurance plans provide the best protection at cost-effective charges.

Cashless Repairs

Your experience with our 8,500+ network garages is seamless and hassle-free.

For many Indians, purchasing a car is a momentous decision, symbolizing a significant investment and a key life milestone. The memory of this choice often becomes a source of immense pride and joy for both individuals and their families. Whether it’s the thrill of acquiring your first car or the upgrade to a more luxurious model, owning a car imparts a profound sense of independence and accomplishment.

Yet, the decision to buy a car goes beyond selecting the right design, model, and features; it also involves assuming financial responsibility. Proper maintenance and ensuring the vehicle’s safety on the road become paramount. In this context, the role of car insurance cannot be overstated.

Car insurance, also referred to as motor insurance, serves as a protective shield against the financial repercussions of unforeseen events on the road. Despite one’s diligence while driving, the risk of accidents, theft, or natural disasters persists. Any of these occurrences can lead to substantial financial burdens, such as exorbitant medical or repair expenses.

Hence, having the appropriate insurance coverage is crucial to being well-prepared for any situation. At Reliance General Insurance, the commitment extends beyond mere financial protection. Meticulously crafted car insurance policies are designed to provide you with more than just a safety net – they offer peace of mind, ensuring that you can savor the joys of car ownership without undue worries.

Reasons to Choose Reliance General Insurance

• Happy Customers: Our approach, centered around our 3 crore+ policyholders, is adored for its customer-centric nature and prompt responsiveness in customer support.
• Pocket-Friendly Premiums: Our car insurance policies, renowned for being top-tier, provide unparalleled coverage at premiums that are friendly to your pocket.
• Cashless Repairs: You can experience a seamless and trouble-free repair process with our extensive network of 8,500+ garages.

Key Features of Reliance Insurance Policies

Add-on Covers offered by Reliance General Insurance

Reliance Car Insurance provides various add-on covers to enhance your coverage:

1. Total Cover: This add-on reimburses expenses such as registration fees, octroi, road tax, and insurance premium paid up to the occurrence of a total loss, constructive total loss, or theft claim. It guarantees that you receive the complete amount stated on your car’s original invoice, encompassing all related costs, in the event of a covered incident.
2. EMI Protection Cover: If your car is undergoing repairs at one of the network garages and is retained for more than 21 days, this add-on covers your EMI expenses for three EMIs. The coverage applies for consecutive periods, with compensation for the initial EMI if the car is in repair for 21 days, the second EMI if the repair extends to 42 days, and so forth. (Note: UIN – IRDAN103RP0001V01201920/A0014V01201920)
3. Nil Depreciation Cover: This add-on shields you from the effects of depreciation on your car’s insurance coverage. It ensures complete coverage without any deduction for depreciation, allowing you to receive the full replacement value rather than the depreciated value of the replaced parts. (Note: UIN – IRDAN103RP0001V01201920/A0013V01201920)
4. Engine Protection Cover: Designed to safeguard the critical component of your car – the engine. This add-on provides coverage for the expenses incurred in repairing or replacing your engine or gearbox if they are affected by water ingression or lubricating oil leakage. (Note: UIN – IRDAN103RP0001V01201920/A0011V01201920)
5. NCB Retention Cover: This cover addresses the issue of No Claim Bonus (NCB). With the NCB Retention Cover, you can preserve your NCB discount even if you make a claim within the policy year, ensuring you continue to enjoy the advantages of a lower discounted premium. (Note: UIN – IRDAN103RP0001V01201920/A0008V01201920)
6. Daily Allowance Benefit: This add-on provides a daily allowance to cover your travel or commuting expenses while your car is undergoing repairs at one of the network garages for a duration exceeding 3 days. The purpose is to ensure minimal inconvenience due to the unavailability of your car during the repair period. (Note: UIN – IRDAN103RP0001V01201920/A0010V01201920)
7. Return to Invoice Cover: In the event of a total loss or theft claim, this add-on provides reimbursement to the policyholder for the variance between the insured declared value (IDV) of their car and the invoice value. It covers the depreciation value of the vehicle, ensuring the policyholder receives the full invoice value of their car. (Note: UIN – IRDAN103RP0001V01201920/A0012V01201920)

Comparison of Car Insurance Policies

Purchasing Auto Insurance from Reliance General Insurance

Purchasing auto insurance from a reputable company is just as crucial as actually purchasing auto insurance. You can profit from a comprehensive auto insurance policy with a reputable company, such as Reliance General Insurance. Our vehicle insurance plans and policies are based on the idea that greater convenience, clearer procedures, and higher returns are all related.

Why Choose Reliance General Insurance?

• Happy Customers: Our approach, centered around our 3 crore+ policyholders^, is adored for its customer-centric nature and prompt responsiveness in customer support.
• Pocket-Friendly Premiums: Our car insurance policies, renowned for being top-tier, provide unparalleled coverage at premiums that are friendly to your pocket.
• Cashless Repairs: You can experience a seamless and trouble-free repair process with our extensive network of 8,500+ garages.

For many Indians, purchasing a car is a momentous decision, symbolizing a significant investment and a key life milestone. The memory of this choice often becomes a source of immense pride and joy for both individuals and their families. Whether it’s the thrill of acquiring your first car or the upgrade to a more luxurious model, owning a car imparts a profound sense of independence and accomplishment.

Yet, the decision to buy a car goes beyond selecting the right design, model, and features; it also involves assuming financial responsibility. Proper maintenance and ensuring the vehicle’s safety on the road become paramount. In this context, the role of car insurance cannot be overstated.

Car insurance, also referred to as motor insurance, serves as a protective shield against the financial repercussions of unforeseen events on the road. Despite one’s diligence while driving, the risk of accidents, theft, or natural disasters persists. Any of these occurrences can lead to substantial financial burdens, such as exorbitant medical or repair expenses.

Hence, having the appropriate insurance coverage is crucial to being well-prepared for any situation. At Reliance General Insurance, the commitment extends beyond mere financial protection. Meticulously crafted car insurance policies are designed to provide you with more than just a safety net – they offer peace of mind, ensuring that you can savor the joys of car ownership without undue worries.

Reasons to Choose Reliance General Insurance

• Happy Customers: Our approach, centered around our 3 crore+ policyholders^, is adored for its customer-centric nature and prompt responsiveness in customer support.
• Pocket-Friendly Premiums: Our car insurance policies, renowned for being top-tier, provide unparalleled coverage at premiums that are friendly to your pocket.
• Cashless Repairs: You can experience a seamless and trouble-free repair process with our extensive network of 8,500+ garages.

Key Features of Reliance Insurance Policies

Add-On Covers offered by Reliance General Insurance

• Total Cover: Reimburses expenses such as registration fees, octroi, road tax, and insurance premium paid up to the occurrence of a total loss, constructive total loss, or theft claim.
• EMI Protection Cover: Covers EMI expenses if your car is undergoing repairs at one of our network garages and is retained for more than 21 days.
• Nil Depreciation Cover: Shields you from the effects of depreciation on your car’s insurance coverage.
• Engine Protection Cover: Safeguards the critical component of your car – the engine, covering expenses incurred in repairing or replacing your engine or gearbox affected by water ingression or lubricating oil leakage.
• NCB Retention Cover: Preserves your No Claim Bonus discount even if you make a claim within the policy year.
• Daily Allowance Benefit: Provides a daily allowance to cover your travel or commuting expenses while your car is being repaired at one of our network garages for a duration exceeding 3 days.
• Return to Invoice Cover: Provides reimbursement for the variance between the insured declared value (IDV) of your car and the invoice value in the event of a total loss or theft claim.

Comparison of Car Insurance Policies

Claim Process of Reliance Car Insurance

1. Call the Reliance Toll-free Helpline number and register your claim.
2. Give the representative your policy number or car license plate number.
3. For third party claims, you need to go to the nearest police station and lodge an FIR.
4. Move your vehicle to an authorized garage under the Reliance network or a workshop of your choice.
5. Submit necessary documents to the surveyor or to the garage:
   • Copy of the driver’s license
   • Self-attested copy of the RC book.
   • Duly signed claim form to the garage
6. Opt to avail of cashless service at any of the company-authorized garages. Reliance will settle all bills directly with the garage. You may have to pay the difference in the settlement amount and take the vehicle.
7. If the amount exceeds Rs. 20,000, a second inspection of the vehicle will be conducted.

Documents Required for Reliance Car Insurance Claim:

In case of an Accident:

• Duly filled in Claims Forms. The form can be downloaded online.
• The Policy or Cover Note copy as proof of insurance.
• Copy of Registration Certificate and Tax Receipt. (Original for verification)
• Copy of Driving License of the person driving the vehicle at the time of the incident. (Original for verification)
• Estimate of repairs
• Final bill of invoice

You can track the status of your claim online.

In case of third party claim:

• Duly filled in Claim Forms. The form can be downloaded online or obtained at the Reliance Insurance Offices.
• FIR or Police Panchanama in case of third-party property damage, death, or body injury.
• The Policy or Cover Note copy as proof of insurance.
• Copy of Registration Certificate and Tax Receipt
• Copy of Driving License of the person driving the vehicle at the time of the incident.
• Estimate of repairs.
• Final bill or invoice

You can track the status of your claim online.

Calculating Car Insurance Premiums

Calculating car insurance premiums involves a multifaceted process, considering various factors and intricacies within insurance policies. While policy details may contain fine print with terms, conditions, exclusions, and special cases, the premium represents the upfront cost that warrants a closer examination. It’s more than just a numerical value; a thorough understanding of how this figure is derived is essential.

The car insurance premium is primarily influenced by factors such as the vehicle’s type, age, Insured Declared Value (IDV), cubic capacity of the engine, and the geographical zone where it is registered. The calculation of premiums for third-party, own-damage, and comprehensive car insurance policies follows these general principles:

1. Third-Party Car Insurance Premium:
   • The premium rates for third-party car insurance are determined by the Insurance Regulatory and Development Authority of India (IRDAI).
   • As of June 2022, specific premium rates are established by the IRDAI.

It’s important to note that the overall premium calculation may vary among insurance providers, and the specific terms and conditions outlined in the policy documents should be carefully reviewed. Additionally, own-damage and comprehensive policies involve additional factors such as the policyholder’s driving history, voluntary deductibles, add-on covers, and other variables that can impact the final premium amount. Consulting with an insurance professional or utilizing online premium calculators provided by insurance companies can help in obtaining a more accurate estimate tailored to individual circumstances.

HOW TO CALCULATE IDV?

The Insured Declared Value (IDV) is a crucial metric that provides an approximate market value for your vehicle, indicating the maximum reimbursement amount available from the insurance company in the event of car damage. It is also a key determinant affecting the car insurance premium.

The formula for IDV calculation is [Car manufacturer’s listed price of the vehicle – Depreciation value] + [Cost of additional car accessories – Depreciation value of these accessories]. Numerous factors significantly impact the IDV, including:

1. Age of the Car:
   • The age of the car is inversely proportional to the estimated IDV. As the car ages, the IDV decreases due to natural depreciation and wear and tear.
2. Car Model:
   • New and advanced car models generally boast a higher IDV compared to traditional models, reflecting their higher market value and desirability.
3. Place of Registration:
   • The location where the car is registered influences the IDV. Cars registered in metropolitan areas typically have a higher IDV compared to those in smaller towns or regions.
4. Modifications and Accessories:
   • Any modifications or non-factory-fitted accessories impact the IDV, with their costs being added to the overall valuation.
5. Deductibles:
   • Higher deductibles lead to a lower IDV, as policyholders are expected to bear a greater portion of the claim amount.
6. Depreciation:
   • The depreciation rate, determined by the insurance company based on the vehicle’s age and condition, plays a crucial role in IDV calculation. The depreciation percentage is outlined in the table below.

It’s essential to consider these factors collectively, as they collectively shape the comprehensive market value of the vehicle and subsequently influence the IDV and insurance premium.

Frequently Asked Questions

1. What is the significance of Insured Declared Value (IDV) in car insurance?IDV represents the approximate market value of your vehicle, indicating the maximum reimbursement amount in case of damage or loss. It plays a crucial role in determining your car insurance premium, as it reflects the overall worth of the car.
2. How is the IDV calculated, and what factors influence it?The IDV is calculated using the formula [Car manufacturer’s listed price – Depreciation value] + [Cost of additional accessories – Depreciation value of these accessories]. Factors influencing IDV include the age of the car, car model, place of registration, modifications, deductibles, and depreciation.
3. Can I customize the IDV of my car?Yes, many insurance providers, including Reliance General Insurance, allow policyholders to customize the IDV based on their preferences. However, it’s essential to strike a balance between a higher IDV for better coverage and a reasonable premium.
4. How does the age of the car impact the IDV?The age of the car is inversely proportional to the estimated IDV. As the car ages, it undergoes natural depreciation and wear and tear, leading to a decrease in IDV. Newer cars generally have a higher IDV compared to older ones.
5. Is the IDV calculation consistent across all insurance providers?While the basic formula for IDV calculation remains similar, specific factors, depreciation rates, and premium calculations may vary among insurance providers. It’s crucial to carefully review the terms and conditions of each provider and consult with them for accurate information based on individual circumstances.