Kotak Mahindra General Insurance Company Limited offers comprehensive car insurance coverage under its Kotak Car Secure Policy. The policy comes in handy in covering all losses or damages due to man-made and natural calamities, third party liabilities, personal accident cover etc. The policy can further be boosted with a number of add-on covers that can be availed at an additional premium.
What is Kotak Mahindra Car insurance?
Kotak Mahindra General Insurance Company Limited provides insurances for all motor vehicles – cars, two-wheelers, as well as for commercial vehicles such as goods and passenger carrying vehicles. However, the company has specifically curated its car insurance named as Kotak Car Secure to provide a comprehensive cover for all private four-wheeler cars. The insured, i.e., the one buying the policy can customise the policy as per his/her needs and choose from a variety of add-ons available at an additional premium for his insured vehicle.
Moreover, Kotak Car Insurance provides cashless service across a broad range of authorised garages; hence, the insured can receive an easy and smooth service at all times.
It further provides insurance for damage or loss to the vehicle, liability to the third parties as well as personal accident cover for both the owner as well as the driver.
Why Choose Kotak Car Insurance?
Kotak Mahindra General Insurance Co. Ltd. aims at serving the growing needs of insurance for non-life products. It creates an emphasis on quality customer service and aims to put forward innovative ideas as and when possible.
Apart from these, the following are the reasons why you should choose Kotak car insurance.
- Efficient handling of the claims
- Operations that are customer-centric in all possible ways
- Customised products and services to meet the needs of the customers.
- Processes that are completely digitally enabled
- Strong management practices
- Experienced professionals to help the insured through all the processes
Features of the Kotak Mahindra Car Insurance
Kotak Mahindra Car Insurance has a host of features that make it appealing to a wider range of customers for their non-life product’s insurance needs. These features include the following –
- All around assistance is provided by experts of Kotak Mahindra General Insurance Company Ltd.
- The policy schemes provide coverage for damage to the car as well as third party liabilities.
- It covers the expense for the damage to the vehicle, third party liabilities, and also covers the expenses for the treatment of injury to the owner or driver.
- Kotak Mahindra Car Insurance comes with absolutely minimal paperwork that is required for claiming the insurance.
- The claim registration can be done swiftly and promptly through online Kotak Mahindra claim assistance.
- If the insurance is opted online, then instant policy renewal is also possible.
- The policy also allows for an easy portability option. If you are not happy with your current insurance provider, you can switch to Kotak Mahindra Car Insurance easily.
- A variety of bonuses like No Claim Bonus and the voluntary deductible are also available.
- Cashless service can be availed at a number of authorised garages.
Additional add-ons are also available at an additional premium which helps the insured to customise the policy as per his/her needs.
Benefits of the Kotak Mahindra Car Insurance
Along with features, the policy also comes with several benefits as add-on covers. These include the following:
Depreciation Cover: This cover ensures that if parts of the vehicle are replaced due to damage to the insured vehicle, then no amount will be deducted for depreciation. However, this cover will be applicable only for the first couple of claims made during the policy year. Subsequent claims will be subjected to deductions due to depreciation. It is also to be noted that the insured will be liable to pay a voluntary deductible amount for every claim for this cover.
Engine Protect: In case the engine parts of the car or the differential parts of the vehicle or the gearbox get damaged due to leakage of water or lubricant oil. The insurer will compensate for the expenses incurred in this repair.
Return to Invoice: According to this benefit, if the total loss of the vehicle has occurred, that is, the vehicle has been stolen, then the company will be paying the difference between the Insured Declared Value (IDV) and the Purchase Invoice Price of the vehicle.
Roadside Assistance: With this add on, the company (the insurer) commits to provide the following roadside assistance, provided, that the insurer has its network garages in that area and that four such claims can be made during the policy period. The services include:
- Towing the vehicle away during an accident or breakdown
- Help to jump-start the car in case the car is facing a run-down battery and is immobilised
- In case the car has stopped due to lack of fuel, up to 5 litres of fuel will be arranged, provided, that the fuel charges are completely borne by the insured.
- If the fuel tank of the car is filled with incompatible fuel, then arrangements will be made to empty the fuel tank.
- The insurer will also assist by providing a technician in case of an emergency caused by a flat tyre.
- Breakdown support will be provided over the phone in the event of mechanical errors that render the insured vehicle immobile.
- If a breakdown occurs within the 50kms from the insured’s residence, then free travel will be arranged till a certain distance. Travel beyond this point will incur extra charges that are to be borne by the insured.
- The insurer will arrange spare keys if the insured has lost his keys.
- On the insured’s request, in the event of accident or breakdown, messages to specific people will be sent.
- In case the vehicle has stopped due to minor mechanical faults, the insurer will send a technician to the spot of the breakdown to assist with the repair.
Consumables Cover: The policy also extends its cover towards consumables such as nuts, bolts, grease, lubricants, and alike.
No Claim Bonus: If no claim has been made in the policy year, then the insured is allowed to opt for the No Claim Bonus for the preceding years.
Types of Kotak Car Insurance
Kotak Car Secure provides three different types of coverage for motor vehicles;
- Coverage for Damage to own car
- Third-Party Insurance
- Personal Accident Cover for driver or owner.
Third-Party Legal Liability Cover
As per the Motor Vehicles Act of 1988, all drivers must own a third party insurance cover. As per this liability coverage, the insurer indemnifies the insured for the damage that was caused to the other individual or party that was involved in the other party. The liability is also paid in case of property damage, an accidental injury that may have occurred or even for the death of the third party. It is important to note that this coverage does not provide anything for the insured vehicle. This is where the coverage for own damaged cars becomes imperative.
If damage to the insured vehicle has occurred due to the following reasons – both man-made and naturally occurring –the insurer will provide compensation to the insured for loss and damage occurred to the insured vehicle, due to these circumstances. These include damages arising due to:
- Accident due to external means
- Acts of terrorism
- Burglary and Theft
- Earthquake, tempest, and typhoon
- Hailstorm, cyclone, floods
- Landslide or rockslide
- lightening, fire or self-ignition
- Riot or strike
- Transit via inland water-way, road or rail
- It is to be noted that the compensation may be subject to deduction of the depreciation amount for the following parts replaced –
Percentage of depreciation
|For parts made of glass||Nil|
|Painting||50% (Only on material cost of total painting)|
|Wood (depreciation percentage is based o the age of the vehicle)||Nil if the age is less than 6 months|
|5% if the age is between 6 months to 1 year|
|10% if the age is between 1 to 2 years|
|15% if the age is between 2 to 3 years|
|25% if the age is between 3 to 4 years|
|35% if the age is between 4 to 5 years|
|40% if the age is between 5 to 10 years|
|50% if the age exceeds 10 years.|
Personal Accident Cover
In case the driver or the owner sustains any injury while driving or mounting or dismounting from the vehicle during an accident, then the compensation would be provided as below:
Nature of the injury
|Scale of compensation|
|Loss of one limb or eyesight in one eye||50%|
|Loss of two limbs or loss of sight of both the eyes or loss of one limb and one eye||100%|
|Permanent and total disability from the injuries sustained.||100%|
Kotak Car Insurance: Exclusions
The insurer will however not be liable to pay under these conditions –
- Any loss or damage arising due to the contribution, whether directly or indirectly, of nuclear weapons or material.
- Any loss or damage arising from an accident caused because the driver was under the influence of intoxicants like alcohol and drugs.
- Any loss or damage caused by war or an act of foreign enemies.
- Any loss or damage to the insured vehicle is sustained outside of the geographical area.
- Any consequential loss.
- Contractual liability gives rise to claim.
- Depreciation being caused by regular wear and tear.
- If the driver is not carrying a valid driver’s license.
- If the car is being used for any other purpose other than private use.
- Technical and mechanical breakdown of the car.
Eligibility Criteria to Buy the Kotak Mahindra Car Insurance
To avail Kotak Vehicle Insurance, one must be a citizen of India and also be above the age of 18 years. He/she should also have a valid driver’s license and registration of the car that is to be insured.
Kotak Mahindra Car Insurance: Scope of Coverage
|Additional Legal Liability Cover||Add-On||Provides legal assistance in the event of an accident|
|Comprehensive Cover for Damage to Own Car||Basic||Coverage for the damages that have occurred to the insured vehicle.|
|Consumable Cover||Add-On||Benefit to cover the expenses of consumables such as nuts, bolts, screws and grease|
|Depreciation Compensation||Add-On||A benefit wherein the reimbursement of the damaged parts arising out of an accident are done without taking in the depreciation into account|
|Engine Protect||Add-On||Covers for the damage that occurs to the engine parts, differential parts or the gearbox due to entry of water or oil leakage.|
|Personal Accident Coverage for driver||Basic||In case the driver sustains injuries from a violent accident, compensation based on the degree of the injuries will be provided.|
|Personal Accident coverage for the owner||Basic||In case the owner sustains injuries from a violent accident, compensation will be provided on the basis of the degree of injuries|
|Return To Invoice||Add-On||In case of theft of the vehicle, the difference between the Insured Declared Value (IDV) and the Purchase Price will be given.|
|Roadside assistance cover||Add-On||A variety of roadside assistance will be provided in case the vehicle becomes immobile.|
|Third-Party Liability||Basic||In case the other party involved in the accident suffers from injury/property damage/death, the liability will be paid.|
Claim Process of the Kotak Mahindra Car Insurance
Kotak Car Insurance provides both cashless as well as reimbursement claim processing facility. In case there has been any damage to the insured vehicle, or if it has been stolen, the foremost thing that needs to be done is that the Kotak Motor Insurance officials have to be informed and intimated about the same.
To avail cashless claim settlement, the following steps have to be followed –
- The insured can go to the insurer’s website where he/she can select the required claim form and fill in the necessary details such as policy number, member ID and etc. and submit the claim intimation form.
- Cashless claims can only be processed at the insurer’s network garages.
- Vehicle inspection will take place within 24 hours if the claim is reported on a weekday. If the claim is reported on a Sunday or public holiday, then the inspection will happen in the next working day.
- All relevant documents must be submitted. The relevant documents include vehicle registration certificate along with the driver’s license. In case of an accident, the FIR report may also have to be furnished.
- Once the cashless settlement is done at the network garage, and the deductible amount is paid, the insured can take the car home.
For filling, reimbursement claims, the following steps have to be followed:
- The intimation of the claim has to be made to the Kotak Vehicle Insurance officials by either calling the toll-free number or by submitting the intimation form.
- Similar to the cashless process, a vehicle inspection will be done within 24 hours.
- Then the vehicle is to be repaired at a non-network garage, and the bills have to be paid by the insurer himself.
- Once the officials have received the pertinent documents for the claim, the payment will be initiated within 7 working days.
Renewal Process of Kotak Mahindra Car Insurance
Kotak General Insurance Renewal is made easy from the insurer’s official website using the “Renewal” button. Policy Renewal is an important step for it lets you enjoy the benefits of insurance for a longer period of time.
Alternatively, you can also use online website for your Kotak Car Insurance Renewal. These website allows you to compare plans before renewal. Click on “renew” and enter the required information like car registration number, you will be able to compare plans and decide the insurance that best fits you.
How to Buy Kotak Mahindra Car Insurance?
Kotak Mahindra General Insurance Company Ltd. has created an easy step-by-step process that aids in buying their insurance policies at their portal. Alternatively, you can also head to official website to compare plans and purchase the policy. It allows you to go through the Kotak Car Insurance Review thoroughly. This website offers a host of services to make the entire process smooth and hassle-free. Their experts can provide assistance during the purchase process as well as during plan renewal.
- You can visit the website and go to the section “Motor”
- Click on ‘Buy Now’ option, provide necessary details such as car type, make & model, type of coverage you want, contact details etc. and submit.
- Basic of the information provided, the website will suggest some plans. You can compare them with Kotak Mahindra car insurance and decide to pay the premiums.
- Choose the type of cover and pay the premiums online using debit/credit card or net banking.
- The policy document will be mailed instantly to the registered email Id.
Documents Required to Buy the Kotak Mahindra Car Insurance
Once you have chosen the plan best fit for you, you have to submit the copies of the following documents online –
- Address proof in the form of utility bills/driving license/passport/voter ID
- For a new car, the invoice will be required
- Identity proof in the form of pan card/aadhaar card/voter ID/passport/driver’s license
- Policyholder’s driving license
- Registration certificate of the vehicle to be insured
Q.1 What is IDV?
Ans: IDV also known as the Insured’s Declared Value, is the maximum sum assured amount that has been fixed by the insurer himself at the beginning of the policy period. In other terms, the IDV is the compensation amount that the insurer will provide if the vehicle suffers a total loss.
Q.2 For How long my car insurance policy is valid?
Ans: Car insurances are only valid for a period of one year. However, after the latest guidelines by IRDAI, car insurance can be bought for up to 3 years for new cars.
Q.3 If my car is not registered, can I still get a quote?
Ans: Kotak Mahindra does allow you to get a quote even if your car is not registered, based solely on the invoice date of the car. However, it is essential to register the car before availing the insurance.
Q.4 Can the IDV of my car be changed?
Ans: Yes, absolutely! Under Kotak Mahindra Car Insurance, you are allowed to change your car’s IDV to a maximum of 10%. Please do note that changing the IDV may, however, result in a change in the premium amount.
Q.5 What is Third Party Policy? What does it cover?
Ans: Third-Party Policy or Third Party Liability coverage is a mandatory policy that every car owner should have. It aims to cover the liabilities to a third party It covers expenses for property damage, injury, disability, or even death arising from accidents.