Oriental Car Insurance is one of the most sought after products in the market. The policy has three key types of covers: Own damage cover for private cars, third party liability cover, and various add-on covers at additional premium.
What is Oriental Car Insurance?
Oriental Vehicle Insurance applies to private cars only. The policy covers the loss and damages sustained by the insured car and covers the repair expenses.
The policy has one-year validity. After one year, the policyholder is required to renew the policy to avail continuous benefits. The policy can be clubbed with multiple add-on covers. The key add-on services are zero depreciation cover, alternative car supports, loss due to personal obligations, and emergency service support. All these add-ons are accessible to the policyholders based on the additional premium paid and other key aspects such as the car’s condition, history of accidents or other issues, and specific demands of the policyholders.
Why Choose Oriental Car Insurance?
Oriental Vehicle Insurance offers selective services to car owners based on their generic and specific needs. It has a policy period of one year. The four key add-ons support also meet any other specific car maintenance needs of policyholders. Therefore, it has less complexity and high feasibility for policyholders to avail of necessary supports through one policy only. The other key facilities offered by the insurance are mentioned below.
- Oriental Car Insurance has a 90.68% claim settlement ratio.
- It offers Third Party Liability cover for property damage up to Rs 7.5 lakh.
- Oriental Insurance has around 3100+ cashless garages in India.
- The company has around 1800+ registered offices across India to offer superior accessibility.
- The policy offers various benefits such as voluntary savings or no-claim-bonuses of up to 50% of IDV.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
Oriental Car Insurance Features
The policy comes with the following features:
- Third-Party Cover: The policy covers third-party liability caused by the insured vehicle. It offers up to Rs 7.5 lakhs for property damage, based on the amount of sum insured and premiums paid. It covers the expenses related to accidental injury or death and damage to the third party’s assets due to the insured car.
- Accidental or Own Damage Cover: The policy covers damage or loss to the insured vehicle due to man-made and natural calamities. It also covers the vehicle for accidental damages.
- Personal Accident Cover: The policy covers the owner driver in case of accidental injury or death.
- No-Claim Bonus (NCB): The policy offers No Claim Bonus up to 50% for every claim-free year.
- Annual Policy Renewal: The policy needs to renew every year in order to avail the policy benefits uninterruptedly. The policyholder can renew the policy online as well.
Benefits of Oriental Car Insurance
The insured can avail of the following benefits under Oriental motor insurance:
Additional Covers: The policy includes various additional covers to meet the additional demands of consumers. These covers include zero depreciation cover, personal loss cover, alternative car cover, and free emergency benefit cover. These add-on protections are available at an additional premium amount.
- Savings and Bonuses: The policy offers various savings and bonuses to the policyholders based on their past claim records, car conditions, and other key aspects.
- It offers savings up to 2.5% if the car is installed with ARAI approved anti-theft devices.
- It offers up to 50% no-claim bonus to the policyholders.
- The company offers additional savings for cars that have a membership with the Automobile Association of India.
- It offers voluntary savings that allow policyholders to choose higher deductible if they can ensure optimum safety of the cars. The higher deductibles would cause them to pay a low amount of premiums.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
- Cashless Facility: Oriental Insurance has around 3100+ registered garages that offer a cashless facility for any emergency services or repairing assistance.
- Accidental Cover: The policy offers accidental covers for vintage cars, which are either purchased before 31st December 1940 or registered with Vintage and Classic Car Clubs of India. The policy allows them to leverage up to 25% savings*. (*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.)
- Customer Support: The insurer offers 24X7 customer supports to resolve the queries of the policyholders.
Types of Oriental Car Insurance
The two key types of car insurance provided by Oriental Motor Insurance are:
Accidental Damage or Loss of Vehicle Insurance
The policy covers the insured cat for damages due to accidents or other related perils. The plan also covers expenses related to assets and the health hazards of the individuals. It offers personal accident cover for the owner driver in case death or total disability occurs. Apart from that, it covers the expenses to recover the assets depending on the cumulative amount of premium paid and sums insured.
Third Party Liability Insurance
This insurance policy covers the expenses made for any damage that occurred to a third party’s assets and health due to the insured car. The policy offers up to Rs 7.5 lakh for property damage. The policy offers an unlimited amount of cover for any accidental death or complete disability of the third party.
Oriental Car Insurance Add-on Cover
Apart from the above-mentioned cover, the insurance policy offers four additional key plans which can be opted by paying an additional premium. These add-on plans are zero depreciation cover, alternative car support cover, loss of personal effects and emergency service support.
- Zero Depreciation Cover: It does not include the deprecated value to calculate the claim amount for any vehicle’s partial damages. Therefore, the policyholder can claim the complete expenses due to the damages. However, they are liable for a few deductibles. Policyholders can avail this add-on plan by paying an additional premium amount based on the age of the vehicle. (*Standard T&C Apply)
- Alternative Car Supports: The add-on plan is applicable if the car is damaged by more than 20% of the IDV. In case the insured car owners cannot use the vehicle post accidental period due to repairing or other obligations and are required to use alternative transport solutions, the policyholder can avail Alternative Car Support for a maximum of 15 days with the maximum daily additional support of Rs 650. The premium is calculated based on the number of benefits taken for an extended period.
- Loss due to Personal Obligations: The policyholders can opt for this add-on plan when purchasing the policy by paying an additional premium amount of INR 450 or INR 650*. The amount of premium paid makes them liable to claim covers for any personal expenses of Rs 5,000 or Rs 10,000, respectively. (*Standard T&C Apply)
- Emergency Service Supports: It offers the add-on plans to the policyholders to avail of any emergency supports from the police authority of respective jurisdiction in case of any urgent requirements. The policyholders are not required to pay additional money for this support. (*Standard T&C Apply)
Eligibility Criteria to Buy Oriental Car Insurance
The key norms of eligibility to avail the plans offered by the insurance policy are mentioned below.
Oriental Car Insurance Covers and Additional Plans
|Oriental Damage or Accidental Loss Insurance||Basic||This plan applies to individuals who have registered cars for personal use. The car must not be beyond five years old to buy various add-on plans and opt for a lesser amount of premium.|
|Oriental Third Party Liability Insurance||Basic||The insurance applies to policyholders who have either accidental cover insurance already or applying for a fresh policy.|
|Zero Depreciation Cover||Add-On||The policy is applicable for owned assets only. The policyholders can benefit from the cover by maintaining the cars’ good condition and successfully operating no-claim policy years until five years or more.|
|Personal Belongings Cover||Add-On||This cover applies to the own-damage policy only. It excludes cover for theft or burglary of credit cards, money, laptops, and mobiles.|
|Alternative Car Cover||Add-On||The add-on cover is applicable for policyholders who have incurred any damage or accident of their insured vehicles. The cover would offer benefits for up to 15 days post the accidental incident.|
|Emergency Service Cover||Add-On||This cover is applicable for policyholders if they take emergency services from the registered garages of Oriental Insurance. It does not charge any additional premium and offers free benefits.|
Claim Process of the Oriental Car Insurance
In case of any accidents, damage, or perils, the policyholder is required to inform the claim management team of Oriental Car Insurance at its toll-free number 1800-118-485. The company offers claims for two key types of accidental expenses, such as burglary, theft or accident, and the third party claims.
The policy can be claimed for cashless or reimbursement claim. For both the processes, the insured should schedule an appointment with the surveyor. They must take the car to registered garages of the company and fill up necessary forms there. As per the requirement, they are required to sign Form 28,29,30 and 35. The documents are required to submit include: the FIR report, damaged car photos, driving license details, policy documents, and other necessary details.
The registered repairing centre will offer cashless services; otherwise, the policyholders are required to bear the repairing cost in case they take the car to any unregistered repairing centre.
Upon assessing all the details sent and evaluating the car conditions, Oriental Insurance Company Ltd. will set the liability value. The company will then take necessary actions to settle the claim within due time.
Oriental Car Insurance Renewal Process
The policyholders are required to renew the car insurance at the time of the expiry of each year. They can avail of this facility by Oriental Car Insurance renewal online platform. It requires providing policy numbers and selecting the necessary options to choose up-gradation or continuation of the existing plan. You can choose various add-on facilities they want to avail of. For the policy renewal, you need to make the payment online and renew the insurance successfully. The company will send a confirmation email along with a soft copy of the policy details.
The plan renewal system will require putting the policy number. The insured will then be able to compare the existing plan with other available plans based on various industry-specific parameters such as claim settlement ratio, policy insurance ratio, premium amount, and other key aspects. It helps one to make more informed decisions without any hassle. The plan renewal platform will further calculate the premium amount to be paid by providing the necessary details to select a new policy.
Documents Required to Buy the Policy
The key documents to be submitted to buy Oriental Car Insurance are mentioned below.
- Identity Proof: Voter ID, Aadhaar Card, Passport, Driving license
- Address Proof: Voter ID, PAN ID, Aadhaar Card, Passport, Driving license, Ration card
- Registration Certificate (RC) of the car
- Photocopy of driving license
- Invoice of the car if it is a new car.
- Policy documents and a no-claim certificate in case it is an existing car.
How to Buy Oriental Car Insurance?
The individuals who have car license and car registration documents can apply for an Oriental Car Insurance policy. They can visit the insurer’s website and read all the information available before sending an application. The Oriental Car Insurance online platform allows the applicant to buy car insurance through four key processes, such as providing insurance details, calculating insurance premiums, providing personal details, and making payment.
The key insurance details such as vehicle details, date of purchase, RTO zones, add-on cover details, and other related requirements will help to calculate the premium amount. Once the premium amount is selected, the individuals are required to provide their personal details such as date of birth, occupation, and others. Upon successful submission of all the required details, the website will lead them to make successful payments online to purchase the policy.
However, if the applicants are willing to compare other plans and make more informed decisions, they must official website. The website will allow them to compare plans based on the claim settlement ratio, annual premium amount, overall feedback, and other key aspects to choosing the best policy as per their requirements. The platform will allow policyholders to purchase the policy through three key stages, such as plan selection, document submission, and online payment confirmation.
Q.1 Why should one buy car insurance from Oriental Insurance Limited?
Ans: The Oriental Car Insurance Policy has a 90.68% claim settlement ratio. It is as per the benchmark, followed by other premium car insurance policy providers in India. The car insurance policy offers highly focused plans to meet the car maintenance and expenses cover for individual policyholders. The policy does not cover cars used for business purposes. Suppose the policyholders are not able to meet their requirements through third-party liability and own accidental coverage plans. In that case, they can avail other four key additional plans offered by the company by paying an additional premium amount.
Q.2 How can I get the cashless facility from the car insurance policy?
Ans: Oriental Insurance Co. Ltd. has around 3100+ registered garages across India. If the policyholders access their car repairing, maintenance, or other necessary support from these garages, they are not required to pay any amount. The registered garages offer a cashless facility. However, the policyholders can also get additional free emergency supports if they purchase emergency cover as add-on plans without paying any additional premium.
Q.3 How can we get the optimum benefit from the insurance policy?
Ans: The insurance policy offers risk associated benefits. Therefore, policyholders are required to pay a high amount of premium if they insure the car for accident-prone locations, do not install anti-theft appliances, or fail to maintain the car in good condition. The increasing number of claims processed during a policy year also increases the chances of paying a higher premium for the policy. To avoid these instances, the policyholder must go for NCB, voluntary savings, AAI membership benefits, and others to ensure that one pays lesser amount premiums, avail more benefits, and maintain the car at optimum condition.
Q.4 What are the key exclusions of the policy?
ANs: The policy does not cover any expenses due to accidents or perils when drivers use it without a valid license. It also excludes cover for accidents due to war, intoxicated driving, illegal purpose-led driving, and driving beyond geographical areas. It excludes cover for any technical breakdown, normal wear, and tear, or damage of tires. Suppose the vehicle is used for any carriage of goods, racing, speed testing, reliability trials, and others. In that case, the policy does not cover any accidents or damages that occurred due to those incidents.