Shriram Car Insurance provides all-round insurance protection for all the damages caused by external and internal factors. The policy extensively covers the insured vehicle against loss or damages due to man-made and natural calamities, damages due to road crashes and third party liability arising accidental injury, damage and death.
What is Shriram Car Insurance?
Shriram Car Insurance insures your vehicle against any loss as a result of theft or accident. In case of any damage caused to a third party as a result of an accident by the insured, it covers the third party claims as deemed right by a court settlement. The policy also covers damage to the insured vehicle due to natural disasters. Shriram Vehicle Insurance offers complete protection for your vehicle asset and insures your losses as a result of an unfortunate accident.
Why Choose Shriram Car Insurance?
Shriram Vehicle Insurance offers you a range of benefits and features in its motor insurance cover. Shriram Vehicle Insurance offers a comprehensive cover which protects your asset and which you can top-up with a number of add-ons to enhance your cover. Some reasons for opting for this plan are:
- Convenient, smooth and user-friendly claim processing and settlement make the plan worth your money.
- A host of add-ons are available to select from as per your insurance needs and risk mitigation plan.
- Cashless payments for repairs carried out at the listed network garages countrywide. An extensive network of garages to ensure your convenience.
- You also get NCB or benefit for a No-claim if you do not file any claim for a few years.
- Portability of claim-free years from another insurance provider upon transfer of insurance is available.
- Your queries will be answered and resolved with an efficient customer support team available 24 hours, 7 days a week.
- Road assistance for emergencies is covered, including towing expenses.
- Personal belongings cover for valuables inside the car at the time of irrecoverable loss like theft.
Shriram Car Insurance Policy Features
Shriram Car Insurance policy provides a wealth of features in its plan and has structured it carefully to meet your requirements and convenience. A few features of the Shriram Vehicle Insurance policy are:
- Easy enrolment: The policy can be procured online at the convenience of your home or office, and you can start enjoying the protection right away. The process saves your effort and time, both of which are valuable.
- Add-on Benefits: You get to choose from a bunch of add-ons to enhance your cover like Zero Depreciation cover, Daily Reimbursement, Return to Invoice, Emergency transport & hotel expenses reimbursement, etc.
- Cashless Benefits: You get access to cashless benefits at an extensive network of garages spread over India where you can opt for cashless settlement. This simplifies your claim process and reduces documentation to be submitted directly by you.
- Convenient Maintenance: You can renew the Shriram Car Insurance policy easily online with a few clicks and stay without worries for your asset.
- Portability: Shriram Car Insurance policy offers your existing motor insurance portability with another insurance provider to this policy, along with accumulated statistics like claim-free years. If you transfer an existing insurance cover to the Shriram Car Insurance policy, you are eligible to avail up to 50% no claim bonus.
Benefits of Shriram Car Insurance
Shriram Car Insurance policy offers you complete insurance protection for your vehicle. Shriram Group has maintained a good claim settlement ratio. Considering the add-ons, this plan provides a complete package of vehicle insurance for you. This Shriram Car Insurance offers excellent benefits like:
- Covers Man-made Threats to the Car: Your car gets insured for all losses due to human-made causes like strike, riots, burglary, theft, or terrorist acts.
- Covers Natural Calamities: Your car gets insured against all losses due to natural disasters like tornado, hurricane, explosion, fire, lightning, earthquake, flood, typhoon, tempest, storm, inundation, cyclone, landslide, and hailstorm. With frequent natural disasters, the policy is a boon for the safety of your savings in case of a damage.
- Accidental Damage Cover: The policy also covers any damage when the car is travelling by road, waterway, rail, or air entirely. It protects your wallet by covering all damages to your vehicle as a result of such unfortunate incidents.
- Third-Party Cover for Liabilities: The policy covers all third party claims or damages which may result from an accident as per the laws and regulations. This third-party insurance is a legal requirement for motorists.
- No-Claim Bonus: No-claim bonus of up to 50% can be accumulated to transfer any existing policy to the Shriram Car Insurance policy. This effectively passes on the benefits of not claiming insurance benefits to your insurance premiums.
- Savings on Premium: Shriram Insurance car offers benefits on the premium amount if the customer installs anti-theft devices on the insured vehicle. This feature protects your vehicle against theft and reduces your premium costs.
Apart from the basic coverage, the policy also covers you by adding some coverage boosters. These are:
- Daily Reimbursement: An add-on Daily Reimbursement cover can also be availed where you can claim the daily expenses incurred by you in commute for the period when the car is under repair. This feature covers your commute expenses and helps you to make alternate arrangements. It is an add-on benefit.
- Zero Depreciation Cover: The plan also offers a Zero Depreciation add-on where the policyholder can insure the vehicle considering no depreciation in the value of the car and its components. Without this add-on, the car can be insured only up to the IDV or the Insured’s Declared Value. The IDV is arrived at by subtracting depreciation from the vehicle’s showroom price. This feature increases your insurance cover for the vehicle. A higher insurance cover means more risk mitigation for your finances in case of an accident and damage repair.
- Personal belongings Cover: The insurance policy offers a personal luggage cover to insure any valuables, including car accessories, laptops, electronics, etc. which may have been inside the vehicle at the time of irrecoverable damage. This is an important feature to protect your loss if the car is lost due to theft or tampered with during a burglary.
- Roadside Assistance: If your car breaks down en-route and you require any roadside assistance as a result of a flat tire, vehicular breakdowns, or lack of fuel, the cost of availing mechanic assistance or towing the vehicle can also be covered under this insurance policy.
- Emergency Transport & Hotel Assistance: In case of a breakdown which forces you to avail of emergency transport and hotel accommodation on your trip, this plan covers your expenses for the same.
- Multicar Rebate: Multicar rebate is applicable to people who own two or more vehicles. In such cases, the benefits under this plan can be extended to more than one car.
Exclusions of Shriram Car Insurance Policy
The below list shows the exclusions under this plan:
- Claims arising during usage of the insured vehicle outside the geographical territory of India. The plan is valid only within the geographical region of India.
- The deterioration of vehicle and damages due to the natural process of ageing of the car are excluded.
- Claims due to accidents caused while driving after consumption of alcohol, drugs, or other intoxicating agents are excluded.
- Any claim due to accidents caused while driving the vehicle by people who do not possess a valid driving license. Driving your car without possessing a valid license is a punishable offence under the Indian Law, and hence it voids any such claims.
- Any claims that arise from the commercial use or the use of the vehicle in any trade activity, such as for carrying goods, rental purposes and racing, etc. will not be considered under this plan as a valid claim. Therefore the following uses of the car are invalid (a) Carriage of goods (b) Hiring or Reward purposes (c) Speed tests (d) Vehicle racing (e) For motor trade (f) Any vehicle trials. This plan covers only vehicles used as a private vehicle.
- Damage caused to the car due to any radioactive substances is excluded from this policy.
- Claims due to any intentional or deliberate damage to the car by the insured are not covered.
- Losses arising from warlike situations are excluded.
Eligibility Criteria to Buy Shriram Car Insurance
The enrolment process is convenient and user friendly. The enrolment process for the Shriram Car Insurance policy is online and saves your valuable time and effort. The criteria for enrolment of any individual in this policy are as follows:
- Applicants should be an Indian citizen and more than 18 years old.
- Should possess a valid car driving license.
- Should have proper additional documents like RC book, insurance proof, etc.
Claim Process of Shriram Car Insurance
Shriram Car Insurance policy ensures you have the most user-friendly claim process and experience. Any event which calls for a claim in case of vehicle theft or accident needs to be notified to the Shriram team immediately. You can easily find all the information that you need on their website, like contact numbers, notification forms, and list of garages on the insurer’s network. In case of a claim, you can follow the below procedure:
- Call the toll-free number 1800-300-30000, and inform the Shriram Claims officials.
- Provide the requested information as required by the insurance official.
- Alternately, you can intimate the claim online on the insurer website.
In case of a claim, you can follow the below procedure for claim filing and processing:
- Fill the necessary details in the Claims form and give it with all required documents:
- Driving Licence Copy
- Vehicle RC book
- FIR, wherever applicable
- After the claim is logged or intimated to the Shriram car insurance claim team, a Claim Surveyor from the insurer will visit the accident site or the garage where the vehicle is under repair to examine the extent of the damage.
- After validation of the given documents and approval by the surveyor, claim processing will be done and settled by the claims team.
Shriram Car Insurance offers you complete insurance protection for your vehicle and a convenient claim reimbursement mechanism. The reimbursement claim process is given below:
- You will have to file for a reimbursement claim if the vehicle is not being repaired at a designated network garage.
- You will be required to take care of all the repair expenses from your pocket. Later, you need to submit all expenses-related bills and claim documents to avail reimbursement claims under this policy.
- After verification and validation, your claim will be processed, and the money will be reimbursed.
Shriram Car Insurance Renewal Process
You have to go through plan renewal for the Shriram Car Insurance policy regularly as per the policy terms to ensure seamless insurance cover. The Shriram Car Insurance renewal online process is easy and designed to save your time and effort. One can renew the policy at insurer’s portal or may also use the mobile app available at the play store. Additionally, you can have a plan renewal by paying a visit to the nearest branch.
Shriram Car Insurance policyholders can renew their policies online via official website as well by following the following steps:
- Visit the website and click ‘Renew’.
- Provide the policy details and go further for the renewal as prompted
- The premiums to be paid online using credit/debit card or net banking.
- The renewed policy will be mailed to the registered email Id.
How to Buy Shriram Car Insurance?
Shriram Car Insurance can be bought as easily as the click of a button. However, visit the closest insurer branch if you want to procure the policy yourself.
- Purchase the policy online and save your time and energy by approaching official website
- Visit the website and select ‘Car’ and after that, select ‘Buy->Insurance for a new car’ and proceed with the formalities.
- After submitting the relevant records and making the payment for the premium, you can download the policy document.
- You can also select the necessary add-ons to suit your insurance needs and risk mitigation requirements.
- Compare the plans, get the premiums and pay it online to purchase the plan.
Documents Required to Buy the Shriram Vehicle Insurance
You have to provide all relevant personal details along with your vehicle details while procuring this insurance policy. The documents required to buy Shriram Car Insurance policy are:
- Driving license or Copy or Passport or PAN card or Voter’s ID
- Driving License or Copy of Passport or AADHAAR /Voter’s Id, utility bills
- Valid Driver’s license
- RC book
- Car Purchase invoice, in case of a new car
- No Claim Certificate and Insurance Policy Document in case of an already existing car
You can upload these documents online on the website. This helps to complete the procedure online. Alternatively, you can also go to the nearest branch and seek the guidance of insurance officers.
Q.1 What is the need for car insurance for my vehicle?
Ans: The Indian Motor Vehicles Act of 1988 makes it mandatory for every motor driver to maintain at least a third party insurance. This is required as a cover to protect the loss to any third party due to unfortunate accidents or to settle any third-party claims as a result of court settlement. In addition, you can also opt for comprehensive motor insurance which covers any loss due to damage or theft of your own vehicle in addition to third party claims.
Q.2 What is a Zero Depreciation Cover?
Ans: Usually, cars are insured as per their depreciated value. Any goods undergo a depreciation in their value after purchase. The depreciation accounts for the deterioration of the goods over time. Accordingly, the value of the vehicle decreases over time from the invoice value at the time of purchase as per depreciation.
A Zero Depreciation Cover protects you from such reduction in the invoice value of the car and allows you to insure the car and its components up to the invoice value at the time of purchase. This helps you get a higher cover and risk protection for a small addition in premium.
Q.3 What features provide premium benefits under this insurance?
Ans: Premium benefits can be availed under the following criteria:
- No Claim Bonus: Benefits based on the claim-free period of the policy
- Voluntary Deductibles: You may opt for a higher deductible than the mandatory deductible under a standard plan
- Automobile Association Membership: If you are a member of designated Automobile Associations, then you may be eligible to claim premium benefits under these criteria
- Discount for Anti-theft Devices: If you install an anti-theft device on your car and reduce the likelihood of a theft, you can avail premium benefits under these criteria.
Q.4 What advantage does online insurance provide me?
Ans: It is far more convenient and time-saving to renew the policy online at the convenience of your home. To encourage this and to make this experience even better, Shriram Group offers additional benefits like:
- 40% savings on premium when renewing online
- No paperwork
- Multiple payment options
- High security in renewal and payment process
Q.5 How long is the Shriram Car Insurance policy valid?
Ans: A policyholder has a general car insurance policy that remains active for 12 months from the date of commencement or purchase of the policy. The period will be mentioned on your policy schedule. After this policy term gets over, it is considered to be expired, and the policyholder needs to renew it.