IFFCO-Tokio Car Insurance

IFFCO-Tokio General Insurance was founded on 4th December 2000. It is a joint venture between the IFFCO (Indian Farmers Fertilisers Cooperative) and a leading Japanese insurer by the name of Tokio Marine and Nichido Fire Group. IFFCO Tokio has made its place among the top insurance providers in India. IFFCO-Tokio General Insurance offers various products like Motor Insurance, Home Insurance, Health Insurance, Travel Insurance, etc.

IFFCO-Tokio General Insurance offers two types of vehicle insurance policies. IFFCO Tokio Motor Insurance has been designed to provide complete protection and security to vehicles from any accidental emergency resulting in damage. The car insurance plans offered by IFFCO Tokio includes hassle-free cashless claim settlement at more than 2000 network garages or workshops, doorstep delivery of new or renewed policy cover, extremely trained in-house surveyors to instantly attend to claim requests and a highly efficient 24x7 call center service to assist policyholders with any policy related queries.

Key Benefits

• A digitally signed e-copy of the policy is instantly sent to the customer via email for the customer's ease and convenience.

• Doorstep services are provided for free inspection of vehicles, renewal of policy and other issues.

• Cashless claim settlement facility is available at over 2000 authorized network workshops.

• Immediate attention is provided for claims by trained in-house surveyors.

• Online e-survey claims are available for a reduction in turnaround times.

• A slightly higher premium provides extra facilities like ‘Tokio’s value auto coverage’ and ‘On road protection coverage.’

• 24 x 7 assistance from an efficient call center service with regard to any mishap, issues, claims query, etc.

• A choice of two types of policy is available - Liability only policy that covers only the liability incurred by the insured own vehicle, and Comprehensive cover policy that covers own damages of the vehicle as well as third-party damage.

• The sum insured is decided according to the vehicle’s ‘Insured’s declared value’ (IDV), which is the value formed after deducting the depreciation amount from the market price of the vehicle, based upon its age.

• Several fascinating discounts are offered on the premium amount.

Applying for IFFCO Tokio Car Insurance Online

The dilapidated condition of roads in India, the rash driving and the unruly traffic conditions, car accidents have become quite common these days. Moreover, cars are also vulnerable to threats like theft and vandalism. To protect vehicles from all the possible dangers, the Indian Government has made it compulsory for every vehicle owner to have a comprehensive car insurance policy. IFFCO Tokio's comprehensive Car Insurance policy encompasses all major possible damages to vehicles. Applying for the policy online adds to the benefits of the policy.

• Instant approval

• Easy and minimal documentation

• Compare-and-analyze feature for customers to understand the policy terms and conditions

• Complete coverage for the insured vehicle from damage due to both natural and human causes

• Easy policy renewal process for online customers

• Immediate issuance of ‘digitally signed policy document’

• Free inspection of the vehicle in case of breakage

• Doorstep-assistance for both fresh and renewed policies

• Online ‘e-survey’ claims option available

• Protection from legal liabilities following third-party injury, death or property damage

Coverage

Own-Damage: The loss of the insured vehicle or any damage to it or its parts incurred due to causes like floods, storms, hurricanes, earthquakes, fire, explosions, strikes, riots, terrorist attacks, theft, burglary, in-transit damage, etc. are covered under the private Car Insurance policy offered by Liberty Insurance.

Third-Party Liability: covers the damages to another person’s vehicle or property or the loss of life or injury caused to another person. The coverage extends to legal expenses or claims demanded by the third party for any damage to life and property.

Personal accident cover:  It is an inbuilt cover provided to the owner of the car at no extra cost. The payout occurs during the following instances:

• Cover of Rs.2 lakh for individual owner or driver in case of an accident

• Reimbursement of expenses for towing, redelivery or accident of the car, subject to a maximum of Rs.1500

• Coverage for damage or loss of electrical as well as non-electrical parts of the car and also its CNG/LPG fuel kit

• Personal accident cover for the unnamed passengers

• Wider legal liability coverage for the driver or conductor.

Additional Coverage

• 24x7 on-road assistance: An additional benefit of ‘on road assistance’ and tackling related expenses. The comprehensive car insurance of IFFCO Tokio offers this additional feature. The following are its inclusions:

• Towing assistance within a 100-kilometer radius of the nearest IFFCO Tokio-authorized workshop

• On road or at-home assistance for issues like jump starts, lock keys, etc.

• Fuel delivery facility of up to 5 liters in case of an emergency.

• Services for hotel and medical coordination.

• Cab services for 50 KM in case the insured policyholder is stuck with the damaged car.

• Value Auto coverage: This is an additional cover that offers 12 benefits including the waiver of depreciation, increasing the third-party liability for property damage, medical reimbursements and many more.

Exclusions

The following are excluded from the protection features of the IFFCO Tokio car insurance policies:

• Contractual liabilities or consequential losses arising due to the accident

• Routine wear and tear, resulting in depreciation

• Mechanical or electrical breakdown

• Incidents occurred when the vehicle was driven under the influence of intoxicating substances

• Incidents occurred when the vehicle was driven without a valid license

• If the terms and conditions of the policy is violated

• During a war or a nuclear threat

• Loss of the vehicle's accessories by theft if the vehicle is not stolen at the same time.

• Separate damage to the tires or tubes of the vehicle unless they were damaged in the same accident

Sum Insured

All insured vehicles are assured a fixed sum to be provided in case of any damage to the insured vehicle or theft, subject to the coverage policy. This is the Insured Declared Value or IDV of the vehicle. The IDV of a car is calculated after deducting the depreciation value of the car from the selling price of the vehicle as listed by the manufacturer. The depreciation amount is decided based on the car's age and its wear and tear.

Premium

The premium for IFFCO Tokio car insurance depends upon two primary components:

• Own Damage Premium Rate – It depends on the model and the age of the insured car and is calculated in percentage,

• Liability Premium – It is an amount is fixed beforehand, depending on the insured car.

Paying some extra premium can get some add-on cover plans included in the policy. Such plans protect the car from other vulnerable circumstances, and from those damages that aren't covered by the primary policy.

Discounts

IFFCO Tokio offers special discounts to the policyholders if they do the following:

• Install an anti-theft device in the vehicle

• Possess or take membership of Automobile Association

• Opted to pay a ‘higher voluntary excess’

• No Claim Bonus (NCB) - Haven't claimed insurance during the previous policy term(s)  

Claim Procedure

Policyholders who have purchased an IFFCO Tokio car insurance must be careful towards the following while making a claim:

• Thefts, damages and accidents involving third parties must be immediately reported to the insurance company.

• Policyholders are not allowed to reach a compromise or agree to pay a certain amount as compensation to anyone without the approval of the insurance company.

• All accidents involving third parties require an FIR lodged in the nearest police station. Accidents not reported to the police as well as the insurance company are considered as a policy violation.

• Once the insurance company is intimated about the damage or theft or accident of a vehicle, they will forward a claim form. The policyholder must fill it up duly and submit.

• The duly filled claim form and an estimate of the loss should be sent to the insurer.

• The insurer will send a ‘specialist-licensed surveyor’ to inspect the damaged vehicle to ensure the authenticity of the claim.

• All the relevant documents should be submitted to the insurance company to substantiate the extent of damage or loss to the vehicle

• Claims are usually settled on the agreement of the ‘claim amount’ between the insurance company and the policyholder.

Customer Care

• Customers can reach the IFFCO Tokio Insurance customer care department by calling the toll-free number: 1800 103 5499

• They can also send an email to: [email protected]

• They can also visit the website and initiate a chat with a customer care executive

• The website offers several locators to find the locations of the company's branch offices as well as the authorized garages for cashless servicing

FAQs

What are the various benefits of purchasing a car insurance policy online from IFFCO Tokio Car Insurance?

The unique benefits received when an IFFCO Tokio car insurance is purchased online are:

• A hassle-free and efficient process.

• Instant issuance of the policy

• No paperwork

• Ease of access to the policies and related information on the website

• No location-based restrictions.

• Highly convenient, quick and affordable claim settlement process online.

When is the proposal form be submitted?

The proposal form is submitted during the purchase of car insurance in these situations :

• New Business

• Renewal of policy by another company

• In a case involving a transfer of interest

• If there is a change in the vehicle insured or if the vehicle is substituted.

When is pre-acceptance inspection necessary?

Pre-acceptance inspection is necessary for the purchase of break-in insurance cover, providing coverage for imported vehicles, conversion of theft protection cover, fresh payment received after a bounced cheque, etc.

What are the various discounts offered by IFFCO Tokio Car Insurance?

IFFCO Tokio offers special discounts to the policyholders if they do the following:

• Install an anti-theft device in the vehicle

• Possess or take membership of Automobile Association

• Opted to pay a ‘higher voluntary excess’

• No Claim Bonus (NCB) - Haven't claimed insurance during the previous policy term(s)  

What happens when the insured vehicle is sold?

If the insured vehicle is sold, the existing insurance policy can be transferred to the new owner provided that he/she applies for transfer of insurance with the insurer within 14 days from the date of purchase and re-registration of the vehicle.