Oriental Car Insurance

The Oriental Insurance Company Ltd was incorporated on 12th September 1947 at Bombay. A wholly-owned subsidiary of Oriental Government Security Life Assurance Company Ltd., the company was formed mainly for its General Insurance business. As of now, the Head Office of Oriental Insurance is at New Delhi; it has 30 Regional Offices, more than 1800 operating Offices in different Indian cities and several overseas offices in Nepal, Kuwait and Dubai. The company employs more than 14,000 highly qualified and technically competent employees. The company specializes in providing special coverage to large-scale projects, such as power plants and steel plants, while also providing basic products to cater to the various requirements of the Indian population.

The Indian government, through the Motor Vehicles Act of 1988, has made it compulsory for every vehicle owner to purchase a vehicle insurance policy. Oriental Insurance offers vehicle insurance plans with great features and benefits. Oriental Insurance ensures that your car is always protected in case of theft and accidental damages and it also offers protection for injury, loss of property or even death of the vehicle owner as well as a third party. Oriental insurance offers a comprehensive and simple car Insurance product that provides the convenience of a robust Motor Insurance policy available at the click of a button.

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 in accordance with the set norms, 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. For vehicles that are more than five years old, the owner and the insurer mutually decide upon a value that is set as the IDV of the vehicle.

Coverage

The tenure of the Oriental car insurance policy is typically 1 year. However, the company also offers coverage for shorter durations. The following are the general coverage provided:

• Theft of the vehicle

• Accidental damages

• Third Party Liability for cases in which the vehicle is involved in an accident resulting in injury, death or damage to property of a third party

• Natural mishaps like fire, explosion, lightning, self-ignition, earthquake, flood, storms, frost, landslide, rockslide, etc.

• Man-made mishaps like burglary, theft, riot, malicious act, strike, accident by external means and any in-transit damage, etc.

Additional Coverage

Nil Depreciation Cover: This add-on cover ensures that during claims of partial damage to the vehicle, the full value of the damaged parts is insured without taking the depreciation value into account.

Loss of Personal Effects: With an additional premium payment of Rs.400-650, this additional cover provides a payment of Rs.5000-10000 for the loss of personal items as listed under the 'own Damage' section of the policy. However, it excludes the costs of items like credit cards, cash, laptops and mobile phones.

Alternative Car Benefit: If the policyholders have to use an alternative vehicle due to the accident or theft of their own vehicle, this add-on feature covers for the travel demands for a duration of 5, 10 or 15 days; it provides a daily limit of Rs.400 to Rs.650 as per the premium paid. However, this benefit is applicable only when the car is damaged beyond 20% of its IDV and is currently disabled.

Free Emergency Services: For vehicles that are insured at Delhi & NCR, Punjab, Haryana, Himachal Pradesh, Rajasthan, all the southern States, Mumbai or Kolkata, then the policy provides a provision for free emergency services from TVS in the case of a breakdown.

The Oriental Private Car Insurance Package Policy is a comprehensive motor insurance cover that protects vehicles against all the major mishaps and adverse occurrences. It is the ideal motor insurance, owing to the ease of purchase of the policy, the innumerable perks that accompany the policy and its expert customer service network.

Exclusions

The following aren’t covered by the Oriental Car Insurance policy:

• General wear and tear to the car due to natural aging

• Damages caused to the vehicle when the driver was either not carrying a driver’s license or drunk driving or driving after consuming mood/mind stimulating substances.

• Electrical or mechanical breakdowns

• Damages to the vehicle during a war, mutiny or nuclear attacks.

• Damages to the tires and tubes of the vehicle - except for damages incurred in an accident which ensured a liability of up to 50% of the overall value

• Depreciation of the vehicle

• Damage or loss of the vehicle while it is outside India

• Damages that occurred while the car was being used outside India, unless the policy provides additional coverage for incidents in Nepal, Bhutan, Pakistan, Sri Lanka, Bangladesh and the Maldives

• If the vehicle was used for un-approved hire, reward, speed tests, pace setting, racing, reliability trials and any scenario involving motor trade

Premium Calculation

The following factors determine the premium for the Oriental car insurance plan:

• The IDV of the vehicle: The IDV of the car refers to its current market value. The IDV is calculated by subtracting the depreciation from the selling price of the vehicle as listed by the manufacturer. This amount is the maximum sum insured that the insurer pays to the policyholder in case of a total loss claim. The higher the IDV of the vehicle, the more expensive is the insurance premium.

• The cubic capacity of the engine: A part of the car insurance premium corresponds to third-party liabilities. This amount is fixed by the IRDA annually, and it largely depends on the capacity of the vehicle’s engine. In FY 2017-18, the rates were as follows:

  • Rs.2055 for vehicles with less than 1000cc engine

  • Rs.2863 for vehicles with more than 1000cc and less than 1500cc engine

  • Rs.7890 for vehicles with more than 1500cc engine

• The area of registration of the car: Cars used in areas that are prone to crimes and accidents attract higher premiums.

• The vehicle's age: The older the vehicle, the lower is its insurance premium and vice versa.

Apart from the above factors, the insurance company also takes into account the additional accessories of the vehicle while providing an insurance quote. Vehicles that are equipped with CNG/LPG kits attract an extra premium. Moreover, add-on insurances, if opted for, requires additional premium as per the terms and conditions.

Premium Calculator Tool

The website of Oriental Insurance offers an online premium calculator tool to provide potential customers with a quote on car insurance. This is how the premium calculator must be used:

• Visit the official website of Oriental Insurance at https://orientalinsurance.org.in/

• Scroll down to the section called "Get a Quote"

• Select "Motor Insurance Policy" from the drop-down list

• Click on "Go"

• You will be navigated to an online form

• Provide the following details about your vehicle"

• Type of vehicle: Select from the drop-down list whether you are purchasing insurance for a two-wheeler or a private car.

• Type of policy - Choose whether you want a "bundled cover policy" or a "liability-only policy" or a "three years long term package for new four wheeler vehicles."

• Enter the date of the first registration of the vehicle as per the RC book.

• Select your RTO zone from the drop-down list

• Select the city where the vehicle was purchased from a drop-down list.

• A set of new fields will come up where you would have to enter the name of the manufacturer, the model and its variant.

• Once you select the variant, the remaining fields will be automatically filled up.

• A few additional information might be required, like the fuel type, the seating capacity of the car, the accessories fitted in the car, option for add-on covers, etc.

• Next, click on "Get a Quote" to receive an approximate estimate of the premium amount.

Why Should One Purchase Oriental Car Insurance Online?

Online purchase of Oriental car insurance offers the following advantages:

• Several discounts apply to online policy purchase and renewal.

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

• Renewal requests for policies, if done before the expiry date, ensures instant issuance of renewed policy without inspection.

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

• It is a safer channel of policy purchase as the websites employ global security standards to protect personal or confidential details.

• An extremely easy and convenient process involving minimal paperwork.

• Online purchase ensures an online repository where the policy documents are stored and readily available at any time from anywhere.

• Several after-sales services, such as renewal reminders, e-filing claims, tracking the insurance investments, etc., are provided as extra benefits when policies are purchased online.

• The procedure is highly cost-effective and efficient.

Renewal

You can easily renew your Oriental Car Insurance policy from the company's official website by following these steps:

• Visit the insurer’s website

• Go to the “Renewal Online” option and select whether you want to renew an existing policy of oriental insurance or of some other insurance company.

• Provide the existing policy number, select the type of insurance, choose the additional add-on riders if you need and enter the required information.

• Once the renewal premium amount is displayed, you can go ahead and make the payment.

• As the policy is renewed, the policy document will be instantly sent to your email id.

• Alternatively, you may visit a branch of the Oriental insurance company for car insurance renewal.

Claim

If you wish to raise a claim on your Oriental Car Insurance policy, immediately intimate the insurer with a written notice attaching all relevant documents. Fill up the claim form and submit it along with the following documents:

For accidental injuries:

• A medical certificate, specifying the nature of the injuries

• A report from the medical examiner

• The details of the treatment availed

• The name of the hospital or nursing home or doctor

• A certificate from the employer, certifying that the policyholder was on leave during the time specified in the claim

• Policyholder's fitness certificate

For accidental death:

• FIR

• Post-mortem report

• Death certificate

• Panchnama or Witness reports and records

• Departmental inquiry, if applicable

• Report from the hospital or nursing home or doctor

For theft:

If the vehicle has been stolen, the insurer should be immediately informed through written notification. Oriental Insurance will then designate a surveyor to conduct the necessary investigation. The police should also be notified and an FIR must be lodged immediately.

Important Points for Purchasing Vehicle Insurance

While buying vehicle insurance for your vehicle, all potential customers should keep the following in mind for a smooth purchase process:

• Policyholders must fill up the proposal form accurately; it plays a significant role in determining the policy premium. If incorrect information is furnished while purchasing the policy, potential claims may not be honored by the insurer. Hence, never let anyone else fill out the form on your behalf as it increases the chances of submitting erroneous information.

• Vehicle owners must ensure that information pertaining to the vehicle is recorded accurately.

• Updates to the policy, if any, will be done as endorsements by the insurance company. Once a policy is updated with an endorsement, the policyholder must verify it for accuracy.

• Policyholders must always read the policy terms and conditions thoroughly; it would make the policyholder better equipped during a claim.

• The vehicle's insurance should be purchased in the name of the same person that the vehicle is registered to. Most insurers do not honor claims if names on the policy certificate and the vehicle registration certificate do not match.

Customer Care

• Customers can reach the Oriental Insurance customer care department by calling the toll-free number: 1800 11 8485

• Another number for reaching the customer care is 011 33208485; calls made to this number are chargeable.

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

• 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

Can Oriental Car Insurance be claimed if a vehicle meets with an accident while the driver wasn't carrying a valid license?

No. Insurance can't be claimed even if the owner of the vehicle carries an invalid driving license. Oriental Car Insurance condemns irresponsible driving.

Is it necessary to close the existing insurance to buy a new one if someone is relocating?

Some insurers insist on switching automobile insurance in case of relocation as procedures and premium calculations may vary slightly from state to state. However, Oriental insurance has a centralized approach lets customers renew existing policies in another state. Customers must get in touch with the nearest branch for assistance.

Can customers choose the amount of insurance for their vehicles?

No. Usually, the insurer follows a standard procedure to calculate the sum insured based on the IDV of the vehicle and its depreciation. Customers aren't allowed to choose the amount of insurance

Is there any discount applicable to car insurance premium?

Yes, Oriental Car Insurance offers several premium discounts to customers:

• Voluntary deductible: voluntary deductible is a part of the claim amount that the policyholder bears during a claim. If the policyholder opts for a higher voluntary deductible, he/she gets a considerable reduction in the annual premium.

• Anti-theft device: The policyholders who install an ARAI-approved anti-theft device in their cars get a discount on the premium.

• Cumulative bonus: Oriental Insurance offers this bonus to all policyholders who haven't raise any claims in a policy year. For no claims raised in the first year, the bonus is 5% of the sum insured, and it thereby increases by 5% for every subsequent claim-free year. Each policyholder can earn up to 50% cumulative bonus.

• Automobile association membership: Policyholders who take membership of the Automobile Association of India or any of its subsidiaries receive a discount on the premium.

• Digital Payment Discount: All policyholders who purchase the policy online and pay through a digital mode get an additional 10% discount, subject to a maximum of Rs.2000 per policy.

How is the rate of depreciation of car parts determined by Oriental Insurance?

Oriental Insurance Company's rate of depreciation on car parts is:

• For all nylon, rubber or plastic parts, including tubes, tires, airbags, and batteries, a depreciation rate of 50% is applicable.

• For fiberglass parts, the depreciation is at 30%.

• For the parts that are made of glass, the depreciation is nil.

• The rest of the parts, including wooden ones, follow these depreciation rates:

• If the vehicle’s age is less than 6 months, then the rate of depreciation is nil.

• If the vehicle’s age exceeds 6 months, but within 1 year, then the rate of depreciation is 5%.

  • If the vehicle’s age is over 1 year, but with 2 years, then the rate of depreciation is 10%.

  • If the vehicle’s age is in between 2 to 3 years, then the rate of depreciation is 15%.

  • If the vehicle’s age is in between 3 to 4 years, then the rate of depreciation is 25%.

  • If the vehicle’s age is in between 4 to 5 years, then the rate of depreciation is 35%.

  • If the vehicle’s age is in between 5 to 10 years,  then the rate of depreciation is 40%.

  • If the vehicle’s age is more than 10 years, then the rate of depreciation is 50%.

Can one get tax benefits under the Personal Accident rider?

No, there aren't any tax benefits for premiums paid towards such coverage.

Can vehicle insurance be transferred to a new owner?

Yes, one can transfer an existing vehicle insurance policy to the buyer or new owner of the vehicle. For this, the current owner of the car must submit a written agreement to the insurance company along with a duly filled fresh proposal form. A nominal fee is also charged for the insurance transfer.

Is it necessary to transfer a car insurance policy after re-registering a used vehicle?

Yes, it is mandatory that the vehicle insurance and registration of the car are in the name of the same person, else the company may not honor any future claim.

How to get a duplicate copy of an Oriental Car Insurance policy?

Policies purchased online have an electronic copy of the document emailed to the policyholder. For manually purchased policies, the policyholder must approach the branch of the insurance company from where they had purchased the policy initially. They must submit a written application and pay a nominal fee to get a duplicate copy of the policy.

Is there any additional formality on the insurance front if a vehicle is equipped with a CNG or LPG kit?

The installation of a CNG or LPG kit or any accessories resulting in changes in the structure of the car requires registration with the RTO. Once the Registration Certificate (RC) of the car is updated with an entry regarding the same, the owner must approach the insurer and declare the changes along with a copy of the RC. Typically, installing a CNG or LPG kit demands a higher premium. The insurer will add an endorsement to the existing policy and claims will be honored only after the endorsement is effective.