Reliance Car Insurance

Reliance is a popular venture all around the world. The legendary Dhirubhai Ambani had started the company, which has now diversified into several domains and has multiple product lines. Being a leading name in the insurance industry, Reliance offers a diverse range of insurance products to its customer base, such as motor insurance, health insurance, student travel insurance, travel insurance, etc. The company believes in customization and offers more than 94 customized insurance products. To be at par with the prevalent trends, Reliance has strong tie-ups with several banks, brokers and channel partners that cater to its financial needs and queries. The company has inaugurated at least 140 offices in over 102 cities. It also has an extremely efficient 24x7 call center where customers can inquire about products, ask their queries and launch complaints.

Reliance General Insurance offers car insurance plans for damages caused by natural calamities, accidents, thefts, etc. The insurance company also offers several add-on covers to enhance the base plan. Reliance General Insurance is a leading private general insurance company in India. It offers a customized basket of insurance products in plenty for corporates, SMEs and individual customers. Reliance offers a private car policy meant for cars that are used for personal use. Huge chunks of benefits and perks accompany the policy that assists vehicle owners in emergencies. The private car insurance scheme offered by Reliance covers all the damages related to the insured vehicle as well as the damages related to a third party. As an additional benefit, it gives a personal accident cover to the owner or the driver of the insured vehicle, provided that the driver or the owner of the car has a valid driving license.

Facilities

There are a host of facilities offered by Reliance car insurance like:

• Free road-side assistance in case of a vehicle breakdown or an accident

• Cashless repair facilities at more than 3800 service stations in the Reliance network

• Reimbursement of towing charges for up to Rs 1500

• Instant policy issuance online without the hassles of documentation

• 24x7 customer service

• A turn around time of 24 hours for the survey of the vehicle

• Attractive discounts

• Several options for extra insurance cover

Insurance Cover

Reliance car insurance provides a cover that covers all needs and requirements at one go.

Own Liability cover: Provided as compensation for the damage incurred to the vehicle due to reasons like:

• Man-made calamities: fire, explosion, riots, strikes, theft, burglary, in-transit damages etc.

• Natural Calamities: floods, storms, earthquakes, cyclone, typhoon, etc.

The insurer pays for all the damages caused to the insured vehicle due to the above-mentioned reasons. The owner would have to pay nothing apart from the vehicle's depreciated value.

Third party Liability: Provided as compensation in case the insured vehicle causes any damage to a third party resulting in death, causing major injuries or damage to third-party property. The insurer pays all the legal settlements, claims and expenses concerned.

Add on covers: Apart from the coverage mentioned above, Reliance car insurance offers several additional covers for an extra premium. These add-on covers are:

• Personal accident cover for the vehicle's owner, driver and passengers

• A cover for electrical or non-electrical parts of the vehicle

• ‘No Claim Bonus ’ Retention cover

• A ‘Nil depreciation’ cover

Add-on Covers in Detail

Reliance Car Insurance is not only very affordable but also offers a host of add-on benefits. Reliance General Insurance offers customized protection for every car insured with it. Customers can pay a little more than the basic premium and enjoy a horde of advantages and additional coverages for their cars. Each of these add-on riders has a unique coverage benefit. Customers are free to choose whatever suits them best.

Personal Accident Bundle Cover: This add-on cover offers protection to insured vehicles against accidents, irrespective of whoever is driving it. It also covers for the insured owner's permanent total disablement and accidental death.

NCB Retention: Applicable to cars aged 2 years or more, this add-on benefit enables the policyholder to retain the No Claim Bonus percentage he/she has earned, even after making a claim. For cars that are valued less than Rs. 10 lakhs, this add-on cover can be purchased during policy renewal. The insured vehicle is eligible to enjoy this benefit under these circumstances –

• At least 1 approved accidental claim made during the policy period.

• The insured car should have over 25% of NCB percentage

• The policy should be renewed within 90 days of its expiry

Motor Secure Plus Cover: This includes Nil Depreciation Cover - which exempts the insured car and its parts from deductions due to the car’s depreciating value; Consumables Cover -  which covers the expenses incurred on the consumable items in the vehicle in case of accidental damage; and Engine Cover - which covers the expenses incurred while fixing damage to the car's engine, differential parts and gearbox. In addition to these, the Motor secure plus cover provides a Key Protect Cover for private cars.

Reimbursements

Reliance car insurance reimburses the following things to the policyholders:

• Vehicle’s Damage: In case of damage to the insured vehicle, the policy reimburses the actual cost of the repairs or replacements, 50% of the cost if the tires or any plastic/rubber parts are replaced and 30% of the cost if any fiberglass component is replaced. However, there's no reimbursement for glass parts.

• Third party Liability: As mandated by the Motor vehicles act, Reliance car insurance reimburses death claims and bodily injuries for the third parties. Additionally, it covers for death or bodily injuries to other people traveling in the insured car, provided that they are not the employees of the policyholder and they haven't hired the car. It also covers property damage to the third party.

Factors Affecting the Insurance Premium

The following factors determine the premium for the Reliance 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.

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.

Discounts

Reliance car insurance offers 3 types of discounts that policyholders can earn on the premium amounts.

• No Claim Bonus (NCB) - This applies if the insured hasn't claimed insurance during the previous policy term(s). In the next renewal, the policyholder can redeem the bonus as a discount on the premium for up to the value of 50%.

• Automobile Association: If the policyholder is a member of any automobile association, then he/she can purchase Reliance car insurance at a discounted price.

• Voluntary Excess: If the policyholder has agreed to bear the higher proportion of voluntary excess on claims, then he/she gets discounts on the premium.

Exclusions

The Reliance Car Insurance policies don't cover the following:

• 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.

• Any consequential loss.

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

• Damages to the tires and tubes of the vehicle

• Depreciation of the vehicle

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

• The costs incurred for vehicle parts and allied labor, the failure of which led to an accident

Claim Process

These steps can help in raising a claim with Reliance Car Insurance:

• Intimate the insurer of the loss immediately to ensure that your claim is honored. Time is critical at this stage. You can call the customer care for this.

• Obtain the claim form from the insurer.

• Fill it up accurately and submit it either directly or through an authorized agent to register the claim

• Submit all the relevant documents like:

  • The claim form - duly filled and signed

  • Original Estimate

  • Vehicle’s RC book

  • FIR on a case-to-case basis

  • A copy of the Driving License

  • First two pages of the Policy document

  • Original Repair Invoice (Payment Receipt is also required for garages outside the approved network)

  • Original medical bill and hospitalization proof.

• Take the affected vehicle to an authorized garage or workshop in the network of the insurer.

• Reliance Car Insurance will employ a surveyor to estimate the damages incurred.

• After the inspection, Reliance will approve the claim and the attached liability and only then the repairs should be started.

• If the policyholder opts for cashless repair, the insurer will directly settle the claim amount with the authorized garage, and the owner should only pay for those expenses that aren't covered by the policy.

• If the policyholder does not opt for cashless settlement, they will have to make payments for the repairs at the garage and then submit the bills to the surveyor to process the claim settlement. The payment will be disbursed to the policyholder as a lump sum amount.

Documentation for Claim

For Personal Accidents

• The policyholder's contact details

• Policy number and document

• Name of the injured person

• Date and time of the accident

• Location and Extent of loss

• A brief description of the accident

• Medical proofs

• FIR copy and Police Panchanama

• Originals and photocopies of the vehicle's RC Book and Tax Receipts

• Original and photocopy of the driver's Driving License

• An estimate for vehicle repairs

• Repair bills with payment receipts

For Theft Claims

• Original Policy Document

• Original Registration Book of the vehicle

• Tax payment receipts

• Insurance Details - Policy number, Insurer Name and Insurance period

• Vehicle keys or service booklets or warranty card

• FIR and Final investigation report

• An acknowledged copy of a letter to the RTO intimating theft and making the vehicle "Non-Use."

For Liability Claims

• Duly signed Form 28, 29 & 30

• Form 35, duly signed by the Financer

• Letter of subrogation

• Consent for agreed claim settlement value (from the insured as well as the financier).

• Claim Discharge Voucher, duly signed across a Revenue Stamp

• NOC of the Financier if the claim is to be settled in favor of the insured.

Customer Care

Customers can reach the Reliance Car Insurance customer care department by calling the toll-free number: 1800 3009

Customers can also send an email to [email protected]

The company 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 does Reliance Car Insurance Policy cover?

The comprehensive policy provides 24x7 roadside assistance, a hassle-free cashless claim facility, third-party liability, reimbursement for towing charges for up to Rs 1500, optional personal accidents of up to Rs 10 lakhs and several other beneficial riders.

What are the main features of the Reliance Car Insurance Policy?

The main features of the Reliance Car insurance policy are that insurance plans can be easily purchased online with no documentation, claims can be settled in a smooth and hassle-free manner. The company quickly surveys the damaged vehicle and approves the claim amount without much trouble. Moreover, customers get attractive discounts too.

How is the premium determined for private cars?

Various factors determine the premium to be paid for Reliance on Private Car insurance policy. Primarily the IDV of the car and the cubic capacity of its engine is taken into account. Also, the place where the vehicle was registered, its type and age also contribute to determining the premium amount. The type of cover opted for by the customer also plays a role in determining the premium amount.

Can No claim bonus be transferred in Reliance Car Insurance Policy

Yes, whether you are migrating from another insurer to Reliance car insurance or vice versa, the NCB can be transferred during the renewal of the policy. This is possible only if the policy is renewed within 90 days from the renewal date. The NCB is transferred at the exact prevailing rate at the time of renewal.

Can one renew and buy the motor insurance policy online?

Yes, customers can definitely buy and renew their existing motor insurance policies online through the Reliance insurance website. The payment can be done through net banking and credit/debit cards and the policy is issued instantly.