Shriram Car Insurance

The name ‘Shriram Group’ is popularly associated with wealth management and several other initiatives in India, primarily aimed at the Indian middle class. The Shriram Group has ventured into the highly lucrative general insurance sector as ‘Shriram General Insurance’. It is a collaboration between Shriram Capital Ltd. and South African financial services group called Sanlam Limited. The company offers products like Motor Insurance, Liability Insurance, Fire Insurance, Marine Insurance, Engineering Insurance, etc. The company earned the prestigious ‘Excellence in Growth Award’ in 2011 and 2012 due to their inculcation of newer technologies and IT for making its business more accessible to its target audience. Shriram General Insurance (SGI) offers great car insurance policies that have excellent perks, beneficial features and exciting discounts.

It takes only 5 minutes to purchase a Car Insurance plan from Shriram General Insurance through its exclusive online platform where documentation isn’t required. The insurer lets its customers save up to 40% on the premium payments and also enjoy a relaxed and hassle-free claims settlement process if an unfortunate accident befalls their cherished vehicle. SGI has designed their claim settlement process keeping their customers' convenience in mind. SGI provides comprehensive vehicle insurance that covers both natural and man-made disasters. It offers protection in case of personal accidents and bears the third-party liability in case the insured car may have been involved in an accident that resulted in injury or death of a third party or the loss or damage to third-party property.

Key Highlights & Features

• The policy cover protects the customers from financial loss incurred due to the damage or loss of their vehicles.

• In case the insured car has been in an accident resulting in injury, or damage third-party property or life, then the policy bears all liabilities.

• The policy also protects the customers financially if the insured vehicle has been in an accident resulting in injuring the owner or their family members who might have been in the vehicle during the unfortunate event.

• The policy offers unique add-on covers to enhance the protection.

• Expensive accessories added to the vehicle, like CNG or LPG kit and other electrical or non-electrical parts, can also be protected under the policy.

• Online purchase of the policy is not only quick and smooth but also offers several additional discounts.

• The insurer has a wide network of authorized garages that allow the option of direct claim settlement.

The company is known for its stress-free claims settlement process.

Coverage

Private cars that are insured under Shriram car insurance policy are given the following covers:

• Own-damage cover: Any loss to the insured car including its accessories caused by environmental disasters or public disruptions or in-transit damages are included in this coverage. Additionally, the expenses incurred on towing the car during a breakdown to the nearest service center are also covered to a certain extent.

• Third-Party Liability: This is a compulsory coverage in which all losses suffered by a third party in an accident where the insured car is involved is borne by the insurer. This coverage includes amounts awarded by the Court in case of loss of life, damage to property and physical injuries up to a certain amount.

Exclusions

The Shriram Car Insurance policy doesn't cover the following:

• General wear and tear of 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

• 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

Sum Insured

According to the prevalent Indian laws, all vehicles have to be insured at a fixed value that is called the Insured’s Declared Value (IDV). It is basically the maximum amount payable in case a claim raised for the total loss or theft of the vehicle. The IDV is dependent upon the depreciation. Depreciation refers to the loss in the value of a vehicle over some time. The Indian Motor Tariff lists depreciation for every year. A car's value begins to depreciate after its purchase. Shriram Insurance calculates a vehicle's Insured Declared Value (IDV) based on its depreciation. IDV is calculated by deducting the depreciation value from the manufacturer’s listed price of the vehicle. These amounts are considered for Total Loss or Constructive Total Loss of the automobile for a period of up to 5 years. Beyond this and for models that are out-of-production, the amount to be deducted as depreciation is based on a mutual decision between the insurer and the vehicle owner.

FAQs

How long is the Shriram Motor Insurance policy valid for?

The Shriram Motor Insurance policy remains valid for 12 months from its date of commencement.

Why should one purchase the SGI Motor Insurance?

Shriram General Insurance has designed its Motor Insurance policy with their customers in mind. The following features make this car insurance policy all the more attractive:

• Online purchase in under 5 minutes.

• Up to 40% discount on the insurance premium is available the policy is purchased online.

• Absolutely no paperwork is needed for online policy purchase.

• Easy and secure payment options available via Credit/Debit Cards as well as Net Banking.

Will Shriram car insurance offer protection if the insured vehicle was being driven by someone else during the accident?

Definitely. SGI's comprehensive car insurance policy offers protection in all conditions. Thus, if another driver was driving the insured vehicle with a valid license and the owner's permission, then the policy will surely offer coverage.

Can customers make changes to an existing policy?

Yes, changes can be made to existing policies, but they will work as ‘endorsements.’ The endorsement document includes changes in the policy terms; it serves as written evidence of an agreed change to the existing policy. This document is formulated and provided by the insurer. It can be used to record instances like a change of address, name as well as a change of the model of the vehicle.

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