Insurer | Net Earned Premium | Number of Cashless Garage | Incurred Claims Ratio | Special Feature |
---|---|---|---|---|
Cholamandalam GIC | 134687 | 3750+ | 78.42% | 24/7 assistance for roadside emergencies |
Ifcco Tokio | 216092 | 2700+ | 76.09% | Up to 50% discount |
New India Assurance | 650000 | NA | 81.76% | 10% digital discount for first time customers |
Oriental Insurance | 295944 | NA | 68.68% | NA |
Shriram General Insurance | 146204 | NA | 101.56% |
|
United India Insurance | 417281 | NA | 72.22% | 10% Discount in Premium (max upto Rs.2000/-) per Policy |
National Insurance | 517057 | NA | 89.91% | NA |
Reliance General Insurance | 129625 | 3800+ | 87.30% | Upto 60% discount on premiums |
Bajaj Allianz General Insurance | 288564 | 4000+ | 72.07% |
|
Step | Own damage claims | Theft claims | Third party claims |
---|---|---|---|
1 | Inform the police and car insurer by calling on their toll-free number | Inform the police about the theft and file a police FIR. | Report the accident to the police and the insurance company immediately |
2 | Do not move your vehicle from the accident spot unless permitted by the police and the insurance company. | Inform the insurance company using their toll-free number. | Make use of the toll-free number issued by your insurer to get in touch with them if needed. |
3 | Once approved, you can move the vehicle to a garage depending on your policy. | Inform the RTO about the theft through a letter | Inform the insurer about the details of the accident |
4 | Move your car to a “In Network” garage in the event of cashless insurance. | The insurer will wait for the police to submit a “non-traceable report” before approving any claims. | File a police FIR for the incident and obtain the charge sheet. |
5 | A surveyor from the insurance company will then inspect your vehicle and give an approval and possible claims. | Submit the duly signed claim form by attaching the relevant documents like copy of registration certificate (RC), driving license, policy documents, FIR, and details of intimation to the RTO. | Approach a motor claims lawyer and file a case with the Motor Accident Claims Tribunal. |
6 | For claim reimbursements, you will need to submit all original repair invoices and payment receipt along with other car documents. | If the car was taken on loan, the insurer will reimburse the payout amount to the financing institute or bank. | The court will examine the evidence and fix liability. |
Inclusions | Exclusions |
---|---|
Damage due to accidents, fire, riot, earthquake, flood, storm, lightening etc | Damages to the vehicle due to ageing and wear and tear |
Theft or loss of the vehicle | Electrical or mechanical breakdowns |
Liability to third parties - If in case your car cause any damage to someone, resulting in physical injury to him or her, or damage to his or her property, your insurance agency will make all the legal settlements, claims, and expenses | Damage caused under influence of intoxicants like drugs or alcohol |
Personal accident cover - for owner-driver with Rs.2 lakhs insurance coverage | Damage caused while driving without valid license |
Vehicle having a bi-fuel arrangement or the CNG kit will be covered | Damage or loss outside India |
Loss or damage to a car may occur any time while the car in transit through air, water, rail, or roadways | If it is proved that the accident was a deliberate one, or by breaking traffic signal, driving from the wrong side of the road, using the car for racing, etc. are illegal activities |
Parameters | Agents | Dealers | Brokers |
---|---|---|---|
Choice of Insurers | Insurance agents represent a 1 or 2 insurance company and sell products of those company only | Car dealers sell cars to the customer and they provide insurance for 2-3 company only | Brokers are the IRDAI licensed entity and can offer insurance plans of all the insurers |
Area of Expertise | Agents generally have an expertise on 1-2 Insurers | Dealers usually have tie up with 2-3 Insurers. | Brokers showcase products and Plans of all the Insurers and hence they are Insurance subject matter experts. |
Knowledge Spectrum | Limited to particular insurers(may be 1 or 2) | Limited to particular insurers(may be 2-3) | Wide knowledge spectrum since they represent whole Insurer fraternity at single platform |
Insurance Portfolio Management | Agent can offer Product and plans of few selected insurers and hence no concept of Insurance Portfolio management | Limited Insurance portfolio services | Broker can manage customer`s Insurance portfolio for the life time and evaluate/review it periodically. |