Oriental Car Insurance

The Oriental Insurance Company Limited commenced its operations in the year 1947, in Bombay. It was formed with a motive to carry out General Insurance business and was a fully owned subsidiary of the Oriental Government Security Life Assurance Company. From 1956 to 1973, it was a subsidiary of Life Insurance Corporation of India. And in 2003, all their shares were transferred to the Central Government.

In addition to Oriental Car Insurance, the insurer also provides different types of insurance products catering to both the rural and urban population of India. Their head office is in New Delhi with 31 regional offices.

They have more than 1800 offices around the country. They also have their presence in Dubai, Kuwait, and Nepal. In the fiscal year 2015-16 their gross premium stood at Rs. 8611 crores.

Oriental Car Insurance Plan at a Glance-

Features  Highlights
Incurred Claim Ratio 126.66%
Network  Garages 3100+
Third-party property damage cover Up to Rs. 7.5 lacs
CNG/LPG Cover On additional premium

Why Oriental Car Insurance?

There are two types of car insurance policies available in India – Third-party liability insurance and comprehensive insurance.

It is mandatory to have third party liability cover as per Motor Vehicle Act 1988. It covers all the risks associated with damage or injuries caused to any third person, drive, pedestrians or passengers and property.

Whereas, comprehensive vehicle insurance provides coverage to the own damage caused to your car due to natural or man-made calamities along with certain add-on covers like roadside assistance, car hire service etc.

You can also avail cashless claim settlement at Oriental’s network garages in case of accidental collision or breakdown. Oriental insurance offers a robust car Insurance policy to meet your needs and preferences in a comprehensive manner.

Advantages of Purchasing Oriental Car Insurance Policy

  • Option to choose add-on covers at an economical rate
  • Offers personalized car insurance plans to help meet your needs
  • Option to choose insurance cover for a period of less than a year
  • In the event of accident, damage or theft, you can avail alternative car benefit allowance of Rs.400 to Rs.650. This is an optional benefit.
  • Easy to purchase and renew car insurance online as per your convenience
  • Comprehensive insurance cover at an economical premium
  • Speedy claim settlement process

Key Features and Benefits of Oriental Car Insurance

  • You can avail add-on covers like alternative car benefit, depreciation cover, and emergency roadside assistance through TVS etc. at an affordable cost.
  • Quick and hassle-free claim settlement process
  • Avail discounts on premium like No claim discount, anti-theft device, automobile association membership discount, and other voluntary discounts
  • Cashless claim settlement facility at registered workshops
  • Quick addressal of queries and seamless pre and post-sale customer services

General Inclusions in Oriental Car Insurance

Oriental vehicle insurance shall compensate the following damages and liabilities. You can easily buy oriental car insurance online –

1. Third- Party liability insurance

  • In case of third-party bodily injuries or accidental death, there is no limit on coverage amount ( it shall be decided by the court)
  • 7.5 Lakh cover is provided in case of property damage
  • Personal accident cover  for the driver and owner

2. Own Damage Cover

It includes comprehensive car insurance coverage to the insured and the car. The following benefits are provided-

  • Theft, burglary and housebreaking cover
  • Coverage from natural calamities like earthquake, landslides, storm, floods, cyclone, hurricane, storms etc.
  • Damage caused due to lighting, fire, and self-ignition
  • Damage as a result of strikes, riots, malicious and terrorist activities

3. Free emergency service through TVS

All those who have taken car insurance through their offices in  Haryana, Punjab, Delhi & NCR, Haryana, Rajasthan, Himachal Pradesh, Kolkata, Mumbai and all the southern states, then free emergency is provided to the insured in the car breaks down.

The best part is that you do not need to pay any additional premium to avail this benefit.

Exclusions of Oriental Car Insurance

  • Driving under the influence of drugs or alcohol
  • Routine wear and tear of the insured vehicle
  • Mechanical or Electrical Breakdown
  • Usage of a vehicle for unlawful activities
  • Driving without a Valid Driving License
  • Usage of vehicle geographical limits
  • Damage due to Nuclear war or attacks
  • Usage of a private vehicle for  carriage of goods, racing, speed testing, and trials

Oriental Car Insurance Additional Covers

Apart from the basic coverage, you can get additional benefits by paying some extra premium.  These benefits provide extra protection to you and your car when an emergency strikes-

Zero Depreciation Cover – If you opt for a zero-dep policy or nil depreciation cover, you can avail full claim for damage caused to glass, plastic, rubber, or fiber parts. The premium is calculated on the basis of the age of the vehicle.

Alternative car benefits – In case the car is damaged or stolen and you are not able to use your car for some days, then oriental car insurance provides you with an alternative car benefit. This means that you can use the alternative car for 5, 10 and a maximum of 15 days.

Additionally, allowance of Rs.400 and Rs.650 is also provided on daily basis and the premium is charged accordingly. It is only applicable when the insured vehicle is disabled and is damaged more than 20% of the Insured Declared Value.

Loss of personal effects – By paying an additional premium of Rs.400 and Rs. 650 you can avail of this benefit.  Coverage of Rs. 5000 and Rs.10000 can be provided in case of loss or damage of the personal belongings in the insured car after an accident.

It is not valid for credit cards, mobile, laptops, etc. The amount is compensated under own damage section of the policy.

Personal Accident Cover – Compensation is provided in case the owner or driver of the car faces some accidental disabilities or death while driving or traveling in the car or even when mounting or dismounting from the car.

How Is The Premium Calculated For Oriental Car Insurance?

While calculating car insurance premium the following factors are taken into consideration –

Insured Declared Value (IDV) – Basically, IDV is the current market value of a car. It is the selling price fixed by the manufacturer minus the depreciation value.

IDV is the maximum amount of sum assured that the insurer will pay you at the time of claim. The higher the Insured Declared Value, higher the sum insured.

The area of registration – If the area for which the car is registered is considered as an accident-prone area or is prone to crimes, the cost of premium will be more.

Vehicle Age – The newer the car the higher would be the car insurance premium cost and vice versa.

Engine’s Cubic Capacity (cc) – The third-party liability premium rates are decided on the basis of the engine capacity of a vehicle, fixed by the Insurance Regulatory and Development Authority (IRDA) every year.

Look at the table below with premium rates for private cars as per IRDA for the year 2017-18:

Engine cubic capacity ( cc) Premium Rate (Rs.)
Up to 1,000 cc 2,055
1,000 cc to 1,500 cc 2,863
1,500 cc and above 7,890

Additionally, the car insurance provider will take into consideration the additional fittings in the car while preparing the car insurance quotation.

If your car is equipped with a CNG or LPG kit, the premium charged will be more.

*All the benefits are subjected to policy terms and conditions.

What is The Rate of Depreciation?

The rate of depreciation applicable to parts of the car is as follows-

  • The rate of depreciation for glass parts is nil
  • The rate of depreciation for nylon, plastic, and rubber the rate of depreciation for fiberglass parts is 30%.
  • The rate of depreciation for nylon, plastic and rubber parts is 50%. This includes airbags, tyres, tubes, and batteries

The rate of depreciation for wooden and other parts is mentioned in the table below –

Age of vehicle Depreciation (%)
Less than 6 months
6 months to 1 year 5
1 year to 2 years 10
2 years to 3 years 15
3 years to 4 years 25
4 years to 5 years 35

Discounts Offered in Oriental Car Insurance-

  • Installation of Anti-theft Device – If your car is fitted with an anti-theft device, which is approved by Automotive Research Association of India (ARAI), you can avail 2.5% of additional discount on your own-damage premium.
  • AAI Membership – If the insured person is a member of any of the recognized Automobile Associations of India then he/she is eligible to earn extra discounts.
  • Deductibles – Opting for voluntary deductibles proves to be useful; if you think you are sure of your driving skills. Opt for higher deductibles and reduce your premium, if you think you can pay off a certain percentage of sum assured (deductibles) from your earnings at the time of accidental claims.
    It is one of the major factors that are taken into consideration while calculating the car insurance premium. Lower the deductibles, higher would be your premium amount and vice versa.
  • No-claim-Bonus (NCB) – No-claim-discount is accrued every year if you have not made any car insurance claim during that year.  It can range between 20 and 50 % on the basis the age of the vehicle and the number of claim-free years.  NCB can be retained at the time purchasing a new car or selling the current one.

The following table shows the No-Claim-Bonus Grid:

Claim-free years No-Claim-Discount
One claim-free year 20%
2 consecutive claim-free years 25%
3 consecutive claim-free years 35%
4 consecutive claim-free years 45%
5 consecutive claim-free years 50%

Car Insurance Premium Calculator for Oriental Car Insurance-

You can use online car insurance premium calculator to get an instant car insurance quote as per your needs and preferences-

  • You can start accessing the tool by clicking on buy car insurance online option in the motor insurance section
  • You will be directed to an online form that needs to be filled with the right information. Submit the following information while calculating car insurance premium –
    • Vehicle Type – Select if it is a private car, commercial vehicle or two-wheeler. But in this case, go for private car option, as this policy is for private cars only.
    • Type of Policy – Choose whether you are looking for a comprehensive insurance plan or a liability-only plan.
    • Vehicle Purchase Date – Preferably it should be the same date as your vehicle purchase date.
    • Vehicle Registration Date – It is the registration date of the car and you can check it in the RC book. For old cars, it is mandatory to provide it, whereas for new vehicles you can wait.
    • The City of Purchase – Go to the drop-down and select the city from where you purchased the car. If the name of your city is not listed, you can pick the nearest city.
    • List of Regional Transport Office (RTO) – From the drop-down list select your RTO zone

Oriental Car Insurance Additional Cover/Benefit Details –

You can compare car insurance quotes online based on these add-on benefits. But before you make the payment, the answer to some of these questions should be a yes-

  1. If you require an extension of the Geographical area?
  2. If you want to opt for higher deductibles?
  3. If you want coverage for CNG or LPG Kit?
  4. If you want to earn the Automobile Association membership discount?
  5. If you want a discount for the installation of an anti-theft device in your car?
  6. If you want legal liability coverage for other employees or an employee?
  7. If you want to cover personal effects?
  8. If you want to opt for alternative car benefits?
  9. If you want legal liability coverage for the driver?
  10. If you also want personal accident cover for unnamed people?
  11. If you want Return to Invoice cover?
  12. If you want Engine Protect Cover?
  13. If you are choosing zero depreciation cover?
  14. If you want to have a TPPD cover?

If the answer to the aforesaid questions is a yes, then you should definitely consider buying some of the above-mentioned add-on covers for enhanced protection.

Claim Procedure for Oriental Car Insurance-

The following procedure should be followed at the time of making a claim with Oriental car Insurance –

Claim Arising Due To Accidental Injuries-

  • Immediately inform the oriental insurance customer care team or send them intimation over email along with all the documents.
  • A duly filled Oriental car insurance claim form is required along with the following documents –
    • Details of the treatment undertaken
    • Name of the hospital or nursing home
    • The medical certificate specifying the nature of body injuries
    • Medical examiner report
    • doctor
    • Employer’s certificate as a proof that the claimant was on leave for that specified duration
    • Fitness certificate of the claimant

Claim Arising Due To Theft-

In case your car is stolen, you should immediately notify the vehicle insurance provider.  A written notification should also be sent to the Oriental Insurance.  They will allow an examiner to look into your case and investigate further.

Simultaneously, inform the police and they will give the copy of FIR. If the FIR copy is not provided to the insurer, then your car insurance claim might be invalidated.

A Vehicle Insurance Claim Arising Due To Accidental Death-

The following documents need to be submitted by the claimant in the event of an accidental death:

  • Post-mortem report
  • Police Report or FIR
  • Panchnama
  • Death certificate
  • Departmental inquiry (if required)
  • Report from the medical practitioner or hospital concerned

Their claim-settlement is a quick and hassle-free process if you follow all the guidelines as mentioned in the policy wordings. Your claim will be resolved on time and all the compensations will be made in the shortest time possible.

In Case of Third Party Claims

  • Call on their toll-free number or visit the nearest branch to inform them about the incidence. File the claim by submitting the duly signed Claim Form.
  • Take an appointment with their examiner and take the vehicle to the nearest network garage for repair, and avail cashless repair service. At that time submit all the required documents to the surveyor.
  • The company would give an estimate of the liability.
  • In case of cashless settlement, the insurer will settle the repair bills on your behalf. If you have not opted for cashless service, then you need to pay the repair charges and submit the repair bills with the claim form to the insurance provider for reimbursement.

Documents required for Car Insurance third-party claims –

  • FIR report (if required)
  • Copy of Driving License and Registration Copy
  • Original Policy documents

For detailed information kindly refer the policy wordings

Oriental Car Insurance FAQS

Q1. What are the voluntary deductibles?

It is the percentage of insurance premium that the insured chooses to pay on his own. It is decided at the time of policy purchase. Opting for deductibles can lead to a significant reduction in the amount of vehicle insurance premium. So, if are confident of your driving skills, then opting for deductibles makes sense. This way you can save a lot on your insurance premium.

Q2. What is a No-Claim-Discount?

You will earn no-claim-bonus for all the years that you have not made any claim. It can be carried forward at the time of policy renewal. NCB worth varies from insurer to insurer, but it is likely to give you a considerable discount on your premium.

Q3. How is sum assured determined in car insurance?

Usually, the sum insured is calculated on the basis of the Insured Declared Value of the vehicle. For all the cars that are new, oriental insurance will consider the selling price of the car as registered by the manufacturer.
It is subjected to the age of the vehicles and depreciation value of its parts. If it is a second-hand vehicle or is older than 5 years, the Insured Declared Value is a jointly agreed sum between the policyholder and the Oriental insurance company.

Q4. Can I transfer my NCB when I switch my car insurance policy?

No-claim discount can be transferred at the time of policy renewal or while switching the insurance provider. You do not get no-claim-bonus on third-party insurance.

NCB reflects positively on your driving history and car maintenance.

Q5. What is a comprehensive vehicle insurance policy?

A comprehensive car insurance policy works as a shield for you and your car in case of any loss or damage arising due to accidental damage, theft, fire, explosion, collision. It also covers natural calamities like flood, fire, earthquake, landslide etc.

There are some add-on covers that you can opt for like key replacement cover, personal accident cover, and roadside assistance to name a few. It also provides coverage for third-party liability damage.

Q6. Can I avail tax benefits on Oriental car insurance premium?

No tax benefits are available on premium paid for car insurance policy.

Q7. What is zero depreciation cover?

Zero depreciation or nil depreciation can be purchased as an add-on cover in your comprehensive car insurance policy. The entire cost of damage will be compensated without deducting the depreciation on parts. You can opt for it at the time of policy purchase. 

Q8. What is required while insuring a vehicle with CNG/LPG kit?

If your car is fitted with a CNG/LPG kit then it needs to be registered with the RTO. It should also be mentioned in the Car’s Registration Certificate (RC).

Once it is done, you need to inform the insurance provider and submit a copy of the Registration Certificate. A higher insurance premium needs to be paid for insuring a CNG fitted car.

The insurance provider will add an endorsement to your existing motor insurance policy to that effect. Once the endorsement is effective, the insurer will be liable to process the claim.

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