Shriram Car Insurance
Shriram General Insurance Co. is one of the fastest growing general insurance companies in India. The company is a joint venture between Sanlam Limited (South Africa) and Shriram Capital Limited. Furthermore, Shriram insurance is one of the preferred insurance partners of Indian Railway Catering and Tourism Corporation (IRCTC).
Apart from Shriram car insurance, the company offers a number of general insurance products such as travel insurance, two-wheeler insurance, home insurance etc. to meet the needs of its customers.
Advantages of Buying Shriram Car Insurance
Here are the advantages of Buying Shriram Car Insurance.
- The policy offers financial protection against any losses or damages caused to your vehicle.
- It provides coverage against any losses or damages resulting in third-party injuries, death, and property damage caused by the insured vehicle.
- You can avail personal accident cover.
- You can enhance the quantum of protection with add-on covers.
- It is very simple to buy and renew Shriram Car Insurance policy online.
- You can save up to 40% on subsequent car insurance premium.
- It offers damage repair facility at more than 2000 network garages.
- It offers an option to avail direct claim settlement.
- It comes with a hassle-free claim settlement process.
Shriram Car Insurance Plan at a Glance
|Incurred Claim Ratio||103.18%|
|CNG Kit Cover||Add-on benefit|
|Discount||40% on online purchase|
|Zero Depreciation Cover||Add-on benefit|
|Personal Accident Cover||Rs.10,000 to Rs. 2,00,000|
Why buy Shriram Car Insurance?
The policy offers financial protection to you and your family if there are any losses or damages arising due to an accident or collision.
To enhance your insurance coverage, you can opt for additional benefits like CNG kit cover, zero depreciation cover, key replacement cover, etc. When an emergency strikes, you do not need to run from pillar to post.
Insured Declared Value
The sum assured amount of the insured car is called the IDV i.e. Insured Declared Value. It is computed on the basis of the selling price listed by the car manufacturer. It also includes the cost of any accessories that are installed in the vehicle. Final sum assured or IDV is computed after subtracting the annual depreciation as per the Indian Motor Tariff schedule.
Shriram Car Insurance Policy Inclusions
Shriram Vehicle Insurance policy provides the following coverage:
- Loss or Damage Cover – It covers losses or damages caused to your vehicle due to natural and man-made disasters. Additionally, it covers any damages caused to your car during transit by rail, road, air, lift, inland waterway and elevator
- Natural catastrophes that are covered – Food, fire, earthquake, self-ignition, typhoon, hurricane, cyclone, storm, inundation, landslide etc.
- Man-made disasters that are covered – Riots, theft, terrorist activities, malicious acts etc.
- Third-Party Liability Cover – Shriram Car Insurance policy offers coverage against third-party liability arising due to accidental injuries or death. The amount of compensation, in this case, is decided by the court.
- Third-Party Property Damage Cover – Shriram Car Insurance plan also covers damage caused to a third-party property from the insured vehicle. In case of third-party property damages, compensation up to Rs. 7, 50,000 is provided.
Exclusions of Shriram Car Insurance
Shriram motor insurance policy doesn’t cover the following:
- Routine wear and tear, consequential losses and electrical breakdown of the insured vehicle.
- Depreciation value of the parts unless nil depreciation cover is opted for.
- Shriram Car Insurance policy will not reimburse damages resulting from reckless driving under the influence of drugs or alcohol
- Accidental loss or damage caused due to the willful negligence of the driver.
- If the vehicle was found to be driven by a person who doesn’t hold a valid driving license or is not authorized to drive the insured vehicle.
- Any loss or damage caused due to an accident outside the covered geographical boundaries.
- Any loss or damage arising due to war conditions, nuclear radiations, and other related activities.
- The amount of voluntary and compulsory deductibles. It is the percentage of claim amount that you ought to pay from your own pocket.
Shriram Car Insurance Add-on Covers
Here are the add-ons covers offered by Shriram Car Insurance:
- Zero Depreciation Cover
- Emergency Hotel and Transportation Cover
- Multi-Car Rebate
- Personal Belongings Cover
- Return to Invoice Cover (for new cars)
- Key Replacement Cover
- 100% Refund of Car Value (in the event of total loss of a new car)
There are certain additional benefits to secure you and your loved ones while travelling in the insured vehicle. You can avail the add-on cover(s) as per your preference just by paying a nominal amount of premium.
The covers mentioned below are opted by most of the buyers of Shriram Car Insurance.
- Personal Accident Cover – You can get personal accident cover from Rs. 10,000 to a maximum of Rs. 2, 00,000. This coverage is applicable for the policyholder, the driver and the co-passengers.
- Electrical & Electronic Accessories – It covers electronic and electrical accessories like fog lights, music system, LCD mini TV and even seat covers.
- Bi-Fuel System Cover – You can avail coverage for CNG & LPG Kit.
How to Compare Car Insurance Online?
By comparing different car insurance policies you can save a substantial amount of money. It helps to select better coverage and shortlist the plan that offers the desired coverage. If you specifically want to avail third-party liability coverage, you can opt for liability insurance only.
If you want to avail both third-party and own-damage cover, you can buy a comprehensive vehicle insurance policy.
Do not forget to compare the IDV quoted by different insurance companies. It can have a significant impact on the car insurance premium amount.
Similarly, do not forget to compare the coverage offered by each car insurance policy. Once everything is decided, you can easily compare car insurance quotes online and make an informed decision.
Buy Shriram Car Insurance Online
You no longer need to run from pillar to post to buy a car insurance policy. Once you are done comparing car insurance online, you can simply buy the policy that meets your insurance requirements.
To generate car insurance quotes, all you need to do is fill your vehicle and personal information as elucidated below:
Personal Information of the Proposer
- Full name
- Mobile Number
- Pin code
- Email Address
- City of Registration (RTO)
- Car Make
- Car Model
- Fuel Type
- Engine’s Cubic Capacity
- Manufacturing Year
- Body Type of the Car
- Seating Capacity
- Current Car Insurance Policy Type
- Policy Term
- Transfer of Ownership (Yes/No)
- Cover for Accessories Installed In Car
- Applicable NCB
ShriramCar Insurance Renewal Process
Usually, the car insurance provider sends a reminder to all the customers regarding insurance renewal. However, it’s your responsibility to renew the policy before the expiry date to ensure uninterrupted insurance coverage.
Here’s how you can renew Shriram car insurance policy online.
You can renew your vehicle insurance online by providing the following information:
- Policy Number
- Mobile Number
- Registration Number or Engine Number or Chassis Number
After filling the above-mentioned information, simply click on renew and make the payment. You will receive your car insurance policy on your id. If you want, you can even download a copy.
Endorsements in Shriram Car Insurance Online
Any changes in your personal details and vehicle information can also be made online by logging on to the insurer’s site. To report changes in your vehicle registration number, contact number, email id in your current motor insurance policy (if any), you can log on to-https://www.shriramgi.com/Endorse.aspx
Coverage offered by Shriram Commercial Vehicle Insurance
All the commercial vehicle owners are required to buy a commercial vehicle insurance policy to safeguard themselves and the pillion riders/co-passengers from in case of a road accident.
Here are damages covered by Shriram commercial vehicle insurance:
- Third-party Liability Insurance – It covers the damages resulting due to third-party’s death, bodily injuries and property damage from the insured commercial vehicle.
- Any damage resulting due to –
- Flood, storm, earthquake, cyclone, frost, landslide etc.
- Lightning, fire, self-ignition, and explosion.
- Malicious acts, strikes, and riots.
- Terrorist activities.
- Accident due to external factors.
Shriram Car Insurance Claim Procedure
While filing a claim with Shriram car insurance you need to follow the process as mentioned below:
- At the time of claim intimation, make sure that you have the following information ready with you:
- Time & date of the accident.
- Name of the driver and contact details along with driving license details.
- Shriram Car Insurance Policy
- Estimated loss.
- A brief description of the incident.
- Survey location to support the investigation process.
- Insured’s contact details.
- The accident must be reported to the customer help desk. They will take you through the claim process.
- Once you have informed Shriram car insurance customer support team, you will get the claim reference number.
- Upon claim registration, a surveyor will be assigned to your case.
- You will be notified regarding the confirmation via text along with the details of the claim assessor.
- You can coordinate with the assessor and fix an appointment. She/he will conduct the survey as per your convenience.
- There are certain documents such as vehicle’s registration certificate that you need to provide to the assessor. Also, you will be required to provide the proofs for severity of the damage.
- You also need to settle own damage claim (if any).
- If re-inspection of the vehicle is advised by the surveyor, you must coordinate with him/her and follow the process to conduct a re-inspection.
- Based on the survey, claim settlement will be processed.
Documents Required for Filing a Claim with Shriram Car Insurance
While registering a claim with Shriram Motor Insurance, Keep the following documents ready:
- Copy of Police FIR
- Claim form duly signed by the policyholder
- Fitness Certificate for commercial vehicles
- Driving License
- Car Registration Certificate (RC)
- Insurance documents with the endorsement
Upon receiving all the required documents along with a duly filled claim form, Shriram Car Insurance will settle your claim within a week.
Shriram Vehicle Insurance FAQS
Q1. What are the benefits of buying a Shriram Car Insurance policy online?
A1. Here are the benefits you can avail if you buy a Shriram vehicle insurance policy online:
- You can easily compare various car insurance policies online from top car insurance companies.
- There are a number of discounts available online that you can avail.
- The insurance provider offers hassle-free claim settlement and claim-intimation process.
Q2. What is No Claim Bonus in motor insurance?
A2. If you have not filed any claim in a policy year, upon renewal the insurer rewards you in the form of No Claim Bonus. NCB varies from one insurer to another.
Q3. Can NCB be transferred at the time of switching a car insurance provider?
A3. Yes, you can transfer the No Claim Bonus while switching your motor insurance company. Sriram Car Insurance will issue an NCB certificate that you need to provide the new insurer to initiate the transfer process.
Q4. What are the car insurance add-ons that are available under Shriram car insurance?
A4. You can opt for the following add-on covers under Shriram car insurance policy:
- Personal Belongings Cover
- Zero Depreciation Cover
- Reimbursement of Emergency Hotel and Transport Expenses
- Multi-Car Rebate
- Return to Invoice ( valid on new cars only)
- 100% reimbursement of car value (in the event of total loss of new vehicle) is
- Key Replacement Cover
Q5. What is a zero depreciation cover?
A5. A zero depreciation cover provides reimbursement of the incurred damage repair cost without any depreciation-related deductions. At the time of policy purchase or renewal, you can opt for zero depreciation as an add-on cover in your comprehensive car insurance policy.
Q6.What is Insured Declared Value or IDV?
A6. Simply put, IDV is the current market value of a car that is computed after adjusting the depreciation value. Depreciation is calculated both on the factory and non-factory fitted vehicle parts.
IDV is the fixed amount of sum assured that the insurer will reimburse you at the time of processing the claim.
Q7. Is emergency transport & hotel expense cover provided by Shriram car insurance?
A7. Yes, you can opt for emergency transport & hotel expenses reimbursement cover. You will get immediate help in the event of a car breakdown, engine failure, and similar faults. The insurer will compensate the cost incurred due to emergency transportation and hotel expenses.
Q8.What are the benefits of buying a comprehensive car insurance policy?
A8. If you buy a comprehensive Shriram car insurance plan, it will offer you protection against accidental damages, collision, and theft. The insurer will also compensate you for any damage resulting due to floods, earthquake etc. Coverage is also provided for third-party damages.
Q9. How is car insurance premium calculated?
A9. While calculating car insurance premium, the following factors are taken into consideration:
- Cubic capacity of the engine
- IDV (Insured Declared Value)
- Depreciation of parts
- Gross weight of the insured car
- Car age
- Place of car registration