Having a car insurance is mandatory today in India. What’s more, with right cover, car insurance can provide comprehensive coverage to the owner of a car and vehicle. In this article, we will talk about Oriental Car Insurance policy for Motor Package Insurance Policy for Private Car which can provide financial protection in case the vehicle gets damaged, or the driver/passengers sitting in a car or third -party gets into an accident involving the insured vehicle.
Oriental Car Insurance Plans
- Liability Only Policy
- Bundled Cover Policy
- 3 Year-Long Term Motor Package Insurance Policy For New Users
Liability Only Policy
If you are a policyholder, you would want to ensure that you are financially secure from the unforeseen situations involving your Car. The Oriental third-party liability policy protects you financially against any loss or damage caused by your insured car to the third-party due to an accident. In this policy, third-party property and body injury are covered.
Under the Liability Only Policy, the owner driver also gets accidental coverage of up to Rs 2 lakh if s/he is involved in an accident resulting in the death and permanent disability.
Bundled Cover Policy
It has now become compulsory to buy long-term insurance for new car owners for three and five years respectively. This policy covers third-party claims for three years as well as own damage for one year respectively.
3 Year-Long Term Motor Package Insurance Policy For New Users
This is an option for those who wish to pay in one go. In this policy, you will be required to pay for third-party insurance for consecutive three years as well as for your own damage for three years as well. Oriental Car Insurance offers coverage of a maximum amount of up to Rs 2 lakh to the owner driver in the event of death and body injury. Such incidents if happens within 6 month of the policy commencement, below is the scale of compensation the policyholder will get.
|Nature Of Injury||Scale Of Compensation|
|Loss of two limbs or sight of two eyes||100%|
|Loss of one limb or sight of one eye||50%|
|Permanent total disablement from injuries||50%|
Coverage And Exclusions Under Oriental Car Insurance Plans
- In the event of any loss or damage caused to the vehicle due to the natural calamities such as lightning, earthquake, flood, fire, explosion, are included in the plan.
- Damage done due to the manmade calamities (Theft, Burglary, riot) or accident by external means during transit
These inclusions like the age of vehicle and expenses said above are subject to the rate of depreciation in the given table below
|Age Of Vehicle||Percent Of Depreciation|
|Not Exceeding 6 months from the starting of the plan||NIL|
|6 Months post commencement of the plan but not exceeding 1 year||5%|
|1 Year Post commencement of the plan but not exceeding 2 years||10%|
|2 Year Post commencement of the plan but not exceeding 3 years||15%|
|3 Year Post commencement of the plan but not exceeding 4 years||25%|
|4 Year Post commencement of the plan but not exceeding 5 years||35%|
|5 Year Post commencement of the plan but not exceeding 10 years||40%|
|Exceeding 10years post commencement of the plan||50%|
- If the loss or damage has happened beyond the geographic area.
- If the person driving the car is under the influence of drugs
- Driving the car with damaged tyres and tubes
- Mechanical or electrical breakdown
Extra Coverage From Oriental Car Insurance
NIL Depreciation Cover Or Zero Depreciation Coverage: If your car gets damaged, purchasing this coverage will ensure you get the entire cost of the body part for replacement as it leaves out the depreciation factor. This coverage is available with extra premium based on the age of the vehicle.
Alternative Car Benefit: If your two-wheeler gets stolen or damaged, Oriental Insurance Company will offer you a substitute vehicle for a limited period of time of 5,10, or 15 days to reduce your inconvenience. You can opt for this coverage at a mere cost of INR 400.
Loss of Personal belongings: The insurance company will pay the insured maximum INR 5000 to INR 10,000 if the insured happens to lose personal belongings excluding laptop, mobile, credit card.
Free Benefit of Emergency Service through TVS: If your vehicle is indemnified through its branches then Oriental Insurance gives you emergency services in the event of a breakdown for free of cost. It is available without any premium charged.
Oriental Car Insurance Renewal
Policyholders can renew their car insurance policy online following the steps:
Step 1: Visit the official website of oriental car insurance at https://orientalinsurance.org.in/web/guest/four-wheeler?isSelected=onlineProducts&isRefresh=true
Step 2: Click “Renew Online”
Step 3: Enter policy number
Step 4: Click “Renew Now”
Step 5: Make payment online
Advantages of Oriental Car Insurance Policy
- Discounts on premium
- Add-on covers
Q1. What is the period of Oriental Car Insurance?
The coverage period of Oriental Car Insurance is a year, but shorter duration covers are also available.
Q2. How can one enroll themselves for Oriental Car Insurance?
Customers have two options to buy car Insurance policy. One is through the official website where they need to log in to the website and another option is request a call back from the ‘Have us call you’ section.
Q3. From Where Can I Renew My Policy?
One can either renew the policy online or by visiting the office. One also has an option of logging into the official website of Oriental Car Insurance to register as a customer where they will get an overview of package policies.
Q4. What does Oriental Car Insurance Pay in case of Loss on Accident or Theft?
In case of Loss on Accident or partial damage, the repair or replacement cost will be paid after deducting the depreciation. And In case of theft, then Insured Declared Value will be paid.
Q5. How is the Premium Calculated for Oriental Car Insurance?
The amount of premium is based on the following factors:
- IDV of the vehicle
- Cubic Capacity of the car
- Zone Of Registration
- Age of Vehicle
Apart from above, additional premium, if any, will be calculated on electrical items, CNG/LPG Fuel and add on covers.