To use a car on the Indian roads, you need not only a driving license, but also a car insurance, as per the Motor Vehicles Act, 1988. An Oriental Car Insurance policy is one such plan that helps to pay the expenses incurred due to issues like car theft and accidents resulting in bodily injury or damage to own car or another person or vehicle.
What is Oriental Car Insurance Policy?
An Oriental car insurance policy, a part of the motor insurance package, is designed to give financial aid in case of car-related repairs resulting from untoward accidents. The policy is available under the name of Motor Package Insurance Policy for Private Car. It also covers any bodily injury to the vehicle owner or to any third party during an accident.
- Age proof validating applicant to be 18 years or above
- Valid driving license
- Car must be registered
What all Oriental Car Insurance Policy Covers?
It is a comprehensive policy and provides further mentioned coverage:
Accidental Loss or Damage to the Car: Damage due to burglary, theft, housebreaking, fire, explosion, earthquake, flood storm, self-ignition, terrorism, etc. along with damage done in transit by road, rail, water or airway.
Third Party Liability Cover: In case of accident with another vehicle, this cover will provide legal compensation to the owner of the other vehicle on your behalf.
Personal Accident Cover for Owner-Driver: If the owner-driver of the car gets injured in the accident or gets permanently disabled or worst-case scenario, succumbs to the injuries, this cover will give financial assistance.
Following riders can be opted in lieu of extra premium payment to enjoy better coverage:
Nil Depreciation Cover: If your car gets damaged, purchasing zero depreciation cover 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 offers a substitute vehicle for a limited period of time of i.e. 5,10, or 15 days to reduce your inconvenience. You can opt for this coverage at a mere cost of Rs. 400.
Loss of Personal Belongings: The
insurance company will pay Rs. 5,000 to Rs. 10,000 if the insured happens to lose personal belongings, excluding laptop, mobile, cash and credit card.
How to Apply Online
This policy by Oriental Insurance can be bought online by following the given steps:
- Visit Oriental Insurance official website
- On the top right corner, click on the drop-down box and select the policy from Products
- Plan page will open with all the details about the plan. Click on Buy Online
- Enter insurance details like vehicle type, policy type, date of purchase, etc.
- Click on Calculate Premium to generate the quote
- If you’re okay with the premium amount, go ahead and add your personal details
- Submit the same
- Make payment using any of the modes available with Oriental Insurance
Documents Required for Claim Process
Following documents need to be submitted for making claims:
- Claim Form
- Driving Licence (original and copy)
- Vehicles’ registration certificate
- Estimate of repairs
- Bills & cash memo
- Policy Punchnama/ FIR Report
- Details of Road Tax paid
Claim Process for Oriental Car Insurance Policy
- Inform the insurance company about the eventuality at the earliest
- Keep details of the accident spot with you like third-party vehicle number, name and contact number of the people involved along with any witnesses
- Surveyor will come for verification of the accident spot and the damage done to the vehicle
- Post this, submit all the documents asked
- Company will verify the hence submitted documents
- Post verification, claim amount shall be released
Insured Declared Value (IDV)
IDV is basically the maximum amount one can get on making a claim against total damage of the car or if the same gets stolen. This amount is calculated by deducting a percent of depreciation from the selling price of the car. IDV is the highest when car is brand new and it keeps on decreasing as the vehicles ages.
|Age Of Vehicle||Percent of Depreciation|
|Not Exceeding 6 months from the start of plan||NIL|
|6 Months but not exceeding 1 year||5%|
|1 years but not exceeding 2 years||10%|
|2 years but not exceeding 3 years||15%|
|3 years but not exceeding 4 years||25%|
|4 years but not exceeding 5 years||35%|
|5 years but not exceeding 10 years||40%|
|Exceeding 10 years post commencement of plan||50%|
Exclusions under Oriental Car Insurance Policy
- If the loss or damage has happened beyond the geographic area
- Loss due to depreciation
- If the person driving the car was under the influence of drugs or alcohol
- Driving the car with damaged tyres and tubes
- Mechanical or electrical breakdown
- Damage or loss of car due to war, mutiny or nuclear activity
Policyholders can renew their car insurance policy online following the steps:
- Visit the official website of Oriental Insurance
- Click ‘Renew Online’
- Enter policy number
- Click ‘Renew Now’
- Make payment online
Advantages of Oriental Car Insurance Policy
- Discounts on premium (if car has anti-theft device, if no claims were made the previous year or if applicant is the member of Automobile Association)
- Add-on covers at affordable cost
- Emergency service available at no extra cost
- Approximately 250 cashless garages
Q1. What is the insurance policy duration under Oriental Car Insurance?
This policy is available for a period of 1 year.
Q2. Where is the free emergency service available?
This service is available if the vehicle is insured in Delhi & NCR, Haryana, Punjab, Rajasthan, Himachal Pradesh, Mumbai, Kolkata and all the southern states.
Q3. 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
Q4. If my vehicle is more than 5 years old, how will the IDV be calculated?
In such cases, IDV will be mutually decided by the policyholder and the insurance company.