What do we cover?
We've tried to cover all the basic elements in our vehicle insurance policy, so if your car is damaged due to any of the following reasons, or lost, we have it covered!
- Accident
- Fire
- Lightening
- Self-Ignition
- Explosion
- Theft
- Terrorism
- Earthquake
- Flood
- Cyclone
- Inundation
- Transit by Rail, Road, Air & Elevator
- Riot & Strikes and / or Malicious Acts
We recommend that you opt for Third-Party Liability Cover for your car insurance because it is now compulsory as per the Motor Vehicles Act. It covers third-party property damage and provides liability for the third-party in case of injury or death. Simply put, this cover offers you protection if the other party is uninsured or underinsured.
Finally, we also bring to the table some add-on covers that will help to customise your automobile insurance policy. Here's what you can choose from!
- Electrical or Electronic Accessories
-
Non-Electrical Accessories
- Bi-Fuel Kits Comprising LPG/CNG Systems
- Legal Liability
to Employee, Paid Driver, Cleaner & Conductor
- Racing & Speed Tests
- Dexterity Trials & Hill Climb Extensions
What we don't cover?
Although we'd like your motor insurance to cover all types of situations, it isn't possible. Some of the exclusions are:
- Normal wear-and-tear of the car
- Mechanical and electrical breakdown
- Cars being used other than in accordance with the limitations as to use. For example, if you use a private car for remuneration purpose.
- Damage to / by person driving without a valid driving license
- Loss or damage caused while driving under the influence of alcohol or any other intoxicating substance
- Loss or damage due to depreciation of the car's value
- Loss or damage due to war or nuclear risks
- Consequential loss - if the original damage causes subsequent damage / loss, only the original damage will be covered.
- Compulsory deductibles - a fixed amount that gets deducted at the time of the claim.
Is there a discount?
Yes, we at Reliance General Insurance offer you many attractive discounts.
First is a No-Claim Bonus – something you can control. We appreciate good and safe driving, which means you make no claims through the year. As a reward, we give you an
awesome discount on the premium. Also, this bonus can be transferred over to your new car if you like. This discount can be accumulated on a yearly basis as mentioned below.
Second, you get
additional discounts if you. . .
- Are a member of any recognized automobile association
- Install an anti-theft device in your car
- Have covered the vehicle for specific location usage
- Have opted for Voluntary Deductible while buying the policy
Third is Voluntary Deductible, a minimum amount that you choose to
pay of the claim amount, while we pay the rest. The higher your Voluntary Deductible amount, the lower is your premium. Thus, eventually
discounting the premium.
Please refer to the below table for
appilcableVoluntary Deductible: -
It's not just discounts that you should look into, some of the add-on covers will also benefit you in the long run. Be sure to have a look at the add-on options
Car Insurance - Things to know
What is IDV?
The IDV (Insured Declared Value) of the car is a crucial component of the car insurance policy. It is something that has a direct impact on the car insurance premium. Basically, the IDV is the current monetary valuation of the car upon which the insurance coverage is offered. In simple terms, it is the current market value of the car taking depreciation into consideration for the purpose of insurance. Additionally, the IDV is deemed as the 'Sum Insured' which is fixed during the commencement of the car policy period.
What is No Claim Bonus?
With the help of a 'No Claim Bonus' (NCB), you can avail a discount in the car premium. You are entitled to an NCB if you don't register a claim during the previous car policy period. This discount can reduce the premium on your car insurance buy up to 50%.
What are the add-on covers available?
You can avail a number of add-on covers for your car policy. They include a Nil-dep cover, NCB retention cover (avail the NCB despite registering a claim), enhanced Personal Accident cover, electrical/electronic accessories cover and so on.
How will a Nil Depreciation Cover Help me?
A car insurance with nil depreciation cover helps protect your car against all physical damages caused to the car without factoring in the element of depreciation. With a nil dep cover, the entire claim amount is paid by the Car Insurance Company without considering any depreciation sum.
How will your premium be decided?
The car insurance premium is dependent on several factors:
- Car owner – Factors such as age, claim history, residential location etc. affects the car premium.
- Age: With age, the car’s value decreases. Thus, the car insurance premium amount decreases with increasing age.
- Car make and model – The vehicle policy premium is directly dependent on Insured Declared Value (IDV) which, in simple terms, is the current market value of the vehicle. For instance, SUVs and diesel cars attract a higher premium amount than others.
- Purpose of the vehicle: If you use the car for commercial reasons, you will need to pay a higher premium amount.
- Degree of Coverage: The extent of car insurance coverage impacts the premium. If you avail higher coverage such as add-on covers, your premium increases.
- Safety features and systems: Safety mechanisms such as airbags and anti-theft devices approved by Automobile Research Association of India (ARAI) help to reduce the premium
Types of Car Insurance
There are two types of coverages when it comes to car insurance. They are OD (Own Damage) and TP (Third Party) liability cover respectively.
Third Part Liability Cover: The third party cover mandatory by law and is regulated by the IRDAI (Insurance Regulatory and Development Authority of India). It covers any damage caused to a third party due to your car.
Comprehensive Damage Cover: The OD cover, though not a mandate is essential for the overall safety of you and your car and is highly advisable to avail one. In a nutshell, this cover offers coverage against any damage to your car due to risks such as accident, theft, fire and so on. Additionally, this will also cover third party insurance.
Add-On Covers
Add-on covers are not just additional costs, they are assets that earn you several advantages. Choose well!
NCB Retention
We offer this add-on for any private car which is 2 years old or above. With this add-on, we can help you to retain your earned No-Claim Bonus (NCB) percentage, even after you've made a claim. Without this additional cover, the NCB would drop to 0% if you've made a claim in the previous policy period.
Also note, if the value of your car is less than or up to Rs. 10 lakh, you can avail of this add-on while renewing your previous policy with us or even a previous policy from another company.
The retainable NCB is applicable when :
- The NCB percentage of the vehicle should be 25% and above
- One approved accidental claim is made during your policy period
- The total value of the claim payment made during your policy period is up to 25% of the value of your car, as mentioned in your policy
- Your policy is renewed with us, within 90 days of its expiry, which is the normal grace period for availing NCB
Motor Secure Plus Cover
The Motor Secure Plus cover includes Nil Depreciation, Consumables & Engine Cover.
Nil Depreciation Cover
Nil Depreciation Cover is helpful to combat the depreciating value of your car. With this add-on, there is no deduction for depreciation even on the car's parts, other than tyres and tubes.
Things to consider when you opt for this add on :
- This add-on covers private cars, with a maximum of two claims in one policy period.
- In case of partial loss, we will settle a claim made for the insured car only if it is repaired by/ at one of our authorised dealers or workshops.
- Compulsory Excess will be applicable as per normal practice and Voluntary Deductible will be applicable, if you have opted for it.
Consumables Cover
This add-on element covers expenses incurred by you on the consumable items in case of damage to the car insured and / or to its accessories, arising out of any peril as covered under your policy on approved partial loss claims.
Consumable items include nuts and bolts, screws, washers, grease, lubricants, clips, AC gas, bearings, distilled water, engine oil, oil filter, fuel filter and break oil.
Things to consider when you opt for this add on :
- This add-on covers private cars, with a maximum of two claims in one policy period.
- In case of partial loss, we will settle a claim made for the insured vehicle only if it is repaired at one of our authorised dealers or workshops.
Engine Cover
With this add-on, we cover you for expenses incurred while fixing indirect damage done by water ingression or leakage of lubricating oil leading to loss or damage to :
- Engine Parts
- Differential Parts
- Gear Box Parts
The coverage is available only for the claims intimated within 7 days of the loss or damage
Motor Secure Premium Cover
This cover includes Nil Depreciation, Consumables, Engine Cover & Key Protect Cover.
Nil Depreciation Cover
Nil Depreciation Cover is helpful to combat the depreciating value of your car. With this add-on, there is no deduction for depreciation even on the car's parts, other than tyres and tubes.
Things to consider when you opt for this add on:
- This add-on covers private cars, with a maximum of two claims in one policy period.
- In case of partial loss, we will settle a claim made for the insured car only if it is repaired by/ at one of our authorised dealers or workshops.
- Compulsory Excess will be applicable as per normal practice and Voluntary Deductible will be applicable, if you have opted for it.
Consumables Cover
This add-on element covers expenses incurred by you on the consumable items in case of damage to the car insured and / or to its accessories, arising out of any peril as covered under your policy on approved partial loss claims.
Consumable items include nuts and bolts, screws, washers, grease, lubricants, clips, AC gas, bearings, distilled water, engine oil, oil filter, fuel filter and break oil.
Things to consider when you opt for this add on:
- This add-on covers private cars, with a maximum of two claims in one policy period.
- In case of partial loss, we will settle a claim made for the insured vehicle only if it is repaired by/ at one of our authorised dealers or workshops.
Engine Cover
With this add-on, we cover you for expenses incurred while fixing indirect damage done by water ingression or leakage of lubricating oil leading to loss or damage to:
Key Protect Cover – Private Cars
With this, we cover the expenses you make while repairing or replacing your car keys and / or locks and / or lockset, including the locksmith's charges. You can make a claim during your policy period if the loss has occurred due to theft or burglary or loss of / damage to the keys, lock or the lockset.
Things to consider when you opt for this add on:
- The coverage will be available only for a maximum of two claims during your policy period.
- A claim resulting from burglary or theft should be supported by a First Information Report (FIR) with the police.
- The replaced keys / lock / lockset is of the same nature and kind as the one for which the claim has been made.
- The loss or damage to the keys / lock / lockset is reported to us within 7 days of the loss or damage.
- Replacement of key(s) will be allowed for broken or damaged keys only.
- In case of theft or misplacement of key(s), the entire set comprising of key, lock and lockset will be replaced, subject to the handing over the other key(s) to us.