Auto Insurance FAQs

How is the vehicle value calculated and insured?

The value of the car, the cubic capacity, its use etc are taken into consideration to decide the premium payable. The vehicles are insured at a fixed value called the Insured’s Declared Value (IDV). IDV is calculated on the basis of the manufacturer’s listed selling price of the vehicle.

How is the premium calculated?

It's based on the cubic capacity of your vehicle's engine, its age, place of registration and value of the motor vehicle. personal Accident, accessories, etc. - you may have to pay an additional premium.

What is No Claim Bonus?

It's a discount one gets while renewing the motor policy after a claim-free year.It can build into a substantial discount over a 3-4 year period, and is an incentive for driving carefully and avoiding accidents.

Should I renew my auto Insurance every year?

Your vehicle's Insurance has a policy period of not more than 12 months

What is meant by Total Loss?

Total Loss refers to accident damage to your vehicle where the cost of repairs amounts to more than 75% of the depreciated value (of the vehicle) on your policy.

What is the procedure of claiming the insurance?

In Case of an Accident

Note the number of the other vehicle involved in the accident, if any.
Jot down the names and contact details of witnesses, if any.
Call up your insurance provider and get your claim number / reference number.
File an FIR at the nearest police station in case of property damage, bodily injury, theft and major damages.

After Registering the Claim

Our customer service manager will contact you within 24 hours of registering the claim.
Submit the copy of documents to the dealer / CSM and get verified with the originals.
Our CSM will get the estimate for the repairs of your vehicle and give spot approval after assessment.
After completion of repair at our preferred garage we will make payment of our share of the loss directly to the garage.
The insured to pay the excess mentioned in the policy and depreciation, salvage etc informed by the CSM.

What documents are to be given?

For Accident Claims

Claim form duly signed
RC copy of the vehicle
Driving license copy
Policy copy (First two pages)
FIR on a case-to-case basis
Original estimate
Original repair invoice, payment receipt

For Theft Claims

Claim form duly signed
RC copy of the vehicle with all original keys
Driving license copy
Original policy copy
Original FIR copy
RTO transfer papers duly signed along with Form 28, 29, 30 and Form 35 (if hypothecated)
Final report – A no trace report from the police saying that the vehicle cannot be located.

For Third Party Claims

Claim form duly signed
Police FIR copy
Driving license copy
Policy copy
RC copy of the vehicle