Kotak Car Insurance

Kotak Mahindra Bank is India’s fastest-growing bank, and Kotak General Insurance is its 100 subsidiary, which was established in the year 2015. Kotak is a leading name in the list of Indian insurance companies that aims to serve the growing non-life insurance segment and provide them with a wide range of policies, like car, health, life, bike, etc. (1)

About Kotak Car Insurance

If you own a car, ensuring its protection must be on your top-priority list. You never know when it might get hit by an accident or a natural disaster. Such a situation will be troublesome for you, other people sitting in your car and the involved third parties.

Therefore, having car insurance is crucial to safeguard yourself and your vehicle from various financial and legal issues. Kotak Car Insurance offers comprehensive, third-party, and own-damage car insurance, providing enhanced protection for your car as well as third-party vehicles.

Key Features

Let’s explore the key features of Kotak Car Insurance.

• Cashless Servicing: With a network of 4200+ garages, policyholders get cashless car insurance service across India hassle-free without any delays. (Note: cashless claim settlement is only available in a network garage).
• Personal Accident Cover: This feature covers the car owner and provides them with a sum assured of Rs.15 lakhs in case of accidental death or disability.
• Wide Range of Add-ons: Add-ons provide you with additional coverage benefits. Kotak car insurance allows you to add a variety of add-ons to increase the scope of your base policy.
• Premium Discounts: Get premium discounts on your Kotak car insurance policy by installing safety devices and choosing a voluntary deductible.
• No-claim Bonus: The insurer offers a no-claim bonus every year for which you do not make a claim. After the 1st claim-free year, the bonus starts at 20%, and it increases with each successful claim-free year. You can get up to a 50% bonus as well as a discount on the premium payments.
• Special Discount For AAI members: Members of the Automobile Association of India (AAI) can enjoy additional discounts on car insurance premiums. So, if you are associated with AAI, don’t forget to inform the insurer and grab the special discounts.
• Quick Turnaround Time (TAT): Get quick claim settlements with 24*7 expert assistance and zero paperwork required.

Key Metrics

Eligibility To Purchase a Car Insurance Plan

Let’s see what are the eligibility criteria required for purchasing a car insurance plan in India.

• The applicant must be an Indian resident and 18 years old or above with a valid driving licence.
• The car must have a registration certificate from RTO along with a pollution test certificate or PUC.

Types of Car Insurance Plans Offered by Kotak

Now, we will see what types of car insurance Kotak provides to its customers.

• Comprehensive Car Insurance: The comprehensive car insurance policy by Kotak provides the policyholder with comprehensive benefits which include financial assistance for both 3rd party vehicle damage and damages made to the policyholder’s own vehicle. Along with this, it also offers coverage for casualties due to natural disasters, man-made events, fire, theft, self-ignition, lightning, explosions, and more, according to policy terms and conditions.
• Third-Party Insurance: A 3rd-party insurance policy is mandatory if you want to drive a car in India; otherwise, you will have to face legal issues. This type of insurance is also known as a liability-only car insurance policy that covers injuries, disabilities, or death caused to the 3rd-party by the insured vehicle. It also offers cover of up to ₹7.5 lakhs for any property damage of the 3rd party.
• Own-Damage Car Insurance: The IRDAI introduced the stand alone own-damage or SAOD car insurance policy in 2019. Under this policy, only the insured vehicle gets financial benefits from road accidents or natural calamities.

How much Does Kotak Car Insurance Cost?

The Kotak car insurance starts from Rs. 2,094.

Add-ons Offered by Kotak Car Insurance

Add ons are additional coverage that you may choose for your car at a minimal additional cost. There are several add ons that are offered by Kotak Car Insurance as mentioned below:

• Consumables Cover: The cost of some car consumables, such as nuts, bolts, screws, and lubricants, are covered by this rider.
• Depreciation Cover: As soon as a car gets out of the showroom, its value starts getting depreciated. During claim settlement, the depreciation cost is usually deducted from the repair or replacement parts costs. But with a depreciation cover or zero dep add-on, your car’s value will be intact and no depreciation cost will be deducted.
• Engine Protect Cover: The engine protection cover provides coverage for your car’s engine if the engine gets damaged due to an accident or because of seepage or waterlogging. This cover is especially beneficial for people living in areas where rain or water logging is common.
• Return to Invoice: The return to invoice rider gives you the benefit of getting your original invoice price in case your car is stolen or the vehicle is damaged beyond repair.
• Tyre Cover: When there is an emergency, this particular add-on comes to your rescue as it provides 24X7 assistance in the below scenarios

• If the tyre gets punctured in the middle of the road,
• The car ran out of fuel or battery.
• Please note, this cover does not provide normal wear and tear expense coverage and has to be borne by the policyholder themselves.
• 24/7 Roadside Assistance: This rider gives you coverage if the car breaks down at a place where there is no scope for help. With this rider added to your policy, you can contact the insurer anytime you need assistance with your vehicle.
• Daily Car Allowance: This rider helps when your car meets with an accident and you send your car for repair. This add-on provides you with an allowance to spend on the daily commute until your car is in the garage.
• NCB Protect: This rider makes sure that you receive your NCB or No Claim Bonus at the time of renewal, even if you have made a claim or multiple claims in the previous year. It is important to note that making multiple claims in a given year will however increase your policy premium in the next year.
• Loss of Personal Belongings: This rider is for when you lose any of your personal belongings in the car due to an accident or any natural disaster. This rider pays the cost of those belongings like laptop, clothes, electric items, etc.
• Key Replacement: The key replacement rider is helpful if you misplace, damage or lose your car key. Replacing car locks can be expensive, but with this rider, the costs of redoing your car lock is also covered, ensuring you're not spending this amount out of pocket.

What Is Covered and What is Not Covered?

Let’s find out what the inclusions and exclusions of Kotak Car Insurance are.

INCLUSIONS

• If your vehicle is damaged partially or entirely in an accident.

• If your car is damaged due to any man-made cause, such as burglary, theft, or terrorist activity, then Kotak car insurance will cover it.
• The insurance plans also cover theft and pay the Insured Declared Value or IDV.

• Losses due to natural disasters, such as earthquakes, floods, fires, cyclones, etc.

EXCLUSIONS

• Wear, tear and normal ageing of vehicle
• Depreciation or any consequential losses
• Mechanical and electrical breakdown
• Driving without a valid driving licence
• Driving under the influence of drugs or alcohol
• Nuclear activities and war

How To Make A Claim For Kotak Car Insurance?

Let’s understand Kotak Car Insurance's claim procedure. (2)

• As soon as your car meets with an accident or when it is lost, it is advisable to report an FIR immediately.

• Let the insurance provider know about your claim and provide them with your policy details. You can do so by submitting the Claim Intimation Form or by calling 1800 266 4545 from 8 AM to 8 PM.

• After the claim registration procedure, you’ll receive a “Claim Reference Number” via the support executive.

• Submit documents such as claim forms, driving licence, registration copy of the car and police FIR copy.

• The insurer will arrange the vehicle inspection within 24 hours.

• If the vehicle is being repaired at one of Kotak’s network garages, payment will be directly made to the respective garage. You only have to pay the deductible amount, depreciation value, salvage, etc, as per the surveyor’s instructions. Then, you can take your car back from the garage once the repair is done.

• In the case of reimbursement claims, get the car repaired at any garage and submit the repair bill with other documents to the company. The claim will be settled within seven days.

Note: In case of a third party claim, you simply have to update your insurer about the issue and file an FIR if required. Kotak will then directly settle the claim with the third party.

Kotak Car Insurance Renewal Process

Follow the steps below to renew your Kotak car insurance.

• Step 1: Visit the InsuranceDekho website
  • To renew your Kotak Life Insurance policy via InsuranceDekho, click on the ‘Renew Policy’ option on our official website’s homepage.
• Step 2: Login Using Mobile Number & OTP
  • Enter your mobile number and enter the OTP.
• Step 3: Select Kotak Car Insurance Policy
  • You will see a dashboard, and among all the options, click on Kotak car insurance. Check the policy details before clicking on the ‘Proceed’ option.
• Step 4: Proceed To Payment
  • To make the car insurance policy renewal payment, you can either choose UPI, net banking, credit or debit card option.

Kotak Car Insurance Customer Service & Support

Kotak Car Insurance Contact Details

You can contact Kotak Car Insurance customer care in the following ways: (3)

• For Indians: 022 - 69417220 (Toll number) and 1800 266 4545 (Toll-free)
• From NRIs: +91-22-69417220
• Website: www.kotakgeneral.com
• Email: care@kotak.com
• WhatsApp: 7998879988

InsuranceDekho Contact Details

You can connect with an InsuranceDekho official through the following ways:

Phone Number: +91-7551196989

Email: support@insurancedekho.com

Complaints & Grievance Redressal

Kotak Grievance Redressal (4)

• Phone Number: 1800 266 4545
• Email: care@kotak.com

InsuranceDekho Grievance Redressal

• Write to us: Grievance Officer, Plot no.301, Phase-2, Udyog Vihar, Gurugram-122022, Haryana, India.
• Phone number: 7551196989 (Monday to Sunday, 24*7) (excluding public holidays)
• Website: https://www.insurancedekho.com/contact-us

References

• www.kotakgeneral.com/about-us
• www.kotakgeneral.com/motor-insurance/car-insurance
• www.kotakgeneral.com/services/claims/claims-proces...
• www.kotakgeneral.com/customer-support/grievance-re...
• www.kotakgeneral.com/motor-insurance/car-insurance