Oriental Car Insurance
Oriental Insurance Company Ltd. is one of the known faces in the general insurance industry in India. It is a public sector insurance company and offers more than 170 general insurance products. It was established on, 12th September 1947, and is headquartered in New Delhi. The company has 31 regional offices and over 1,800 branches working actively across the nation.Initially, Oriental Insurance operated as a completely owned subsidiary of Oriental Government Security Life Assurance Company Ltd. Thereafter, for a period of 17 years, i.e.; 1956 to 1973, the company operated as a subsidiary of Life Insurance Corporation (LIC) of India before the nationalization of general insurance business in India. In 2003, it was de-linked from the parent company and set up as an independent insurance company, the Union Government acquired all the shares of the company from Oriental Insurance Corporation of India. Later in 2018, the Government of India merged Oriental Insurance with National Insurance Company Ltd. and United India Insurance Company. Shri A. V. Girija Kumar is the Chairman-Cum-Managing Director of the company since, May 2017. The company has more than 14,000 working employees and offers 170 insurance products to its customers that range from health, home, travel, business and motor. The company had a modest start in the year 1950 with a premium of a little less than Rs 1 lakh. However, it recorded a gross premium of Rs 7,282.54 Crores in the financial year of 2013-14. Apart from India, it also has overseas operations in Nepal, Kuwait and Dubai.
Inform the companyThe policyholder must send a notice immediately informing about the incident to the company and submit a claim form along with necessary documents
Filing FIRIn case of any third party death/injury or when the vehicle is stolen, one needs to file an FIR immediately and the copy of the same should be submitted to the company
Surveying the incidentThe company will send a surveyor to inspect the nature and extent of damage caused to the vehicle. This step will also be followed in case of the theft of the vehicle
Document verificationThe submitted documents will be verified and the company will proceed further to render the claim
Availing the claimThe claim settlement process is hassle free and the customer support is highly efficient. The settlement usually takes no time after the completion of all formalities
Oriental Car Insurance FAQ’s
What kinds of Car insurance policies are available with Oriental Insurance?
The basic insurance covers offered are:
- Liability Only Policy: This policy is mandatory for every vehicle owner. It covers the liabilities towards third parties only, as per the Motor Vehicles Act.
- Package Policy: In addition to the benefits of the Liability Only Policy, this also covers damages to your vehicle, owing to an accident. Moreover, one can also use add-ons for extra protection.
What will be the premium for my vehicle?
Premium depends upon a number of factors viz. type, make, model, cc, usage, place of registration, past claims history etc. of the vehicle. It is therefore, advisable to contact the company’s underwriting office with vehicle’s details for the exact premium amount.
Why do I need to renew my vehicle’s insurance policy?
Every insurance policy has a fixed tenure post which the policy needs to be renewed to meet regulatory obligations. Apart from this, one should renew one’s policy as accidents are uncertain and having an active insurance policy helps mitigate financial liabilities. Furthermore, you will also retain your No Claim Bonus–the hard-earned discount, in premium for claim free year(s).
Can I transfer the insurance policy to the buyer of my vehicle?
Yes, the insurance policy is transferable. You need to submit a fresh proposal form and the company will charge a nominal fee.
What if I have installed the LPG/CNG kit in my vehicle?
Installing LPG/CNG kit is permissible by the RTO-means. However, it should be registered with the RTO and mentioned by them in your RC. Then, you need to approach the insurance company and declare it to them with a copy of the RC.
Note: Additional premium is payable for the vehicle with LPG/CNG kit.
How can I pay premium online?
At first, you need to register yourself as a customer on the company’s online portal by providing basic details. Thereafter, you will gain access to all the features including the option to pay premium online and even renewal of the policy.
I want to know the risks covered and the terms and conditions of the policy?
One can always know the risk covered and the terms and conditions of the policy by visiting Oriental’s website or by visiting any of its branches. Alternatively, you can give us a call at 7551196989 and we would be glad to assist you with the coverages as well as terms and conditions of your policy.
Can I avail tax benefits under covers like Personal Accident rider?
No, there are no tax benefits for premiums paid under this type of covers
I have lost my Oriental car insurance policy, what to do next?
You should approach the same branch from where you bought the policy. You can get a duplicate policy against a nominal fee
Can I choose the amount of the premium?
While the premium is calculated as per the underwriting guidelines of the company, one can always choose the coverage, add-ons, as well as the insured declared value (within certain limits) which impacts the premium.
Benefits of General Insurance
- With 30 regional offices and around 1800+ operating offices in the country, Oriental Insurance Company has a wider reach compared to most of the insurance companies.
- It also provides niche products to suit specific requirements of the urban and rural population of the country.
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Zero Depreciation Cover
In case a claim is filed for damages, with this add-on coverage, the company will pay you the full value of damaged part (except certain parts such as tyre, tube, battery) without taking depreciation into account.
Loss of Personal Items
This add-on covers loss of personal items and the company will reimburse the policyholder with a maximum of Rs 5,000 to Rs 10,000 depending on the t&c of the insurer. However, it does not include money, laptops, credit cards, electronic items etc.
Alternative Car Advantage
In case of an accident, when the car is out for repairs, the company will arrange an alternative car for the policyholder. One can avail this facility only if the vehicle is damaged to at least 20% of IDV and is unable to function.
Emergency Service Free of Cost
The policyholder is entitled to avail emergency services as per the policy, if the insurance of the car is done at any offices of the company in the following states: NCR, Punjab, Haryana, Himachal Pradesh, Mumbai, Kolkata Rajasthan or all South Indian states.
**Conditions are subjected to change depending upon the insurance company.**
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