The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. ORIENTAL with its head Office at New Delhi has 30 Regional Offices and nearly 1800+ operating Offices in various cities of the country.
Key Benefits of Oriental Car Insurance
Cashless Claim Networks
Direct Cashless Claim settlement in network garages across India
Automobile Association Membership Discount -Discount of 5% on the Own Damage premium subject to a maximum of Rs. 200/-
Accidental Cover /Customer Support
Cars manufactured prior to 31.12.40 and duly certified by the Vintage and Classic Cars Club of India - A discount of 25% on the OD Premium & TP Premium
Add-on Covers for Oriental Car Insurance
Liability to third parties, Personal Accident cover to owner-driver
Third Party Cover
compensation for personal injuries to third parties is unlimited, property damage is limited to Rs.6,000 only. This limit can be enhanced on payment of additional premium.
Personal Accident Cover
Personal accident cover for the owner driver for a specified sum insured.we alleviate the inconvenience by allowing benefit for use of an alternative vehicle for a limited period of time of 5,10 or 15 days with per day limit of Rs.400 or Rs.650
Inclusion & Exclusion in Oriental Car Insurance
Electrical / Electronic Fittings which do not form part of the vehicle manufactured and imported have to be specifically covered separately by paying additional premium of 4% on the value of such fittings
Damage, outside India unless covered by extra premium for Nepal, Bhutan & Bangladesh, Pakistan, Sri Lanka &Maldives
Oriental Car Insurance Policy Highlights Updated on 23 Oct 2017
|Third Party Cover||Upto 7.5 L|
|Incurred Claim Ratio*||68.68%|
|Net Earned Premium*||295944|
*For Year 2015-2016
In India, the Oriental Insurance Company Ltd is a well-known name that has been serving the Indian populace since 12th September 1947, the year of it's foundation. The company started off as a fully owned subsidiary of the Oriental Government Security Life Assurance Company Ltd, and in turn was a subsidiary of Life Insurance Corporation of India (LIC) from 1956 to 1973. In 2003, all the shares in the company that was held by the General Insurance Corporation of India has been transferred to the Central Government of India.
The Oriental Insurance Company Ltd is headquartered at New Delhi. There are 30 regional offices and 1800+ operating offices across the country. The company also operates overseas in Nepal, Kuwait and Dubai while listing 14,000+ highly qualified and technically competent employees on it's rolls. From humble beginnings- at just under a lakh rupees at inception, the Gross Premium as managed by the company has reached a staggering Rs.7282.54 crores in the financial year 2013-14. Oriental specializes in providing special covers to large scale projects like power plants, steel plants, etc. while also providing niche products to attend to the specific requirements of the urban and rural population of India.
Private Car Package Policy from Oriental Insurance Company Ltd
For many of us, buying a car is a long drawn, meticulously planned event that justifies our stand as a financially independent individual. However, the perils that could befall your cherished vehicle are many. For such scenarios- and to ensure that you don’t lose your hard earned money over unintentional loss or damage caused to your car, theft, or the involvement of your vehicle in accidents that could have caused injury, loss of property or death of a third party- Oriental brings you a comprehensive and simple to execute car Insurance product. Oriental brings you the convenience of buying a robust Motor Insurance policy at the click of a button- and it takes all of 5 minutes!
Sum Insured per the Oriental Private Car Package Policy
The sum insured will be the Insured Declared Value (IDV) of the vehicle. Herein, the IDV for vehicles that are less than five years old is the manufacturers’ listed selling price that is suitably adjusted for deprecation depending upon the age of the vehicle, and in accordance with set norms. The IDV for vehicles that are older than five years is decided to be a mutually agreed upon value.
The tenure of this car insurance policy is 1 year, however coverage for shorter durations is also available.
Incidents Covered Under the Private Car Package Policy
- Damage or loss of vehicle that is caused accidentally.
- Third Party Liability wherein your vehicle was involved in an accident that caused loss, damage to property and/or injury, death to a third party.
- Natural Mishaps: Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
- Man-made: Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air, etc.
Exclusions- Incidents that aren’t covered by the Policy
- Damage caused to vehicle when the driver wasn’t carrying a driver’s license, and/or driving under the influence of alcohol or other mood/mind stimulating substances.
- Mechanical or electrical breakdown or failure.
- Damage to vehicle by war, mutiny or nuclear attacks.
- Depreciation in line with the market scenarios and other external conditions.
- Damage incurred while the car was operational outside India- unless covered by additional premium for Nepal, Bhutan, Bangladesh, Pakistan, Sri Lanka and Maldives.
- Vehicle was utilised as part of an agreement that isn’t suitably communicated to the insurer, including being used for hire or reward, speed tests, reliability trials, pace setting, racing, and any scenario involving motor trade.
- Damage caused to the tyres and tubes of the car- unless the damage occurred in an accident that ensured a liability of upto 50% of the overall value.
Additional Coverage from Oriental
|NIL Depreciation Cover||In cases of claims of partial damages to the vehicle, full value of the damaged parts shall be insured without taking into account the depreciation value|
|Loss of Personal Effects||The loss of personal items excluding monies, credit cards, laptops and mobile phones, are subject to a maximum payment of Rs.5000 or 10,000, payable when the loss is listed under the own damage section of the policy. An additional premium of Rs.400-650 is charged to avail this cover.|
|Alternative Car Benefit||Due to the accident/theft of your vehicle, you might have to use an alternative vehicle to meet your travel demands. Utilise the alternative vehicle for a duration of 5, 10 or 15 days with a daily limit of Rs.400 or Rs.650 in accordance with the premium charged. This benefit is applicable when your car is damaged beyond 20% of IDV and is disabled.|
|Free Emergency Services from TVS||If your vehicle is insured at any of our offices in Delhi & NCR, Punjab, Haryana, Himachal Pradesh, Rajasthan, All Southern States, Mumbai or Kolkata, then your policy has a provision for FREE emergency services in the case of a breakdown.|
In Conclusion, Oriental Private Car Insurance Package Policy is a well-rounded motor insurance cover for your cherished set of wheels that ensures that you are protected against all the major mishaps and unfortunate occurrences. The ease of purchase, the expert customer service network and the inclusion of many perks, makes this the ideal motor insurance for you. Why wait? Act Now!
FAQs – Oriental Car Insurance
- What are the add-on covers gained by paying extra premium(s) towards an Oriental Car Insurance?
NIL Depreciation Cover:
If you claim for partial damages to your car/bike, the complete cost of parts will be compensated. There is no need to apply for depreciation concerning this. But some deductible as per the Oriental Car Insurance policy terms will be charged.
Loss of Personal effects
In case of accidental damage or theft, loss of personal items costing no more than INR 10,000 (not credit cards, PCs or mobiles) will be compensated. This additional cover offered by Oriental Car Insurance will cost you only an extra premium of INR 400 for limit of INR 5000 and INR 650 for limit of INR 10,000.
Alternative Car Benefit
Contingencies like accidents or thefts deprive you of the usage of insured vehicle. By taking extra premiums from you, the insurance company will provide you with another (similar) vehicle for a specific period of time. It could be from 5 days to 15 days depending on the premium amount. This is applicable only if the vehicle damage is more than one-fifth of the IDV paid and is in no condition to be used.
Free Emergency Service through TVS
If your vehicle is indemnified through Oriental insurance branches in Delhi & NCR, Haryana, Punjab, Rajasthan, Himachal Pradesh, Kolkata, Mumbai and all South Indian States, you can avail free emergency services if your vehicle breaks down. No premium is levied for this.
- Can I apply for Oriental Car Insurance if accident to my vehicle was caused by a person driving without a valid license?
No. Not even if you as the owner of the vehicle have an invalid driving license. No insurance cover can be claimed if the person driving does not have a valid driving license as Oriental Car Insurance has always condemned irresponsible driving.
- Do I have to close the existing insurance and buy a new one in case of relocation?
Some motor insurance companies do insist on switching automobile insurance as insurance procedures and premium calculations can vary slightly from state to state. But Oriental insurance has a more centralized approach and makes renewal of existing policy in another state very much possible. You need to fill in a fresh proposal form. Remember that the slightest error can result in claim denial. The specific branch can request for personal inspection of your vehicle and also insist on other formalities as per the situation. Please get in touch with the nearest branch for further assistance.
- Can I choose the amount of insurance?
No. Usually, the sum of Insurance will be based on the Insured Declared Value of your bike/car, also called as IDV. If your vehicle is fairly new (i.e. less than 5 years old), the Oriental bank will count the Manufacturer’s registered selling price as the IDV. This can be subjected to change with deprecation on the basis of age of your vehicle. For all automobiles older than 5 years and other outmoded (second hand) ones, the IDV is a jointly agreed sum between the owner and the insurance company.
- How is the Oriental Car Insurance premium calculated?
There is no fixed premium for any Oriental Car Insurance as it is purely based on various factors such as the IDV, vehicle’s cubic capacity, area of registration and whether the vehicle is old or new (more or less than 5 years old). For use of extra electrical and electronic fittings like music stereo, fog lights, GPS etc (anything that is not fixed by manufacturers), extra premium is to be paid for cover. Extra premium (with added benefits of course) will also apply for the use of CNG/LPG fuel or if you want add-on cover and other additional benefits.
- Oriental Home Insurance
- Oriental Bank of Commerce Credit Card
- Oriental Bank Of Commerce Car Loan Interest Rates
- Oriental Bank Of Commerce Car Loan Eligibility Calculator
- Oriental Health Insurance
- Oriental Two Wheeler Insurance
- Oriental Bank of Commerce Education Loan
- Oriental Bank of Commerce Personal Loan
- Oriental Bank of Commerce Car Loan
- Oriental Bank of Commerce Used Car Loan
- Oriental Bank of Commerce Recurring Deposit Rates
- Oriental Bank of Commerce Fixed Deposit Rates
- Oriental Bank of Commerce Personal Loan Interest Rates
- Oriental Bank of Commerce Personal Loan Eligibility
- OBC IFSC Code
This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.
News About Oriental Car Insurance
Delay In Reporting A Loss Equals Claim RejectionDelaying up the news of a stolen vehicle to the concerned insurance authorities could prove to be a costly mistake. An example for this axiom emerged recently wherein a consumer forum rejected the insurance claim of a man who hadn’t reported his loss to the concerned insurer for 46 days. This inordinate delay stole from the insurer the opportunity to properly investigate the claim in line with the tenets laid out in the motor insurance documentation and thus, the ensuing denial was deemed completely justified. The claimant, Mr. Naveen from Delhi, should have ideally informed, Oriental Car Insurance Company, about his loss at the earliest possible opportunity, thereby avoiding this very costly oversight.
3rd February 2015
GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017