Oriental Insurance Company Ltd. is a public sector insurance provider in India offering a wide range of insurance solutions. The company offers insurance plans that cater to the needs of the rural and urban customer base. Some of the products offered by Oriental Insurance are motor insurance, householder’s insurance, shopkeeper’s insurance, and health insurance.
Why Should You Buy Motor Insurance From Oriental Insurance?
The advantages of buying motor insurance from Oriental Insurance are many. Some of these benefits are listed below:
- The insurance company has a speedy claim settlement process with payouts being made in the quickest manner.
- The insurer also has a robust claim settlement ratio, one of the best in the motor insurance industry. Moreover, taking motor insurance from Oriental Insurance is a reliable option, given the experience and reputation the company has in the domain.
- Customers can benefit from cashless claim settlement facility at network garages across the country. This is a very attractive benefit from the perspective of the policyholder, as he/she is not required to pay the entire claim amount at the time of repairs.
- The insurer has an online premium calculator tool using which prospective customers can get quotes for their insurance. In case they agree to the quote, they can proceed to pay the premium and buy the policy.
Types Of Motor Insurance From Oriental Insurance
Oriental Insurance offers the following types of motor insurance plans:
- Private car insurance - The private car insurance policy protects the insured car from various incidents, including accidental losses, liabilities to a third party, losses from natural calamities, man-made disasters, theft, fire, etc. The policy also safeguards the owner-driver of the insured vehicle from accidental injuries or death.
- Two-wheeler insurance - The two-wheeler insurance plan is configured specifically for bikes and scooters. It offers protection from theft, accidents, in-transit damages, and natural and man-made calamities. It also offers legal liability insurance for accidents/death of third parties and third-party property damages in accidents.
Oriental Insurance Third-Party Liability Insurance Policy - Inclusions
The customer can choose to buy a liability only policy from Oriental Insurance. Apart from being a very cost-effective option, this plan is also suited for vehicles that are not driven too much. The coverage under the third-party liability policy from Oriental Insurance is as follows:
- The policy protects the insured vehicle owner from liability claims from a third party after an accident. This includes incidents of third-party disabilities, injuries, or death.
- The policy also offers liability coverage for third-party property damages.
The liability only plan does not safeguard the policyholder or the insured vehicle. In case the vehicle owner requires extensive insurance coverage, he/she should look to purchase the for the vehicle.
Oriental Insurance Comprehensive Motor Insurance Policy - Inclusions
The comprehensive motor insurance policy from Oriental Insurance covers own-damage events such as:
- Accidental losses to the insured vehicle
- Explosion, fire, lightning, self ignition
- Natural disasters such as floods, storms, earthquakes, inundation, rockslides, landslides, riots, terrorist acts, malicious activity, and strikes
- Theft of the insured vehicle
- In-transit damages suffered by the vehicle
The insurance also offers third-party liability cover for injuries, death and property damage. The protection offered by the policy can be amplified if the customer chooses to buy suitable add-on covers that the insurer offers.
Oriental Motor Insurance - Exclusions
The following events are not covered under the Oriental motor insurance policy:
- Driving the insured vehicle without a valid driving license
- Electrical or mechanical failure
- Consequential losses to the vehicle
- Damages suffered while drunk driving
- Depreciation of the insured vehicle
- Losses due to mutiny, war, and nuclear activities
- Damage to the tyres or tubes of the vehicle, unless the vehicle itself is damaged in an accident
- Damages suffered outside the geographical limits specified in the policy, unless extra coverage is taken by the policyholder
- Private vehicle being used for commercial uses, reliability tests, speed testing, racing, etc.
Oriental Motor Insurance FAQs:
- Does Oriental Insurance offer any discounts on motor insurance?
The discounts offered by Oriental Insurance to its customers are detailed below:
- Discount on opting for voluntary deductibles
- Anti-theft device installation discount
- No Claim Bonus (NCB) that translates into a renewal premium discount
- Discount for membership in an authorised automobile association
Consider a scenario in which your insured vehicle meets with an accident in which you are at fault. If the other party (referred to as third party) has suffered any injuries, death, or even property damage, you are liable to pay for the losses. The amount to be paid is decided by the Motor Accident Claims Tribunal (MACT), and there are no upper limits on death/disability claims. For property damage claims, the upper limit is usually Rs.7.5 lakh.
Having to pay such a huge amount on short notice could be a significant financial burden for you. The Motor Vehicles Act, 1988, mandates that all vehicles are protected with at least third-party liability insurance. This insurance cover pays for the liability claim from the third party and financially safeguards the policyholder.
In case your car has been stolen, the insurance company will pay you its Insured Declared Value (IDV). For vehicles that are less than 5 years old this is, in fact, the market value of the vehicle minus its depreciation. If the vehicle is more than 5 years old, the IDV is a value that the insurer agrees with the policyholder. However, if your vehicle insurance has an add-on Return to Invoice (RTI) cover, you will receive the entire invoice value that you paid for the vehicle at the time of its purchase.
The following add-on covers are offered by the insurance company:
- Nil depreciation cover
- Alternative car benefit
- Coverage for loss of personal belongings
Additionally, free emergency service for select policies is also offered by Oriental Insurance.
The insurer takes into account the following factors when calculating the premium:
- The IDV of the insured vehicle
- Engine capacity
- Registration zone
The customer will have to pay additional premium for the following:
- Installing CNG/LPG kit
- Getting coverage for electrical and electronic items under the insurance
- Opting for add-on covers
- Installing extra fittings or customising the vehicle
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