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PERSONAL INSURANCE

Personal/Retail Motor Insurance

As per study, End of fiscal 2018, India was fourth largest automobile manufacturer in the world with record 30.92 million motor vehicles manufactured in this fiscal. With growing count of motor vehicle consumers, Automobile/Motor insurance consumers have increased exponentially. This growing need of automobile insurance does not only come from law where it compulsorily binds automobile owners to take third party liability insurance but equally all such consumers also pays premium for covering their vehicle against physical damage(OD-own damage).

Until 31st august 2018, Consumers used to pay annual premium for annual policy compulsorily for third party liability insurance and voluntarily for own damage of vehicle. However, Supreme Court of India directed and other stake holders in Insurance Industry, to mandatory issue third partly liability insurance for three years for New Purchased cars and five years for new purchased two wheelers. This was applicable for new vehicles sold on or after 1st sept 2018.

These regulation made a significant change in Automobile insurance wherein Every insurance company is equipped to provide motor insurance which is combination of both Own damage and third party insurance for equal term. i.e three years for cars and five years for two wheeler.

Customer may also choose for a product wherein he/she pays premium for third party insurance for compulsory term and own damage premium for only one year.
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Two Wheeler Insurance

Insured may choose for standalone third party insurance or may choose comprehensive insurance which covers financial compensation against accidentally physical damages to vehicle

Cashless Facility : Every Insurance company has got vast network of service centers and garages to provide cashless facility for making a claim.
What my two wheeler insurance Policy will cover?

Third Party Liability Insurance: As per Motor vehicle act 1988, it is mandatory for automobile owner to take third liability insurance from registered insurers from IRDAI against financial/legal liability that may arise from a third party property/life injury/damage/death due to an accident while using automobile.

Own Damage Vehicle: This ensures financial compensation to automobile owner against physical damages to vehicle due to an accident. However, it covers everything except deductible under policy, file charges and consumable items.

Other Add-on Covers: Now a days, variety of add on covers provided by insurance companies under automobile insurance such as below

  1. Zero depreciation: Full value of all parts replaced during partial damage to vehicle
  2. Personal Accident cover for pillion rider
  3. Consumable cover: Covers against expenses of consumables such as nuts, bolts, gases, greases etc
  4. NCB protection: NCB remains same even after claims is made.
  5. Return to invoice : Pays invoice in case of total damage or theft of vehicle

Legal Liability towards driver/passengers.

When claim will trigger under my two wheeler insurance?

Claim under motor insurance triggers when either of below event occurs and results into physical damage to vehicle and/or to third partly bodily injury/death or property damage.

  1. Fire explosion due to self ignition or lightning
  2. Burglary, housebreaking, theft
  3. Riot, strike
  4. Earthquake(Fire & shock damage)
  5. Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hail storm,
  6. Accidental damage by external means
  7. Malicious act
  8. Terrorism
  9. Whilst in transit on by rail road, in land water way, lift, elevator, or air
  10. Landslide, rockslide
What is not covered under my two wheeler insurance?

Claims are not payable under below circumstances:

  1. Consequential loss, wear & tear, mechanical or electrical breakdown, failures or breakages
  2. Accident occurring outside Indian geographical area
  3. If vehicle is used for purpose other than what is specified in policy.
  4. Arising nuclear weapon material
  5. War, invasion related circumstances
  6. If driver of insured vehicle is found to be under influence of alcohol or drug at event of accident.

Car Insurance

Insured may choose for standalone third party insurance or may choose comprehensive insurance which covers financial compensation against accidentally physical damages to vehicle

Cashless Facility : Every Insurance company has got vast network of service centres and garages to provide cashless facility for making a claim.
What my car insurance will cover?

Third Party Liability Insurance : As per Motor vehicle act 1988, it is mandatory for automobile owner to take third liability insurance from registered insurers from IRDAI against financial/legal liability that may arise from a third party property/life injury/damage/death due to an accident while using automobile.

Own Damage Vehicle : This ensures financial compensation to automobile owner against physical damages to vehicle due to an accident. However, it covers everything except deductible under policy, file charges and consumable items.

Other Add-on Covers:- Now a days, variety of add on covers provided by insurance companies under automobile insurance such as below

  1. Zero depreciation : Full value of all parts replaced during partial damage to vehicle
  2. Engine & gear box Protection
  3. Personal Accident cover for passengers
  4. Daily Allowance : Cost of alternative vehicle during insured vehicle is under repair
  5. Key replacement cover : Pays against replacement or repair of key at event of theft or misplacement of key.
  6. Consumable cover : Covers against expenses of consumables such as nuts, bolts, gases, greases etc
  7. NCB protection : NCB remains same even after claims is made.
  8. Return to invoice : Pays invoice in case of total damage or theft of vehicle
  9. Road side assistance(RSA) : RSA services at event of breakdown or accident.
  10. Personal Belongings Cover : Damage to personal belongings during an accident.
  11. Tyre cover

Legal Liability towards driver/passengers.

When claim under my car insurance will trigger?

Claim under motor insurance triggers when either of below event occurs and results into physical damage to vehicle and/or to third partly bodily injury/death or property damage.

  1. Fire explosion due to self ignition or lightning
  2. Burglary, housebreaking, theft
  3. Riot, strike
  4. Earthquake(Fire & shock damage)
  5. Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hail storm,
  6. Accidental damage by external means
  7. Malicious act
  8. Terrorism
  9. Whilst in transit on by rail road, in land water way, lift, elevator, or air
  10. Landslide, rockslide
What is not covered under my car insurance?

Claims are not payable under below circumstances:-

  1. Consequential loss, wear & tear, mechanical or electrical breakdown, failures or breakages
  2. Accident occurring outside Indian geographical area
  3. If vehicle is used for purpose other than what is specified in policy.
  4. Arising nuclear weapon material
  5. War, invasion related circumstances
  6. If driver of insured vehicle is found to be under influence of alcohol or drug at event of accident.
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ORANGE CAPITALConnect with us
Principal Officer : Deepak.Arora@orangecapital.in
Sales & Support : Deepak.Chauhan@orangecapital.in
Media/ Grievance/Enquiry : Nandita.Kapoor@orangecapital.in
OUR LOCATIONSWhere to find us
Registered Office
Orange Capital Insurance Broking Private Limited,
Ground Floor, S-145, Uppal South End
Sohna Road, Sector-49, Gurugram, Haryana-122001

Corporate Office
Second Floor, K-5A/9, DLF Phase-II,
Near Vatika City Point, MG Road,
Gurugram, Haryana-122008
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ORANGE CAPITALConnect with us
Let’s grow together with the warmth of mutual trust and support for a better future.
OUR LOCATIONSWhere to find us
GET IN TOUCHOrange Capital Social Links
Feel our social presence that seamlessly covers key insurance indicators.

IRDA Registration Number : 704 | CIN : U66000HR2019PTC082383 | Category : Direct Broker (Life & General including Health) | License Period : 17-04-2020 to 16-04-2023

IRDA Registration Number : 704
CIN : U66000HR2019PTC082383
Category : Direct Broker (Life, General, Health)
License Period : 17-04-2020 to 16-04-2023

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