Zero Depreciation Cover:
In case a claim is made for partial damages, with a zero depreciation cover, you will be reimbursed the full value of the damaged car parts without the calculation of depreciation rate.
Loss of Personal Items:
Maximum of Rs 5000 to Rs. 10,000 is payable against the loss of personal items. However, it excludes money, laptops, credit cards, electronic items etc. The list of losses covered by the policy is generally mentioned in the policy document, but the insured will be charged an additional premium to avail this.
Alternative Car Advantage:
In case of an accident, the insured will be facilitated with a replacement car which he/she can use for up to 15 days while the insured car is being repaired You can avail this facility only if the vehicle is damaged to at least 20% of IDV and is unable to function.
Avail Emergency Service Free of Cost:
If the car is insured at any of the offices of Oriental Insurance Company in NCR, Haryana, Punjab, Rajasthan, Himachal Pradesh, Mumbai, Kolkata or all South Indian states, you can avail emergency services free of cost as per the policy provision.
Car Insurance Premium & Factors Affecting the Premium Rate
There are a few factors that affect the premium of Oriental Car Insurance. They are:
Insured Declared Value or IDV of the Car:
Insured Declared Value, or IDV, is the present market value or the manufacturer’s listed selling price of the car. This is the maximum amount paid by the insurer to the insured when a total-loss claim is made. If you choose a higher IDV, you may have to pay a little more premium.
Capacity of the Car Engine: The cubic capacity of a vehicle’s engine plays an important role in deciding the premium. When IRDA decides the premium for third party liability insurance, it is done on the basis of the cubic capacity of the engine.
Zone of Registration of the Vehicle: The location where the car is registered is also influential. If the area of registration is prone to risks, the insurer may ask for a higher premium.
Age of the Car: Age factor matters a lot. The insurer demands a higher premium for the vehicle that is older than for a brand new car.
Final Word!
Apart from these, the insurance company decides car insurance premium by considering other factors as well. For accessories or any LPG/CNG kit that you recently got fitted in the car would lead to an extra premium. Add-on cover means you will have to bear an extra amount. But, if you are getting good benefits in return, then paying a little wouldn’t harm you. Remember, you should analyse your needs and opt for an insurance plan in a calculative way.