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Everything You Wanted to Know About Kotak Mahindra Car Insurance

By Juhi Walia
27 September 2022, 3:16 PM

There are several companies out there offering car insurance policies. However, policy buyers need to weigh all their options and decide. Kotak Mahindra is one insurer that offers an excellent comprehensive car insurance policy covering various damages. Also, Kotak Mahindra has a reputation for providing affordable car insurance policies to its policyholders. The company has car insurance plans with a premium of as low as INR 2094. The insurer has both comprehensive and third-party plans under its umbrella. The company's claim settlement ratio is an impressive 97%, as per the information available on the official website of Kotak Mahindra General Insurance. (Claim settlement data sourcing date - September 21, 2022). Before you pay for your car insurance, make sure you check all the plans and their inclusions. 

If you are planning to subscribe to Kotak Mahindra Car Insurance, this guide will help you with the choice.

About Kotak Mahindra General Insurance Company 

Kotak Mahindra General Insurance Company is one of the best insurance providers in the country. It was launched in 2015 and has grown ever since. The company, a wholly-owned subsidiary of Kotak Mahindra Bank Limited, has its headquarters in Mumbai and 19 branches spread evenly throughout India. It is known for customized insurance products. If you are planning to buy car insurance online, you can choose Kotak as it provides hassle-free online services. The company covers a wide range of vehicles through its car insurance policies. Kotak has a very customer-centric approach to its work. Hence, it has a good claim settlement ratio. Also, it offers a wide assortment of insurance products that take care of varying customer needs.

Types of Kotak Mahindra Car Insurance  

Kotak Mahindra has three types of car insurance policies. Kotak Mahindra comprehensive private car insurance policy is quite popular among car buyers. This is because the comprehensive car policy covers all damages, including third-party damages. 

The company also provides a third-party insurance policy and standalone own damage insurance besides comprehensive insurance. While a Kotak Mahindra third-party car insurance policy covers you against third-party liabilities, Kotak Mahindra standalone own damage policy covers you against vehicle damages. Third-party liabilities include property damage and damages to a third person party. So, these two policies are not as inclusive as comprehensive insurance. 

Inclusions of Kotak Mahindra Car Insurance

 The comprehensive car insurance policy by Kotak Mahindra is quite popular as it covers an array of damages. Before buying car insurance from Kotak, let’s look at the policy's inclusions. 

  • Natural Disasters: Any damage resulting from a natural disaster is covered under the Kotak Mahindra car insurance policy. The natural disasters here include earthquakes, floods, storms, etc.
  • Personal Accident Cover:  Car insurance covers the accidental death of the driver or the owner, depending on who was driving the car. The personal accident car insurance covers even the disability of the person.
  • Theft and Burglary: The plan includes any damages sustained by the car due to theft or breaking into the house. Even the damages caused by burglary are included in the plan.
  • In-transit Damage: If the car suffers any damages while in transit, the plan covers the damages. The transit could be via road, rail, waterway, or air.
  • Loss by Fire: The plan covers any damages that might be caused because of fire or lightning. It also includes the damages sustained by self-ignition.
  • Third-party Liabilities: Any damage caused to third-party property or the death or disability of a third party is covered under Kotak Mahindra car insurance.
  • Riots and Strikes: The insurance policy will cover the damages if your car suffers any damage because of any riot or strikes. Even the damages caused by any terrorist activities are included.
  • Accidental Damages: The insurance policy by Kotak covers all kinds of accidental damages. You can claim the amount of repair once the car is back in its original condition.

Exclusions of Kotak Mahindra Car Insurance

 Kotak Mahindra car insurance does not cover some damages. Therefore, before asking for a claim from your insurance provider, you must be aware of these exclusions.

  • Wear and Tear: Every asset depreciates over time and experiences regular wear and tear. Therefore, the insurance policy does not cover the cost of wear and tear.
  • War: The insurance policy does not cover damages if your car suffers losses during a war or nuclear situation.
  • Varied Usage: If your car is used for professional or commercial services, the car insurance policy will not cover the damages caused during the activity.
  • Drunk Driving: If your car meets with an accident and the driver was drunk during the event, the insurance policy will not cover the damages.
  • Problems with the Driving Licence: If your driving licence expired or was invalid during the accident, Kotak Mahindra Insurance Company will not process your claims.
  • Contractual Liability: Any claim amount resulting from contractual liability is not covered under the insurance policy.
  • Breakdowns: There are cases where your car breakdowns or experiences mechanical issues. Kotak Mahindra Car Insurance Plan does not cover these issues.
  • Outside the Pre-Defined Area: Your insurance policy includes the geographical boundaries within which the policy is valid. If your car sustains any damages outside the boundary, the policy will not cover the damages. 

Filing a Claim Under Kotak Mahindra Car Insurance 

The Kotak Mahindra car insurance claim process is relatively easy. You can take a step-by-step approach to ensure you receive your claim amount.

  • Inform the insurance company as soon as the incident takes place.
  • Now, fill in the car insurance claim form and register a claim for the damages. The executive from Kotak Mahindra will guide you through the process.
  • Once you submit the form, a surveyor will inspect the vehicle and calculate the estimate of loss caused because of the damages sustained by the car.
  • In the case of a cashless claim, the amount will be directly paid to the garage by the insurer. However, if you have opted for a reimbursement claim, you will need to bear the expenses initially and then get reimbursed.

Documents Needed to Process the Claim 

Kotak Mahindra General Insurance officials will ask for some relevant documents before processing the claim. You must provide it with the documents listed below:

  • A copy of the registration certificate
  • Road tax receipts
  • Copy of FIR in case of accident or theft claims
  • Valid driving licence
  • Car insurance documents
  • Repair bills

Wrapping Up

Once you avail of the Kotak Mahindra car insurance policy, you will have to make regular premium payments. Also, you can contact the respective officials if your insurance policy has expired. You can also renew the policy online without any hassle. Kotak Mahindra offers one of the most beneficial car insurance policies out there. However, do compare Kotak car insurance with other insurance policies before buying.

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1. How are the comprehensive and the third-party policy by Kotak Mahindra different?

While the third-party policy only covers third-party damages, the comprehensive policy covers accidental damage and all third-party liabilities. 

2. Can I get a long-term car insurance policy from Kotak?

Yes, Kotak offers several long-term car insurance policies. You can avail the benefits of these if you have a new car.

3. How to buy Kotak car insurance online?

Visit the official site of Kotak. Click on 'get a quote' on the Kotak car insurance page; fill in the details of your vehicle- registration number, model, etc.; and finally, fill in personal details to proceed to the payment page

4. How does the cashless facility of Kotak Mahindra work?

Kotak Mahindra has a network of garages, and if you get your car repaired in one of these garages, the company will directly pay the repair bills to the garage.

5. Can I get a reimbursement for the damages?

Kotak Mahindra will reimburse the amount if you have opted in for a reimbursement claim and you provide documentary evidence of the payment of the expenses.

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