Shriram Car Insurance safeguards your vehicle against the losses caused due to theft, riots, floods, accidents, among others along with providing financial protection from third-party liabilities. It offers a collection of add-on covers so that you can enhance and customize the coverage of your insured car as per your insurance needs. The policy also provides coverage to electrical and electronic accessories of your car like music players, LCD mini TV, etc. together with roadside assistance in case of emergencies on paying additional premiums.
The company offers private as well as commercial vehicle insurance under its motor insurance product line. Along with car insurance, you can also avail a wide range of add-ons for Shriram car insurance like zero depreciation cover, daily reimbursement, return to invoice, personal belongings cover, emergency transport, and hotel expenses reimbursement, key replacement, and multi-car rebate.
What is covered in Shriram Car Insurance Policy?
Shriram Car Insurance offers a comprehensive motor insurance policy for all-around protection and security against all the possible damages against both external and internal factors. It covers:
- In Shriram car insurance Third Party Liability will get unlimited coverage i.e. whatever the court awards as your liability to the “Third Party” due to accidental death or injuries caused by your vehicle, will be met with by Shriram General Insurance Company Ltd.
- In case of your vehicle causing Third Party property damage, Shriram Car Insurance Policy will offer to compensate up to Rs. 7.5 lakhs.
- With Shriram Car Insurance Policy, your vehicle is protected from natural calamities like Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
- Shriram Car Insurance policy also protects your vehicle from manmade calamities like Burglary, theft, riot, strike, malicious act, and accident by external means, terrorist activity, and any damage in transit by road, rail, inland waterway, lift, elevator or air.
What is not covered in Shriram Car Insurance Policy?
- Consequential loss, depreciation, wears & tears mechanical and electrical breakdown/failure, or breakages are not covered.
- The policy doesn’t cover loss or liability while the vehicle is used outside the scope of limitations of use and/or being driven by a person not duly licensed.
- Accidental loss or damage caused due to wilful Negligence is not covered.
- Damage due to nuclear or radioactivity or nuclear weapons, war, and related activities.
- Accidental loss or damage suffered during the insured or any person driving with the knowledge and consent of the insured is under the influence of stimulating liquor or drugs are not covered.
- The Private Car Policy covers other than Hire or Reward, Carriage of goods (personal luggage), Organized racing, Pacemaking, Speed Testing, Reliability Trials, Use in connection with Motor Trade.
- Policy deductibles are not covered as per the terms and conditions of Shriram Car Insurance Company.
Types of Shriram Private Car Insurance Policy:
When buying an insurance policy for your car, you need to take into account several factors and most importantly your needs and requirements. There are many policies available today, and thus, choosing the right one can be a tough decision. A wrong decision can lead to many problems later on, and thus, being careful is essential.
1.) Third- Party liability Private Car Insurance
- Third- Party liability insurance covers the liabilities to the third party in case of an accident. The liability coverage goes for accidental death, physical injury, and/or the damage to vehicle and property
- This plan also includes the personal accident coverage for the owner-driver as well
- Unlimited coverage is provided for death or injury of a third party while up to Rs.7.5 Lakh are covered for property damage
2.) Comprehensive Private Car Insurance
This is the comprehensive policy by Shriram Car Insurance and covers a wide range of scenarios. In addition to the third party coverage, this package plan also covers the insured car and its owner from the following damages caused by:
- Natural calamities like floods, inundations, typhoons, cyclones, hurricanes, storms, and hailstorms
- Landslides and rockslides
- Earthquake (both shock and Fire)
- Fire, self-ignition, lightning, or explosion
- Terrorist and Malicious activities
- Strikes and Riots
- Housebreaking, burglary, and theft of the car.
3.) Personal Accident Cover:
In unforeseen situations like an accident, having a Personal Accident Cover would act as an income replacement. The personal accident cover is available from the amount ranging up to Rs.2 lakh.
Add-ons/Riders that are covered in Shriram Car Insurance Policy:
You can build up your Shriram car insurance cover with extra coverage in the form of add-ons or riders on payment of extra premium at the time of policy purchase. The list of add-ons offered by the Shriram car insurance policy is mentioned below. You also get to choose add-on covers of your choice with your Car Insurance policy and with our 24x7 toll-free customer service.
Multicar Rebate: This add-on cover is available for people who own more than one car. It will extend the add-ons like Key Replacement, Personal Belongings, and Depreciation Deduction Waiver benefits to cars at applicable rates and conditions on renewal with Shriram General Insurance.
Return to Invoice Value Protection: Return to Invoice is an add-on option that covers the gap between the insured declared value and the invoice value of your bike along with the registration and other applicable taxes.
Daily Reimbursement: You can have the facility of daily reimbursement if you buy the additional car insurance services from Shriram general insurance. The Company will pay a daily cash benefit to the insured if his/her vehicle is in the garage for more than 3 days.
Key & Lock Protection: Loss or damage to the keys or lock of your car arising out of an insured event, you will be compensated for the cost incurred in fitting or purchasing new lock or keys or replacement of keys of your insured car. Generally, in case of theft or robbery attempt of your car, burglars use duplicate keys to make unauthorized entry into your vehicle which would damage the lockset of your car door. The cost of purchase or replacement of your car keys would be covered under the Keys &Locks replacement add-on on payment of additional premium at the time of policy purchase.
Personal Belongings: Under this add-on, the insured is indemnified for the loss or damage caused to his/her baggage kept in the insured car due to an insured peril. Personal baggage generally includes clothing, toiletries, perfumes, bags, and suitcases, or other daily essentials. Baggage insurance compensates for the loss of baggage due to theft or burglary or due to an accident. However, certain items such as Gold, silver items and other precious metals are not covered in addition to the luxury items such as Laptops, Mobiles, etc.
Zero Depreciation Protection: Depreciation is taken into consideration at the time of claim settlement by the insurance company. As a normal rule, each year 10% or more of the car value would be depreciated depending on the parts which are damaged due to an accident. The depreciation cost is the amount that is deducted from your claim amount due to normal wear and tear caused to your car over some time. This depreciation cost would be given to the customer at the time of claim settlement if the depreciation shield is added to the policy at the time of purchase.
Electrical & Electronic Accessories: You’re electrical & electronic accessories like music players, seat covers, LCD mini TV, fog lights, etc. can also be covered.
Bi-Fuel System: Your CNG/LPG Kit can also be covered whether it is in-built or fitted separately.
Personal Accident Cover: You can avail of this cover for yourself, for the driver of your vehicle, and unnamed passengers as per the seating capacity of the vehicle. The Personal Accident cover to protect the owner/driver is available for Rs. 15 lacs.
How to Buy Shriram Car Insurance Online?
You can now instantly purchase a Shriram General Insurance Private Car insurance policy online, avail yourself of the benefit of calculating premium and choose the insurance plan that would best suit your needs. Buying car insurance online can be done through a simple three step process on our website as per your convenience. Follow these simple steps to avail a policy within minutes:
- Fill out the required details in the form and estimate the premium payable according to your car type and make.
- Enter your details in the required fields such as name and address.
- Make a payment online and buy car insurance instantly.
Shriram Car Insurance Renewal Online:
With Shriram General Insurance, car insurance renewal is a quick and hassle-free process. With Zero paperwork and speedy processing, you can renew your car insurance policy in no time. The renewal process is more or less the same as buying a new policy and can be done through three simple steps.
- Enter the expiring policy details on the insurance renewal online form. The form can be accessed through the “Shriramgi” website.
- Proceed to the next page to examine the new policy details
- Make a payment online and your car insurance policy will be renewed instantly.
Buy/Renew Shriram Car Insurance Policy with PolicyBachat:
At PolicyBachat.com renew Shriram's car insurance policy online is easy and quickly sitting at home. Follow the below-mentioned steps to renew your policy within 5 minutes.
- Go to 'Car Insurance Online' to compare quotes above this article. Fill in the registration number of your car and required details and tap on 'Start Save Money.
- On the quotes section, choose an insurer for a new car insurance policy, or for renewing select the one to suit your needs, go with the current provider or switch to new one to get more benefits and coverage.
- Make the payment and you will receive the confirmation at your email address. If need assistance call: 1800-123-4003.
How to Claim Shriram Car Insurance Policy Online?
An insurance claim is an official request made by the policyholder to the insurance company for compensating for the loss/damage involving his/her insured car. The amount of claim that the policyholder is entitled to entirely depends on the type of policy purchased. Shriram General Insurance allows its policyholders to make instant claims and provides quick and convenient claim settlements.
Step 1: You would need to register a claim as soon as possible following the accident/theft of your car. You can do this online by visiting our website or over the phone by dialling our Toll free number - 1800-300-30000, post which you will be connected to our customer care executive who will guide you through the entire Car Insurance claim process. So keep the following information close while registering a claim:
Documents Required For Own Damage Claim:
- Engine and Chassis Number
- Accident date and time
- Description and location of the accident
- Car inspection address
- Police complain, in case of theft
- The policy copy is the proof of insurance.
- Copy of registration certificate, tax receipt
- Copy of motor driving License of the person driving the vehicle at the time of the accident
- Police Pachanama / FIR ( In case of third party property damage/death/body injury)
- Repair bills, invoices, and payment receipts after the job is complete.
- NEFT details of insured along with canceled cheque/bank passbook.
Step 2: In case of theft of your car, you would need to file a police complaint as soon as possible, so that when you are registering a claim with us you can produce the same, along with the other documents. In case your stolen car is untraced by the police, they will issue a Final Report confirming no recovery of the vehicle.
Documents Required for Theft Claims:
- Original policy document.
- Original registration book/certificate and tax payment receipt.
- All original sets of keys/service booklet/warranty card.
- Purchase invoice.
- Police Panchnama / FIR.
- Police final investigation report/non-traceable report.
- Acknowledged copy of the letter addressed to RTO intimating theft
- Letter of subrogation.
- Letter of indemnity.
- Consent from you and your financier towards agreed value on claim settlement.
- NOC from the financier needs to be submitted if the claim is to be settled in your favor.
Step 3: Send your car for repair, if applicable whether your car is damaged, meets with a collision or gets damaged by some peril, you would need to take it to the garage. Our policy also pays for towing charges from the place of accident to the workshop up to a maximum limit of Rs.1500/- for cars.
Step 4: You will have to submit copies of all the required documents to the Surveyor or garage/dealer that is helping you with your Car Insurance claim. Surveyor will get them verified with the originals. We will make the payment for the repair directly to the network garage once it is ready. Note that you will have to pay the excess amount according to the terms and conditions mentioned in your policy that include deductibles like depreciation, salvage, etc.
Shriram Car Insurance Premium Calculation:
Shriram car insurance premium depends on many factors such as IDV, Add-ons, Age of the car, Make and Model of the car, year of registration, Manufacturing date, Previous NCB, RTO, etc.
Shriram car insurance premiums can be obtained instantly using the online calculator. It is advisable to use this car insurance calculator before deciding on setting the budget for the car insurance. Below are the factors which need to be input to get the Shriram car insurance premium online:
- Basic details such as Name, E-mail, Mobile number, etc.,
- Car Make and Model which decides the premium of the car to be paid by the customer.
- An insured declared value is the maximum liability of the insurance company in case of any claim. Higher the IDV, the higher the premium.
- Year of registration of the car to arrive at the age of the car. Shriram general insurance covers four wheelers up to 20 years of age online. Cars aged above 20 years would be subject to inspection and approval from the underwriting team before quoting.
- The previous year's no claim bonus also decides on the premium to be paid for the Shriram car insurance policy. The higher the NCB, the lower would be the premium to be paid by the customer.
- RTO location decides on the premium to be paid in the online car insurance calculator. State capitals are classified under Zone A while the rest of the cities come under Zone B.
- The below table is for illustration purposes only, you can compare and get exact rates.
||Zero depreciation cover
||10. 34 lakh
How IDV is calculated in Shriram Car Insurance?
The IDV of a vehicle and accessories is arrived at the manufacturer's ex-showroom price of the brand and model at the inception of the policy or at the time of the renewal. The schedule of depreciation for fixing the IDV is as below:
|Up to 6 months
|6 months – 1 year
|1 – 2 years
|2 – 3 years
|3 - 4 Years
|4 – 5 years
Benefits & Features of Shriram Car Insurance Policy:
Shriram Car Insurance comes with a wide range of features and benefits to make your protection complete and comprehensive:
- Avail wide network of cashless garages service.
- No Claim Bonus is up to 50% discount
- Add Optional add-on cover like passenger cover and customize your policy. Select from a list of smart rider options, available for an additional premium.
- Guaranteed 24*7 customer support for any queries related to the policy and intimation of a claim call: 1800-123-4003.
- Decision on claims approval within 7 working days from the receipt of all documents.
- Specific car insurance products are designed to cater to the different needs of policyholders.
- Cashless claim settlement in over 2,000+ cashless garages
- Third-party damage cover for third party property/vehicle, cover for injury caused in an accident.
- Any loss or damage resulting due to an accident or collision with another vehicle, animal, or thing like a building or pillar
- Any loss or damage that has occurred due to bad weather conditions or natural calamities is also covered
- Any loss or damage due to external explosion or fire is also covered.
FAQs of Shriram Car Insurance Policy:
Is there any option of long-term policy under Shriram Car Insurance?
Yes, you can opt for a long-term policy of 3 years for both Third-party insurance along Own Damage insurance. This cover is applicable for a term of 3 years for Third-party liabilities and 1 year for Own Damage.
What is a non-premium bearing endorsement in Shriram Car Insurance Policy?
A non-premium bearing endorsement is an endorsement under which no additional premium is charged.
How to Check Shriram Car Insurance Policy Status Online?
Shriram Car Insurance Policy Status can be checked by contacting the intermediary from whom the policy was taken or the insurance policy status can be found on the mParivahan app which displays the start date and end date of the insurance policy. If you can remember the intermediary from whom the policy was taken you can talk to them about the status of the policy or in case if you have taken the policy from PolicyBachat then you can call our customer care to enquire on the insurance policy status.
What are the documents required to cancel my Shriram Car Insurance policy?
- Customer Request Letter
- Sale proof of the vehicle
- Original Policy Copy
- Alternate Policy Proof
- NOC from the financer if the vehicle is seized by the financer.
How to Download Shriram Car Insurance Policy Copy?
Shriram Car insurance policy copy can be checked by contacting the intermediary from whom the policy was taken or the insurance policy copy can be found on the mParivahan app which displays the start date and end date of the insurance policy. If you can remember the intermediary from whom the policy was taken you can talk to them about the status of the policy or in case if you have taken the Shriram general insurance policy from PolicyBachat then you can call our customer care to enquire on the insurance policy.