Kotak General Insurance Company Limited

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About Kotak General Insurance Company Limited

Kotak General Insurance Company is a 100% subsidiary of Kotak Mahindra Bank Limited, the fastest-growing bank in India. The company received its licence from IRDA to begin its business in April 2015, and since then, it has created national footprints across India. Kotak General Insurance was formed to service the non-life insurance sector of India. Kotak General Insurance provides value proportion differentiated from other insurance providers through customised products and services by leveraging digital infrastructure and innovation.

Kotak General Insurance Company is amongst India’s fastest-growing and largest insurance providers. It caters to a huge range of customer segments which includes both corporates and individuals, and provides services to a wide range of geographies by offering a variety of non-life insurance products such as health, motor, commercial and home Insurance.

Key highlights of Kotak General Insurance Company

Kotak General Insurance has a wide distribution network and digitally-enabled services. It is famous for its excellent customer service. Some of the other key highlights of the company are as follows:

Number of customers 66 lakhs + customers as of 31st March 2022
Number of policies 86 lakhs + policies as of 31st March 2022
Number of claims settled 2.3 lakhs + claims settled as of 31st March 2022
Number of cashless garages 3000 + cashless garages
Number of branches 19 branches across India as om September 2020
Number of employees 793 + employees as of September 2020

Awards and achievements of the company

Kotak General Insurance Company is one of the leading insurance providers in India and continuously endeavours to provide the best insurance products and excellent customer service. The company has been recognised various times in its endeavour to become a one-stop solution for all insurance needs. Let us have a look at some of the awards and accolades received by the company:

  • Awarded as ‘The Marketer Company of the Year’ in the India Insurance Summits & Awards 2020
  • Kotak General Insurance received a bronze medal in customer service in the ANA ECHO International Awards 2020, USA
  • The company received a silver medal in special award for gender parity in the India Digital Media Award 2019
  • DMAi ASIA ECHO AWARDS 2019 recognised Kotak General Insurance Company twice with two silver medals for best consumer engagement and best in finance service and three bronze medals for best use of social media, innovative use of technology and best in customer services.

Key Features of Kotak Motor Insurance Plan

Kotak’s motor insurance plan covers accidental damage or loss, third-party liability, personal accident cover for owner-driver, theft, and roadside assistance, amongst others. Kotak motor insurance plan has comprehensive coverage depending on the type of policy that you buy. It further offers an option to select a wide range of add-ons to customise your policy per your individual needs. The coverage features of the Kotak motor insurance plan are discussed as follows:

Third-party damages:

Third-party damages mean damages suffered by a third party in the event of an accident. Kotak’s motor insurance policy covers all liabilities or damages to third-party bodily injury and third-party property. It also covers liabilities arising due to the death of the third party due to an accident involving the insured vehicle.

Natural and man-made disasters:

Kotak motor insurance provides covers complete or partial damages caused to your vehicle by natural disasters such as explosions, fire, earthquakes, lightning, storm, flood, etc. and man-made calamities such as theft, burglary, malicious act, terrorist activities, etc.

Loss during transit:

Damages suffered during transit of the vehicle by land, waterway, road, lift, elevator, rail or air from one place to another would be covered.

Personal accident cover:

Personal accident cover pays damages in case of injury caused to the owner/ driver while driving the vehicle, mounting into, dismounting from or travelling in the vehicle as a co-driver. A lump sum amount of up to Rs. 15 lakhs is paid under this cover if the owner/driver suffers permanent total disablement or death in an accident. Personal accident cover can be extended to other passengers travelling in the vehicle.

Theft:

If your vehicle is lost or stolen, Kotak’s motor insurance policy would pay a lump sum amount to indemnify such loss and enable you to buy a new vehicle.

Exclusions under Kotak Motor Insurance Plan

Kotak motor insurance plan provides all-around protection to you and your vehicle and covers all accidental damages and losses. However, there are certain events which are excluded from the coverage of Kotak motor insurance policy. Such events are known as common exclusions. Some of the common exclusions of the Kotak motor insurance plan are as follows:

  • General ageing and wear & tear of the vehicle
  • Electrical or mechanical breakdowns
  • Losses or damages suffered when the policy is in a lapsed state
  • Driving the vehicle without a driving licence
  • Driving the vehicle for criminal acts or hazardous activities
  • Damages or losses arising in an accident which takes place outside the geographical area of India
  • Losses due to driving the vehicle under the influence of alcohol or drugs
  • Consequential losses
  • Losses or damages caused due to war, mutiny, nuclear risk or any other similar event
  • Use of the vehicle otherwise than in accordance to the stated limitations as to use of the vehicle.
  • Liabilities arising due to a contract
  • Damages sustained by the insured vehicle due to war or nuclear risk.

Types of Kotak Motor Insurance Plans

Kotak General Insurance offers both two-wheeler and car insurance policies. You can buy a comprehensive motor insurance policy from Kotak General Insurance to secure yourself and your vehicle from the financial crisis which may arise due to an accident. Kotak motor insurance policies are customised and tailored to meet individual insurance requirements. Let us have a look at the types of Kotak motor insurance policies:

Kotak Car Insurance:

Kotak car insurance protects you and your car from any damage or financial loss. A comprehensive insurance policy would not only cover the damages sustained by your vehicle but also covers damages caused to any third party or the owner/driver of the vehicle in an accident. Buying a Kotak car insurance plan ensures all-around safety for you and your car every time your car hits the road. You can also enhance the coverage of your Kotak car insurance policy through add-ons by paying an additional premium. Types of car insurance policies offered by Kotak General Insurance Company are stated in the table below:

Type of Insurance Plan  Features
Comprehensive Car Insurance Plan Kotak’s comprehensive car insurance policy covers third-party liabilities, own damages, theft and damages arising due to natural or manmade disasters. It provides complete protection covering all the electrical as well as non-electrical accessories and bi-fuel system of your car, all under one roof.

Kotak Two-wheeler Insurance

Bikes are prone to higher risk than cars and therefore require higher protection. Kotak General Insurance Company understands the value of your two-wheeler, and therefore, it provides extensive coverage benefits for you and your bike. Types of two-wheeler insurance policies offered by Kotak General Insurance Company are stated in the table below:

Type of Insurance Plan  Features
Comprehensive Two-wheeler Insurance Plan Kotak comprehensive two-wheeler insurance covers third-party damages, damages sustained by insured two-wheeler, theft and personal accident cover for owner/driver. As its name suggests, it offers comprehensive and complete protection to your bike.

How to buy Kotak Motor Insurance Plan?

With the Kotak motor insurance plan, you can get all-around protection for your vehicle. PayBima understands the value of your precious time, and therefore, it has simplified the buying process of motor insurance to a few simple steps through its website:

Go online:

Go online and visit the website of PayBima, then select motor insurance. You can also just click on www.paybima.com and then choose ‘Motor Insurance.’ Now, select from two-wheeler or car insurance.

Fill in the details:

After selecting your vehicle type from a car or two-wheeler insurance, you need to fill in certain details of your vehicle, such as registration number, its make and model and year of manufacture. You would also have to fill in certain personal details like your name, location and contact number. PayBima would offer you a quote based on your details and requirements. PayBima provides personalized phone assistance to help you select a suitable motor insurance policy with comprehensive coverage at affordable premiums.

Compare the available plans:

PayBima will display a list of available motor insurance policies that suit your requirements, along with the coverage benefits and premium cost of the plans for comparison. You will find the Kotak motor insurance policy in PayBima’s list of available plans. You can simply compare the Kotak motor insurance policy with other leading insurers in the market based on coverage and premium cost. Just buying a policy with the lowest premium would not fulfil your objective to ensure your vehicle is adequate. Select a plan that offers comprehensive coverage at an affordable premium.

Fill out the proposal form:

A proposal form is a document which is to be submitted to the insurer as an application to issue the insurance policy. Duly fill the proposal form with correct details about you and your vehicle and submit it to the insurer after affixing your signature along with soft copies of other relevant documents. The entire process of buying motor insurance is paperless.

Pay the premium:

The final step is the payment of the premium. Once all details are entered accurately, you just have to pay the amount of premium online, and the policy will be issued to you instantly.

You can also buy a Kotak motor insurance policy offline through the branch office of the company.

How to Renew Kotak Motor Insurance Plan?

Every vehicle owner is required to renew their vehicle’s insurance before the due date to enjoy constant coverage. The policy will automatically expire if you fail to renew your insurance within the due date. As a result, the coverage available to your vehicle would stop. Not only this, but if your policy expires, you will lose an accumulated no-claim bonus, if any. Hence, it is advised to keep a reminder of the due date to renew your policy without any delay.

The renewal process is as easy as buying an insurance policy. You don’t have to visit the insurance company’s office and can renew the policy online through PayBima. It offers a quick, simple and smooth process to renew your motor insurance policy. Simply visit the PayBima website and fill in the insurance policy number of the vehicle. The details of your existing motor insurance policy will be displayed. You can review and revise the existing coverage in your motor insurance policy before making the payment of the renewal premium. You can also buy add-ons by paying an additional premium to customize your policy as per your requirements. Make sure to avail no-claim bonus discount at the time of renewal. A message will be sent to your registered mobile number, and your motor insurance policy will be renewed within minutes.

If you face any issues, contact us at 1800 267 6767 or drop an email at paybima.care@mahindra.com. We would gladly assist you in renewing your Kotak motor insurance policy.

How to claim Kotak Motor Insurance Plan?

Kotak general insurance provides a simple and efficient process of claim settlement. The company has settled over 3.2 lakhs clams till 31st March 2022. You can claim Kotak motor insurance through the official website of PayBima. PayBima provides a quick, easy and smooth process to claim with the benefit of 24*7 assistance in case you face any trouble during your motor insurance claim. Steps to claim the Kotak motor insurance plan through the PayBima website are stated as follows:

Inform the insurance company

Initiate the process by informing the insurance company regarding your claim. You can contact the company by calling on its toll-free number. Then, mention your vehicle registration number and insurance policy number to initiate the claim.

Find the nearest network workshop

Next, you would have to locate the nearest network workshop to get a cashless claim settlement. Kotak General Insurance Company has 3000+ cashless garage networks across India. You can locate its network garages by visiting the insurance company’s official website and then take your vehicle to the nearest network garage for repair.

Assessment of damage

Kotak General Insurance company would then assess the extent of the damage caused to the vehicle by sending a surveyor. The surveyor would reach the network garage within a prescribed time and submit a damage accessed report to the company after inspecting the vehicle. Repair would begin only after receiving a confirmation from the network garage from the insurance company.

Fill out the claim form

Next, fill up a simple claim form with your policy number and other personal and vehicle details. The form is available to be downloaded from the official website of Kotak General Insurance or can also be taken from the branch office of the company. Submit a duly filled and signed claim form along with other relevant documents.

Settlement of claim

Kotak General Insurance is known for its quick claim handling process. Once all the documents have been submitted, the company will access the validity of your claim and approve it if all the documents are in place. Once your claim has been approved, you can collect your vehicle from the garage, and the company will directly settle the repairs bill with the network garage.

Claim reimbursement

Kotak General Insurance company also offers a reimbursement claim facility in which you can get your vehicle repaired at a non-network garage and then file for reimbursement of repair costs incurred by you. Under reimbursement claim settlement, you would have to get your vehicle repaired at the nearest network garage and pay the repair cost. Then file a claim form to the insurance company and submit original repair bills. After verification, the insurer will credit the repair cost to your bank account.

For a successful settlement of the claim, you need to submit certain documents to the insurance company for verification. The documents include:

  • Registration certificate of the vehicle
  • Valid driving licence
  • Original insurance policy document of the vehicle
  • Inspection officers report and Police FIR in case of robbery or theft of an insured vehicle
  • Original bills of repair for reimbursement claims
  • Bank details of the policyholder to credit the reimbursement amount.

Kotak Motor Insurance Review

Kotak General Insurance Company is renowned for its customer-centric operations and digitally-enabled processes. The company values innovation, quality and customer service above everything else. Other highlights of the company are:

    • Kotak General Insurance has a claim settlement ratio of 97% for the financial year 2021-2022.
    • Kotak General insurance offers customised products and services to meet the individual requirements of its customers and offers a digitally-enabled process to help its customers buy motor insurance both offline and online.
    • Kotak motor insurance provides all-around protection and offers around-the-clock resistance for any major or minor situation of financial liability.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

FAQs on Kotak General Insurance Company Limited

What is zero depreciation covered in Kotak’s car insurance policy? 

Zero depreciation cover protects your car against physical damages without factoring in the element of depreciation. The insurance company normal accounts for depreciation on the parts of the vehicle and pay the claim amount only after deducting the depreciation. With zero depreciation cover, the depreciation for the car would not be deducted, and you would get a high claim amount. 

What would happen if I renewed my Kotak motor insurance policy after its expiry? 

You should ensure to renew your Kotak motor insurance policy within due dates to enjoy uninterrupted coverage. However, if you renew your Kotak motor insurance policy after expiry, you may lose the earned no-claim bonus, and no damages and losses would be covered during the period when your policy is in the lapsed state. Additionally, you might get fined or face imprisonment for up to 3 months if you do not have a valid third-party motor insurance policy as mandated by law during the period of expiry of your policy and until its renewal. 

Does personal accident cover apply to the other person driving my vehicle? 

Yes, if you have brought personal accident cover for the pillion rider by paying an additional premium, the co-passenger would also be covered under personal accident cover. 

Can I transfer the claim bonus from another insurer to Kotak motor insurance policy? 

Yes, a no-claim bonus from another insurer can be transferred to Kotak's motor insurance policy. 

What do you mean by roadside assistance in the motor insurance policy? 

Roadside assistance is assistance offered by the insurance company to provide you with the required help in case you are stranded on the road when your vehicle breaks down. It includes various services such as towing the vehicle to the nearest garage, taxi benefits and minor repairs, to name a few.

Aug 12, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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