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- What is Car Insurance?
- Types of Policies
- Why Buy Car Insurance
- Third Party Vs Comprehensive
- What Is Covered and Not Covered
- Add on Covers
- Benefits
- Key Features
- Premium Factors
- Save on Premium
- Choosing the Right Insurance
- Buying Online
- Buy/Renew Car Insurance
- Buying for Used Car
- Modify Your Car Insurance
- Premium Calculation
- IDV
- Renewal Benefits
- Timely Renewal Importance
- Rate of Car Depreciation
- Filing a Claim
- Terminologies
- Download Policy
- Claim Documents
- Cashless Garages
- FAQs
What is Car Insurance?
Car Insurance is a contract between an insurance company and the insured in which the company agrees to financially safeguard the insured's four-wheeler from unforeseen risks. These risks include third-party liability, natural disasters, vehicle theft, and more. The insurance company provides these coverages in exchange for a periodic premium.
What are the Different Types of Car Insurance Policies?
The following are the different Car Insurance options available with Shriram General Insurance.
Third-Party insurance
As per the Motor Vehicle Act of 1988, Third-Party Car Insurance is the minimum insurance requirement for a car to be legally driven on Indian roads. In the event of an accident involving the insured's vehicle, it provides financial protection against injuries, death, or property damage to a third party. Nevertheless, it is important to note that a Third-Party Car Policy does not cover damages to the insured vehicle.
Comprehensive insurance
Comprehensive Car Insurance is a combination of a Third-Party and Own Damage (OD) Policy, so you get the coverage of both plans. Third-party coverage includes injury, death or property damage to a third party in an accident involving the insured vehicle. An OD Policy, on the other hand, provides coverage for damages/loss to your own vehicle. You also get the provision to select add-ons with this policy to extend coverage.
Stand Alone Own Damage Cover Policy
A stand-alone Own Damage (OD) Policy covers accidental collisions, natural and manmade calamities, theft, fire, and total loss. Furthermore, under this policy, you can also select Add-Ons to further enhance coverage. For more comprehensive coverage, we advise purchasing an OD Policy if you already possess the legally required Third-Party Insurance Policy. By doing so, you can financially protect yourself from a host of car-related accidents.
Why Do You Need to Buy Car Insurance?
Here are some reasons why you should buy Car Insurance for your car.
Legal Compliance
According to the Motor Vehicle Act of 1988, every car owner must carry Third-Party Car Insurance while driving. So, if you want to drive legally on Indian roads, you need to buy Car Insurance for your car. Failing to do so can lead to legal consequences including incurring heavy fines or even imprisonment. The simple fact is that having Auto Insurance is a must, not a luxury, for anyone who owns a car in India.
Protection Against Third-Party Liability
While driving, it is possible to unintentionally cause injury/death to a third party or damage their property. If you find yourself in such a situation, you may get overwhelmed by the monetary compensation required to settle accounts with a third party. Thankfully, in the unfortunate event of an incident involving a third party, your insurance provider will assist you in mitigating the financial burden by aiding in compensation.
Coverage Against Calamities
Your vehicle is susceptible to damages resulting from natural and manmade calamities like floods, cyclones, riots, etc. Fortunately, Car Insurance can help you pay for the consequent repairs. Furthermore, if your vehicle is damaged beyond repair, it can help you avail a lump sum compensation. So, if you are located in a region where natural calamities or social unrest is common, buying Car Insurance may be a wise choice.
Coverage for Accident-Related Damages
Accidents frequently occur on Indian roads, often due to heavy traffic and reckless driving. Fortunately, auto insurance provides crucial financial protection if your car is damaged in an accident and needs repairs. While as a car owner you would wish that your car does not endure even a single scratch, you can drive in peace knowing that in the unlikely event of an accident, we’ve got your back.
Coverage Against Theft
In India, vehicle theft is a serious issue. The worst fear of every car owner is discovering that their valuable possession—their vehicle—has been stolen and cannot be found. Fortunately, Car Insurance financially protects against such occurrences, ensuring that owners of lost or stolen cars receive lump sum compensation up to the vehicle’s current market value.
Peace of Mind
Money cannot buy peace, but buying Car Insurance can ensure peace of mind for a vehicle owner. With bills mounting from various expenses, a Car Policy can eliminate your financial fears regarding damages or loss to your car. Theft, fire, natural/man-made calamities and other mishaps to your vehicle are covered under Car Insurance. So, you can rest assured knowing that you are financially safeguarded.
Third-Party Vs Comprehensive Car Insurance Policy
The below table will help you understand better the differences between a Third-Party and a Comprehensive Car Policy. Definition
| Parameter | Third-Party Car Insurance | Comprehensive Car Insurance |
|---|---|---|
| Explanation | It is a legally mandatory Car Insurance Policy that provides coverage against third-party liabilities. | This policy is optional. It provides coverage against damages to your own vehicle, as well as mandatory Third-Party coverage. |
| Coverage | It provides financial assistance in the event of your insured vehicle causing accidental injury, death or property damage to a third party. | In addition to third-party coverage, it covers damage to your own vehicle from theft, fire, and other natural and man-made calamities. |
| Cost | Relatively lesser cost because of lesser coverages provided. | More coverages, so generally more cost. |
| Add-Ons | Not available | Available |
| Fulfils Legal Requirement | Yes | Yes |
Shriram Car Insurance Coverages
The following are the coverages under a Comprehensive Car Insurance Policy by Shriram General Insurance.
- What is Covered?
- What is not Covered?
Third-Party Liability
Our Car Policy covers injury, death and property damage to a third party caused by your insured four-wheeler. Moreover, it provides you with the eligibility to legally drive on Indian roads.
Accidental Damages
If your vehicle is involved in an accidental collision, we will financially support you in paying for the repair/replacement of vehicle parts. So you can get your car on the road quickly and as good as new.
Total Loss
In case your four-wheeler is damaged beyond repair, gets lost or is stolen we will compensate you with the car's Insured Declared Value (IDV). IDV is the current market value of a vehicle.
Natural/Manmade Calamities
Our Car Insurance financially protects your car from natural and manmade disasters such as floods, cyclones, riots, etc. Basically, you can rely on us rain or shine.
Fire
If your car were to self-ignite or get burned in a fire accident, our policy would support you in dealing with the expenses related to the repair/replacement of vehicle parts.
Driving Without Driving License
Coverage will not be provided if you are found be driving without a valid driving license or if you have been disqualified from driving altogether.
Pre-Existing Damages
Damages occurring before the time of policy purchase are not covered under our policy. Please note that coverage commences only at the time of policy purchase and coverage ceases when the policy term comes to an end.
Electrical and Mechanical Malfunctions
Electrical or mechanical defects in a vehicle are not covered under Shriram Car Insurance. However, if these defects result in car damage, the damages themselves may be covered as per the policy terms.
Regular Wear and Tear
Our Car Insurance financially protects your car from natural and manmade disasters such as floods, cyclones, riots, etc. Basically, you can rely on us rain or shine.
Illegal Driving
Damages incurred while participating in illegal racing competitions or driving under the influence of drugs or alcohol are not covered by our policy.
Geographical Limits
Accidental damages sustained outside the geographical limits stated in the policy wordings will not be covered.
Shriram Car Insurance Add-on Covers
As mentioned earlier, Add-Ons can be bought under a Comprehensive Car Insurance Policy.
Zero Depreciation Cover
Vehicle components are covered for their depreciated value, leaving you with insufficient funds for replacement. With a Zero Depreciation Cover, you receive compensation for the full value of the new part, eliminating the need for payment from your end during a claim. This cover is also known as Nil Depreciation Cover or Bumper-to-Bumper Cover.
Passenger Cover
Passenger Cover is an optional add-on to car insurance that provides financial protection for passengers in case of an accident, covering medical expenses and losses due to injuries, disability, or death.
Motor Protection Cover
After a car accident, handling the legal fallout can be difficult and time-consuming. We developed the Motor Protection Cover with these challenges in mind. In the event of an accident, this Add-On offers legal assistance for handling third-party liabilities and any other necessary legal requirements.
Return to Invoice Cover
In the event of an unfortunate accident that renders your car irreparable, this cover will ensure that you receive the full compensation as mentioned in the vehicle purchase invoice. In the absence of this cover you only will receive compensation as per the car’s depreciated value. Please note that this cover is applicable only to new cars.
Personal Belongings Cover
Valuables inside your car are not covered under basic Car Insurance. So, in the event of an accident, damages to your belongings inside the vehicle will not be compensated for by your insurance policy. However, with a Personal Belongings Add-On, you can claim financial assistance for the items in your car as well.
Emergency Transport and Hotel Expenses
During a breakdown of the insured vehicle and you got stuck in a risk-prone area (highways, reserved areas, etc.) and in need of immediate transport or hotel expense, Shriram Car Insurance’s Emergency Transport and Hotel Expenses cover will help you out
Key Replacement Cover
Losing keys is a habit that some people struggle with more than others. Thankfully, with our Key Replacement Cover, you will be financially supported to get your key replaced if it gets lost or stolen. Coverage includes locksmith services and reprogramming key systems, including replacing electronic fobs or transponders.
Consumables Protect Cover
Consumables are vehicle parts that have a limited life and cannot be reused during repairs. Examples of consumables include bolts, screws, nuts, engine oil, gearbox oil, washers, clip, rivets and items of similar nature, excluding fuel. These are not covered under regular insurance but are covered under this Add-On.
Roadside Assistance Cover
In the middle of a journey, your car can break down or be involved in an unlucky accident. Our Roadside Assistance Cover makes sure that small repairs are handled immediately so you can get back on the road. In the event that the damage is more extensive, this coverage ensures that your car is towed to a local network garage so that it may be fixed.
Benefits of Shriram Online Car Insurance
Here are the features and benefits of Shriram Online Car Insurance
Features of Shriram Car Insurance
Affordable Premiums
No middle-men platform with affordable premiums
Superfast Claims
Quick claim assistance with minimal documentation
Zero Paperwork
A digital-friendly process for easy policy purchase/renew
24*7 Customer Support
Anywhere, anytime support for all your car insurance needs
Easy and Quick Renewal
Online car insurance renewal to save time and effort
Advantage of No Claim Bonus
NCB is offered for claims-free policy period
Factors Affecting Car Insurance Premium
The following are the factors that influence Car Insurance Premium calculation.
How to Save on Your Car Insurance Premium?
Here are some insider tips on how to save costs while buying Car Insurance.
How to Choose the Right Car Insurance Policy Online?
Here are some expert suggestions for choosing the best vehicle insurance package that will meet your needs and safeguard your finances.
Why Should You Buy Car Insurance Online?
You must be wondering: “Why should I buy Car Insurance online as
opposed to
directly from an insurance company’s office or via an agent?” Well,
here’s why.
Hassle-Free Process
With online Car Insurance, you can buy policies in minutes with just a click of a mouse or a tap of a phone. You will have a seamless digital experience with our interactive website and mobile app, which will let you purchase policies, file claims, follow the progress of your claims, and much more.
Less Paperwork
Do you dislike filling out endless forms while buying a product? Well, guess what! Buying Car Insurance online limits the requirement for paperwork during policy purchase or while raising an insurance claim. Just open the insurer’s app/website, type in the required details, click submit, and you are good to go.
Compare Options
Buying Car Insurance online allows you to compare multiple options on the web and choose the best one. As more general insurance providers move their operations online, consumers now have the opportunity to compare the benefits and drawbacks of various plans and select the best one.
How to Buy and Renew Car Insurance Online
- Buy Shriram Car Insurance Online
- Renew Shriram Car Insurance Online
You can instantly purchase a Shriram Car Insurance Policy online via 3 simple steps on our website /MySGI App/call our toll-free number (1800-300-3000/1800-103-3009) at your convenience
Enter the basic details of the new car to estimate the premium payable
- Car Registration Number & Mobile Number
- Details of Car Manufacturer & Model
- Date of Registration
Provide the details of the vehicle owner and choose the suitable policy/add-on covers of your choice
- Kindly enter the basic details such as your Name, Email ID, Mobile Number, Address, etc.
- Choose the policy that fits your requirements along with the necessary add-ons to protect your car
Complete your online payment and get instant car insurance
- Please complete the online payment by selecting the preferred payment method (Debit Card, Credit Card, or Net Banking) on the go to get your Shriram Car Insurance.
With Shriram General Insurance website or MYSGI App, online car insurance renewal is quick and hassle-free. You can renew your car insurance policy through 3 simple steps without paperwork
Enter the previous policy details of your car and check the given details to estimate the premium of the renewal policy
- Details of Car Manufacturer & Model
- Registration Number
- Year of Manufacture
- Previous Insurance Policy
- Change of Ownership Documents (if applicable)
Select the new coverages for your existing policy
- Choose the policy that fits your requirements along with the necessary addons to protect your car
Complete your online payment & renew the car insurance policy
- Kindly complete the online payment by selecting the gateway (Debit , Card or Net Banking) on the go and get your Shriram Car renewed
Things to Note Before Buying Car Insurance for a Used Car
Used Car Insurance is coverage for pre-owned vehicles. Often underestimated, used car insurance is a vital protective measure for your pre-owned vehicle. Your used car warrants a comprehensive insurance policy that addresses unexpected events, damages, and accidents. Tailored to the unique characteristics of second-hand vehicles, these used car insurance policies shield against accidents, theft, and natural disasters. So, if you are a used car owner, it is important to understand the importance of insuring your pre-owned vehicle, the insurance options available, and critical considerations in protecting your used car.
Modifying/Endorsing Your Car Insurance Details
Modifying or endorsing your Car Insurance details refers to making changes or updates to your existing car insurance policy. This could include updating the insured vehicle's details, altering coverage limits, adding or removing drivers, or making changes to the policy's terms and conditions. Typically, policyholders may need to modify or endorse their car insurance details when they purchase a new vehicle, change their address, add a new driver to their policy, or make other adjustments to their coverage.
Communicating any changes to your insurance provider is important to ensure that your policy accurately reflects your current situation and to avoid potential coverage gaps. When modifying or endorsing your car insurance details, it's important to review the impact of the changes on your coverage and premiums. It's advisable to consult your insurance provider or agent to understand the implications of the modifications and to ensure that you have the appropriate coverage for your needs.
Factors Impacting Insured Declared Value (IDV)
Here is the formula used to compute the Insured Declared Value of a vehicle. [Vehicle Ex-Showroom Price – Vehicle Depreciation Value] + [Car Accessories Cost – Accessories Depreciation Value] Below is a breakdown of the different factors considered to determine the IDV of a vehicle.
Vehicle Ex-Showroom Price
The IDV granted for a vehicle is dependent on its ex-showroom price. As you may be aware, the ex-showroom price of a car model differs slightly from one city to another. Consequently, the IDV for the vehicle also changes depending on the locality.
Vehicle Depreciation
The monetary value of a vehicle decreases with age. This is called depreciation. From when a vehicle is bought, until the first six months, it depreciates by 5% of its initial cost. The depreciated value of a car is considered while calculating its IDV.
Car Accessories
Depreciation for car accessories that are not listed in the ex-showroom price of the automobile are also factored into the IDV calculation. Older accessories may receive lesser IDV as compared to newer ones.
Benefits of Renewing Shriram Car Insurance Online
Car Insurance renewal is an essential process for every vehicle owner in India. It provides continued protection and coverage for the vehicle and the owner against any financial losses arising from accidents, theft or damage. Here are some benefits of Car Insurance renewal in India
Avoid Legal Liabilities
Third-Party Car Insurance is mandatory in India under the Motor Vehicles Act, 1988. Renewing the Car Insurance policy ensures compliance with the law and avoids any legal penalties or fines for driving without insurance
Quick and Effort-saving
Car Insurance renewal is a simple and hassle-free process. Shriram General Insurance offer various payment options, making it convenient for the policy holder
Instant Renewal
Renewal of a Car Insurance policy online is a simple and hassle-free process. A vehicle owner can compare different policies, choose the required coverage for their vehicle and renew their policy online with additional benefits
Gain No Claim Bonus
NCB is offered by insurance companies to policy holders who do not make any claims during the policy term. Renewing the Car Insurance policy ensures that the policy holder retains the NCB and benefits during policy renewal
Prevent Insurance Break-ins
Renewing Car Insurance policy ensures that there is no break in the insurance coverage of the vehicle. Thus the insureds can remain protected against risks such as accidents, theft and natural calamities, even if they occur during the renewal process
Why Is Renewing Your Car Insurance Policy on Time Important?
Here are some reasons why it is important to renew your Car Insurance Policy on time.
Rate of Car Depreciation
The table shows the rate at which a Car Depreciates with time.
| Vehicle Age | Rate of Depreciation |
|---|---|
| 6 months and below | 5% |
| Between 6 months and a year | 15% |
| Between 1-2 years | 20% |
| Between 2-3 years | 30% |
| Between 3-4 years | 40% |
| Between 4-5 years | 50% |
| 5 years and above | Decided mutually between the insurer and insured |
How to Claim Shriram Car Insurance?
Experience a seamless claim journey with Shriram General Insurance.
- Step 1
- Step 2
- Step 3
Register your Claim
You can file a claim online at the Shriram General Insurance website or over the phone at 1800-300-30000/1800-103-3009 or through the MYSGI App. Our customer service team will guide you throughout the Car Insurance claim process
Submit the Required Documents
- Duly Filed claim Form
- Engin and Chassis Number
- Accident-Related Details
- Vehicle's kilometre Recording
- FIR copy (if applicable)
- Car inspection address
Claim Settlement
As soon as your documents & process get verified & completed, we will initiate the funding process and disburse the funds directly to the recipient after verification
Shriram Car Insurance Terminologies
Insured Declared Value (IDV)
IDV is the vehicle's current market value. It is the maximum sum insured provided by the insurance company if the insured vehicle is stolen or totalled. A vehicle's IDV starts depreciating when it comes out of the showroom.
Deductibles
A deductible is an amount the insured must pay as an out-of-pocket expense before the insurer pays the rest of the claim. There are two types of deductibles: voluntary and compulsory. A voluntary deductible is opted for by the insured, whereas a compulsory deductible is imposed by the Insurance Regulatory and Development Authority of India (IRDAI). There is a compulsory deductible for claims under the Own Damage section of Comprehensive Car Insurance.
No Claim Bonus (NCB)
NCB is a discount offered to insureds who don’t make any OD claims during the policy period. The discount increases with consecutive claim-free years until it reaches up to 50% after five consecutive claim-free years
Cashless Garage
The term " Cashless Garage " refers to a garage that has a cashless claim settlement agreement with an insurance company. With a Cashless Garage, the insurer directly settles the car's repair bill with the garage except for the policy deductibles and as per the policy terms.
How to Download Your Car Insurance Policy
Download your Shriram Car Insurance Policy in two simple steps.
Step 01
Visit the SGI website /MYSGI App home page and scroll to the top to access your Shriram Car Insurance account.
Step 02
Enter your Car Insurance Policy number and your vehicle’s engine, chassis or registration number. After inputting those details, click "Download" to get your policy document.
Documents Required for Filing a Car Insurance Claim Online
You may be required to submit the following documents while filing a Car Insurance claim online
- Registration Certificate with Fitness Certificate
- Driving Licence
- Claim Form duly filled and signed
- Estimate, Bills, Payment receipt and discharge Voucher
- Signature ID proof (Insured)
- Customer's bank details with a cancelled cheque for claim payment through (NEFT)
- Customer's bank details with a cancelled cheque (Where the Premium is greater than 25,000/-)
- FIR (If filed or required)
Shriram Cashless Network Garages
Cashless garages are repair shops linked with an insurance company. They accept cashless payments and allow you to use their services without having to pay for them upfront. Experience cashless payments from our extensive range of garages. Shriram General Insurance pays the garage's repair bill immediately, relieving you of financial strain and enabling smooth transactions.
Shriram Car Insurance in Major Cities in India
Delhi
Chennai
Mumbai
Ahmedabad
Gurgaon
Bangalore
Agra
Bhopal
Pune
Indore
Jaipur
Dehradun
Shriram Car Insurance for Popular Car Brands
Road Tax by States
- Road Tax for Delhi - 4-12.50%
- Road Tax for Tamil Nadu - 12-20%
- Road Tax for Haryana - 4-10%
- Road Tax for Maharashtra - 7-14%
- Road Tax for AP - 12-14%
- Road Tax for Kerala - 7-17%
- Road Tax for Karnataka - 13-18%
- Road Tax for Punjab - 6-8%
- Road Tax for Gujarat - 6%
- Road Tax for Rajasthan - 5-10%
- Road Tax for Uttarakhand - 4-5%
- Road Tax for Uttar Pradesh - 7%
Frequently Asked Questions
- General
- Cover
- Premium
- Claim
- Policy
Why should I buy/renew my Motor Insurance policy online?
Yes, Shriram General Insurance offers optional add-ons to enhance your Maruti Suzuki Swift car insurance. Several add-on options are available, and you may choose them based on your insurance needs. You can buy add-ons during the initial policy purchase or later.
For how long is my Motor Insurance policy valid?
Your Motor Insurance policy cover remains in force for 12 months from the date of commencement (or as otherwise shown on your policy schedule)
What happens to NCB if I claim Motor Insurance?
Yes. Please use an online premium calculator for an estimate. The cost of your Shriram Car Insurance depends on factors like your car's make, model, year, Insured Declared Value (IDV), type of insurance, and any additional features you select. These factors are considered to determine your car insurance premium.
Can my insurance policy provide me protection when I am taking my vehicle Out of India (abroad)?
Absolutely! Shriram offers many useful coverage options for your Maruti Suzuki Swift. Visit us at a branch office near you or our website. Our customer care team will be happy to share the details of the available insurance options.
What are the add-on covers of a Motor Insurance policy?
To purchase insurance for your Maruti Suzuki Swift, simply visit our website or download the MySGI mobile app. Provide the necessary details about your car, choose suitable coverage options, and make an online payment to instantly purchase your preferred policy. Our customer care team can help you buy a policy of your choice.
Why is Third-Party Car Insurance cover, not enough?
Third-Party (TP) car insurance only covers other vehicles or property on the road and does not cover accidents or damage to own vehicle. But a Comprehensive/Package car insurance covers the car against any damages depending on the add-ons you have purchased with your car insurance
What is Nil Depreciation Cover in Car Insurance?
With Nil Depreciation Cover, you can claim the full cost of replacing vehicle parts in case of accidental damage. For damaged parts of a vehicle, there will be no deduction for depreciation
What is premium?
Premium is the amount to be paid for a contract of insurance to the insurance company. It is the sum that a person has to pay annually or according to their plan in return for the coverage he/she has taken from the insurance company
How does the premium gets calculated?
The insurance premium of your vehicle is chargeable in one go. Our Premium Rating depends upon the following factors:
- IDV
- Cubic capacity
- Geographical zone
- Age of the vehicle
Is the premium calculation the same for commercial and private vehicles?
No. It is different depending upon the vehicle category
What if the cheque through which payment was made gets dishonoured?
In this scenario, the policy will be cancelled and the legal effect of the policy gets nullified. In case any claim is reported after policy issuance and cheque dishonour, the claim will be repudiated
What is the minimum amount of claim to process the claim intimation? How many claims can be reimbursed in a policy period?
No, there is no such limit available. The insured can claim any amount up to the IDV of the insured vehicle from the insurer at any time within the policy period
What happens to NCB if I claim Car Insurance?
You only lose your NCB if you make a claim during the policy period or don't renew your car insurance policy before 90 days of its expiry date
What are the benefits of buying the Shriram Car Insurance policy online?
The main advantage of buying online policy are:
- You can purchase a Car Insurance policy at your convenience
- Easy comparison options to get the best deal
- Commission-free process
- Research, compare, understand and make an informed purchase decision
I have lost a Car Insurance policy. Can I get a duplicate one?
Yes, you can approach the same office which had issued the policy with a written request. A nominal fee will have charged for issuing a duplicate policy copy
What happens if I have paid for two policies for the same year?
An Insured can get one of the two policies cancelled. If he fails to do that, the premium paid will not be refunded in any circumstance after the expiry of the policy
For how long is my Shriram Car Insurance policy valid?
Your Car Insurance policy cover remains in force for 12 months from the date of commencement (or as otherwise shown on your policy schedule)
