IFFCO Tokio Car Insurance

IFFCO Tokio Motor Insurance which has been designed specially to provide complete protection and security to your motor vehicle from any accidental emergency resulting in damage. includes hassle-free cashless claim settlement at over 4300+ network garages / workshops, doorstep delivery of new/ renewal policy cover, highly trained in-house surveyors for instant attention to claims and an efficient, round the clock call center service to answer any of your policy related queries.

• Cashless settlements are provided at over 4,300 network garages.
• The claim settlements are quick.
• Roadside assistance is provided.
• New vehicle replacement.
• Engine protection.
• The branch network is wide.
• Easy documentation.
• In the case of breakage, the inspection is free.

Different Types of Car Insurance

• Comprehensive Insurance: This policy covers both own damage of vehicle and third-party damage.
• Third-Party Insurance: In case your vehicle is involved in an accident which causes damage to a third-party’s property, a third-party insurance policy will cover the cost of damage. Under this policy, a personal accident cover of up to Rs.15 lakh is paid to your family in case you get seriously injured or lose your life due to a road accident.
• Comprehensive Insurance with Zero-Dep Cover: Under this policy, the insurer will provide you complete coverage in case of any damage caused to your vehicle. The cost of repairs will be reimbursed by the insurer without taking into account any depreciation.

The sum insured will be decided at par with the vehicle’s ‘Insured’s declared value’ i.e. IDV, which is the value formed after deducting depreciation from the market price based upon the age of the vehicle.

• Collisions: Any losses or damages due to an accident and collision.
• Theft: Any losses that have been incurred if the car is stolen.
• Fire: Any losses or damages due to a fire (accidental).
• Third-Party Losses: Any injuries or property damages that have been caused by the car.
• Personal Accident: Personal accident cover worth Rs.15 lakh is provided if the accident causes disability or death of the owner.
• Natural Disaster: Losses or damages due to cyclones, floods, etc.

Things Not Covered Under IFFCO Tokio Car Insurance Policy

• Any contractual liability or consequential loss arising due to the accident
• Mechanical or electrical breakdown, routine wear and tear, depreciation of the vehicle.
• If the vehicle is being driven under the influence of intoxicants / drugs
• If the vehicle is being driven without a valid license
• If the vehicle is being used for purposes other than what is stated in the policy
• War or nuclear threat
• Loss of vehicular accessories by theft, unless the vehicle is also stolen at the same time.
• Separate damage to tyres or tubes unless they are damaged in the same accident, in which case, half of the replacement expenses will be paid.
• Service expenses.
• Damages that have been incurred when the policy is not active.

Sum Insured and IDV

Every insured vehicle is assigned an assured/fixed sum, which is provided in case of any damage/loss to it (subject to the coverage policy). This fixed value is known as the Insured Declared Value (IDV) of the vehicle.

So, how is IDV of a car calculated? After deducting the deprecation value of the car (depending on its age and wear and tear) from its selling price (as listed by the manufacturer), the figure arrived at is the Insured Declared Value.

IFFCO Tokio Car Insurance Premium

IFFCO Tokio car insurance premium is dependent on two primary components. They are as follows –

• Own Damage Premium Rate – Calculated in percentage. This depends on the model and age of the insured car.
• Liability Premium – This amount is fixed depending on the insured car.

If you wish to opt for some add-on cover plans, you can avail it by paying extra premium. Add-on cover plans protect your car from other vulnerable circumstances, over and above the damages covered by the primary policy.

As an IFFCO Tokio car insurance customer, you are liable to get discount on the premium paid only under the following circumstances:

• Installation of an anti-theft device
• If you possess a membership of Automobile Association
• If you have opted to pay a ‘higher voluntary excess’
• No Claim Bonus (NCB) – this is applicable only if you haven’t claimed insurance during the previous policy term deductible at the time of renewal.

There are many important factors which need to be kept in mind when claiming your car insurance. If your car is insured with IFFCO Tokio, the following points will help you in the claims procedure –

• An accident involving third parties should be reported to the insurance company, immediately.
• In case of loss or damage to the car, the IFFCO Tokio needs to be informed without any delay.
• Without the approval of the insurance company, no individual can reach a compromise or agree to pay a compensation to anyone. This unethical practice is quite prevalent in case of accidents.
• In case of any accident involving third parties, an F.I.R needs to be lodged in the nearest police station. If the accident is not reported to the police and the insurance company, it is considered as policy violation. In this case, the insurance company can recover the claim amount from the insured.
• Once the insurance company is informed about the damage/loss/accident of the vehicle, they will forward a claim form which needs to be filled duly by the insured.
• The duly filled form, along with an estimate of the loss, needs to be sent to the insurance company.
• The insurance company inspects the damaged vehicle to ascertain the authenticity of the claim made by the insured. A ‘specialist-licensed surveyor’ is appointed in case of a major claim.
• All the relevant documents substantiating the extent of damage/loss to the vehicle need to be submitted to the insurance company.
• If the cause of damage/loss is ambiguous, the insurer needs to prove it as an ‘insured peril’ to get the claim.
• The claim is usually settled on the agreement of ‘claim amount’, between the insurance company and the insured.