Nita has recently purchased a Maruti Suzuki Baleno. This is her first car. Naturally, she is excited. As she was signing the paperwork at the dealership, the sales manager asked her about Maruti car insurance. She learnt that it is compulsory for all four wheelers in India to have an insurance policy. It is important to choose the policy to protect her car from any unforeseen circumstances.
Road accidents are at an all time high in India. Studies have shown that one in six car meet with accidents India. Since the odds are against you, it is advisable to have a robust insurance policy to fall back on.
Nita started her hunt for the right Maruti insurance. She got in touch with her brother who is an insurance agent. He helped her understand the benefits of obtaining a Maruti insurance and the different types of insurances available in the market. Her brother told her that Maruti Suzuki ventured in its own insurance distribution to provide the best insurance service to Maruti owners. Maruti insurance is also sold through partner insurance companies. She also got insights on how to calculate the premium payable as the premium plays a key role in deciding which Maruti insurance to purchase.
Benefits of Maruti Insurance
Maruti insurance provides several benefits. There are two types of Maruti car insurance which can help:
As per the law, a Liability Only policy is mandatory for all vehicles on the road in India. This cover protects the insured against any liability which arises from bodily injuries and/or death, property damages to a third party. A Liability Only policy also provides a Personal Accident Cover which is for the insured/driver of the vehicle.
Another type of Maruti car insurance is the Comprehensive Insurance Policy. As the name suggests, the coverage provided under this policy is more comprehensive. In addition to third party liability cover and personal accident cover, a comprehensive policy also covers the loss or damage caused to the insured vehicle.
When you obtain Maruti insurance, you create a safety net for your life as well as a third party. You also prepare for any unforeseen circumstances which can damage your Maruti car. You can also avail a host of benefits with a Maruti insurance purchased from Maruti Suzuki insurance venture.
In case of damage, you can send your car for repair in authorised Maruti Suzuki service centres. These centres have state-of-the-art facilities manned with trained technicians. You are assured of receiving the best service. The safety of your car is never compromised as only genuine Maruti spare parts are used.
Maruti insurance offered by the automobile company itself has no hidden charges. Purchasing such a Maruti car insurance policy from them is a hassle free process. The policy is issued instantly and can be directly downloaded from the website.
Maruti Insurance Renewal
Timely renewal of your insurance policy is particularly important. If you don’t renew your policy on time, it lapses. What’s the use of having a lapsed policy? You will not be able to raise any claims under a lapsed policy. Wondering what are the steps involved in Maruti insurance renewal?
If you have purchased the Maruti insurance from Maruti Suzuki, here’s what you need to do for renewal:
- Renewal is available on a variety of platforms. You can renew it online, call the support centre, SMS renewal request, email policy details, write to the insurer or visit the nearest dealership.
- Renewing Maruti insurance online is convenient and hassle free. Log on to :
- Enter your name, email address, phone number and car registration number. Enter your policy details and pay the premium. Your Maruti car insurance will be renewed instantly.
If you have purchased Maruti insurance from one of the partner companies, follow the steps below:
You can renew the insurance either online or by physically visiting the insurer’s office. You can also use mobile applications of insurers for renewal. An online renewal is hassle free. Simply furnish standard documents like registration certificate, ID proof and driver’s license and the policy document. Your policy will be instantly renewed.
Insurers also provide Maruti insurance renewal through an in-person visit to the insurer’s office. You You need to fill out the application form provided by the insurer. The details of the policy should be provided along with the relevant documents.
Why Should You Insure Your Maruti Suzuki Car?
There are several reasons for insuring your Maruti Suzuki car:
- It is a mandatory requirement under law. A four vehicle without an insurance policy cannot be driven in India. Further, the Supreme Court has mandated that all four wheelers must also have a third party insurance in place. Third party insurance helps the victims of road accidents by offering them compensation. You have the option of choosing between a one year or a three year third party liability insurance policy.
- Let’s face it – roads in India are very congested. It is difficult to manoeuvre through peak traffic hours. It is possible that your car gets a dent or scratches in the process. You may also end up bumping into another car, leaving the other car with a dent. When you have an insurance policy, you don’t have to worry about these incidents. Peace of mind offered by the insurance policies is another reason to insure your car.
- The claim process under most policies (whether from Maruti Suzuki or partner companies) is hassle free. You don’t have to run around filling out multiple forms to receive the compensation. Follow the process of raising claims with your insurer and save time.
- An insurance policy protects you against an unforeseen event. Even the safest driver can meet with an accident. Imagine if you end up in an accident which causes significant injuries to a third party. The compensation in such cases is huge. Having the right third party insurance policy takes care of the compensation. In exchange of periodic premiums, you get a lifetime of stress-free driving.
Types of Maruti car Insurance
Maruti insurance and other partner insurance companies offer the following types of insurances:
Comprehensive coverage: You can consider this policy if you want a comprehensive coverage for your Maruti car. A comprehensive cover provides protection against a host of events. It insures you against natural or manmade calamities, accidents and third party coverage as well. Once you have a comprehensive cover, you don’t need to obtain multiple policies
Liability only coverage: This policy is must have as it mandated by law. It provides coverage for the bodily injury or death of a third party in an accident involving the insured car. It also provides coverage for damage caused to a third-party property in the accident.
Own Damage Policy: In case of damage caused to your car due to floods, earthquakes, landslides, burglary or theft, you can claim under the Own Damage Policy. This policy also provides you coverage for any bodily injuries that you may sustain on account of these events while driving the car.
Common exclusions from car insurance policy include the following:
- damages or loss due to regular wear and tear;
- damages caused when driving under the influence of alcohol
- intentional harm to the car
You can also take add-on policies to provide a robust coverage to your car. Maruti insurance offers the following add-on policies:
Daily allowance claim: This cover is available when the insured car is undergoing repairs for more than 3 days. In such cases, the insurer will provide you compensation for daily commute.
Zero depreciation cover: Car is machinery. With time and regular use, the value of the car depreciates. Most insurers pay the claim amount after deducting the standard depreciation. However, Maruti insurance offers a zero depreciation cover. The add-on enables you to claim the full loss suffered.
How to buy Maruti Car Insurance
Maruti car insurance can be purchased through Maruti Suzuki Insurance Broking directly or through the partner insurance companies. The insurance policy can be purchased online through company’s website. You can also call the toll-free customer care number to get in touch with them. Online modes like these help you purchase the policy from the comfort of your home. You don’t have to stand in queues or call different agents. There are various online aggregator websites which can help you purchase insurance from one of these companies. You simply need to key in your details.
Before you decide to buy a policy, make sure you have done your research. With the help of premium calculator, you can compare various offerings. Do not buy the first policy you see. The insurance market is competitive. You can strike a better deal with an insurer; you end up paying lesser premium and receive more coverage.
Wondering how to purchase Maruti car insurance because you are not comfortable online? You can get in touch with registered insurance agents. However, insurance agents charge a commission. This will make the insurance policy more expensive than buying it online. You also run the risk being defrauded. Someone can pose as an insurance agent and dupe you. If you are buying the policy through an agent, make sure that you don’t fall for such scams. Ask for their registration number. Every insurance broker/agent has to mandatorily register with Insurance Regulatory and Development Agency.
Most insurance companies insist that you buy the policy online. There are no hidden charges in the online process. It is more transparent and hassle free.
The following documents are required for purchasing a Maruti insurance:
- Car registration number
- Chassis number
- Previous policy details, if any
- Engine number
- Date of purchase of the car
- Copy of the Registration Certificate
- Copy of the driving license
Maruti insurance premium calculator
The amount to be paid as premium is always a key concern. Is it possible to obtain an estimate of the premium payable? Thanks to online premium calculator, it is. Premium calculator is an useful tool provided by most insurance companies. It is available on the website of insurers as well as insurance aggregators.
You can easily get quotes for the premium payments by keying in basic details on the premium calculator page of the insurer. These include policyholder’s name, contact details and address, details of the car to be insured etc. Insurers offer the option of selecting if you want to insure the accessories which are in the car. Once you have filled in the relevant details, click on ‘calculate premium’. It will instantly generate the quote.
As an alternative, you can use the premium calculators offered by insurance aggregators. The process is the same. The advantage offered is the comparison between the premiums paid for different insurers. It will help you to secure the best deal.
Each insurer follows its own method to arrive at the premium. Premium calculators can be used even if you are buying a second hand car. Key factors which affect the premium are age of the policyholder, car model, year of manufacture and the fuel type.
Maruti Insurance Claim Process
When you decide to buy insurance, understand the claim process as well. After all, this is the benefit you are seeking through paying premiums. Here’s how you can claim under your insurance policy:
- You need to inform the insurer at the earliest once the accident or mishap occurs. Be as detailed as you. These details are important for assessment of the claim. In the event it is found that the damage was due to your negligence, the claim may fall through/
- The insurers assess the damages through independent assessment. You can go to one of the authorized garages in the network of the insurer for the same.
- Maruti insurance provides access to a network of garages. These garages have skilled technicians. The repairs are usually carried out free of cost. In case the repair is not covered under policy terms, you have to pay for the same.
- In case of a personal cover, you can claim the medical expenses. A comprehensive cover usually provides a personal cover too. File your medical bills and reports carefully. These documents need to be submitted when you raise a claim.
- In case of an accident with a third party, the victim will raise a claim under its insurance policy. In that case, your insurer will work with the insurer of the victim. The assessment report of the damages will decide the amount of compensation. You can raise your grievances to IRDA if you feel that the assessment is not fair.
Car Models Offered by Maruti Suzuki Car Insurance
The best feature of obtaining an insurance policy from Maruti Suzuki directly is the coverage. The policy works for all models of car designed by Maruti. The top selling models of Maruti which are covered by Maruti insurance are as follows:
- Maruti Suzuki Swift: This one of the most popular hatchbacks sold by Maruti. You can choose between the diesel and petrol variant. The fuel efficiency of the diesel variant is around 28.4 KM/ litre. The fuel efficiency of the petrol variant is approximately 22 KM/litre.
- Maruti Suzuki Baleno:This model is high end hatchback. It is available in four variants called Alpha, Delta, Sigma, and Zeta. You can choose between the petrol and diesel variant. The new model of Baleno has received a major facelift. It comes with a lot of additional features such as aggressive exterior styling, two-tone precision cut alloy wheels, and a BSVI version of the petrol engine. The fuel efficiency of the new petrol variant is approximately 23.8 KM/litre.
- Maruti Suzuki Vitara Brezza:This is the SUV offering from Maruti Suzuki. It is available in four variants ZDI+, ZDI, VDI, and LDI. There’s only a diesel engine available. The fuel efficiency of the model is approximately 24.3 KM/litre.
Companies selling Maruti Car insurance
As mentioned above, Maruti insurance is also sold by a number of partner companies. The top insurers offering the policy are:
- HDFC Ergo
- Bajaj Allianz
- ICICI Lombard
- SBI General Insurance
- Oriental Insurance
- United India Assurance
- Royal Sundaram General Insurance
- IFFCO Tokyo General Insurance
These companies provide insurance policy at competitive premiums. Some of them also offer a host of add-on policies that you can obtain. These add-on policies provide you additional protection.
I have noticed that IDV is taken as 95% of ex-show room price for a new car insurance policy.What is the reason behind the same?
The tariff is decided by the government. Previously, if any loss was suffered by the insured vehicle immediately after the purchase of a car, the insurer did not settle the claim for full ex showroom price of the vehicle. The claim was settled according to the market value of the vehicle.
Government has now mandated that the value of the vehicle be taken according to a fixed structure as per the age of the vehicle. The insurance company should take the premium as well as settle the claim on the same value termed as IDV. The IDV of the new vehicle is fixed at 95%. IDV reduces as the vehicle ages. Full IDV is payable for all total loss / theft cases.
Can I get insurance for the accessories of my car?
Accessories which are separately fitted in a car can be insured. Maruti insurance charges an aadditional premium. The premium is 4% of the value of the electronic accessories, plus service tax on it.
Why should I choose Maruti insurance?
Maruti Insurance Broking offers motor insurance policy tailored for Maruti car owners. You have the option to buy Maruti Insurance from the most trusted insurance providers including all PSU insurers and private players. The benefits of Maruti insurance give the customers the most user-friendly motor insurance experience.
What are the key factors that affect my Maruti insurance premium?
The premium depends on the following factors:
- Insured Declared value of the car
- Cubic capacity
- Geographical zone
- Age of the car
Why do I need add-on policies?
Choosing add-on covers help to increase the coverage of the insurance. You have to pay additional premium for the same.
Can I receive a No Claim Bonus on my Maruti insurance?
Yes. NCB is a benefit that accrues when a policyholder does not make any claims in a particular year. NCB reduces the amount of premium when you renew the policy. The amount of NCB increases with each successive claim-free year. The maximum NCB that can be accumulated is 50% of the own damage premium of the car insurance.
My car has met with an accident. What documents do I need to provide for an accident claim settlement?
The standard documents required by most insurers are:
- Claim Form duly signed by the Insured
- Policy Copy
- Registration Card Copy
- Driving License Copy
- Permit & Fitness Certificate (in case of Taxi / commercial registered vehicles)
- FIR (in case Third Party damage / injury is involved)
- Claims Discharge cum Satisfaction voucher signed across a revenue stamp.
- PAN Card Copy
- Aadhar Card Copy
Some insurers may insist on additional documentation as well.
I have bought an insurance policy from Maruti insurance. How do I renew the same?
You will be reminded about the renewal date by the insurer. Usually, a renewal notice is sent by Maruti insurance well in advance. The notice includes the premium to be paid for renewal with the details of coverage. The customer service team will also call you to remind you about the renewal. During renewal, you have the option to change the policy coverage details.
My car has met with an accident which has caused injury to a third party.What are the steps to be followed?
Here’s what you should do in such a case:
- Lodge an FIR with the nearest policy authorities and obtain a copy.
- Provide a photocopy of your certificate of insurance to the affected third party.
- Do not offer any compensation to the third party. This can affect the claim settlement process.
- Get in touch with your insurer through toll free numbers or email them about the incident.
- Raise a claim under your third party liability coverage.