It is no secret that we invest our hard-earned cash in a car so that we can travel in comfort. It becomes a part of your life and a lot of special occasions. But since life is full of surprises, you should be ready to face any hardship that comes your way by selecting the most suitable car insurance to protect your vehicle. Thus, having car insurance is a must. Since the market is flooded with numerous options, Kotak Car Insurance and Liberty Car Insurance have paved their way to be the popular insurance options among customers.
These car insurance products offer comprehensive coverage for your most valuable possessions. You can safeguard both your vehicle and yourself against any monetary loss or damage by selecting any of the two types of car insurance. It will pay for all the harm an accident causes to you, your car, and any third parties. It is best to choose one option, even if you enjoy both.
Let’s dig deep into the differences between Liberty Car Insurance and Kotak Car Insurance in detail!
Comparison Between Kotak Car Insurance & Liberty Car Insurance
Let’s compare Kotak Car Insurance and Liberty Car Insurance based on the following parameters.
| Parameters | Kotak Car Insurance | Liberty Car Insurance |
| Cashless Garages | There are 4000+ Cashless Garages under Kotak Car Insurance. | Under Liberty Car Insurance, there are 4300+ network garages. |
| Claim Settlement Ratio (Incurred Claim Ratio 2021-22)- IRDAI Report | Kotak has a claim settlement ratio of 82.67% (Motor Insurance). | On the other hand, it has a claim settlement ratio of 62.84% (Motor Insurance). |
| Discount | AAI Members Discount If you’re an active member of a recognized Automobile Association of India (AAI), you can enjoy an additional discount on your car insurance premiums. | There is no special discount under the car Insurance by Liberty General. |
| Add-on Covers | There are 10+ add-on covers under the Kotak Car Insurance. | Under Liberty Car Insurance, there are nearly 7 add-on covers available. |
| Influence of drugs or liquor | It doesn’t cover damage to/by a person who is driving under the influence of drugs or alcohol. | With Liberty car insurance, you will not be covered if you are driving under the influence of alcohol or drugs. |
| Third-party Coverage | It also provides coverage for property damage incurred by the third party up to Rs. 7.5Lakh | It also covers third-party liabilities with coverage of up to Rs. 7.5 lakhs. |
| Personal Accident Covers | Coverage of Rs.15 lakhs against accidental deaths and permanent disablements | It also protects against personal accidents. |
| Natural Disasters | Kotak Car Insurance provides coverage against natural disasters. | Liberty car insurance, on the other hand, protects against natural disasters. |
What is Kotak Car Insurance?
Kotak car insurance is made to protect you, your vehicle, and onlookers from life’s unforeseen detours. It’s a preventative measure that increases driving safety and lessens the financial risks associated with future car ownership and operation.
When bad things happen, having car insurance by Kotak will protect your finances from risks and losses brought on by theft, accidents, and natural disasters. It guarantees that you abide by the laws and covers third-party liabilities as well.
What Makes Kotak Car Insurance Special? Uncovering its Features and Benefits
The following are the key features and benefits of choosing car insurance by Kotak.
Money Saving:
The major feature is that the Affordable premiums for Kotak car insurance begin at just Rs. 2094. Thus, Kotak car insurance allows you to insure your vehicle without breaking the bank.
Premium Discounts:
If you choose a voluntary deductible, join an automobile association, install safety devices in your vehicle, etc., you can receive premium discounts. These reductions lower the price of the premium.
No Claim Bonus:
A no-claim bonus is awarded to you if your car insurance remains unclaimed. Following the first claim-free year, the bonus is 20%, and it increases with each subsequent claim-free year. In addition to receiving an equal premium discount, you can earn up to a 50% no-claim bonus.
Cashless Claim Settlements:
If you take your car to a networked garage for repairs, you can receive cashless claim settlements under car insurance by Kotak.
Coverage for Theft:
Another key feature and benefit of considering Kotak Car Insurance is that it also pays the Insured Declared Value (IDV) if the car is stolen.
Personal accident cover for the owner/driver:
The owner or driver of the vehicle has access to personal accident coverage with a Rs. 15 lakh maximum insured. In the event of an accident-related accidental death or permanent total disability, the coverage pays a benefit.
Range of Add-Ons:
Add-ons are extra benefits of coverage that you can choose to have in addition to the comprehensive coverage. With Kotak car insurance, you can choose from a variety of add-ons for comprehensive protection.
Consumables Cover:
Consumables include things like nuts, bolts, screws, lubricants, and other one-time-use parts for car maintenance. These consumables are not covered by other policies; however, they are covered under the add-on.
Depreciation Cover:
Car coverage does not cover depreciation. The cost of depreciation is subtracted from the cost of fixing or replacing the parts in the event of a claim. On the other hand, depreciation is covered with the Depreciation Cover add-on. It is paid out in full and is not subtracted from the claim amount.
Engine Protect:
The add-on will pay for the repair or replacement of the damaged engine and one-time items like nuts, bolts, screws, lubricants, etc. if the engine sustains damage from water seepage or logging. These consumables are not covered by other insurance; however, they are covered under the add-on.
Tyre Cover:
In the event of an emergency or a car breakdown in the middle of the road, this add-on enables 24-hour assistance. The assistance is offered by Kotak for flat tires, filling up gas, battery jump starting, and other issues.
24X7 Roadside Assistance:
When a car breaks down in the middle of the road or emergency, this add-on enables 24-hour assistance for flat tires, fuel refills, battery jump starts, and other issues.
Daily Car Allowance:
In the event of a claim, the add-on provides a daily allowance while the vehicle is being repaired, which you can use to pay for other forms of transportation.
NCB Protect:
In the event of a claim, the add-on provides a daily allowance while the vehicle is being repaired, which you can use to pay for other forms of transportation.
Loss of Personal Belongings:
This add-on protects you against potential financial loss in the event that your personal belongings are taken from the insured vehicle.
Key Replacement:
This add-on protects you against potential financial loss in the event that your personal belongings are taken from the insured vehicle.
Now, Let's Talk About Liberty Car Insurance
Liberty Car Insurance provides complete protection for your four-wheeler against any unfortunate circumstances that could result in financial loss. When your vehicle is involved in an accident, like a traffic collision, car insurance by Liberty General Insurance guarantees that you will receive prompt claim assistance.
The purpose of Liberty car insurance is to pay for the losses and damages your vehicle may incur following an accident, theft, fire, natural disaster, accident, and so forth. It also covers policyholders’ financial obligations to a third party resulting from an accident involving their insured vehicle.
What are Liberty Car Insurance's Principal features and benefits?
Listed below are the key features and benefits of Liberty Car Insurance.
It Is Mandatory:
The primary justification for possessing car insurance is your legal duty to do so. Driving a vehicle without third-party insurance is illegal in India. The Motor Vehicles Act of 1988 is the basis for this regulation.
It Helps Pay for Damages:
Another major feature and benefit of choosing car insurance by Liberty General Insurance is that it can protect your vehicle against unexpected and unique accidents such as small dings or scratches, balls being thrown at your car, knocking off the side-view mirror, and more. Your car could sustain any of these or even more damages while it’s parked or moving. You can reduce repair costs and file a damage claim with Liberty Car Insurance.
It Protects Your Loved Ones When You Can’t:
Car crashes occur without warning and can occasionally be catastrophic or even deadly. Your wounds could result in a temporary, permanent, or even fatal disability. You need to get Liberty car insurance if you want the financial security of your family in the event that something were to happen to you while driving. You can choose to have owner-driver coverage on your car insurance to protect yourself.
Coverage Against Man-Made and Natural Calamities:
Both man-made and natural disasters are covered by Liberty car insurance. Take advantage of protection against losses resulting from landslides, fires, riots, strikes, explosions, earthquakes, lightning, floods, hurricanes, storms, etc.
Theft Cover:
If your vehicle is taken, you not only lose a valuable asset but also suffer a sizable financial loss. Your Liberty car insurance covers this loss, and you are paid for your incurred damages.
Add-ons:
It provides necessary accessories for your vehicle at reasonable prices. These upgrades improve your regular car insurance.
Hassle-Free Claims:
You can get cashless claim services and inspections at over 4300 network garages, ensuring you can get the best claim settlement services without any hassle. Some of the benefits include depreciation cover and a No-Claim Bonus Protector.
Which is the Best: Kotak Car Insurance or Liberty Car Insurance?
It’s essential to gather quotes and compare the details of the products provided by both Kotak Car Insurance and Liberty Car Insurance. Additionally, consider your specific needs and budget when making a decision. To help you out, if you are looking for car insurance with a higher claim settlement ratio and discounts, then there’s nothing better than Kotak Car Insurance. On the other hand, if you want to buy car insurance with higher cashless network garages, then Liberty car insurance will never disappoint you. Ensure you consider your needs and then decide to choose the best car insurance.
