Owning a car has been a golden dream for most of us. But once we own one, insuring it becomes the utmost priority since it is a valuable commodity. If something unfavorable happens to an individual’s car, such as a traffic accident, fire, theft, etc., car insurance will assist him/her in handling any subsequent financial obligations that may arise.
As per section 146 of the Motor Vehicle Act, 1988, it is mandatory for car owners in India to have car insurance; otherwise, it would be considered an offense. There are a multitude of car insurance providers in India, but car insurance products from Reliance General and Oriental Insurance are well-known for their gamut of wonderful features and benefits. Due to this, it may be plausible to become confused about which car insurance to purchase.
Therefore, this post will compare Reliance Car Insurance and Oriental car Insurance in context with some important points. This will help car insurance-seekers to purchase the product that best meets their needs!
Comparison Between Reliance Car Insurance & Oriental Car Insurance
|Parameters||Reliance Car Insurance||Oriental Car Insurance|
|Incurred Claim Ratio (Motor Insurance)||75.57% (2021-22)||97.95% (2021-22)|
|Note: The ICR value has been taken from the latest IRDAI report.|
|Cashless Network Garages||8500+||7000+|
|Easy Video Claim Settlements||Available||Not Available|
|Number Of Add-Ons Available|
|Personal Accident Cover||Rs. 15 Lakhs||Rs. 15 Lakhs|
|Discounts||Up To 75%||Available (Refer To Product’s Brochure)|
|NCB Benefit||Up to 50%||Available (Refer To Product’s Brochure)|
Defining Reliance Car Insurance
Reliance Car Insurance is a type of motor insurance offered by Reliance General Insurance; a business owned by Reliance Capital. The car insurance product is particularly designed to not only provide financial protection to its customers but also surety to enjoy their car rides with great peace of mind.
The product, along with all motor insurance products offered by the insurer, has been dedicatedly developed with the promise of transparent processes, improved continence, and better outputs. With over 8500 network garages across the nation, the Car Insurance from Reliance General offers a hassle-free and quick cashless repair experience to its customers. Its affordable pricing and easy customization options not only meet the customer’s needs but also work towards holding their valuable interests.
About Oriental Car Insurance
Car Insurance from Oriental Insurance (which is a public sector general insurance provider in India) is a comprehensive four-wheeler insurance product designed to offer 360-degree protection to the insured car. The insurer offers car insurance under the name of “Private Car Package Policy” along with some add-on riders to enhance the coverage.
With more than 7000 workshops present across the nation, car insurance holders need not worry about availing cashless repair services in emergency conditions. Moreover, the insurer has tied knots with some brand-specific workshops, like Maruti, Mahindra, and Tata Motors, and included their segregated lists on their website for convenience. In addition, Oriental Car Insurance is fairly priced and cost-efficient thanks to a strong network of devoted consumers and a solid Pan India branch setup.
Striking Features & Benefits Of Reliance Car Insurance
Since Reliance General understands that insurance is all about keeping the interests of the policyholders, it offers the following features and benefits under its car insurance:
The majority of people don’t prefer to buy comprehensive car insurance because they are expensive and add burden to the car owners. However, the Car Insurance from Reliance General is specifically designed to offer high coverage at budget-friendly premiums.
Strong Network Of Cashless Motor Garages:
With a vast network of 8500+ cashless garages, the policyholders can easily reach any nearby workshop in case of emergencies. The best part is that these garages offer a cashless facility, which means that the customers need not worry about the expenses while their car is being repaired since the insurer settles the claim directly with the network garage.
One-Tap Renewal Process:
If one purchases Car Insurance from Reliance General, he/she need not go through tricky renewal processes as present in other car insurance providers. The policyholders just need their old policy and a camera on their phones; then they can have the car insurance in less than 60 seconds. They simply need to use the Reliance Selfi App, which uses OCR technology to scan, check, and pay.
The protection offered by Reliance Car Insurance may not be sufficient since the protection requirements keep on changing based on how the car owner is driving and where he/she is living. Therefore, the product offers a host of add-ons that one can opt for as per their choice and requirements.
Instant Assistance With Reliance Selfie App:
In case a policyholder is stuck on hills, in woods, or in any other desolated location with his/her car, he/she can open the Reliance Selfi App and connect with the insurer through a live video stream. The entire team of Reliance General will offer instant claim assistance within a few clicks.
NCB (No Claim Bonus) Benefit:
If a customer does not raise any claim during the entire policy tenure, Reliance Car Insurance will give up to a 50% discount on his/her premium as NCB. The initial NCB discount will be less than 50%.
If anyone wishes to purchase Car Insurance from Reliance General, they can get it instantly. The insurance-seekers will either have to visit the official website of the insurer, use the Reliance Selfi app, or just call the insurer’s advisor. The team will then help the insurance-seekers to get one in under 60 seconds.
Real-Time Claim Status:
There is no need to hover the mouse from one tab to another tab on the insurer’s website to know the status of a car insurance claim. With the help of the Reliance Selfi App, customers can get a real-time status of their claims anytime and anywhere.
Claim Survey Within 48 Hours:
The majority of car insurance holders struggle with delayed claim processes. However, Reliance General ensures to carry out car insurance claim surveys within 48 hours of claim intimidation, so that further claim processes can be carried out in time.
There may arise some urgent situations where immediate towing of the car is required. When a person purchases Car Insurance from Reliance General, he/she will get a reimbursement of up to Rs. 1500 for transporting the car to the nearest garage and redelivering it to the owner.
Salient Features & Benefits Of Oriental Car Insurance
The Car Insurance by Oriental offers a host of features and benefits. Some of them are mentioned below:
The following discounts on premium may be given to the customers if they have bought Oriental Car Insurance:
- Discount for Selecting Higher Voluntary Deductible
- Discount for Anti-Theft Device
- No Claim Bonus
- Automobile Association Membership Discount
The Car Insurance from Oriental Insurance also has a few optional riders that can be chosen by paying an additional premium. These riders can be added to the basic car insurance to provide an additional layer of protection to the insured car.
Free Benefit Of Emergency Service Through TVS:
This is an add-on benefit that is available free of cost. The cover offers free emergency assistance in case of breakdown if the car is insured through Oriental’s offices in the states of Delhi & NCR, Punjab, Haryana, Himachal Pradesh, Rajasthan, the Southern States, Mumbai, and Kolkata.
Vast Network Of Repair Workshops:
Oriental Car Insurance holders do not need to worry about accessing cashless repair services in an emergency thanks to the insurer’s more than 7000 workshops across the nation. Additionally, the insurer has agreements with brand-specific workshops, like Tata Motors, Maruti, and Mahindra, and has added these shops’ segregated listings to their website for convenience.
If the policyholders do not file any claims over the policy duration, they will receive a no-claim bonus under the Oriental Car Insurance. Depending on how many years there have been no claims, the bonus sum can be anywhere between 20% and 50% of the premium.
The insurer has a productive online portal, through which one can receive a host of services, including purchasing car insurance, renewing car insurance, and even migrating car insurance. Moreover, one of the biggest benefits of purchasing Car Insurance from Oriental Insurance online is the ease of documentation. There is no requirement for physical documentation because the full process can be finished with a few clicks.
Reliance Car Insurance OR Oriental Car Insurance: Which One Is Better?
Both car insurance, Reliance Car Insurance and Oriental Car Insurance are designed to offer protection and compensation to the insured car in case of road mishaps. Nevertheless, both come with their own gamut of pros and cons.
While Reliance Car Insurance integrates high-end technology to offer faster and seamless assistance to its customers, Oriental Car Insurance offers some of the most unique add-on covers along with viable premiums. Therefore, if you are planning to go for a tech-oriented insurance product, Reliance Car Insurance will be the best choice; whereas, if not-so-common add-ons and a strict budget are what’s on your mind, Oriental Car Insurance is a perfect contender.
No matter what insurance you choose, make sure to carefully consider your budget and legal requirements. This will ensure you receive adequate coverage for enjoying a worry-less car drive.