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Navi Car Insurance

Just buying a car does not end your responsibilities. As it is one of the most precious possessions of yours, you need to protect it also from a wide array of dangers and perils that it is exposed to ranging from personal accidents, natural calamities to third party liabilities, and many more. Be it an expensive car or a second-hand car, a single scratch may lead to huge financial expenses that may seem heavy on your shoulder. To lighten your burden, Navi General Insurance has presented well-designed car insurance plans that can offer you and your car overall protection.

Being incorporated on July 5, 2016, and having started its business operations in November 2017, Navi General Insurance is a wholly owned subsidiary of Navi Technologies. Though it is one of the youngest general insurance companies in India within these few years it has won the complete trust of the consumers. The company has come up with a sack full of general insurance products ranging from health, motor, property, home to gadgets, and commercial insurance plans with varied benefits that can cater to the needs of the individuals. Apart from these, the Navi Car Insurance plan has come up with a bundle of add-on covers and different facilities so that you can customize the plan according to your convenience.

Key Facts About Navi Car Insurance

To know more about Navi Car Insurance, especially its key facts, look at the below table.

Parameters (in the Motor segment only)Key highlights
Incurred claim ratio (in the financial year of 2019-2020)150.69%
Premium underwritten (in the financial year of 2019-2020)88.03 crores
Total GDP (in the financial year of 2019-2020)157.99 crores

Types of Plans Offered By Navi Car Insurance

Navi Car Insurance has come up with two car insurance plans and they are – COCODrive Private Car Package Policy and Liability Only Policy, which is sufficient enough to address the varied needs of the customers. Here are the brief details of each policy below.

1. COCODrive Private Car Package Policy

This is a complete and comprehensive car insurance policy offered by Navi General Insurance that has presented a wide range of benefits and facilities along with various discounts to safeguard your car from different types of perils that it is exposed to at an affordable premium rate.

Key highlights of the plan:

  • This policy provides coverage for the loss or damage to the insured car arising out of natural disasters such as typhoons, cyclones, earthquakes, landslides, etc., and man-made hazards such as riots, strikes, burglary, house-breaking, theft, terrorist activity and, etc.
  • The plan also offers protection for all rubber, nylon, plastic parts, tyres and tubes, batteries and airbags, fiberglass components, and for all parts made of glass but that is subject to a deduction for depreciation as per the terms and conditions of the company.
  • The policy promises to pay compensation for the bodily injury or death sustained by the owner-driver of the vehicle in direct connection with the vehicle insured or whilst driving or mounting and dismounting from the vehicle insured or whilst traveling in it as a co-driver.
  • This comprehensive plan provides third party liability benefits and multiple discounts along with the NCB benefit.

The additional covers available under COCODrive Private Car Package Policy:

Navi Car Insurance has come up with two car insurance plans and they are – COCODrive Private Car Package Policy and Liability Only Policy, which is sufficient enough to address the varied needs of the customers. Here are the brief details of each policy below.

Zero depreciation cover

If opted for this add-on cover, the company will reimburse the amount of depreciation deducted on replacement of any damaged part/s and paint under an own damage claim admissible.

Hospital daily cash

If the insured person is admitted to a hospital due to an accident involving the insured car, this add-on cover will offer daily hospital cash for a maximum period of 5 days.

Daily conveyance allowance

This additional benefit will enable the insured person to meet the expense of conveyance while your vehicle is undergoing repair for damages caused by perils as mentioned in the policy wordings that are subject to a maximum period of 15 days.

New car for an old car

The company will pay the difference between the amount receivable under the section of Own Damage and the invoice price of the new vehicle of the same make and model in the event of valid and admissible Total Loss/ Constructive total loss (CTL) or Theft claim under the policy.

No Claim Bonus (NCB)

If opted for this cover, the policy will pay the NCB benefits at the time of the renewal of the policy that is subject to the terms and conditions of the policy.

Personal belonging protector

Under this add on cover, the company is liable to pay for the loss or damage to personal belongings of the insured person or any other occupants of the vehicle incurred by perils as mentioned under the section of Own Damage of the policy.

Emergency transport and hotel stay

If the insured person suffers an accident and the car becomes immobile, then for the hotel stay overnight or for traveling, the company will bear the expenses of that.

Key and lock replacement

If your car keys are stolen or lost or the vehicle is broken into, the policy will reimburse the amount of the expenses of a new lock and/or keys and labor charges not exceeding the sum insured as mentioned in your schedule.

Engine protector

If opted for this add-on cover, you are eligible to get compensation for the repair and replacement expenses for loss or damage to internal parts of the Engine, Gearbox, Transmission, or Differential assembly including lubricating Oils/consumables.

Roadside assistance

Under this additional benefit, you can get compensation for the repair and towing service for a flat tyre, flat battery – jump start service, repair on the spot service, and many more in the network garage of the company.

Apart from these, Navi Car Insurance has presented more add on covers such as Accidental Hospitalization, Enhanced Owner Personal Accident, Enhanced Occupant Personal Accident, EMI Protector, Outstanding Loan Protector, Enhanced Paid Driver Personal Accident, Tyre Replacement, and Depreciation Cover.

ii. Navi General Liability Only Policy

According to the Motor Vehicles Act of India, 1988, if you own a vehicle, it is mandatory to have a third party insurance policy. Keeping its importance in mind, Navi Car Insurance has included this plan, which is the most basic plan.

Key highlights of the plan:

  • If the insured car directly gets involved in an accident that causes bodily injury or even death to a third party, the company will compensate for that.

  • This plan will also reimburse if the insured car causes loss or damage to the property of the third party incurred due to an accident.

  • The Company will also pay all costs and expenses incurred with its written consent.

  • This plan has also come up with the personal accident cover for the owner-driver that is subject to the terms and conditions of the company.

What Are The General Exclusions of Navi Car Insurance?

For certain situations, Navi Car Insurance does not offer its benefits and covers. The general exclusions of it are as follows.

  • Any accidental loss or damage and/or liability caused sustained or incurred outside the Geographical Area that is mentioned in the policy wordings will not be covered.

  • Driving without a proper license will fall under the section of exclusion.

  • If the insured person drives under the influence of alcohol or any other intoxicating substance, the company does not take any liability for that.

  • Any loss or damage directly or indirectly caused by or contributed to or arising from ionizing radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel will not be covered.

  • If the insured vehicle suffers any loss or damage due to war, war-like situation, foreign invasion, or something like that, the policy will not compensate for that.

  • Any contractual liability or any kind of mechanical and electrical breakdown falls under the category of exclusion.

Why Should You Purchase a Car Insurance Plan From Navi General Insurance?

As the insurance market is flooded with a bundle of general insurance companies that have come up with a variety of general insurance products along with varied benefits, it has become confusing for a policy-seeker to find out an ideal one that can meet his needs. But if you can keep certain parameters while selecting and evaluating a company, the job will be easier. To make it simpler for you, it has been found after assessing every potential parameter that Navi General Insurance is an ideal one for you to buy a car plan as it caters to every need of yours. Let us find out the reasons.

Claim settlement ratio – We buy a car insurance plan so that it can help us financially in our most needed time. For this, the claim settlement ratio of the company plays a pivotal role as it shows the credibility of the company. According to the IRDA Annual Report, the claim settlement ratio of Navi insurance in the car segment is 150.69% in the financial year of 2019-2020, which is way higher than many general insurers. So, once you have bought a car plan from this company, the rest is assured and protected.

Network garages – To avail of the cashless facility, you need to repair your damaged car in one of the network garages of the company. So, the number of network garages does matter a lot because, at the time of emergency, you cannot travel far in search of a network garage, and additionally you need to find a suitable one that can address your needs within your vicinity. Navi Car Insurance has more than 1000 network garages spread all over the country that not only helps you to find the ideal one but also within your reach.

Number of plans – Navi Car Insurance has come up with two car insurance policies. One is the basic one and the other is a comprehensive car plan that can cater to every need of the individuals and it also has presented a sack full of additional benefits to make the plan stronger. So, once you have opted for a car plan from this insurer, be sure that each requirement will be fulfilled.

Distribution network – If you are opting for a car insurance plan, the insurer has to be well connected to its consumers so that it can reach your doorstep whenever you need them. The official branches of Navi Car insurance are spread all over the country along with a huge number of employees. Apart from that, it gets connected with its customers through registered and licensed agents also. It has grown an empire of more than 12 lakhs customers with the promise of keeping them safe by always standing beside them.

Digitalization – To keep pace with the growing demand of the customers, Navi Car Insurance has tied up with CAMS Insurance Repository Services Ltd and come up with Electronic Insurance Account (eIA) that helps you to convert your policies into electronic format to keep you safer and more protected. Apart from that, it has also created a Navi App that helps the customers to handle their policies at ease.

Add on covers – Navi Car Insurance has designed COCODrive Private Car Package Policy, under which there are a wide array of additional covers available, ranging from Accidental Hospitalization, Enhanced Owner Personal Accident, Enhanced Occupant Personal Accident to engine protector, key and locks replacement, and many more. So, if you are opting for this policy, be sure you and your car will be safe and always protected.

Market share – According to the IRDA Annual Report the premium underwritten in the financial year of 2019-2020 of Navi Car Insurance is Rs. 88.03 crores that reflects the company’s financial strength and the ability to handle any financial crisis situation in near future. So, once you have bought a car insurance plan from this insurer, you are completely safe.

Solvency ratio – A solvency ratio stands for the potential of the company to meet its long-term financial goal. It is generally assumed that if the solvency ratio is higher for a company, the insurer has a higher capability to handle the financial situation. According to the IRDA Annual Report, the solvency ratio of Navi General Insurance as of March 2020 is 3.35, which indicates the ability of the company to pay off the lump sum claim amount of its consumers.

Customer service – You can easily get connected with the insurer via calling them or sending them a mail. You can also visit their official branch or write a letter to them. They have a Customer Experience Team and Grievance Redressal Officers that always stay connected to its customers. So, whenever you need them, they will always be at your service.

Buying Process of Navi Car Insurance

Navi Car Insurance has offered both offline and online buying processes for its customers. Here are the details of the buying procedures.

Online Buying Process

To avail of a smooth and easy online buying process for Navi Car Insurance, follow the below steps.

Step 1

Go to the official website of the company and open their motor insurance page.

Step 2

There you will find the ‘Buy Now’ option; click on that.

Step 3

Select ‘Car Insurance’ and put your vehicle number.

Step 4

Then put the required details of your car and necessary personal information.

Step 5

On the basis of your given data and chosen benefits, the amount for buying that plan will be displayed before you.

Step 6

Pay the amount and upon successful payment, you will be notified about the same and you can access your policy documents.

Offline Buying Process

If you are more comfortable in the offline buying process, you can visit the nearest branch of the company and their experts will guide you through the process. To seek guidance, you can also contact the company either via mail or by calling them to avail of a seamless buying process. Apart from these, you can also contact one of their registered and licensed agents and they are experienced and knowledgeable enough to help you throughout the process of buying.

If you face any issue while availing of the above-mentioned buying procedures, you can also contact Probus Insurance to buy a car insurance plan from Navi General Insurance.

How To Claim for Navi Car Insurance?

Navi Car Insurance offers you the opportunity to file your claim either in the cashless claim procedure or reimbursement procedure as per your choice. Here are details of both processes.

Cashless claim:

To avail of the cashless claim procedure, follow the below steps.

  • As soon as the event happens, register your cashless claim either by making a call on their toll-free number or mailing the insurer or through Customer Portal on their website or using the mobile app or you can all directly walk to the nearest office branch of the company.

  • You can take your damaged car for repairs to a cashless network garage of the company along with the required documents such as duly filled and signed claim form, copy of registration certificate, police FIR (if necessary), and KYC documents.

  • A surveyor will be appointed on behalf of the company to assess the damage of your vehicle and to check the documents.

  • The surveyor may conduct a re-inspection after the repayment of the car.

  • If no discrepancy is found, Navi General Insurance will issue a Claim Amount Confirmation (CAC) on receipt of the original/proforma repairing bill.

  • After that, you can receive the delivery of your car. In that case, you need to pay your share in the claim and/or amount towards any non-accidental work.

  • Then the company will directly pay the claim amount to the network garage within 7 working days.

Reimbursement Claim:

To avail of a seamless reimbursement claim procedure, follow the below steps.

  • As soon as the event happens, inform the insurer and register your claim.

  • Meanwhile, you can take your car for repair in any garage of your choice. Choosing a network garage is not necessary for reimbursement claims.

  • Repair your car, pay the bills and preserve all the documents for further reference.

  • Submit all the necessary documents along with the duly signed and filled claim form.

  • The company will verify your documents and your claim amount.

  • If no discrepancy is found, the insurer will reimburse the claim amount leaving your share of payments.

What Are The Discounts Available Under Navi Car Insurance Plans?

Navi Car Insurance has come up with a wide array of discounts on various grounds. Let us have a look at them below.

Discount for Membership of Recognised Automobile Associations – If the insured person is a member of any recognized automobile association during the policy period, a certain discount is available on this account for the unexpired period of the cover.

Discount for Vintage cars – If the insured person has a car that has been certified as a vintage car by the Vintage and Classic Car Club of India, he/she is eligible for a 25% discount on basic Own Damage Premium and or Third Party Premium.

Installation of Anti-Theft device – To prevent damage to your vehicle, if you have installed an anti-theft device on your car, you can avail of a discount of 2.5% on the OD component of premium that is subject to a maximum of Rs. 500/-.

Discount for Specially designed/modified cars – If your insured car is being specially designed /modified for use of the blind, handicapped, and mentally challenged persons and suitable endorsement to this effect has been incorporated in the Registration Book by the Registering Authority, a discount of 50% on the Own Damage premium for the vehicle insured is hereby allowed to the insured.

No Claim Bonus (NCB) – Discount from 20% to up to 50% is available if you are eligible for NCB but this percentage is subject to the terms and conditions of the company.

Use confined to own premises – If a car is to be used in the insured’s own premises to which the public has no general right of access and the car is not licensed by the authorities concerned for general road use, he/she is eligible for a discount of 33 1/3%.

Fire and theft – Several discounts are available on fire and/or theft risks premium components for voluntary deductibles for vehicles rateable under Tariff for Private Cars.

Frequently Asked Questions

You can easily renew your existing Navi Car Insurance policy just by calling the insurer on their toll-free number 18001230004 (from 8 am to 8 pm). Or else, you can also send them a mail along with the policy details to mycare@navi.com.

No, personal accident cover is not available for commercial vehicles.

Under an Agreed Value Policy, a specified sum agreed as the insured value of the vehicle is paid as compensation in case of Total Loss or Constructive Total Loss of the vehicle without any deduction for depreciation.

The Third Party Property Damage (TPPD) cover offers coverage up to Rs. 7.50 lakhs for private cars.

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM INSURED’ for the purpose of this policy which is fixed at the commencement of each policy period for the insured vehicle. The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model as the vehicle insured at the commencement of insurance/renewal and adjusted for depreciation as per schedule below.

Age of the car% OF DEPRECIATION FOR FIXING IDV
Not exceeding 6 months5%
Exceeding 6 months but not exceeding 1 year15%
Exceeding 1 year but not exceeding 2 years20%
Exceeding 2 years but not exceeding 3 years30%
Exceeding 3 years but not exceeding 4 years40%
Exceeding 4 years but not exceeding 5 years50%

You can get the claim form from the official website of the company under the portal of the desired plan.

The extended geographical areas that can be included under this policy apart from India are Bangladesh, Bhutan, Nepal, Pakistan, Sri Lanka, and the Maldives.

The follows are the necessary documents for accidental hospitalization:

  • Claim Form Duly Filled and Signed
  • Original Discharge/Death Summary
  • Operation Theatre Notes (if any)
  • Original Hospital Main Bill along with break up Bill and original receipts
  • Original investigation reports, X-Ray, MRI, CT films, HPE
  • Doctors Reference Slips for Investigations/Pharmacy
  • Original Pharmacy Bills
  • MLC/FIR Report/Post Mortem Report (if applicable and conducted).
  • Details of the implants including the sticker indicating the type as well as an invoice towards the cost of the implant.

Yes, the insured person can purchase this cover as an add on the cover by paying an additional premium of 4% on the value of such fittings declared in the proposal form.

Yes, Navi Car Insurance offers coverage for Vehicles used by Driving Schools recognized by the RTA for giving tuition, having double clutches and double brakes with a professional tutor accompanying the trainee.

For this, you need to intimate the insurer as soon as possible and submit the required documents along with the older Certificate of Insurance.

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