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A motor insurance policy provides you financial backup in case of any untoward incident. Also, buying an insurance plan for your car is mandatory to meet the legal requirements. If you own a Mahindra car or planning to buy one, then read on for all the information related to Mahindra car insurance.
Benefits of Buying Car Insurance for Mahindra Cars:
Car insurance is crucial in India as the roads are chaotic, and the risk of damage to your car is very high. Moreover, buying insurance for your car is mandatory to comply with the legal requirements. Below are the benefits of buying motor insurance for your Mahindra car:
Third-Party Liability Cover: Having a third-party liability cover for your car is compulsory in India. A Comprehensive or Third-Party Car Insurance Plan provides third-party coverage. The insurance plan covers damage caused to third-party vehicles/property or life. Example: If your car damages another person’s vehicle/property or injures a third-party. Then, such losses are covered by third-party liability coverage.
Own Damage Cover: Own Damage cover for your car is optional, but it provides a financial backup if your car is damaged. A Comprehensive Policy offers Own Damage cover, which covers damage to your vehicle. Damages to your car caused due to accident, fire and natural/man-made disasters are covered by the Own Damage cover.
Personal Accident Cover: Regardless of which car insurance plan you choose, a PA (Personal Accident) add-on is mandatory. PA add-on covers injury/accidental death of the owner/driver.
Total Loss or Theft Cover: If your Mahindra car is stolen or suffers a total loss in an accident, then the Comprehensive Car Insurance Policy will cover such losses. The insurer will pay you the value or Insured Declared Value of your car if it is stolen or totalled.
Add-on Cover: A Comprehensive Car Insurance Policy gives you the flexibility of enhancing the coverage benefits via add-ons. You can opt for individual add-ons as per your need. You can choose from the host of add-ons available for Mahindra cars at a nominal increase in the car insurance premium.
What’s Covered in Mahindra Car Insurance? (Inclusions):
Mahindra Comprehensive Car Insurance Plan provides coverage against the following:
Loss/Damage to the vehicle due to an explosion or fire outbreak.
Loss/Damage to the vehicle due to an accident.
Loss/Damage to the vehicle due to man-made disasters such as vandalism, etc.
Total loss or theft of the insured vehicle.
Loss/Damage to the vehicle due to natural disasters such as cyclones, floods, storms, earthquakes, etc.
Exclusions of Mahindra Car Insurance:
Mahindra car insurance does not provide coverage under the following circumstances:
Loss/Damage to the vehicle due to improper handling/rash driving.
Loss/Damage to the vehicle when driving without a valid driving licence.
Loss/Damage to the vehicle due to wear and tear.
Loss/Damage to the vehicle when driving under the influence of intoxicating substances or alcohol.
Loss/Damage to the vehicle due to mechanical or electrical failure.
Any car insurance add-ons which are not purchased.
Advantages of Buying ACKO Car Insurance Policy for your Mahindra Car:
Below are the advantages of buying Mahindra car insurance from ACKO:
Buy Insurance Online
At ACKO, you can buy and check car insurance price online without any paperwork. The purchase process is simple, and can be completed in a few minutes. You can make the purchase or via the smartphone app, as per your convenience.
Claim Settlements Are Quick and Hassle-Free
You can apply for a car insurance claim online, and the process is simple. Just log on to the ACKO website or the smartphone app to file a claim. ACKO offers instant claim settlement for minor damages. Major damage claims will be settled in a few days, depending on the severity of the damage.
Expert Advice and Assistance
ACKO’s website will provide you with all the information related to Mahindra car insurance cost and plans. Also, car insurance experts will assist you in choosing the right car insurance plan for your Mahindra car.
Best Car Insurance Plans
ACKO provides Mahindra insurance quotes as per the ideal value of your car. Simultaneously, you can also choose the desired IDV (Insured Declared Value) for your Mahindra car. Compare car insurance plans and add-ons before making the purchase.
Insurance Plans for Mahindra Car:
There are two types of car insurance plans available for Mahindra cars: Comprehensive Car Insurance Plan and Third-Party Car Insurance Plan. Below are the coverage benefits of both the car insurance plans:
Third-Party Car Insurance Plan:
Buying a Third-Party Car Insurance Policy is mandatory as the third-party liability cover is required for all motor vehicles as per The Motor Vehicles Act. The insurance plan provides coverage against damage to third-party vehicle/property or life. A Third-Party Car Insurance Policy does not come with an OD (Own Damage) cover. An OD cover provides coverage against damage to your car.
Comprehensive Car Insurance Plan:
A Comprehensive Car Insurance Plan is optional, but it provides extensive coverage to your car. The insurance plan offers Own Damage Insurance and Third-Party Liability (TPL) cover. A Comprehensive Car Insurance Policy provides coverage against damage to your vehicle. Also, the insurance policy covers theft or total loss of the insured vehicle. Apart from that, you can also purchase add-ons to enhance the coverage benefits of the insurance policy.
Also, a seperate PA (Personal Accident Cover) add-on is mandatory regardless of which car insurance plan you choose. PA add-on provides coverage against accidental death/injury to the driver/owner. You can buy the PA cover along with the car insurance policy or during Mahindra insurance renewal.
Add-ons for Mahindra Car Insurance:
A Comprehensive Car Insurance Pan allows you to buy add-ons to enhance the scope of coverage. Below are the recommended add-ons for Mahindra Car Insurance:
Engine Protection Cover
Roadside Assistance Cover
Consumables Cover
Outstation Emergency Cover
Key Protect Cover
Claim Procedure:
Follow the below steps to apply for a car insurance claim at ACKO:
Step 1 - Download the ACKO smartphone app or visit the website www.acko.com.
Step 2 - Login to your account with the registered mobile number.
Step 3 - Click on the Claim button on your policy card.
Step 4 - Enter details such as the nature of the damage and upload pictures of your damaged car.
Step 5 - A car insurance expert from ACKO will get in touch with you to process the claim settlement.
Mahindra Car Insurance claim documents
You may need the following set of documents to make a claim against your Mahindra Motor Insurance Policy.
First Information Report (FIR) if applicable
Repair bills (in case of reimbursement claim)
Your Mahindra vehicle insurance policy
Driving licence
Identity proof
Images or video footage of the incident
Address proof
Any other document as requested by the insurance company
How is the Mahindra Car Insurance premium calculated?
The insurer takes into account many different factors while calculating your Mahindra car insurance premium. This is precisely why people who own similar car models may have to pay different sums of money for buying their own Mahindra insurance policy. Following are a few of the many factors used to calculate Mahindra Car Insurance Policy. Note: This list of factors is also applicable for Mahindra car insurance policy renewal.
1. Details of the car
The car you own (in this case Mahindra car) matters the most for calculating the insurance premium. The car’s engine capacity, year of manufacture, etc. are taken into account for this purpose.
2. Insured Declared Value (IDV)
This is more or less the current market value of your Mahindra car. You will be given a range to select your car's IDV from. Your insurer will pay the IDV if in future your car suffers major damage like total loss (damaged beyond repair).
3. Location
Since there are two insurance zones in India, your premium will depend on which zone you have registered the vehicle in.
4. Claim history
This is used to calculate the No Claim Bonus (NCB) discount for not raising claims. Your claim history will tell how much NCB you have.
5. Add-ons
These additional coverages add more coverage to the policy and also increase its value.
Other factors include the type of Mahindra vehicle insurance policy (Car insurance plans for Mahindra include Third-party Mahindra Motor Insurance or Comprehensive Mahindra Car Insurance), deductibles, etc. The process becomes easy if you buy your Mahindra car insurance online.
How to reduce the premium for Mahindra Car Insurance Policy
Following are some tips on how to get a discount on the Mahindra car insurance price.
1. Increase the security quotient of your Mahindra car by getting an anti-theft device installed. Then speak to your car insurance company to check for discounts.
2. Always complete the Mahindra car insurance renewal at least a week before the expiration date. This helps you stay updated with the coverage and avoid last-minute hassles.
3. Check with the insurer to see if you can opt for a Voluntary Deductible. This way you enjoy a discount on car insurance premiums by promising to bear a part of the claim amount.
4. Get a membership for any reputed Automobile Association of India to avail of car insurance at a discounted rate.
5.Opt to purchase Mahindra insurance online as this will give you more discounts than buying the same policy through a middleman.
6. Always go through the list of add-ons you already have and check if they are still useful to you. Then keep only those that can be useful and remove others to reduce the cost of the policy.
How to complete the Mahindra car insurance renewal process
Timely Mahindra insurance renewal ensures that you get all the benefits of having car insurance. Apart from the benefits provided by add-ons, you get covered for third-party compensations, and financial help to cover any damage to your Mahindra car. Following are the steps for Mahindra insurance renewal.
Step 1: Visit www.acko.com, go to car insurance and log in to your ACKO profile. Another way is to download the ACKO app on your phone and log in.
Step 2: Find your Mahindra insurance policy and proceed to renew the plan.
Step 3: After you select the car insurance plan, ensure that you take a look at the terms and conditions, coverages, and add-ons of the policy. Finally, make payment.
Our team will send you the renewed Mahindra insurance online policy document within minutes of the purchase.
Frequently Asked Questions:
Below are some of the most commonly asked questions about Mahindra Car Insurance:
FAQs
1. Is it mandatory to buy a car insurance policy for my Mahindra car?
Yes, it is compulsory to buy a car insurance policy for your car. Your car should have at least a third-party insurance policy to comply with The Motor Vehicles Act. Driving a car without a valid car insurance policy is an offence, and doing so might attract hefty penalties.
2. How can I buy insurance for my Mahindra car?
You can buy car insurance for your Mahindra car, either online or offline. Buying car insurance online is very convenient compared to buying insurance offline. Just visit the insurer’s website and select the car insurance plan and make payment online. Buying car insurance online will save you a lot of time.
3. Can I renew my car insurance online? How much time does it take?
Yes, you can renew car insurance online, and it takes only a few minutes. Visit the insurer’s website, for example, www.acko.com and log in to your account. Choose the car insurance plan and add-ons and make the payment online. That’s it, the insurance policy certificate will be sent to you via email.
4. How much is the premium for a Third-Party Car Insurance Policy for my Mahindra car?
Third-Party Car Insurance premium depends on the engine capacity of the vehicle. Third-party car insurance premiums are calculated by IRDAI (Insurance Regulatory and Development Authority of India), and the premium varies as per the engine capacity of your car. Higher the engine capacity, higher the car insurance premium.
5. What is the cost of a Comprehensive Car Insurance Policy?
The cost of a Comprehensive Car Insurance Plan depends on the value and age of your car and the IDV. Also, the cost of Comprehensive Policy varies from one insurer to another. The higher the value of the car, the higher the cost of Comprehensive Car Insurance.
6. Can I raise a car insurance claim if my Mahindra car is stolen?
Yes. If you have purchased a Comprehensive Car Insurance Policy, then you can file a claim if your car is stolen. The insurance company will cover such losses and pay you the IDV (Insured Declared Value) of the insured vehicle.
7. How can I buy add-ons, and which add-ons should I buy for my Mahindra car?
You can buy add-ons along with the Comprehensive Car Insurance Plan. You cannot buy add-ons if you are purchasing a Third-Party Car Insurance Policy.
You can consider buying add-ons such as Engine Protection Cover, Depreciation Cover, Roadside Assistance Cover and Key Protect Cover for your Mahindra car.
8. Will the Comprehensive Car Insurance Policy cover the modifications done to my Mahindra car?
No. The Comprehensive Car Insurance Plan covers only the accessories which are fitted by the manufacturer. The modifications are not covered by the insurance policy. However, you can intimate the insurer about the modifications done to your car and request to include them in the policy. But you might have to pay a bit more premium to cover such modifications.
9. What if my car gets damaged due to flooding? Will the insurance policy cover such damages?
You can file a claim if your car is damaged due to flooding. A Comprehensive Car Insurance Policy covers damage to your car caused due to natural disasters such as floods, earthquakes, cyclones, etc.
10. How to avail discount while renewing my Mahindra car insurance policy?
You can avail discount while renewing the Mahindra Car Insurance Policy if you have made zero claims during the previous policy period. Such a discount is called No Claim Bonus (NCB), which the insurer awards you for making zero claims. You will get a certain percentage of discount on the premium while renewing the policy. The maximum discount can go up to 50% if you have not raised a claim for 5 consecutive years.
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