HDFC ERGO General Insurance Company Ltd. is an ISO certified firm known for providing high- quality insurance products ranging from car insurance, health, travel, home, and personal accident insurance. It is a joint venture between the country’s well-known Housing Institution HDFC Ltd. and ERGO International AG, an insurance entity of Munich Re Group. The company has 108 branches spread across 91 cities in India.
|Third-Party Cover||Up to Rs.7.5 lakhs|
|Cashless Network Garages||6400+|
|Incurred Claim Ratio 2017-18||84.37%|
|Net Earned Premium 2017-2018||Rs.1,516.87 crore|
|Gross Written Premium 2017-2018||Rs.7,401.1 crore|
With HDFC ERGO, buying an insurance policy online is hassle-free and instantaneous. Just log on to their website and follow these steps:
|Number of offers & discounts|
|Variety of plans offered|
|Wide range of add-on options|
|Paperless online process|
HDFC ERGO insurance plans provide a comprehensive variety of add-on covers that ensure the best protection for your prized possession. The covers enhance your protection and reduce the chances of out-of-pocket expenses. Below are the covers provided:
|Zero damage||Damage due to general ageing, wear & tear|
|Theft or loss of keys||Valid only in India|
|Loss of personal belongings||Accident due to intoxication|
|Engine repair & replacement|
|Car damage cover|
|Personal Accident cover|
|Third party liability|
|Other legal liabilities|
|Age of vehicle||% of depreciation|
|Not exceeding 6 months||5%|
|Exceeding 6 months but not exceeding 1 year||15%|
|Exceeding 1 year but not exceeding 3 years||30%|
|Exceeding 3 years but not exceeding 4 years||40%|
|Exceeding 4 years but not exceeding 5 years||50%|
HDFC ergo has a strong network of over 6400+ network garages that are spread across various branches across the country. The seamless network of garages provide high-quality cashless services to policyholders.
It is quite easy and simple to file a claim on the HDFC ERGO car insurance policy. Download the HDFC ERGO mobile app and log on to the Insurance Portfolio Organizer through Google play store. Once this is done, you just have to fill in some basic details to link your policy account with the mobile app and you can register your claim instantaneously. Calls can also be made on the company's toll-free number to register a claim. There are a few important guidelines that need to be followed while filing a claim. Below are the details:
A specific procedure needs to be followed while initiating a cashless claim process. The following are the steps to be taken:
The claim application process slightly varies when it comes to reimbursement. The following are the steps to be taken to file a claim for reimbursement:
A comprehensive car insurance policy comes with the third-party liability insurance which is mandatory as per the Motor Vehicles Act, 1988. However, following the directive of the Supreme Court of India for insurers across the country to roll out the long-term third-party insurance policy, insurers have to now offer the long-term third-party insurance policy as a standalone policy. Hence, car owners will now have to buy the 3-year long-term third-party insurance policy as well as the own damage cover and personal accident cover that are inclusive in a comprehensive car insurance policy.
You will have to opt for the reimbursement claim settlement if following an accident, you’ve got the car serviced at a garage that is not listed by the HDFC ERGO. For the reimbursement claim settlement, the bills of the repairs for the damages caused to the car will have to be submitted to the insurer for reimbursement. The maximum claim amount one will receive will depend on the depreciation factor of the vehicle.
For the third-party insurance policy, the premium rates are decided by the Insurance Regulatory Development Authority of India (IRDAI) - which varies based on the vehicle class. However, for comprehensive car insurance policies, the premiums differ based on numerous factors - the driving history of the policyholder, the age of the policyholder and the vehicle, the engine capacity of the vehicle, the location where the car will be driven, if the policyholder belongs to an automobile association, and his/her profession. Basically, when setting the premium for a car insurance policy, the insurer assesses the risk factor involved in insuring the vehicle owner when setting the premium rates.
You can purchase a HDFC ERGO car insurance policy either at the branch of the insurer or online on the website of HDFC ERGO. The car insurance premium can be paid online using one’s debit card, credit card or net banking account. Policyholders can even renew their car insurance policies online on the website of HDFC ERGO.
For cashless claims, HDFC ERGO will take a few days to resolve the claim and make the payment to the network garage. However, this is following submission of relevant documents and the claim form and approval from HDFC ERGO. In the case of a reimbursement claim, the policyholder will have to submit the bills of the repairs to HDFC ERGO along with the policy document and relevant documents. Following approval, the claim amount will be reimbursed in a few business working days.
HDFC Ergo is planning to open 100 more virtual offices in the year 2019-20.
The insurer has 125 virtual offices currently out of which 15 will be converted to brick and mortar offices. The insurance company will then open 100 more virtual offices.
Virtual offices are single persons who sell insurance products using a tablet. These people are supposed to achieve a set target of Rs.3 crore annually. Once this target is achieved, the virtual office is converted into a brick and mortar office. The insurance company has over 225 virtual offices all over the country.
6 May 2019
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