Established in 2000, Iffco Tokio General Insurance is one of the market leaders in insurance services. Iffco Tokio Car Insurance is one of their products and they also offer travel insurance, health insurance, and home insurance. The company is a joint venture between Tokio Marine, Nichido Fire Group, one of the largest insurance groups in Japan and Indian Farmers Fertilizer Co-operative (IFFCO).
|Third-party Cover||Up to Rs.7.5 lakhs|
|Cashless Network Garages||4,300+|
|Incurred Claim Ratio 2017-2018||79.19%|
|Net Earned Premium 2017-2018||Rs.2,328.56 crore|
IIFCO Tokio Car Insurance offers two types of car insurance policies, the liability-only car insurance policy and the package car insurance policy. Mentioned below are the details of both policies:
The liability-only car insurance policy offered by IIFCO Tokio Car Insurance is a basic third-party car insurance policy. The policy offers coverage for the third-party if the accident leads to damage of the vehicle of the third-party and if the third-party suffers from any bodily injury or disability. In addition, the policy offers compensation to the dependents if the accident leads to the death of the policyholder. Now, IIFCO Tokio Car Insurance offers the long-term third-party insurance policy that has been made mandatory by the Supreme Court of India. The long-term third-party car insurance policy offers third-party liability for a period of 3 years.
While the liability-only car insurance policy offers coverage only for the third-party involved in the accident, the package policy offered by IIFCO Tokio Car Insurance extends coverage to the third-party involved in the accident and the policyholder as well. The package policy offers coverage to repair the damages caused to the vehicles of the third-party and the policyholder, and coverage for medical expenses if the accident leads to bodily injury or disability of both the third-party and the policyholder. The IIFCO Tokio Car Insurance Package Policy also offers compensation to the dependents if the accident leads to the death of either the policyholder or the third-party, or both.
The package policy also offers coverage if the car is damaged following a natural calamity such as an earthquake, cyclone, typhoon, landslide, or if the car catches fire. It also offers compensation if the insured vehicle is stolen. The compensation that will be extended to the policyholder will be subject to the current market value of the vehicle after taking into consideration the Insured Declared Value (IDV) of the insured vehicle.
|Easy claim settlement|
|Removal & storage of covered vehicle|
|Spare parts delivery|
|Deposit or custody of car|
|Transport, redelivery or repatriation of repaired vehicle|
|Urgent message relay|
Loss or damage caused due to:
||Valid only in India|
|Loss due to theft, robbery, and other manmade calamities such as strike, riots, terrorist activities, accidental external damage||Accident due to intoxication|
|Damage caused due to travel by road, air, elevator, inland waterway||Damage due to own negligence|
|Third-party liability||Mechanical or electrical breakdown|
|Personal accident cover||Loss due to nuclear risks|
|Loss due to electrical or non-electrical accessories||War related risks|
|Loss to CNG or LPG fuel kit||Consequential loss|
|Cover for driver||Contractual liability|
|Participation in rallies||Loss of accessories by theft|
|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 2 years||20%|
|Exceeding 2 years but not exceeding 3 years||30%|
|Exceeding 3 years but not exceeding 4 years||40%|
|Exceeding 4 years but not exceeding 5 years||50%|
Iffco Tokio has collaborated with a wide network of cashless garages across the country to provide high-quality services to customers. At present, there are as many as 4,300 network garages spread across 170 branches it has in the country.
The process of initiating a claim is quite convenient and easy. It is, however, important to keep certain pointers in mind before making a claim. If you meet with an accident, try to note down details of the party who caused the accident and submit an FIR immediately. Then you can lodge a claim along with relevant documents. The same applies even in the case of a theft. Claims can be initiated by filling up the ‘Claim Form’ that is made available on the website of their company. In cases of cashless services, you need to only provide an invoice receipt and the rest will be taken care of. In case of reimbursement of expenses, you need to provide all the relevant bills.
In case it is a third-party claim, it is always wise for the insured party to contact Iffco Tokio on their toll-free number, discuss with the customer support team, file an FIR and fill the claim form.
While making a claim, it is also important to keep certain documents and information handy. Below is the basic list of documents and information to have in place while making a claim:
A dedicated cashless claim team works round the clock to make the process easy and convenient for you. Below is the process to be followed while making a cashless claim:
Here are the steps to follow while making a reimbursement claim process:
If the car is completely damaged following the accident, and there is no use repairing it, you will be compensated for the car based on the age of the car and the depreciation factor of the vehicle. The insurer will take into consideration the Insured Declared Value (IDV) of the vehicle, and compensate you based on this. Basically, for a car that is less than 6 months old, the car has already depreciated by 5% and it goes up to 50% by the time the car is between 4-5 years old.
You can pay the premium for your IIFCO Tokio Car Insurance policy at the insurer branch via cash or cheque, or online using your debit card or credit card, via the mobile app of IIFCO Tokio Car Insurance policy or by posting a cheque to the nearest insurance branch of IIFCO Tokio Car Insurance.
You should intimate IIFCO Tokio Car Insurance as soon as the accident has happened and do not delay raising a claim. In some cases, IIFCO Tokio Car Insurance will survey the accident spot as part of the claim investigation.
Locate the nearest network garage of IIFCO Tokio Car Insurance and take the car to be repaired there or ask the network garage to arrange a tow truck for your vehicle. Once the car is at the network garage, the executives will carry out the process of raising a claim and getting the cashless settlement to cover the damages caused to the car.
Depending on which part of the policy period you cancel the car insurance policy you will receive the premium refund straight into your bank account. Make sure that the relevant details are submitted to the insurer when cancelling the policy for the refund.
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