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Kotak Car Insurance Review: A Market Leader in Discounts

Kotak General Insurance offers a single comprehensive car insurance policy, which is cheapest for SUV drivers. They offer a wide variety of discounts, and have strong claim settlement rates, but a slow online quoting tool makes buying a new plan difficult.

Kotak Car Insurance Review: A Market Leader in Discounts

Kotak General Insurance offers a single comprehensive car insurance policy, which is cheapest for SUV drivers. They offer a wide variety of discounts, and have strong claim settlement rates, but a slow online quoting tool makes buying a new plan difficult.

Editor's Rating

4.0/5.0

Good for

  • Females. Kotak offers a 10% discount for females.
  • SUV drivers

Bad for

  • Consumers looking to buy a plan online
  • Drivers in need of expanded coverage through add-ons

Kotak General Insurance offers a comprehensive car insurance policy that covers damages to the insured car from natural and man-made accidents, damages to third party property and injuries to the owner or driver of the insured car. They offer up to 14 add-on options and eight discounts to their policyholders.

Their cheapest policies are for SUVs, with annual premiums starting 20% below market average. Kotak also provides cheap annual rates for new and used sedans, starting 7% below average. Consumers can buy a new comprehensive plan on Kotak's website using their online purchasing tool, but the page's slow load times can be frustrating.

The company has a strong 97.7% claim settlement rate and a 74% incurred claims ratio, which is just a single percentage-point below the optimal range for an Indian car insurer.

Summary of Kotak General Car Insurance
Choose any of 14 add-on coverage options and 8 discounts
Comprehensive policies for SUVs are up to 20% cheaper than market average
Kotak has a 97.9% claim settlement rate and a 74% incurred claims ratio


Kotak General Comprehensive Car Insurance Plan Benefits

Kotak offers a single comprehensive car insurance policy, best suited for SUV drivers. Their annual premiums start 20% below market average at just Rs. 19,993 for a new Maruti Vitara Brezza.

Bar graph showing premium prices for a new Maruti Vitara Brezza
Bar graph showing premium prices for a new Maruti Vitara Brezza

Kotak offers competitive rates for sedans as well. Annual premiums start 13% cheaper than market average for a new Honda Amaze, and 7% cheaper than average for a used Honda Amaze. Their comprehensive policy provides personal accident coverage for the owner or driver of the insured car, and covers against damages from both natural and man-made accidents up to Rs. 15 lakhs, and protects against damages to third party property. Their plan does not protect against:

  • Wear and tear
  • Depreciation or consequential loss
  • Speeding, racing, motor trade
  • Using a private car for commercial purposes
  • Mechanical or electrical failure or breakdown
  • Driving under the influence of drugs or alcohol
  • Driving without a valid license

The company offers up to 14 optional add-on features to further enhance your coverage, which is the average amount for an Indian car insurer. None of their add-on options are particularly unique, but their most popular choices among policyholders are roadside assistance, depreciation coverage and engine protection.

Add-On CoverageAvailability
Personal Accident Coverage (Passenger)Available
CNG Kit CoverageAvailable
Legal Liability For Paid Driver/WorkerAvailable
Tyre & Tube DamageAvailable
Depreciation CoverageAvailable
Engine & Gear Box ProtectionAvailable
Consumable Expense CoverageAvailable
Personal Belongings CoverageAvailable
Roadside AssistanceAvailable
Invoice Price CoverageAvailable
Key & Lock ReplacementAvailable
Conveyance BenefitAvailable
Electrical Accessories CoverageAvailable
Non-Electrical Accessories CoverageAvailable
No Claims Bonus ProtectionUnavailable
EMI ProtectionUnavailable
Daily Cash AllowanceUnavailable
Road Tax CoverageUnavailable
Hospital Cash AllowanceUnavailable
Ambulance Expense CoverageUnavailable
Medical Expense CoverageUnavailable
Loss of License/Registration ReplacementUnavailable
Small Repair ClaimsUnavailable

Kotak also offers up to eight discounts to apply to their comprehensive policy, the most of any insurer in our study. Their most unique discount is based on credit score, and it allows policyholders with strong credit history to receive reduced annual rates. Kotak also offers a 10% discount to female policyholders. Among the 16 insurers we analysed, Kotak is the only insurer to offer these two discounts.

DiscountAvailability
No Claims BonusYes
Auto Association MembershipYes
Anti-Theft DeviceYes
Vintage CarYes
Vehicle Modified for HandicappedYes
Voluntarily Increased DeductibleYes
Personal InformationYes
Credit ScoreYes
Specific LocationNo
Multi-VehicleNo


Comparing Kotak General's Insurance Profile Against the Market

Kotak has received some of the highest review scores of any car insurer in our study, with a 4.8-of-5 star rating on PolicyBazaar, and a 4.9-of-5 star rating on InsuranceDekho. Their policyholders are most satisfied with their excellent customer service, knowledgeable agents, affordable premiums and useful add-ons.

Kotak's 97.7% claim settlement rate is above-average among the insurers we studied, so policyholders can be confident that their claims will be settled without many inconveniences and in a timely manner. Kotak also owns a 74% incurred claims ratio (ICR), which is just a single percentage-point below the optimal range for an Indian car insurer. The optimal range is 75-90%, and insurers who fall within this range have a strong ability to settle claims against annual premium collection. Kotak's ICR is still considered healthy, despite just falling outside the desired threshold.

Car Insurance Companies ICR
Car Insurance Companies ICR

The company offers a network of just 1,300 cashless garages, one of the three-smallest networks among the 16 insurers we reviewed. With approximately 2,500 fewer garages than the average car insurer in India, there's a decreased likelihood that you'll be able to find a convenient repair option in your area in the unfortunate case of an accident.

KotakMarket Average
Market Share0.42%3.57%
Incurred Claims Ratio74%90%
Claim Settlement Rate97.7%94.3%
Cashless Garages1,3003,870
PolicyBazaar Star Ratings4.8 (32 reviews)4.2 (22 reviews)
InsuranceDekho Star Ratings4.9 (152 reviews)4.9 (167 reviews)


Kotak's Online Car Insurance Platform and How to Purchase a Plan

Kotak's online quoting tool is modern and includes some helpful features, but takes a long time to calculate your annual premium price. Often, calculation and load times take so long that the page experiences a time-out error and is forced to reload. The tool does explain all the information it requests you to fill in, and details why it's needed and how it factors into your final price, which gives consumers a better understanding of how much they'll need to budget annually for car insurance. Kotak also offers the option of emailing or SMS messaging you a copy of your quote if you need more time to evaluate before making a final decision.

Consumers are also able to apply up to eight discounts to their brand new plan online, right from the quoting tool. For comparison, half of the car insurers in our study require you to work with an agent to unlock any discounts, so the ability to lower your annual costs independently is a benefit that many consumers enjoy.

Kotak's website and car insurance information portal is very modern and easy to consume, and they provide a variety of helpful resources. They provide a cashless garage locator and an office branch locator, so you can ensure there is a repair facility and a network of Kotak insurance agents in your area, in case of an accident. You'll also find an insurance calculator so you can obtain an estimate of your annual premium price before entering the quoting or purchasing process, and a live chat option, in case you need further assistance from an agent.


Claim Settlement and Procedure

Kotak policyholders can submit a claim using either of two methods. The most popular option is the Cashless Claim Process. In case of an accident, you can call Kotak between 8.00 PM and 8.00 PM to initiate a claim, an inspection will be performed within 24 hours, and your car will be repaired at any in-network cashless garage shortly thereafter. You'll only be required to pay the deductible and any depreciation value determined by the surveyor.

The other option, the Reimbursement Process, still requires policyholders to submit claims via the phone between 8.00 AM and 8.00 PM. However using this method, you'll be required to pay all repair costs to the garage, and submit all invoices to Kotak for reimbursement. Kotak will complete all payments within seven working days from the completion of the repairs.


Mike Wagenman

Mike Wagenman is a Senior Research Analyst at ValueChampion India, specializing in insurance. He holds a Bachelor of Arts degree in Communication and Business from Rider University, and his prior work experience includes data, revenue, and business analysis in the international travel and technology markets. Mike has worked with clients around the world to help identify financial value and find the most optimal way to achieve success.