Best And Cheap Car Insurance Online | Best Car Insurance. Car insurance is the best way to protect yourself and your car. If you are the owner of a car, then car insurance is very important for your safety and security because today there are so many vehicles on the roads. That’s why insurance is very important for security.
Today, although all the companies provide insurance for a few years with the car, there are different insurances and everyone gets different types of security and all the company plans are also available with different benefits, in this article we will tell you. We have told you about the Best Car Insurance Plans from which you can take insurance for your car.
Cheap Car Insurance Online Companies.
Car insurance helps you in reducing the financial obligations that may arise due to an unfortunate event involving your car like a road accident, fire, theft, natural calamities, etc. As per the Indian Motor Tariff, every car/vehicle owner is legally required to have at least third-party car insurance cover to be able to legally drive his car on Indian roads.
21+ Top Car Insurance Companies in India.
|Car Insurance Company||Motor OD Claim Settlement Ratio FY20||Network Garages|
|IFFCO Tokio General Insurance||95.30%||4,300+|
|Royal Sundaram General Insurance||92.66%||4,600+|
|The Oriental Insurance Company||91.76%||3,100+|
|HDFC ERGO General Insurance||91.23%||6,800+|
|Universal Sompo General Insurance||90.78%||3,500+|
|Tata AIG General Insurance||90.49%||5,000+|
|The New India Assurance||89.60%||3,000+|
|SBI General Insurance||89.51%||16,000+|
|Bajaj Allianz General Insurance||88.83%||4,000+|
|Future Generali India Insurance||88.69%||2,500+|
|Bharti AXA General Insurance||87.99%||5,200+|
|ICICI Lombard General Insurance||87.71%||5,600+|
|Liberty General Insurance||87.48%||4,300+|
|Cholamandalam MS General Insurance||85.89%||7,100+|
|National Insurance Company||85.71%||3,100+|
|Edelweiss General Insurance||84.52%||1,000+|
|Reliance General Insurance||84.26%||3,800+|
|Acko General Insurance||83.91%||2,000+|
|United India Insurance Company||82.93%||3,100+|
|Kotak Mahindra General Insurance||82.81%||1,300+|
|Go Digit General Insurance||80.47%||1,400+|
|Magma HDI General Insurance||79.60%||4,000+|
|Shriram General Insurance||77.26%||2,000+|
|Navi General Insurance||76.20%||900+|
How To Choose The Best Car Insurance Company?
The definition of the best car/vehicle insurance company is subjective as it varies based on the needs of each individual. For some individuals, a car insurance company with the highest claim settlement ratio is best, while for others, an insurance company with a wide network of cashless garages is best. Thus, there are several criteria that make an insurance company best for an individual. The following factors should be considered while choosing a car insurance company.
Network Of Cashless Garages
There are many garages with which a car insurance company partners to facilitate cashless insurance claims. While choosing a car insurance company, one should check the strength of the insurance company’s network of cashless garages. One should also check whether there are enough cashless garages around his locality.
Claim Settlement Ratio
The claim settlement ratio measures the number of claims settled by a car insurance company out of all the claims received during a financial year. It is always good to go with an insurance company with a high claim settlement ratio.
Add-on refers to the additional coverage that can be opted for with a standard car insurance policy to increase the coverage. Add-ons are available with their own damage and comprehensive car insurance and can be opted for at the time of policy purchase as well as renewal.
Customer Support Service
One should also check the availability and quality of customer support service offered by the insurance company. While some insurance companies provide 24*7 customer support, some provide 5-day customer support services.
Types Of Car Insurance Plans Offered By Different Insurance Companies.
Based on the car/vehicle/4 wheeler insurance coverage, there are three types of car insurance plans:-
Third-Party Car Insurance
As per the Indian Motor Tariff, it is mandatory for every car owner in the country to have at least a third-party car insurance policy. This plan provides you coverage for all third-party liabilities such as third-party bodily injuries, disability, death as well as property damage that may occur due to any unfortunate event involving your car. Damage to third-party property is limited to Rs. 7.5 lakhs under this scheme.
Standalone Own-Damage Car Insurance
This plan provides only coverage for self-damage caused by your car in an accident like a road accident, natural calamity, fire, explosion, theft, riot, etc. To comply with the legal requirements, you need to buy a third-party car insurance plan it. A standalone own-damage car insurance plan lets you choose your own damage cover and third-party cover from various insurance companies.
Comprehensive Car Insurance
It is a bundled cover that provides you coverage for both third-party liabilities as well as damages yourself caused by your car in an unfortunate event. Among all the three types of car insurance plans, a comprehensive cover gives you maximum coverage. You can further enhance the coverage of this plan by opting for add-ons like zero depreciation cover, engine cover, etc.
Top 9 Car Insurance Companies.
HDFC ERGO Car Insurance:- HDFC ERGO is one of the largest car insurance companies in India currently doing insurance business. It is a joint venture between HDFC Bank and ERGO International. The insurer has over 1.5 crore customers. It also has one of the largest lists of network garages across the country – 7400 Plus.
|Rider Options||Zero Depreciation, Key Replacement, Consumables Expenses, Roadside Assistance, Personal Accident Cover and Downtime Protection|
|Type of Plans||Liability Cover, Comprehensive and Standalone Cover|
|Value-Added Services||Overnight Car Repair Service, Unlimited Claims Service, 20 Minute Claim Approval Process|
Edelweiss Car Insurance:- Edelweiss General Insurance Company Limited is one of the leading car insurance companies doing business in India. Edelweiss Car Insurance Plan is a comprehensive car cover plan offered by Edelweiss General Insurance Company Limited. Edelweiss General Insurance is a part of the Edelweiss Group, a multinational corporation in India. The company offers a wide range of personal car insurance packages.
|Rider Options||Zero Depreciation, Key Replacement, Consumables Expenses, Roadside Assistance, and NCB Protection|
|Type of Plans||Edelweiss Private Car Only Liability Insurance, Edelweiss Private Car Package Insurance|
|Value-Added Services||No Claim Bonus, Priority Service, Cashless Claims Settlement Process/Network Garages|
Bharti AXA Car Insurance:- Bharti AXA General Insurance Company is another notable car insurance company in India. It is a joint venture between Bharti Enterprises and AXA. Bharti Enterprises is one of the leading financial conglomerates in India. The company offers a variety of plans like third party, comprehensive and stand-alone damage cover.
|Rider Options||Depreciation Shield, Key Replacement, Consumables Expenses, Personal Baggage, Ambulance Charges, Invoice Cover, and Medical Expense Cover|
|Type of Plans||Comprehensive and Third Party Liability Cover, Standalone Damage Plan|
|Value-Added Services||Online Policy Buying/Renewal, 24×7 Assistance, Cashless Claims Settlement Process/Network Garages|
Digit Car Insurance:- The latest car insurance company to enter the car insurance market in India. Being a start-up car insurance company, it has successfully entered the Unicorn Club of India (worth over USD 1 billion). The company offers a wide range of motor and health insurance products. It was ranked as the top Indian start-up for 2019 and awarded for being Asia’s General Insurance Company of the Year for 2021-2022.
|Rider Options||Zero Depreciation, Passenger Cover, Consumable Cover, Return to Invoice Cover, Tyre and Engine Protection, Breakdown Assistance, and Gearbox Protection|
|Type of Plans||Comprehensive and Third Party Liability Cover|
|Value-Added Services||Online Policy Buying, Cashless Service, Doorstep Service, Cashless Claims|
Future Generali Car Insurance:- Future Generali General Insurance Company Limited is a joint venture between Future Group and Generali Group. The insurer has sold over 8.2 million policies in India with a strong corporate clientele of over 3000.
|Rider Options||Zero Depreciation, Key Replacement, Consumables Expenses, Roadside Assistance, Personal Accident Cover, and NCB Protection|
|Type of Plans||Comprehensive Cover, Liability Only|
|Value-Added Services||No Claim Bonus, Priority Service, Cashless Claims Settlement Process/Network Garages|
Reliance Car Insurance:- Reliance Car Insurance is one of the most popular car insurance plans offered by Reliance General Insurance Company Limited. The insurer has a list of over 5000 cashless garage networks.
|Rider Options||Zero Depreciation, Key Replacement, Consumables Cover, Roadside Assistance, Personal Accident Cover, and Engine Protection Cover|
|Type of Plans||Comprehensive Car Insurance, Own Damage Car Insurance, Third-Party Car Insurance, Commercial Car Insurance|
|Value-Added Services||NCB, Voluntary Discount, Personal Accident Cover of Rs. 15 lakhs, Security Device Installation, Instant Renewal|
Bajaj Allianz Car Insurance:- Bajaj Allianz General Insurance is one of the leading car insurance companies in India offering unique products. It is a joint venture between Allianz SE and Bajaj Finserv Limited. The company offers a wide range of two-wheelers, cars, CNG kits, and commercial motor insurance products.
|Rider Options||Depreciation Shield, Key Replacement, Consumables Expenses, Personal Baggage, and Engine Protection|
|Type of Plans||Comprehensive and Third Party Liability Cover, Commercial Vehicle Third Party insurance|
|Value-Added Services||Online Policy Buying/Renewal, Voluntary Excess Discount, 24×7 Assistance|
IFFCO Tokio Car Insurance:- IFFCO is a joint venture between Tokio Indian Farmers Fertilizer Cooperative Limited and Tokio Marine Group. The insurer has more than 4300 network cashless garages across India with 20000 agents and branches across India.
Kotak Mahindra Car Insurance:- Kotak Mahindra Car Insurance is offered by Kotak General Insurance. It is a wholly-owned subsidiary of Kotak Mahindra Bank, one of the most popular private sector banks in India. Kotak Mahindra Group is one of the leading financial services providers in India
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