Car Insurance Companies
Buying car insurance is not only a necessity but it is also mandated by law under the Motor Vehicles Act, 1988. A car insurance policy can be of 3 types - Third-Party Insurance, Comprehensive Insurance, and Pay-as- you Drive Insurance.
Depending on the kind of car insurance policy you opt for, it helps you deal with any financial liability that you may have to incur in case your own vehicle gets damaged or some third party - property or person gets hurt. So, car insurance not only helps you from legal implications but it also helps you prevent a financial constraint. In addition to this, it also gives you peace of mind that even in an unfortunate accident, you have your insurance to fall back on.
Car Insurance Companies
In the market today there are a plethora of car insurance companies, with each of them offering various such products that suit your insurance requirements. There are various factors that make one company better than the other. Let us take a look at some of the best car insurance companies.
Best Car Insurance Companies in India
(Each insurance company will have its own table and detailed information in paragraphs )
|Name of the Company & the Plan|
Features Offered by the
|Incurred Claim Ratio|
|Bajaj Allianz - Car Insurance Policy|
|New India - Private Car Insurance Policy|
|HDFC Ergo - Private Car Insurance Policy|
|IFFCO Tokio - Car Insurance Policy|
|Reliance - Car Insurance Policy|
|Bharti AXA - Car Insurance|
|TATA AIG - Car Insurance|
How to Choose a Right Car Insurance Company?
When you buy a car, you invest a big chunk of your money on it. Despite being a careful driver, a car accident may not always be avoidable, and repair costs can burn a big hole in your pocket. Your car insurance helps you from such unforeseen losses and damages.
Buying the right car insurance is easier said than done. You need a plan that suits your insurance requirements and you need a car insurance company:
1. What do you Need
There are two types of car insurance- Third-Party Car Insurance and Comprehensive Car Insurance. If you are only looking for a basic affordable plan then you may go for third-party car insurance. However, if you drive a luxury car, or drive too often then it is better to invest in a comprehensive insurance plan.
2. Compare the Plans
Once you finalise the kind of insurance you want, spend some time comparing the plans offered by different companies. Compare the premium rates, choose a plan that offers maximum coverage at the lowest price.
3. Explore the Add-Ons
Add-ons greatly increase the extent of an insurance plan’s coverage. A basic plan may not include a specific damage cover, so choose add-ons wisely. Make a note that only with a comprehensive car insurance policy you can opt for add-ons.
4. Check the Claim Process
The main aim of a car insurance policy is that you can get immediate financial aid for your car insurance claims. Choose a company that has a quick and easy settlement procedure.
5. Incurred Claim Ratio
It is important to know about the incurred claim ratio as it will give you an idea of how many claims have been settled against the total premiums collected in that year.
6. Cashless Network Garages
In a cashless garage, because the company would settle the bills directly, the process becomes easier and quicker. Check the number of garages the company has a tie-up with, all over the country.
7. Exclusions and Other Terms
Read all the offer documents carefully. You must know about the permanent exclusions as well as the exclusions of your car insurance policy. This step is paramount in avoiding any legal problems at the time of a claim.
8. Company’s Position
The reputation of a company is very important. You can read the reviews of customers about the claim procedures, customer care and company’s ethics. Make an analysis of existing reviews and then make a decision.