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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.
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 Company | Incurred Claim Ratio |
|---|---|---|
| Bajaj Allianz - Car Insurance Policy |
|
62% |
| New India - Private Car Insurance Policy |
|
87.54% |
| HDFC Ergo - Private Car Insurance Policy |
|
82% |
| IFFCO Tokio - Car Insurance Policy |
|
87% |
| Reliance - Car Insurance Policy |
|
85% |
| Bharti AXA - Car Insurance |
|
75% |
| TATA AIG - Car Insurance |
|
70% |
How to Choose the 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.
Add ons for your Car Insurance
Car Insurance Companies FAQs
1. Which is the best company to buy car insurance in India?
There are many companies that offer car insurance plans. Though the basics remain the same, each company tries to innovate their plans to attract customers. But what you need from your plan may be different from what someone else wants. So, as per your requirements, you would have to decide which plans suit you best. You can select the right plan on the basis of the following criteria:
- Coverage being offered
- Availability of add-ons
- Availability of discounts
- The network of cashless garages
- Premium amount
2. Which one is better-private insurance companies or government insurance companies to buy car insurance?
Over the past few years, it has been observed that private insurance companies are growing and are enjoying hefty benefits while their counterparts in the public sector are suffering losses. However, public insurers are still popular due to their reduced rates and also due to the Indian mindset where government entities are most-trusted. Rather than focusing on private or government, it is suggested that you choose a reputable company offering a plan that suits your insurance needs.
3. Do car insurance companies check background before offering car insurance in India?
There is no specific “background check” that is done at the time of offering car insurance plans in India. However, for new car insurance, there is a survey done by the surveyor to check the condition of the vehicle.
For renewal, there is usually no survey done, unless there has been a lapse in the policy. In that case, only, a survey is conducted where the condition of the vehicle is checked before the policy can be issued.
4. Is a greater than 80% incurred claim ratio considered as good for a company?
Yes, 80% incurred claim ratio is a good number, however, it should be remembered that this number may not remain the same in future. There are many underwritten internal guidelines that are revised from time to time. Also, only the number of claims settled by a company can not be considered to be the most important parameter for selecting an insurance company.
5. How do car insurance companies calculate IDV?
IDV, Insured Declared Value, is the current market value of a vehicle. It is calculated by subtracting depreciation from the manufacturer’s selling price.
6. What happens to my NCB, if I change my car insurance company?
The No Claim Bonus, NCB, belongs to you, it is not associated with the vehicle. So, even if you switch the insurance company you will retain the NCB.
7. Will my car insurance company give me a full claim amount?
The entire cost of repair is not borne by the company. There are various factors like compulsory deductible, depreciation suffered etc. that is reduced from the total claim amount and are to be paid by you.
8. I lost my car insurance policy, can I get a duplicate policy from my company?
Yes, you can. You must ensure that you report the loss of your Policy documents to the customer care at the easiest. Once you do that the insurance company will issue you a duplicate copy of your car insurance plan. This process may take a few days.
9. Is it possible to change my car insurance company?
Yes, it is. Even if you have paid for the whole year, you can request your old insurer for a prorated refund. However, if you do it in the middle of the policy tenure, you would have to pay a cancellation fee, as per the cancellation policy of the company.
10. Do car insurance companies offer car policy online?
Yes, almost all car insurance companies now offer car insurance policies online. Not just buying, you can renew your policy, pay the premium, add add-ons, fill in the claim form etc all through the internet.
11. How can I compare car insurance companies?
The best way to compare car insurance companies is to do it online. You can surf through the websites of car insurance companies and compare the benefits offered and the premium charged. You can also read the customer reviews about different companies and get a fair idea of its customer-dealings. Comparing the companies will also help you select the plan that best suits your requirements.