Best Car Insurance Companies In India

Car Insurance companies help people manage any financial expenses that may cause uncertainty with their cars like road accidents, fire, natural calamities, and so on. Today various companies in India offer different car insurance plans which also include customized plans in people’s budgets. These companies have an ample amount of plans for different customer needs and requirements.

Due to competition, people got confused about how to choose the best car insurance company for them. In this blog, we will deal with various queries related to insurance companies and try to answer each one of them in detail.

How to Choose the Best Car Insurance Companies In India?

Different people have different expectations from their Car Insurance Companies and based on this we have shortlisted a few of those basic criteria that are important to consider every person. Let us discuss each one of them in detail:

1. Analyze personal requirements: A person must have some basic requirements from their car insurance companies, they must know how many new add-ons they require in order to customize their plans and also people must be aware about the maximum cost they can pay.
2. Checking for originality of the company: People must check about the originality of the car insurance company before purchasing any of their plans through their IRDA Registration Number.
3. Check for Add-ons cover: People are always suggested to check for add-ons cover before dealing with any of the companies to get maximum car protection. Some of the most common add-on covers are Engine Protect Cover, Zero Dep Cover, Roadside Assistance Cover and so on.
4. Compare Online: Comparing car insurance policies from different insurance companies help people better analyze their price range, add-on covers and other major features.
5. Customer Reviews: People can also check for other’s reviews to get a better understanding about the services offered by other companies to its customers and based upon it they can make their minds.

Types of Car Insurance Policies In India

India has three major policies for every car owner which they need to know before going to any car insurance company. Let us see each policy one by one in detail:

1. Comprehensive Car Insurance: This policy protects the insured car from any kind of damage that can happen because of fire, accidents, theft, natural disasters, man made disasters and apart from this protection it gives personal accident cover to the owner of the car.
2. Third Party Liability Car Insurance: This type of policy protects from any third party liability of the policyholder which may arise because of any accidents or injuries or death or property related problems of the third person. This policy is mandatory in India as per the motor laws.
3. Standalone Damage Car Insurance: This policy only gives money for damages that have been made to the insured car which means it covers any loss that is caused to the car due to fire, accidents, natural calamities and so on. This policy is only present to those owners who have a third party car insurance policy for their vehicle.

Difference Between the Types Of Car Insurance Policies In India

In the previous section we have already talked about the different car insurance policies and each of these policies gives different types of benefits to the policyholders. In this part of the blog, we will see the difference between Standalone Damage Car Insurance, Third Party Liability Car Insurance and Comprehensive Car Insurance.

Benefits	Third-Party Liability Car Insurance	Standalone Own Damage Car Insurance	Comprehensive Car Insurance
Third-Party Property Damage	Yes	No	Yes
Third-Party Vehicle Damage	Yes	No	Yes
Bodily Injuries/death of the third party	Yes	No	Yes
Damage to the Insured Car	No	Yes	Yes
Loss insured due to theft of the insured car	No	Yes	Yes
Damage to the insured car in natural calamity	No	Yes	Yes
Damage to the insured car in fire	No	Yes	Yes
Damage to the insured car in man made calamity	No	Yes	Yes
Zero Depreciation cover	No	Yes	Yes
Other AD-on covers	No	Yes	Yes
Personal Accident Cover	Yes	Yes	Yes
Mandatory by the law	Yes	No	No

Factors Affecting Your Car Insurance Premium

There are several factors which can easily affect owners car insurance premium but some of the most important are discuss below:

1. Model

Model of the car, fuel type, capacity are the few important factors that can determine the car insurance premiums. There are a few cars which have higher maintenance cost and also have a higher premium like SUVs.

2. Location

Premium majorly depends on the location where the car is registered and if the owner lives in an urban area then the cost will be high compared to the rural area.

3. Profession

Profession and age also affect the car insurance premium, if the car has multiple drivers the the premium cost of the car will be high.

4. No Claim Bonus

If an owner has not filed any claim during the policy term then that owner will get the advantage of No Claim Bonus.

5. Claim Settlement Ratio

Claim Settlement ratio means the number of claims the owner has made till date. People can easily find about these claims on the website of IRDA.

How To Buy The Best Car Insurance Policy In India?

To get the best deal online, people are suggested to compare their car insurance plans online before purchasing the deal. Let us now look at how people can purchase and compare best and most suitable Car Insurance Policy:

• Visit any of the Car Insurance websites online and select the car option.
• Select the Car registration number which will include all the car details, and its model number and purchased year.
• After submitting your car information fill your personal information and tap on the submitted information.
• After doing these options people will get a list of different car insurance plans from the best car insurance companies..
• People can simply choose which plan best suited their requirements and as per that they can select.
• Once the option is selected they can simply make their payment in online mode and after that a document confirming the insurance will be mailed to the person.

Explore Add-ons For Your Car Insurance

Many owners like to auto renew their insurance, owners will only get the benefit of the car insurance or any other add-ons once their car is met with an accident. Today, many Add-ons are provided by the insurance companies to provide people relief from different types of damages made to cars.

1. Zero Depreciation Cover

One of the most important add-on covers which is provided by an insurance company which says that the owner must get a complete cost of the vehicle which is damaged in any accident or theft. This add-on is always beneficial for all the policyholders as they can easily get full money from the damages without any consideration of depreciation factors.

2. Personal Accident Add-on Cover

If the owner itself takes this add-on then the nominee of the car will get the full claim after the death of the owner and also if the owner lost his/her legs or arms permanently then they will get 100% claim.

3. Roadside Assistance Add-on Cover

This add-on provides owners immediate help incase of any accident or breakdown. For help the insurer is suggested to make a call on the helpline number of the insurance company and they will immediately get the help.

4. Engine Cover

This add-on is widely suggested to car owners who live in heavy rainfall areas because the engines are more likely to get damaged during the monsoon due to waterlogging. The engine repairing cost is covered in this regular motor insurance policy and allows owners to save lots of their money.

FAQs – Best Car Insurance Companies in India

1. How can a person choose the best car insurance company in India?

Answer:

To choose the best car insurance company, owners must consider their needs, budget, and the add-ons. They also asked to check for the company’s originality by verifying their IRDA Registration Number and compare policies online and read customer reviews to make an informed decision.

2. What are the types of car insurance policies in India?

Answer:

In India, there are three main types of car insurance policies: Comprehensive Car Insurance, Third Party Liability Car Insurance, and Standalone Damage Car Insurance. Each provides different coverage benefits.

3. What is a Zero Depreciation Cover?

Answer:

Zero Depreciation Cover ensures that the insurer receives the full cost of their damaged vehicle without considering depreciation factors in case of an accident or theft.