Car Insurance plan in the Market

In terms of financial security, Insurance has risen as one of the few most important concepts in the recent times. One of the most popular types of insurance, and mandatory as well, is the Car Insurance. The basic concepts of a Car Insurance Plan are discussed in detail in this article.

Various Insurance providers have started providing customized policies with varying features and at different rates, while still adhering to the basic rules set forth by the Insurance Regulatory and Development Authority of India (IRDAI). The following list highlights the essentials of different Car Insurance Plans available in the market to give you an idea of the Car Insurance and its practical implementation.

IFFCO Tokio Car Insurance Plan

  • Special Components:-
  1. Quick and efficient online services with digitally signed documents in case of online or office based purchases.
  2. Immediate response to claims by an expert team of surveyors.
  3. Cashless Garage Network – 1200+
  • Doesn’t cover:-
  1. Damage or Loss due to War or Nuclear risks.
  2. Damage or Loss due to Contractual liability.
  3. Consequential Loss or Damage.

(Incurred Claim Ratio – 76.09%)

Reliance Car Insurance plan

  • Special components:-
  1. 24×7 Roadside assistance.
  2. Option of retaining No Claims Bonus even after making a claim.
  3. Cashless Garage Network – 2300+
  • Doesn’t cover:-
  1. Damage or Loss due to Depreciation of the Vehicle’s value.
  2. Driving under intoxication (Alcohol/Drugs).
  3. Driving without a valid License.

(Incurred Claim Ratio – 87.3%)

TATA Aig Car Insurance plan

  • Special components:-
  1. Upto 6 months warranty for accidental-repairs.
  2. Claim settlement in less than 7 days.
  3. Cashless Network Garages – 2000+
  • Doesn’t cover:-
  1. Mechanical or Electrical breakdown.
  2. Consequential Loss or Depreciation in the value.
  3. Driving without License or intoxicated.

(Incurred Claim Ratio – 83.74%)

Universal Sompo Car Insurance plan

  • Special Components:-
  1. Special discounts on vehicles modified for handicapped, blind or mentally challenged persons.
  2. Special provisions for NCB if no claim made during a certain duration.
  • Doesn’t cover:-
  1. Usage of vehicle outside its “Limitations to Use”.
  2. Consequential Loss and Depreciation.
  3. Cashless Network Garages.

(Incurred Claim Ratio – 72.37%)

Liberty Videocon Car Insurance plan

 

  • Special Components:-
  1. Quick Claim Settlement (7 working days)
  2. Convenient and efficient services at network garages without any mess or complications.
  3. Cashless Network Garages – 900+
  • Doesn’t cover:-
  1. Vehicle driven by a person not designated as the owner or driver of the car.
  2. Mechanical or Electrical Breakdown or Fault.

(Incurred Claim Ratio – 85.32%)

Royal Sundaram Car Insurance plan

  • Special Components:-
  1. Protection against accidental loss or theft.
  2. Upto 50% NCB / transfer of NCB from other insurers
  3. Cashless Network Garages – 3300+
  • Doesn’t cover:-
  1. Regular wear and tear or mechanical/electrical breakdown.
  2. No License.

(Incurred Claim Ratio – 82.78%)

HDFC Ergo Car Insurance plan

  • Special Components:-
  1. Quick and transparent process and procedures.
  2. Instant online policy issue.
  3. Cashless Network Garages – 3400+
  • Doesn’t cover:-
  1. Intoxicated driving
  2. Damage or Loss incurred outside India.

(Incurred Claim Ratio – 85.8%)

New India Assurance Car Insurance plan

  • Special Components:-
  1. Offers 2 types of policies
  • Liability only policy.
  • Comprehensive policy.

2. Smooth claiming process with minimum complexities.

  • Doesn’t cover :-
  1. Usage of “Limitations to use”.
  2. Damage or Loss due to war, civil war, nuclear risks, etc.
  3. Cashless Garage Networks.

(Incurred Claim Ratio – 81.76%)

Bajaj Allianz Car Insurance plan

  • Special Components:-
  1. Efficient Customer Support (24×7)
  2. Comprehensive Claim Settlement processes with convenience.
  3. Cashless Network Garages – 4000+
  • Doesn’t cover:-
  1. No License.
  2. Depreciation / Consequential Loss.

(Incurred Claim Ratio – 72.07%)

Future Generali Car Insurance plan

  • Special Components:-
  1. Quick Claim Settlement Process (7 days)
  2. Quick Response Team to claims made.
  3. Cashless Network Garages – 900+
  • Doesn’t cover:-
  1. Depreciation, Breakdown, Consequential Loss, etc.
  2. Usage violating ‘Limtations to use’ agreement.
  3. Incurred Claim Ratio – 900+

Bharti AXA Car Insurance plan

  • Special Components:-
  1. Two level cover for enhanced and specialized protection.
  2. Ever-ready assistance team for claims.
  3. Cashless Network Garages – 2000+
  • Doesn’t cover:-
  1. Electrical or mechanical breakdown.
  2. Damage/loss when driving without valid license.

Incurred Claim Ratio – 91.49%)

Cholamandlam Car Insurance plan

  • Special components:-
  1. 24×7 Roadside assistance during breakdowns and accidents.
  2. Quick and Smooth Claim process.
  3. Cashless Network Garage – 3750+
  • Doesn’t cover:-
  1. Damage or Loss due to willful negligence.
  2. Accidental Damage or Loss.

(Incurred Claim Ratio- 78.42%)

National Insurance plan

  • Special Components:-
  1. Discounts for approved vehicles with anti-theft systems installed.
  2. Own Damage protection cover over basic third party coverage.
  3. Cover for Co-passengers, etc.
  • Doesn’t cover:-
  1. Wear and tear, breakdown, breakages, etc.
  2. Cover limited only to 50% of the cost of replacement.
  3. Cashless Network Garages.

(Incurred Claim Ratio – 89.91%)

Disclaimer – The data is based on the statistics provided on the website of IRDAI. The data mentioned in there is from the financial year of 2015-16, only to instill an idea as it is likely major changes wouldn’t have been incorporated since then. However, on account of caution, it is advised that proper details be cross-checked with the concerned insurance provider before buying the policy.

In an era of extreme diversity and competition, the consumer must pay heed to his/her own interests and consult Finbucket for the best advice in order to get the best possible plan available in the Car Insurance Market.

By | 2018-01-09T07:38:49+00:00 December 28th, 2017|Car Insurance|0 Comments

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Pulkit Jain is the founder of LegalRaasta – India's top portal for registration, trademark, return filing and loans. Pulkit is a veteran CA with over 10+ of experience.

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