Motor insurance is required in India for all car/vehicle owners and drivers. The Motor Vehicle Act of 1988 makes third-party car insurance essential in India. However, it is strongly advised that you obtain comprehensive automobile insurance. A comprehensive car insurance policy protects a vehicle not only from loss or damage caused by a third party (driver/vehicle/property) but also against loss or damage caused by natural or man-made disasters. To top it off, every insurer offers a variety of helpful add-ons to enhance the base plan’s effectiveness. let’s see the best car insurance companies in India.

Best Car Insurance Companies in India

The Best Car Insurance Companies in India are listed below, along with their Incurred Claim Ratio (ICR) and the number of network garages where you may get cashless repairs:

Car Insurance Company Cashless Garages Claim Settlement Ratio PA Cover Third-party Cover Comprehensive Cover
Bajaj Allianz car Insurance 1024 65.83% Rs.15 Lakhs Yes Yes
Bharti AXA Car Insurance 3724 81.91% Rs. 15 Lakhs Yes Yes
Chola MS Car Insurance 4636 82.95% Rs.15 Lakhs Yes Yes
Digit Car Insurance N/A 74.82% Rs.15 Lakhs Yes Yes
Edelwiess Car Insurance 1268 116.31% Rs.15 Lakhs Yes Yes
Future Generali Car Insurance 3194 57.67% Rs.15 Lakhs Yes Yes
IFFCO Tokio Car Insurance 6757 87.77% Rs.15 Lakhs Yes Yes
Kotak Mahindra Car Insurance 2327 75.66% Rs.15 Lakhs Yes Yes
Liberty Car Insurance 4365 70.95% Rs.15 Lakhs Yes Yes
National car Insurance 456 116.44% Rs.15 Lakhs Yes Yes
New India Assurance Car Insurance 456 85.35% Rs.15 Lakhs Yes Yes
Oriental Car Insurance 456 101.63% Rs.15 Lakhs Yes Yes
Raheja QBE Car Insurance 1000 103.90% Rs.15 Lakhs Yes Yes
Reliance Car Insurance 4779 84.63% Rs.15 Lakhs Yes Yes
Royal Sundaramar Car Insurance 3868 92.23% Rs.15 Lakhs Yes Yes
SBI Car Insurance 2613 92.05% Rs.15 Lakhs Yes Yes
Shriram Car Insurance 2071 65.43% Rs.15 Lakhs Yes Yes
Tata AIF car Insurance 1617 80.29% Rs.15 Lakhs Yes Yes
United India Car Insurance 456 96.45% Rs.15 Lakhs Yes Yes
Univerasal Sompo Car Insurance 1493 89.54% Rs.15 Lakhs Yes Yes

In India, there are various types of car insurance policies.

 Car owners in India can choose between two types of car insurance packages. They really are:

  • Comprehensive Car Insurance

A comprehensive car insurance coverage covers the insured vehicle completely. It safeguards the vehicle against a variety of unforeseeable dangers such as fire, accidents, theft, vandalism, natural disasters, and man-made calamities. It also covers any third-party liability for which the policyholder is legally liable. Furthermore, this sort of insurance covers the owner-driver of the insured vehicle for personal injuries.

  • Third-Party Liability Car Insurance

A third-party liability automobile insurance coverage protects the policyholder from third-party liabilities arising from the policyholder’s accidental physical injury, death, or property damage to a third party. This sort of insurance excludes any loss or damage to the covered vehicle or its driver.

  • Standalone Own Damage Car Insurance

A standalone own-damage car insurance policy covers only the insured car’s own damages. It protects the insured four-wheeler from uncontrollable events such as fire, natural disasters, theft, accidents, and man-made calamities. This sort of automobile insurance is only accessible if the covered vehicle’s owner already has third-party car insurance.

Difference Between the types of car insurance plans in India

People in India can choose from three different types of automobile insurance coverage for their vehicles. When it comes to policy coverage, these plans are vastly different from one another. To understand the differences between a comprehensive, third-party liability, and standalone own-damage automobile insurance plan, look at the table below:

Coverage Third-Party Liability Car Insurance Standalone Own Damage Car Insurance Comprehensive Car Insurance Zero Depreciation Car Insurance
Third-party property damages Yes No Yes Yes
Third-party vehicle damages Yes No Yes Yes
Bodily injuries/disability/ death of the third person Yes No Yes Yes
Loss/damage to the insured car is an accident No Yes Yes Yes
Loss insured due to the theft of the insured car No Yes Yes Yes
Loss/damage to the insured car in a natural calamity No Yes Yes Yes
Loss/damage to the insured car in a fire No Yes Yes Yes
Loss/damage to the insured car in a manmade calamity No Yes Yes Yes
Personal accident cover (if opted) Yes Yes Yes Yes
Mandatory by the law Yes No No No
Zero depreciation cover (if opted) No Yes Yes Yes
Other Add-on covers No Yes Yes Yes

An Overview of India’s Best Car Insurance Companies

Here’s a quick breakdown of the Best Car Insurance Companies to consider for your vehicle’s protection:

Bajaj Allianz Car Insurance

Bajaj Allianz General Insurance Co. Ltd is one of the Best Car Insurance Companies, and in 2020, Money Today named it the best Motor Insurance. It provides a complete car insurance policy that may be tailored to the distance or time of day.

Bajaj Allianz Car Insurance covers third-party legal liability as well as any loss or damage to your vehicle caused by natural or man-made disasters or theft. It also includes an Rs15 lakh personal accident (PA) insurance policy for the owner-driver. CNG kit coverage, NCB discount, accessories cover, and PA cover for co-passenger/paid driver are all options.

Features –

  • Online policy issuance and renewal
  • Zero depreciation cover available
  • 24X7 spot assistance available
  • Self-vehicle survey and instant claim settlement with motor-on-the-spot
  • Voluntary excess discount
  • Approved Automobile Association membership discounts.

Add-on Covers –

  • Depreciation shield
  • Key & lock replacement
  • Engine protector
  • Personal baggage
  • Conveyance benefit
  • Consumable expenses

Bharti AXA Car Insurance

In India, Bharti AXA General Insurance Co. ltd. is a well-known car insurance company. It covers theft, accidents, natural disasters, and man-made calamities that cause damage or loss to your car. Apart from that, it also covers third-party liabilities and provides the owner-driver with personal accident protection of Rs14 lakhs.

There are three types of automobile insurance plans offered by Bharti AXA –

  1. Comprehensive car insurance
  2. Third-party liability plan
  3. Standalone damage plan

Bharti AXA Car Insurance has one of India’s most extensive cashless garage networks. It also allows you to choose coverage for legal responsibilities to paid cleaners/drivers, as well as loss or damage to accessories, for an additional price.

Features –

  • Quick policy purchase online
  • 24X7 claim assistance
  • Cashless claim settlement at network garages

Add-on Covers –

  • Depreciation cover
  • Consumable cover
  • Roadside assistance
  • Key replacement cover
  • Engine & gearbox cover
  • Personal accident cover for passenger
  • Ambulance charges
  • Invoice price cover
  • Hospital cash
  • Medical expenses

Cholamandalam car Insurance

In our country, Chola MS General Insurance Co. Ltd. is a well-known vehicle insurance company. Its automobile insurance covers third-party personal liabilities as well as third-party property damage. It also covers theft and own damage caused by natural or man-made disasters, as well as personal accident coverage for the owner-driver up to Rs.15 lakh. In India, it offers three different types of automobile insurance coverage –

  1. Third-party car insurance
  2. Zero depreciation car insurance
  3. Comprehensive car insurance

Chola MS Car Insurance offers India’s largest cashless garage network. It will repay up to Rs. 3000 in towing fees. It also allows you to add personal accident insurance for passengers up to Rs2 lakh.

Features –

  • No claim bonus
  • 24X7 assistance
  • Online policy renewal vintage car discount
  • Recognized automobile association membership discount
  • Anti-theft device installation discount
  • Specially designed/modified vehicle discount
  • Voluntary deductible discount
  • On-site minor repair
  • Repairs in preferred workshop discount

Add-on Covers –

  • Waiver of depreciation
  • Roadside emergency assistance
  • Replacement keys
  • Fixed daily allowance
  • Personal belongings cover
  • Reinstatement value
  • Conveyance allowance
  • Monthly installment cover
  • No claim bonus protection
  • Disabled vehicle cover
  • Registration certification lost cover
  • Consumables cover
  • Franchise benefit
  • Auto extension of policy
  • License loss cover
  • Loss of key cover
  • EMI cover
  • Vehicle replacement advantage cover
  • Chola value-added services

Digit Car Insurance

Digit Car Insurance is a new insurance firm that provides comprehensive coverage for the covered vehicle. It ensures your car against loss or damage caused by accidents, fire, theft, natural catastrophes, and third-party losses. It also covers the owner-driver for personal accidents. You can pick between two types of car insurance policies from Digit car insurance –

  1. Third-party car insurance
  2. Comprehensive car insurance cover

Features –

  • Easy online policy issuance
  • No claim bonus
  • 24X7 support
  • Doorstep pickup and repairs
  • Cashless repairs
  • Smartphones enabled self-inspection
  • Super-fast claims

Add-on Covers –

  • Zero depreciation cover
  • Breakdown assistance
  • Passenger cover
  • Consumable cover
  • Return to invoice cover
  • Tyre protect cover
  • Engine and gear-box protection cover

Edelweiss Car Insurance

Another private insurer in India that offers automobile insurance is Edelweiss Car Insurance. It protects you against third-party liability as well as any loss or damage to your vehicle. It also covers the owner-driver for a personal accident of Rs15 lakh. There are two types of Edelweiss auto insurance coverage available –

  1. Private car package insurance
  2. Private car liability only insurance

Features –

  • No claim bonus (NCB)
  • Priority services at cashless garages
  • Faster claim settlements

Add-on Covers

  • Depreciation protect
  • Roadside assistance
  • Engine protect
  • Consumable expenses protect
  • Mandatory deduction protect
  • Invoice value protect
  • NCB protect
  • Personal Belongings protect
  • Keys and locks protect

Future Generali Car Insurance

In India, Future Generali India Insurance Co. Ltd. is a well-known insurance firm. It includes third-party liability and car damage coverage, as well as personal accident legal liability coverage for a paid driver, cleaner, or passenger for an extra fee.

Personal accident cover for passengers up to Rs.2 lakh is also available with Future Generali auto insurance.

Features –

  • No claim bonus (NCB)
  • Priority service at cashless garages
  • Faster claim settlements

Add-on Covers

  • Depreciation protect
  • Roadside assistance
  • Engine protect
  • Consumable expenses protect
  • Mandatory deduction protect
  • Invoice value protect
  • NCB protect
  • Personal belongings protect
  • Keys and locks protect

IFFCO Tokio Car Insurance

IFFCO TOKIO General Insurance Co., Ltd. is one of the best car insurance companies in the country, offering comprehensive coverage for covered vehicles. It will cover loss or damage to the car as a result of natural or man-made disasters, as well as third-party legal liability. It also offers personal accident coverage to the owner-driver, which can be expanded to include passengers for an additional price.

There are two types of IFFCO Tokio Car Insurance plans –

  1. Comprehensive car insurance
  2. Third-party car insurance

You can also opt for CNG/LPG fuel kit cover and damage/loss of accessories

Features –

  • 24X7 roadside assistance
  • No claim bonus
  • Cashless claims at network hospitals

Add-on Covers –

  • Zero depreciation cover
  • Engine protection
  • No claim bonus protection
  • Roadside assistance
  • Return to invoice

Kotak Mahindra Car Insurance

Kotak Mahindra Vehicle Insurance Co. Ltd. is one of India’s most well-known best car insurance companies. With its comprehensive private auto insurance plan, it provides all-around security for your vehicle. It covers your car in the event of natural or man-made disasters, as well as third-party legal responsibilities, bi-fuel systems, and electrical/non-electrical accessories.

Features –

  • Cashless service at network garages
  • No claim bonus benefit
  • Recognized AAI membership discount
  • Voluntary deductible discount

Add-on Covers –

  • Roadside assistance
  • Consumable cover
  • Depreciation cover
  • Engine protect
  • Tyre cover
  • Return to invoice
  • Daily car allowance
  • Loss of personal belongings
  • NCB protect
  • Key replacement

Liberty car Insurance

Liberty Car Insurance is another automobile insurance company to consider when purchasing coverage for your vehicle. It provides third-party coverage, own damage coverage against theft, natural/man-made disasters, and personal accident coverage for the covered vehicle. It offers two different types of automobile insurance policies –

  1. Package policy
  2. Liability only policy

Features –

  • Transfer of no claim bonus from the existing insurer
  • Cashless claim services at network garages
  • Telephonic assistance
  • Renewal discounts

Add-on Covers –

  • Depreciation cover
  • Gap value cover
  • Consumables cover
  • Roadside assistance cover
  • Key loss cover
  • Passenger assistance cover
  • Engine safe cover

National Car Insurance

National Insurance Co. Ltd. is one of India’s best car insurance companies. It covers third-party liability, vehicle loss or damage due to natural disasters, theft, and man-made calamities. It also covers up to Rs.15000 in towing charges. You can pick between two types of automobile insurance policies at National Car Insurance –

  • Annual liability-only policy
  • Annual package policy

National Car Insurance enjoys the highest incurred claim ratios amongst car insurance in India.

Features –

  • Towing assistance
  • No claim discounts
  • Quick renewals

Add-On Covers –

  • Nil depreciation
  • Invoice protect
  • Nil depreciation plus
  • NCB protect
  • Engine protect

New India Assurance Car Insurance

The New India Assurance Co. Ltd is a leading insurance firm with operations in more than 28 countries. It is a well-known vehicle insurance provider that offers both liability-only and package policies. It covers the owner-personal driver’s accidents, third-party liabilities, and any loss or damage to your car caused by theft, natural or man-made disasters.

Towing charges are also covered by New India Assurance Car Insurance up to a limit of Rs.1500.

Features –

  • No claims discount
  • Towing assistance available
  • Cashless claims at approved garages

Add-On Covers –

  • Loss of accessories
  • Personal accident for passengers and paid drovers
  • Legal liability to employees

Oriental Car Insurance

Oriental Car Insurance is a government-run company that offers full coverage for your personal vehicle. Its private automobile insurance policy covers accidental vehicle damage/loss, third-party liabilities, as well as loss/damage caused by theft, natural disasters, fire/explosion/lightning/self-ignition, or while in transit. It also covers the owner-driver in the event of a personal accident.

Oriental auto insurance, in addition to giving a variety of discounts and add-on covers, also allows you to purchase CNG/LPG fuel coverage and electrical and electronic devices coverage for an additional cost.

Features –

  • Anti-theft device discount
  • Voluntary deductible discount
  • No Claim Bonus (NCB)
  • Automobile Association Membership discount
  • Online Policy renewal

Ass-On Covers –

  • Nil depreciation cover
  • Alternate Car benefit
  • Loss of personal effects
  • Free emergency service benefit through TVS

Raheja QBE Car Insurance

Raheja QBE Car Insurance is a well-known motor insurance company in India that offers a variety of car insurance policies. It protects your car from any damages or losses caused by accidents, natural disasters, or theft, as well as covering third-party legal liability. It also includes personal accident insurance for the owner-driver.

You can choose from four different types of auto insurance plans with Raheja QBE –

  1. Private car package policy
  2. Liability only – private car policy
  3. Standalone own damage policy – private car
  4. Private car policy – bundled

Additional coverage options include electrical/non-electrical accessories, occupant personal accident (PA) coverage, and legal liability to the cleaner/paid driver.

Features –

  • No Claim Bonus
  • Higher voluntary excess discounts
  • Automobile association membership discount
  • Approved anti-theft devices discounts

Add-On Covers –

  • Zero depreciation
  • Consumable expenses
  • Engine protector
  • Key protect cover
  • Daily conveyance benefit
  • Return to invoice
  • Loss of personal belongings
  • NCB retention cover
  • Tyre and rim protector

Reliance Car Insurance

Another well-known car insurer, Reliance General Insurance Co. Ltd, provides speedy insurance solutions for your vehicle. It provides a comprehensive policy that covers damage caused by collisions, man-made or natural disasters, or theft. It also provides the owner-driver with personal accident coverage of Rs.15 lakh.

There are two types of car insurance policies offered by Reliance General Car Insurance –

  1. Third-party liability car insurance policy
  2. Comprehensive car insurance policy

Features –

  • No claims bonus
  • Voluntary deductible discount
  • Automobile Association of India membership discount
  • Instant renewal sans paperwork

Add-On Covers

  • Nil depreciation
  • Consumables covers
  • NCB retention cover
  • Engine retention cover
  • Daily allowance benefits
  • Key protect cover
  • EMI protection

Royal Sundaram Car Insurance

Royal Sundaram Car Insurance ensures that your vehicle is fully protected against any unforeseen circumstances. Its automobile shield insurance provides accident coverage for the owner-driver, as well as indemnification for the third-party property against accidental and external damage, natural disasters, fire and explosion, burglary and theft, malicious conduct, and man-made disasters.

Personal accident cover for paid drivers and unidentified passengers, CNG kit/bi-fuel systems cover, legal liabilities for paid drivers & employees, and electrical/non-electrical fittings cover are all available options with Royal Sundaram Car Insurance.

Furthermore, among private automobile insurance firms in India, Royal Sundaram Car Insurance has the highest Incurred Claim Ratio (ICR).

Features –

  • Free roadside assistance
  • Automobile association of India membership discount
  • Voluntary Deductible discount

Add-On Covers –

  • Full invoice price cover
  • No Claim Bonus (NCB) protector
  • Tyre cover
  • Key protector
  • Depreciation wavier cover
  • Loss of baggage cover
  • Spare car clause
  • Voluntary deductible cover
  • Loss of baggage cover
  • Windshield glass cover
  • Spare car clause
  • Voluntary deductible cover
  • Engine (Aggravation) protector cover
  • Lifetime road tax clause

SBI Car Insurance

SBI Car Insurance is a well-known auto insurance provider that provides comprehensive policies to protect your vehicle. It provides coverage for vehicle damage, personal injury to the owner-driver up to Rs15 lakh, and third-party liabilities. Fire, natural disasters, self-ignition, explosions, and accidents are all covered for insured vehicle damage or loss.

Under your SBI Motor Private Car Insurance policy, you can also get bi-fuel coverage, legal liability coverage for employees and paid drivers, and personal accident coverage for passengers.

Features –

  • No Claim Bonus
  • Voluntary excess discount
  • Faster Claim Settlement Process

Add-On Covers –

  • Return to invoice
  • Engine Guard
  • Depreciation reimbursement
  • Roadside assistance
  • Key replacement
  • Consumables cover
  • Loss of belongings
  • NCB protection
  • Inconvenience allowance
  • Hospital daily cash cover
  • Tyre and rim guard
  • EMI protector

Shriram Car Insurance

SBI Car Insurance is a well-known auto insurance provider that provides comprehensive policies to protect your vehicle. It provides coverage for vehicle damage, personal injury to the owner-driver up to Rs15 lakh, and third-party liabilities. Fire, natural disasters, self-ignition, explosions, and accidents are all covered for insured vehicle damage or loss.

Under your SBI Motor Private Car Insurance policy, you can also get bi-fuel coverage, legal liability coverage for employees and paid drivers, and personal accident coverage for passengers.

Features –

  • instant policy issuance
  • roadside assistance
  • cashless repair
  • No claim bonus
  • Voluntary deductible discount
  • Anti-theft deductible
  • Automobile association discount

Add-on Covers –

  • Zero depreciation cover
  • Return to invoice
  • Daily reimbursement
  • Personal belongings cover
  • Key replacement
  • NCB protection cover
  • Emergency transportation and hotel expenses reimbursement
  • Multi-car rebate

Tata AIG Car Insurance

Tata AIG Car Insurance is one of the best car insurance companies in India. It promises to treat your car with the respect it deserves. Its Auto Secure-private automobile package policy covers any exterior loss or damage caused by theft, natural or man-made disasters. It also covers any third-party liabilities and provides the owner-driver with a personal accident cover of Rs.15 lakh.

On payment of an additional premium, the policyholder can acquire personal accident coverage for paid drivers, can cleaners, and passengers, as well as electric/electronic fittings coverage.

Features –

  • No Claim Bonus (NCB) protection is available
  • Emergency roadside assistance
  • Recognized automobile association membership discount
  • Anti-theft device installation discount
  • Modified/specially designed vehicle discount

Add-On Covers –

  • Depreciation reimbursement
  • Courtesy/hire car
  • Daily allowance
  • Return to invoice
  • Repair of glass, plastic, fiber, and rubber parts
  • NCB protection cover
  • Loss of personal belongings
  • Key replacement
  • Emergency transport and hotel expenses
  • Engine secure
  • Consumable expenses
  • Tyre secure
  • Roadside assistance

United India Car Insurance

United India Insurance Co. Ltd. is a government-owned company that offers private car insurance policies. It includes personal accident coverage, third-party liability coverage, and own damage coverage for the owner-driver. Own damage comprises any loss or damage to your automobile as a result of fire, accidents, self-ignition, theft, lightning, or natural disasters, as well as any loss or damage to car accessories.

Personal accident protection for named and unnamed drivers, electrical/electronic fittings cover, fiberglass fuel tanks cover, and CNG/LPG bi-fuel kit cover are all options available via United India Car Insurance.

United India Car Insurance also has one of India’s best-Incurred Claim Ratios (ICR).

Features –

  • Vintage car discount
  • Automobile Association membership discount
  • No Claim Bonus
  • Anti-theft devices discount
  • Specially designed/modified vehicle discount

Add-On Covers –

  • Courtesy car
  • Medical expenses

Universal Sompo Car Insurance

Universal Sompo General Insurance Co. Ltd. provides non-commercial car owners with comprehensive motor private car insurance. It provides comprehensive coverage for third-party legal liability for injuries and property damage, as well as loss/damage to the insured vehicle caused by fire, theft, explosion, man-made disasters, self-ignition, and natural disasters. Personal accident coverage is also available for the owner-driver.

Universal Sompo Car Insurance additionally offers optional coverage such as loss accessories, personal accidents to occupants, legal liabilities to paid driver/cleaner, and higher legal liability for third-party property damage.

Furthermore, among private vehicle insurance firms in India, Universal Sompo Car Insurance has one of the highest claim resolution ratios.

Features –

  • No claim bonus
  • Anti-theft device installation discount
  • Voluntary excess discount
  • Specially designed/modified vehicle discount

Add-On Covers –

  • Nil depreciation cover
  • Daily cash allowance
  • Return to invoice
  • Accidental hospitalization clause
  • Roadside assistance
  • Key replacement
  • Cost of consumables
  • Hydrostatic lock cover
  • Secure towing
  • NCB protector
  • Engine protector

Key points to consider while choosing the Best Car Insurance Companies policy in India:

When looking for the best car insurance companies policy, keep the following items in mind:

Compare the key features provided by the insurance coverage –

Make a comparison of the auto insurance policies you’ve shortlisted to see if they all provide the same level of coverage. Your insurance policy should contain all of the features that come standard with a car (such as own damage coverage) and give coverage for both personal and third-party injuries.

Review Add-on Riders as part of the best car insurance companies policy in India –

It is usually advisable to pay close attention to all of the add-on riders in order to get the best auto insurance policy in India with additional benefits. A few important motor insurance riders are included here for your convenience.

Engine Cover –

It adds an extra layer of security by protecting you from unexpected costs incurred as a result of car engine damage.

Third-party liability coverage –

Third-party liability insurance protects the automobile owner against any financial liability that may arise as a result of a third-party motor vehicle’s bodily injury, death, or damage repair costs.

Roadside Assistance Cover –

If you are stranded due to an engine failure, an accident, or a punctured tyre on your automobile, you have the option of obtaining roadside assistance. It will allow you to contact your insurance and request that an auto repair be dispatched to your location.

Zero depreciation cover –

Your insurance company will waive the depreciation on substituted automotive parts if you want to add zero depreciation coverage to your auto insurance policy. It means you’re entitled to a larger claim amount.

Personal accidental cover –

Personal accidental coverage provides financial protection to the vehicle owner against unforeseen and unpleasant events that may result in physical harm, accidental death, or the person’s permanent disability as a result of a road accident.

Consider reviews of the car insurers –

Make careful to inquire about the experiences of your extended family and friends with any certain vehicle insurance business. The feedback you receive directly from your loved ones may provide you a better understanding of how the company’s customer service and claim procedure work. It will assist you in making an informed decision.

Options for flexible car insurance coverage –

A flexible coverage is always important when purchasing the best vehicle insurance companies policy in India. There is no “one-size-fits-all” policy because the customer base is diverse. You must select a car insurance policy based on your specific insurance requirements. Prioritize an insurance provider that provides the flxi-coverage facility over other requirements. This means that if the insurance company offers a pre-existing plan that is tailored to your specific needs and circumstances, you should consider it a favourable indicator.

Compare Insurance Premium Online –

So-called fantastic offers abound on the internet. Don’t be fooled by them; they could be a trap. When you take some time out of your busy schedule to explore the internet, you can come across a good deal.

  • Keep the following factors in mind while comparing auto insurance plans online: • Compare the various insurance plans offered by different insurance providers.
  • Check to see if the comparison site calculates the premium based on the fixed IDV (Insured Declared Value).
  • Use at least three internet insurance comparison sites to compare insurance premiums.

Factors affecting your car insurance premium –

The criteria that go into deciding the cost of automobile insurance are determined by the risks that the insurance company is willing to take on. These elements are grouped as follows –

Risk related to the car –

Your car’s model, cubic capacity, and gasoline type, etc. There are a few factors that go into determining the cost of your auto insurance. Some vehicles, such as business vehicles and SUVs (Sports Utility Vehicles), have higher prices since insurance providers get a greater number of claims on these vehicles. Diesel cars usually have a premium of 10-15% greater than petrol ones.

Risks related to the location –

The registration area provides the basis for this. In most cases, the car owner lives in a city, a densely populated area, or near a highway. If vehicle theft or loss is more common in your location, your car insurance prices will rise.

Risks related to the driver of the car –

The driver’s job and age are taken into consideration. You must pay greater premiums if you have many drivers on your vehicle.

Negotiation is the key –

Negotiate with your current insurance provider when it comes to purchasing motor insurance. You never know, if you’ve been a safe driver and haven’t filed too many claims or been in too many accidents, you might get an additional benefit.

Safeguard your No Claim Bonus (NCB) –

If you are a safe driver who has never filed a claim, you are eligible for the No Claim Bonus (NCB). If you go a year without filing an auto insurance claim, your car insurance company will give you a No Claim Bonus. This is the amount deducted from your insurance premium when you renew your coverage. You have the option of going with NCB.

Check out the Claim Settlement Ratio (CSR) –

Last but not least, check the insurer’s previous claim settlement history before finalizing a car insurance policy. The time it takes an insurer to pay claims from its customers is referred to as the Claim Settlement Ratio. Proceed only if the situation is favorable. If the CSR is poor, don’t even consider purchasing the finest vehicle insurance coverage in India. On the IRDA of India’s website, you can readily obtain the Claim Settlement Ratio of various insurers.

How to choose the best car insurance companies in India?

It is not a difficult process to find the best vehicle insurance company. However, you must consider the level of protection you want for your vehicle. With that in mind, here are a few pointers to assist you in selecting the best vehicle insurance company in India. Check it out:

Analyzing car insurance needs –

You must first assess your car insurance requirements before deciding on the best car insurance company. You must know the level of coverage you require as well as the precise add-ons you wish to purchase. You should also know the Insured Declared Value (IDV) of the car you plan to purchase. Furthermore, you should be aware of the policy’s maximum premium that you can afford to pay.

The authenticity of the motor insurance company –

Now that you’ve determined your automobile insurance requirements, you’ll need to search the market for reputable auto insurance firms. You can verify an auto insurance company’s legitimacy by looking up its IRDA Registration Number. The Insurance Regulatory and Development Authority (IRDA) is India’s regulatory body for insurance firms, and it only issues registration numbers to legitimate insurers.

Financial ability of the company –

You should evaluate the vehicle insurance company’s financial standing in addition to its legitimacy. This will assist you in determining the company’s financial stability and how likely it is to pay you the claim amount in the event of an emergency. Examining the company’s annual financial records and checking its solvency ratio will help you establish its financial soundness.

Claim Settlement Ratio –

Before proceeding, you should evaluate the vehicle insurance company’s claim settlement ratio (CSR) and uncured claim ratio (ICR). The total proportion of claims settled by the insurance carrier is referred to as the CSR. ICR, on the other hand, refers to the insurance company’s total percentage of premiums used against the entire amount of premiums collected. You should opt for a firm with a higher CSR and ICR because it means your claims are less likely to be rejected by the insurer.

Claim Settlement Speed –

In addition, to claim percentages, you should look into the vehicle insurance company’s claim settlement speed. You should choose a firm that has a speedier claim settlement speed because it means the insurer will pay the claim amount as quickly as feasible.

Cashless Garage Network –

The next step is to inquire about the car insurance company’s network of cashless garages. Cashless garages are insurance company-approved garages where you can get your automobile fixed without paying any money. A provider with a larger cashless garage network is preferable because you’ll have a better chance of locating one in your area or neighborhood.

Customer service –

The auto insurance company’s customer service should also be considered while selecting the finest motor insurer. The customer service allows you to get an idea of how easy it will be to contact the insurer and seek assistance. You must choose a company that gives round-the-clock services to its consumers, as you will be able to reach them 24 hours a day, seven days a week.

Online comparisons –

Online comparisons are the most effective way to choose a vehicle insurance company that best meets your needs. When you compare automobile insurance policies from multiple motor insurers online, you may evaluate coverage levels, premium rates, and perks provided. The perfect insurance provider will supply you with the most comprehensive coverage without charging you an exorbitant cost.

Customer reviews –

It is always a good idea to study customer evaluations before choosing one of the many automotive insurance providers. Reviews from current or prior customers may give you an idea of the type of insurance experience you’ll have with the company. You should choose a car insurance company with a higher number of positive client reviews than negative ones.

Bottom line

Check the policy features, the number of network garages offering cashless repair, add-on coverage, and the company’s incurred claim percentage before obtaining a car insurance policy. You can choose from any of the above car insurance firms to get the best car insurance companies in India at a low cost.

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