A Comprehensive Guide To The Best Car Insurance Companies In India
Car insurance is a necessity in India for every car owner to protect themselves from unforeseen financial losses in case of accidents or theft. With the plethora of car insurance companies available in the market, it can be challenging to choose the best one. In this article, we have provided a comprehensive guide to the best car insurance companies in India.
HDFC ERGO General Insurance Company Limited
HDFC ERGO is one of the best car insurance companies in India, offering comprehensive car insurance policies that cover own damage and third-party liability. The company also provides a range of additional benefits, such as personal accident cover, engine protection, zero depreciation, and more. HDFC ERGO has a high claim settlement ratio and a wide network of cashless garages across the country.
Bharti AXA General Insurance Company Limited
Bharti AXA is a renowned car insurance company that provides comprehensive car insurance policies with several add-on benefits such as zero depreciation, roadside assistance, and personal accident cover. The company has a vast network of cashless garages, making it easier for customers to get their cars repaired without any hassle. Bharti AXA has an excellent track record of claim settlement and customer support.
Bajaj Allianz General Insurance Company Limited
Bajaj Allianz is a reputed car insurance company that offers comprehensive car insurance policies with several add-ons, including engine protector, zero depreciation, and 24×7 roadside assistance. The company has a high claim settlement ratio and a vast network of cashless garages across the country. Bajaj Allianz also offers a unique DriveSmart Telematics policy that monitors the driving behavior of the policyholder and offers discounts based on safe driving.
ICICI Lombard General Insurance Company Limited
ICICI Lombard is a trusted car insurance company that provides comprehensive car insurance policies with add-ons like zero depreciation, engine protector, and personal accident cover. The company has a vast network of cashless garages and offers 24×7 roadside assistance. ICICI Lombard has a high claim settlement ratio and a user-friendly mobile app that makes it easy for customers to buy and manage their policies.
The New India Assurance Company Limited
The New India Assurance Company Limited is a government-owned car insurance company that offers comprehensive car insurance policies with add-ons like personal accident cover and third-party liability. The company has a high claim settlement ratio and a wide network of cashless garages across the country. The New India Assurance Company Limited also offers a unique policy for vintage and classic cars.
National Insurance Company Limited
National Insurance Company Limited is a government-owned car insurance company that provides comprehensive car insurance policies with add-ons like personal accident cover and third-party liability. The company has a high claim settlement ratio and a vast network of cashless garages across the country. National Insurance Company Limited also offers a unique policy for electric cars.
Tata AIG General Insurance Company Limited
Tata AIG is a reliable car insurance company that offers comprehensive car insurance policies with add-ons like engine protector, personal accident cover, and zero depreciation. The company has a high claim settlement ratio and a vast network of cashless garages across the country. Tata AIG also offers a unique policy for women drivers that provides additional benefits like free cab services in case of emergencies.
United India Insurance Company Limited
United India Insurance Company Limited is a government-owned car insurance company that offers comprehensive car insurance policies with add-ons like personal accident cover and third-party liability. The company has a high claim settlement ratio and a vast network of cashless garages across the country. United India Insurance Company Limited also offers a unique policy for CNG/LPG bi-fuel kits.
Types of Car Insurance
There are several types of car insurance policies available in India. The most common types of car insurance policies are:
Third-party Liability Insurance:
Third-party liability insurance is the most basic and mandatory car insurance policy as per the Motor Vehicles Act, 1988. It provides coverage for damages and injuries caused to a third party in case of an accident involving your car. It does not cover damages or injuries to you or your car.
Comprehensive Car Insurance:
Comprehensive car insurance is an extensive insurance policy that provides coverage for both third-party liability as well as damages and injuries to you and your car. It covers damages due to natural calamities, theft, fire, vandalism, and other unforeseen events.
Zero Depreciation Insurance:
Zero depreciation insurance is an add-on cover that can be added to your comprehensive car insurance policy. It provides coverage for the full value of your car without taking depreciation into account in case of repairs or replacement of parts.
Personal Accident Cover:
Personal accident cover is an add-on cover that provides coverage for injuries or death sustained by you in case of an accident involving your car. It covers medical expenses, permanent disability, and death benefits.
- Engine Protection Cover:
Engine protection cover is an add-on cover that provides coverage for damages to your car’s engine and its parts due to water ingression, oil leakages, or other mechanical failures.
- Roadside Assistance Cover:
Roadside assistance cover is an add-on cover that provides assistance in case of breakdowns or accidents. It includes services such as towing, fuel delivery, flat tyre change, and battery jumpstart.
- No-Claim Bonus (NCB) Protection Cover:
NCB protection cover is an add-on cover that protects your no-claim bonus (NCB) in case of a claim. It ensures that you retain your NCB discount even if you make a claim during the policy period.
Conclusion
In conclusion, choosing the right car insurance company in India can be a daunting task, considering the numerous options available. It is essential to evaluate each company’s coverage options, add-ons, network of cashless garages, claim settlement ratio, and customer support before making a final decision. The companies mentioned in this article are among the best in India and can provide comprehensive coverage and peace of mind to car owners. However, it is always advisable to do thorough research and compare different policies before selecting the best one that suits your needs and budget.
For more details visit- Top 10 Best Investment Companies in India [2022]