Have you just bought a new car, well congratulations! Buying a car insurance policy can save you a lot of headache and hassles. When you are planning on to have an insurance policy ensure that, it must be the best car insurance companies, isn’t it!
Okay, let me explain why is it important to have a car insurance policy? And what kind of problems would you face without the insurance?
- After having car insurance, you also get other facilities, like various authorized shops for car-servicing across the country.
- Driving around roads of India is fast becoming dangerous. You can never predict how another motorist or motorcycle rider will cut your lane.
- Pedestrians also tend to jaywalk on busy roads, increasing accident risks.
- Should you have the misfortune of getting into an accident, vehicle repairs and sometimes compensating the other party can play havoc with your finances.
- Accidents are sometimes unavoidable. However, you can reduce the financial impact they have on your income and savings by buying a proper motor insurance.
- Car insurance also covers losses from natural disasters. It cover all types of disaster for settelment amount like, flood, hurricane, earthquake etc.
- It is mandatory under the Motor Vehicles Act, 1988 (CHAPTER XI) to have a vehicle insurance policy. Under this act, it is compulsory for vehicle owner to hold vehicle insurance.
To make a perfect choice, we listed the top 10 car insurance companies of India. Choose the one with the lowest rate and maximum claim settlement ratio.
Top 10 Best Car Insurance Companies in India
You need to show a valid auto insurance policy while renewing road permit for the vehicle every year. Without auto insurance, your vehicle can be seized by the traffic police.
1.New India Assurance
New India Assurance is a 100-year old insurer in this country. It provides auto insurance for four wheelers and two wheelers.
A New India Assurance auto insurance policy offers the following benefits.
Your liability is covered for death or injury and damage to third party property up to Rs.750,000.
It offers coverage up to Rs.100,000 for scooters and motorcycles.
2.National Insurance Co
National Insurance Co. is the topmost Government car insurance company. NIC offers third party and comprehensive motor insurance policies.
They cover your liability up to Rs.750,000 for third party damages and your own vehicle.
They also cover first party and third party death, injury or permanent disability, depending upon the type of your insurance policy.
Also Read: 10 Most Popular Life Insurance Companies in India
3. Oriental Insurance Co
Oriental Insurance Co is a company held by the Indian government. They offer excellent car insurance policies for all vehicles- commercial and private.
Your liabilities are covered up to Rs.750,000 for third party damages. Also your personal damages are covered by OIC.
These depend upon nature of the policy you hold. OIC charges very reasonable premiums for their vehicle insurance. Premiums are fixed according to age and make of your vehicle.
4. HDFC ERGO
If you want to buy an EXPENSIVE insurance for that LUXURY CAR and enjoy carefree driving, go for HDFC EGRO car insurance.
The company settles claims within 48 hours, depending on the case. It is also possible to buy HDFC ERGO auto insurance on easy Equated Monthly Installments.
This makes it ideal for those who want expensive policies and youngsters with a smaller income. HDFC ERGO offers the best auto insurance from private sector companies.
5. ICICI Lombard
ICICI Lombard is a formidable player in the vehicle insurance industry. ICICI Lombard has excellent car insurance policies that suit every vehicle owner.
You can get up to 55 percent discount while buying auto insurance from ICICI Lombard, depending upon the nature of policy.
The company is known for a quick settlement of claims and hassle free processes. ICICI Lombard ranks among the top 5 car insurance companies of India.
Also Read: 10 Best Health Insurance Companies in India
6.Tata AIG
Tata AIG offers a slew of services for their auto insurance policy holders.
This includes the cost of lost keys, wear and tear of auto parts caused due to usage and roadside assistance in case of accidents, emergencies and technical snags in your vehicle.
These features make Tata AIG auto insurance a preferred choice among millions of Indians.
This top auto insurance company offers a quick settlement of claims for comprehensive and third party policy holders.
7. Universal Sompo
Universal Sompo has some of the best auto insurance policies for the Indian market. You can ask for a customized vehicle insurance policy from Universal Sompo.
This company is a Joint Venture between leading Indian lenders including Allahabad Bank, Karnataka Bank, Indian Overseas Bank, Dabur Ltd and Japan’s leading insurance firm, Sompo Japan Nipponkoa.
They have a wide range of policies for private and commercial automobile owners.
8. Iffco Tokio
Iffco Tokio auto insurance comes from JV between Indian Farmers Fertilizer Cooperative Ltd (Iffco) and Japan’s Tokio Insurance co.
They have excellent auto insurance policies. Iffco Tokio auto insurance promises to settle claims within four hours- a record time considering delays faced by customers when seeking repairs of their vehicles or third party damages.
You can buy Iffco Tokio auto insurance online too.
Also Read: 10 Best Mobile Phone Insurance Companies in India
9. Kotak General
Among private sector car insurance companies, Kotak General ranks in our list of the top because of their superior customer care.
The company offers comprehensive and third party auto insurance that can be customized for specific needs. You can buy and renew auto insurance from Kotak General using their web portal too.
10. Bharti AXA
Private sector insurer Bharti AXA has various types of auto insurance policies available at very affordable rates.
They have a full range of comprehensive and third party auto insurance policies for commercial and private vehicles.
They offer a slew of benefits including online purchase and renewal, roadside assistance and quick settlement of claims.
Wrap Up
As I mention earlier, Indian laws make compulsory for all vehicles to be insured. If you are caught without at least the cheapest policy, the vehicle can be confiscated or your driving license can be seized by traffic authorities.
Even if this does not happen, you will have to pay stiff cash fines for driving a vehicle without auto insurance. Make sure you buy one among top car insurance companies.