When buying car insurance make sure you buy the most comprehensive insurance possible. While many car insurance providers offer basic car insurance plans, it is wise to choose a car insurance that not only covers damages caused to your vehicle or damage caused by you to a third party, but to choose a car insurance plan that will Covers loss or damage caused to your car by natural or man-made calamities. Most of the car insurance plans available in the market can be customized to suit one's needs. Choose your add-ons wisely and make sure your set of wheels has the best protection. While you are researching about the best cars available in the market, we have listed top 5 in 2019. In no particular order, take a look at the most reputable car insurance companies:
1.CICI Loambard GIC Limited :
2. HDFC ERGO General Insurance Company Limited:
HDFC Limited, a consortium of India's leading housing finance institutions and ERGO International AG, gave birth to HDFC ERGO General Insurance Company Limited. Whether you are looking for motor insurance, health insurance, or travel insurance, HDFC ERGO General Insurance Company Limited offers it. All. They offer private car insurance, two wheeler insurance, liability only policy and commercial vehicle insurance. As an HDFC ERGO Insurance customer, you can enjoy cashless claims service at over 3,400 authorized garages in the country. Some of the benefits of buying car insurance from HDFC ERGO General Insurance Company Limited include 24-hour approval time, online buying option, customer care for any query on motor insurance and transparent claim settlement process. HDFC ERGO Motor Insurance Policy covers damages caused to the vehicle due to external means, fire, terrorism, natural calamities, man-made calamities, depreciation, personal accident cover, and third party legal liability.
3. United India Insurance Company Limited:
Established in the year 1938, United India Insurance Company Limited is a nationalized, state-owned insurance company. They provide insurance for private cars, two wheelers and commercial vehicles. They offer many car insurance plans. Customers can also customize these plans to suit their needs. They are known to treat their customers right, their discount policy is proof of that. Customers can also claim a No Claim Bonus ranging from 20% to 50% depending on the number of claim-free years. They also offer automobile association membership discounts, discounts for anti-theft devices, and discounts on the use of vehicles within the insured's premises.
4. Oriental Insurance Company Limited:
Oriental Insurance Company Limited was incorporated in the year 1947. The car insurance they offer covers accidental damages, third party liabilities, and comes with various add-ons. With an insurance coverage period of 1 year, The Oriental Insurance Company Limited offers additional coverage like zero depreciation cover, loss of personal effects, optional car benefit, and free emergency benefit services. You can know more about this car insurance policy by visiting their website. You can also buy or renew your car insurance policy online.
How to choose the best car insurance company in India?
The definition of the best car/vehicle insurance company is subjective as it varies based on the needs of each individual. For some individuals, a car insurance company with the highest claim settlement ratio is best, while for others, an insurance company with an extensive network of cashless garages is best. Thus, there are several criteria that make an insurance company best for an individual. The following factors should be considered while choosing a car insurance company.
1. Network of Cashless Garages
There are many garages with which a car insurance company partners to facilitate cashless insurance claims. While choosing a car insurance company, one should check the strength of the insurance company's network of cashless garages. One should also check whether there are enough cashless garages around his locality.
2. Claim Settlement Ratio
The claim settlement ratio measures the number of claims settled by a car insurance company out of all the claims received during a financial year. It is always good to go with an insurance company with a high claim settlement ratio.
3. Availability of Add-ons
Add-on refers to the additional coverage that can be opted for with a standard car insurance policy to increase the coverage. Add-ons are available with own damage and comprehensive car insurance and can be opted for at the time of policy purchase as well as renewal.
4. Customer Support Service
One should also check the availability and quality of customer support service offered by the insurance company. While some insurance companies provide 24*7 customer support, some provide 5-day customer support services.
What does your Car Insurance Cover?
Car Insurance Coverage | Third Party | Comprehensive | Standalone |
Damage/losses caused to your car due to accident | X | ✔ | ✔ |
Theft of two-wheeler | X | ✔ | ✔ |
Damage incurred due to fire | X | ✔ | ✔ |
Damage/losses due to natural calamity | X | ✔ | ✔ |
Damage to property and third party vehicle | ✔ | ✔ | X |
Personal Accident Cover (if opted) | ✔ | ✔ | ✔ |
Injury/ Death of Third Party due to an accident | ✔ | ✔ | X |
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