Insuring a car at the time of purchasing ensures the peace of mind that any expenses that may be incurred due to unforeseen circumstances will be taken care of. Should anything happen, your most loved possession can be restored to its original state without you having to spend a penny. Moreover, having a motor insurance policy is a legal obligation as stated in the Indian Motor Act 1988. Also, car experts recommend that you have a comprehensive car insurance policy which covers your vehicle against losses/damages caused by a third party as well as natural/manmade disasters.
There are two Types of Car Insurance:
1) Liability only Policy:
The Liability Only Policy is mandatory for all the vehicles plying on public roads in India. This policy covers the liability for injuries and damages to others that are caused by your vehicle. It is also known as ‘Act only cover’.
2) Package Policy:
The package policy offers the car owner a wider coverage as this policy also covers the insured vehicle against damage or theft in addition to the covers included in liability only policy.
Since Liability only policy does not cover the damage to your own vehicle, it is prudent to opt for package policy.
So, 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 the top 5 car insurance companies in India in 2017.
Top 5 Car Insurance Companies:
1) ICICI Lombard General Insurance Co. Ltd
ICICI Bank Limited joined hands with Fairfax Financial Holdings Limited and launched ICICI Lombard GIC Ltd. With more than 3,500 network garages across the country, ICICI car insurance policy covers loss or damage to your vehicle against natural calamities, loss or damage to your vehicle against man-made calamities, personal accident cover, and third-party legal liability. From emergency battery jump start service and towing to minor repairs and fixing a flat tire, ICICI Lombard GIC Ltd. offers it all. Also known for their simple, hassle-free claim procedure, ICICI Car Insurance is one of the leading car insurance companies in the year 2017.
Benefits of ICICI Lombard General:
- Doorstep surveyor facility
- Towing assistance
- Online purchase on EMIs
- Digitally signed online policy
- Cashless settlement at 2900+ network garages
2) TATA AIG General Insurance Co. Ltd
Founded in 2001, TATA AIG General Insurance Co Ltd is a joint venture by two giants, TATA Group and American International Group. Offering hassle-free claims and a giant network across the country, TATA AIG has managed to capture the motor car insurance market almost immediately after the company was formed.
Features of TATA AIG:
- Free car pick up
- Warranty on repairs
- Cashless settlement at network garages
- Claim settlement in 7 days
- Unique add-ons
3) BAJAJ Allianz Car Insurance:
Bajaj Allianz not just protects the car owners in India from any unexpected damage to their car but also millions of others overseas. In India, the number 3 ranked insurance company offers free services of garages across 1500 locations. In case the cashless facility is missing, the insurer repays 75% of the amount paid in cash. Other than providing cover against any terrorist activity, Bajaj Allianz offers protection against natural disasters like floods, earthquake, etc., and manmade threats like theft, strike, riot. The company also sends SMS updates to its customers when they are claiming an amount.
Features of BAJAJ Allianz:
- Free services at 1500 preferred garages across India
- Additional coverage of 1 Lakh for the primary holder of vehicle in case of accidents
- Towing facility in case of breakdown/accidents
- SMS updates on motor claim status
4) The Oriental Insurance Co. Ltd
This is definitely the leading player in India in terms of brand value since it’s fully owned by the Central govt. It’s been the winner of the most reputed awards over the years, including Best Public General Insurance award and Best Bank and Financial Institution Award, apart from iAAA rating by ICRA. It has the highest claim settlement ratio, the quickest claim settlement, offers various value-added services like paying premiums online, renewing/purchasing policies, free benefits of emergency services at various outlets/offices.
Features of Oriental Insurance:
- One of the most reliable names in motor insurance
- High claim settlement ratio
- Fast claim settlement
- Valuable add-ons
5) HDFC ERGO General Insurance Co. Ltd
Founded in the year 2002, HDFC ERGO General Insurance Co. Ltd is an ISO 9001:2008 certified insurance Company that boasts of its robust channel of distribution and integrated customer support. Claiming to be providing one of the highest claim settlement ratio, HDFC ERGO is also one of the best motor car insurance providers in India. The company has been rated iAAA by ICRA and have also won the award for being a best general insurance company in India by IAIR in 2013.
Features of HDFC ERGO Insurance:
- Age and profession discount
- Zero documentation
- Fast claim settlement
- Cashless settlement at 1600+ network garages
- Dedicated customer support team.
A comprehensive car insurance online plan comes handy when personal vehicles get stolen or get involved in any mishap. To keep your car safe and secure you need to avail an online motor insurance policy from a reliable and reputed car insurance company in India. This list of top 5 car insurance companies in 2017 in India will help you select the best car insurance online plan for your car as per your budget.