Top 10 Best Car Insurance In India
In this article
1. Bajaj Allianz Car Insurance
If you are searching for a top-class leader in car insurance, then you are in the right place! Bajaj Allianz Car Insurance can turn out to be the best option for cashless repair services. There are additional top-up benefits that you can avail by spending some extra bucks.Features:
- Both private, as well as a commercial four-wheeler, can be covered
- In case of vehicle breakdown, a Towing facility is provided
- 24/7 spot assistance is provided during vehicle damage or accidents
- Another essential feature that can be used by new as well as existing customers is the lock and key replacement cover
- Top-up services such as Accidental Shield can be added for better protection
- It offers the Fastest claim-settlement services
Key Highlights
- Third-Party Liability Cover: Up to Rs 7.5 Lakh
- Incurred claim ratio: 78.50%
- Personal Accident Insurance: Available
- Network garage Workshops: 4000+
Benefits
- Bajaj Allianz Car Insuranceextensively covers both third-party liability and own damages.
- You can access cashless claim settlement across 4000 network workshops. In case you are unable to find a cashless claim settlement facility in your nearby locality, the company will pay 75% of the total expense.
- The application process is simplified to promote a hassle-free experience to its customer. The status is updated through SMS
- Round the clock telephonic support and assistance to its customers
- This insurance provider allows you to transfer 50 percent of your No Claim Discount (NCB) from another insurance provider.
Additional Covers
- Conveyance Benefit– Did you opt for a plan in which the insurer provides conveyance benefits? If your answer is yes, you will get daily cash benefits. It will be paid until your car gets repaired in the garage after the damage.
- Accident Shield– In case of death or permanent disability of the insured car owner, compensation will be provided.
- Consumable Expenses: You can also avail consumable expenses such as coolant repairing and engine oil
Insurance plans:
- Best Value Plan: Basic insurance plan with the lowest premium cost
- Coverage: Low
- Available Services: Third Party Liability, Personal Accidental coverage for owner and Roadside Assistance
- Optional Services: Optional services includes No-Claim Discount and Personal Accident Cover for co-riders
- Unavailable Services: Depreciation Shield and Engine Protector
- A standard rate of premium.
- Coverage: Basic
- Available Services: Third Party Liability
- Personal Accidental coverage for owner/driver and Roadside Assistance (24/7)
- Optional Services:
- No-Claim- Discount,
- Electrical Accessories,
- Coverage for Non-Electrical,
- Personal Accident Cover for co-riders,
- Driver Protection and CNG Kit Coverage
- Unavailable Services: Depreciation Shield, Engine Protector, and Voluntary Deductibles
- Enhanced protection
- Coverage: Enhanced
- Available Services: Third Party Liability,
- No-Claim- Discount,
- Electrical Accessories,
- Coverage for Non-Electrical,
- Voluntary Deductibles,
- Personal Accident Cover for co-riders,
- Driver Protection and CNG Kit Coverage
- Unavailable Services: Nil
Bajaj DriveSmart:
It is a unique service launched by Bajaj Alliance that acts as a vehicle tracking system. It carefully monitors your driving pattern and vehicle’s status (Engine and motor condition). It offers the following benefits. This smart tool analyzes the health of your vehicle. The online tracking of your vehicle location. It monitors your driving pattern and provides technical support. Documentation For Claim Filing- Duly signed claim form
- Vehicle RC with original keys
- Driving license photocopy
- Original policy documents
- PAN Card
- FIR copy ( in case of theft)
2. HDFC ERGO Car Insurance
HDFC ERGO Car Insurance is one of the best car insurance in India. It meticulously focuses on solving customer issues. Periodically they upgrade their policies based on their customer’s requirements. Currently, it holds nearly 127 branches with over 3600 employees. It is recognized as the highest claim paying insurer by ICRA. Moreover, HDFC ERGO Car Insurance is also certified by ISO for its security features. It is well known for its claim services and satisfactory customer reports, and so on.Key highlights:
- Claim settlement ratio: 94%
- IAAA rating by ICRA
- Famous as one of the highest claim paying ability
- Number of Cashless garages: 7500+
- 24/7 Customer assistance and support
- Third-Party Coverage: up till 7.5 Lakhs
- Additional Coverage Offered: Depreciation cover, roadside assistance, emergency assistance add-ons, etc
Features:
- Fastest approval: You can easily get approval for the HDFC ERGO Car Insurance by applying through online mode.
- Provide Liability to 3rd Party – A 3rd party can also claim in case of injury or death.
- Driver or owner covered: This policy involves mandatory personal Accident insurance Cover. for Accidental Death and Permanent Disability of owner or driver. You can claim up to 2 lakh.
- Value for money: More than 98% claim settlement ratio. This bank offers an insurance plan without spending hefty amounts on policy purchase.
Benefits:
- Round the clock customer support
- Approval of cashless claims as more than 7500 authorized garages are available across the nation
- Online facility to calculate your car insurance premium amount
- Cost-effective insurance policy
HDFC ERGO Car Insurance Plans
1. Silver Policy- Free of cost Depreciation feature (Tyres and batteries not covered)
- Minimum expenses while buying the policy
- No Claim Bonus protection not offered
- Gearbox & engine are not covered
- Use Protection loss not included
- In this no coverage for Consumables expenses2.
- Gearbox & engine are not covered
- In this no coverage for Consumables expenses
- No claim bonus protection Offered
- Engine and gearbox protection available
- Zero depreciation covered
- Gearbox and engine covered
- Enhanced insurance coverage and reduction in your expenses
- engine & gearbox coverage available
- zero depreciation cover present
- no-claim bonus protection also available
Benefits of top-ups to the policyholders
- Provides On-Site minor Repair Assistance
- Issuance of Duplicate Keys Assistance in case of lost keys
- Provide coverage for Battery malfunction and Jump Start Assistance –
- Replacement of Flat Tyre with a spare part
- Up to 5 liters of Fuel Assistance
- Towing Assistance in case of vehicle breakdown
Facilities that are not included in insurance
If an untrained person without a driving license cause damage to the vehicle- Accidental Damage by a person under the influence of alcohol or drugs.
- Loss/damage outside India.
Exclusions Under Private Car Insurance Plan By HDFC ERGO Car Insurance:
- Damage by a person without a driving license.
- Damage by a person under the influence of alcohol or drugs.
- Loss/damage outside India.
- Depreciation – aging/wear and tear
- tubes & tires damage
Additional discounts
Age-related Discount –- Between 35- 45 years: 5% off
- Between 46 -60: 10%
- Occupation specific: 5%
Documentation required for the Claim process
- RC, Driving license
- Policy documents
- PAN card
- Aadhaar card
- Claim Intimation form
- Repair estimate
3. Royal Sundaram Car Insurance
Royal Sundaram Car Insurance comes under one of the best car insurance in India. It is a pioneered organization that provides customized insurance solutions to its customer. It always strives to fulfill the divergent requirements of the individual, family, and business. You must be surprised to know that the first insurance company to introduce cashless claims processes and value adds partnerships concepts into the market. Another striking feature of this insurance plan is that it covers third-party injury, death, or property damageKey Highlights:
- More than 3300 authorized cashless garages to Avail prompt services
- Claim settlement ratio :94.5%
- 24/7 assistance and emergency services provided
Features:
- This insurance policy provides benefits to the third party in case of their death or injuries.
- The company will provide up to Rs 7.5 lakhs as Third-party liability.
- eligible for maximum Rs 200 rebate if you are a member of the Automobile Association of India.
- In Royal Sundaram Car Insurance Plan, a discount of Rs 100 is available by reducing the liability limit for third party damage
- You can easily transfer your No claim bonus (NCB) from another bank by taking the renewal policy of royal Sundaram
Benefits:
- The cashless facility of the insurer can be accessed from any part of India
- 24/7 roadside assistance and help desk facility
- Lucrative offers and top-up that provides additional benefits
- In case your policy renewal date got missed by you. You can take a free vehicle inspection facility and can buy the policy within 24 hours
- You can contact your Relationship Manager in case of any query
- Quickest approval of repairs so that your vehicle reach to you as soon as
Royal Sundaram Car Shield Plan
It is a comprehensive insurance plan which can be further classified as:- Basic Coverage Plan
- Additional Coverage Plan
- Add on Coverage Plan.
Basic Coverage Plans
- Coverage included: All-natural and human-made calamities such as fire and explosion, Riot and strike, terrorism, and so on.
- Not covered: Wear and tear damage, mechanical/electrical breakdown, and damage caused by a person
- Third-party Liability: You will get Legal protection for third party property in case of death or injury.
- The insurer compulsorily provides personal Accident Cover: In this policy, the personal accident cover of up to 2 lakh
Additional Car Coverage
- You can avail liability for the paid driver and the employees who drive that car.
- Personal Accident Cover for other passengers of up to Rs 2 lakhs per person.
- Car Electrical and Non-Electrical Fittings full coverage
- CNG kit or Bi-Fuel System coverage, as mentioned in the RC.
Add-On plans
- Depreciation Waiver Plan: No, cost-cutting. You will get the whole amount.
- Front or Rear Windshield Glass Cover Plan: In this top-up, you can claim to replace front or/ and rear windshield glass. It has no impact on No Claim Bonus.
- Voluntary Deductible Plan: In this plan, you can voluntarily deduce your premium
- Conveyance allowance Plan: In this, you will get a spare car for your daily commute in case of insured vehicle damage.
- Engine Protector Coverage: Full coverage of vehicle engine
- NCB Protector Plan: No claim bonus of 20-50% can be availed if there is no insurance claim in the previous year.
Documentation For Claim Settlement
- Your Insurance policy documents (in case you are visiting any other garage)
- A duly completed claim form.
- PAN Card copy (for more than Rs. 1 lakh claim amount).
- Copy of RC of the vehicle.
- Driving license of the driver
- FIR in case of serious injury/death.
- Satisfaction Voucher (SV) or Discharge Voucher (DV) duly signed
4. TATA AIG Car Insurance
TATA AIG Car Insurance is one of the trusted brands in car insurance. Another add-on benefit associated with it is that its renewal process is relatively easy. It offers car insurance for all three different classes of motor vehicles. It provides a super impressive claim settlement ratioKey Highlights
- claim settlement ratio: 97.4%
- Cashless garages count: 5900+
- Fast and Hassle-free Policy Renewals
- 24/7 customer support facility
- Third-party coverage: up to 7.5 lakh
- Incurred claim ratio: 79.31%
Features:
- It offers both a comprehensive insurance plan and third party liability coverage.
- Additional Discounts are offered to individuals who are a member of the Automobile Association of India on their premium.
- The claim settlement and renewal process are simple and hassle-free.
- Add-on packages such as depreciation cover, NCB protection, etc. are offered to all their customers regarding a small fee in return.
- You are free to access Round the clock claim assistance service provided
Benefits
- TATA AIG car insurance plans cover all types of damages, such as theft, natural hazards, road accident explosion, etc.
- You, as a policyholder, will get 100% compensation in some conditions. This includes death, loss of sight in both the eyes, loss of both the limbs, and permanent disability. Half of the total insurance is provided in case of loss of sight of one eye.
- This insurance company also deals in third-party insurance coverage, in which the safety of a third party is also considered.
Insured Declared Value (IDV):
TATA AIG Car Insurance’s IDV is fixed. It is defined as the highest sum assured fixed by the provider. In other words, IDV is the current value of the vehicle in the market. It is fixed based on vehicle age or condition. For instance, if your car is less than 6 months old, its depreciation value is 10%. In case your car is older than 5 years, its IDV value can be calculated by the mutual decision of policyholder and insurer.Top-up Benefits
If you are not satisfied with your basic insurance plan, you have various add-on coverage policies at your disposal. These add-on plans take care of your eventualities and enhance your basic package.- Depreciation Cover-. Using this feature, you can claim the total cost involved in the replacement of the car parts. Usually, reimbursement of depreciation cover is valid for 5 years from the date of the car purchase. You can get up to 2 claims in your whole policy tenure.
- Daily travel Allowance- You can ask for daily reimbursement of your transport expenses while your car is in the garage for repair. However, you can claim 10 days of travel allowance in case of damage and 15 days for theft. You can also check out the best travel insurance out there.
- Invoice return- is recommended for cars less than 3 years old as you will get an amount equivalent to its on the road cost.
- Roadside Assistance- Round the clock roadside assistance by the insurer in the form of towing, refueling, and so on.
- Repair of Plastic, glass, and Rubber spare parts-not more than one claim
- Replacement Cover for keys-
- Tyre Secure and engine Secure- The Company will reimburse for engine or tire damage. Engine replacement and repairing may involve gearbox, internal parts, transmission.
- No Claim Bonus (NCB): You can claim for it if you have not filed for any claim during the policy timeline.
Insurance Plans:
- Gold Add-On Plan:
- Pearl Add-On Plan
- Pearl Plus Add-On Plan
- Titanium Add-On Plan
- Platinum Add-On Plan
Documentation for claim filing
- Policy documents
- Duly filled and signed claim form.
- Original claim bills
- Registration Certificate (RC) of vehicle
- Driving Licence copy
- Duly signed Satisfaction Voucher (SV) or Discharge Voucher (DV)
5. Acko car insurance
Acko General Insurance is a private sector general insurance company approved in September 2017. Within a short span of two years, the company entered the rat race and raised more than $42 million. The company completely relied on an online business model. Consequently, insurance policies are offered online, and claims are also settled similarly. Acko Car Insurance is working consistently as a renowned insurance provider. Its unique ventures and business ideas have made it one of the best Car Insurance In IndiaKey Highlights
- claim settlement ratio: 99.61%
- Enjoy cashless access to any workshop
- Round the clock emergency assistance
- You can avail of Towing services free of cost for up to 50kms (Unique feature)
- minor damage claims are paid within 2 hours (Upper limit Rs.20000)
Features:
1. Acko Car insurance Third party policy- Extent Of Cover: Up to Rs 7.5 lakh for third party property damage.
- Add-on covers No add-on covers.
- Compulsion: The car owner must buy a third party car insurance policy.
- Extent Of Cover: It offers compensation for both third party liabilities and damages of the insured vehicle
- Add-on covers Customization possible with numerous add-ons. It enhances the coverage of the individual and insured vehicles.
- Compulsion: Not mandatory but highly recommended due to its wider range of coverage.
Benefits of Zero Depreciation add-on cover
- By buying Zero Depreciation add-on cover, any damage liability will be imposed on the insurer. In other words, you will get the entire claim amount without any depreciation deduction from it.
- When your vehicle gets repaired, you have to pay to replace plastic, fiber, and glass parts of your car. In case you have this add-on, you will be saved from these extra expenses.
Add-on Covers
- Consumables items coverage such as engine oil, gearbox oil, nut and bolt, screw, distilled water, grease, oil filter, lubricants, and so on.
- NCB Protect: You are entitled to no claim bonus at the time of renewal of policy even if you have claimed earlier (Few conditions apply)
- Outstation Emergency Cover: In case accident or damage of your vehicle occur outside 100 Km radius of your residence. The company will reimburse you for your loss.
- Road Side Assistance Cover: You will get emergency assistance service in the case of a Flat Tyre and Battery Jumpstart. Additionally, immobilization, car keys loss or theft, and so on.
- License/RC Cover
- Engine Protection
- Key Protect: Replacing your key if you have lost it
- Personal Belongings Cover: in case of any mishappening of your car, you will be reimbursed for any personal belongings that were kept in the car
Documentation for Insurance claim
- insurance policy documents
- Registration certificate of your car
- FIR copy
- Copy of driving license
- Original repair bill, cash receipts, etc.
6.ICICI Lombard Car Insurance
This is the most popular name in general insurance. They deal in almost all categories of insurance. Whether it is health insurance, two-wheeler, or international student insurance. With over 253 nationwide branches, its headquarters are situated in Mumbai.Key Highlights
- Claim Settlement Ratio: 98.3%
- 5900+ Cashless Network Garage services
- Round the Clock Emergency Assistance
- One of the most popular name in general insurance
Features
ICICI Lombard Third Party Car Insurance ICICI Lombard’s third-party insurance policy saves you from third-party liability expenses. A third-party liability policy is comparatively more affordable than a comprehensive one. Thanks to the limited coverage policyBenefits of ICICI Lombard Third Party
- It provides a handful of benefits; you are covered against legal issues that may co-exist after an accident.
- It covers any damage caused to a third-party property by your car up to INR 7.5 lacs.
ICICI Lombard Comprehensive Car Insurance
A comprehensive car insurance policy is a must for your vehicle. It offers a range of benefits that you will not find in mediocre policies. A comprehensive car insurance policy covers all third-party liabilities plus includes accidental cover. Apart from the basic cover, you can also opt for some highly beneficial add-on covers that make your life easier.Benefits
- It covers third-party liabilities and you and your vehicle insurance
- Secure your vehicle from theft.
- You get a complete 6 months quality assurance on all repairs.
- Eligible for the discount in the form of No Claim Bonus if you have filed no claim during the policy tenure.
Add-on Covers
- Zero Depreciation Cover: Depreciation charge for plastic and metal: 100%
- The depreciation charge for tires and batteries: 50%
- Consumables Cover for engine-oil, nut and bolts, and so on.
- Daily travel allowance
- NCB Protect
- Engine Protection
Documentation for claim filing
- Claim Form duly signed
- Valid R.C. copy of the vehicle
- Valid driving license copy
- Policy documents
- Copy of FIR
- Original repair bill, proof of release and cash receipt
7. United India Car Insurance
United India Car Insurance, one of the leading insurance providers in the Indian Insurance market. It provides hassle-free documentation and processing facilities.Key Highlights
o Third-Party Cover: Up to Rs. 7 lakh o Personal accident: Provides coverage as per the sum insured o Own Damage: 50 % of the cost in replacement is coveredFeatures
- It includes coverage of private cars and commercial vehicles.
- There are two packages available: Package Plan and liability only plan.
- The package plan includes personal accidental coverage and liabilities to the third party.
- It provides double benefits in terms of discounts and no claim bonus, thus making it more rewarding.
- Numerous cashless garage is available for both the plans.
- Hassle-free documentation process.
- Complete processing of documents via Online mode to enhance quick
Compensation details:
In case of serious damage, compensation is provided within 6 months of the incident. The scale of compensation is mentioned below:- In case of death: 100% compensation
- Loss of two Limbs or Sight of Two Eyes or loss of One Limb & sight of One Eye: 100%
- Loss of One Limb or Sight of One Eye: 50%
- Permanent total disablement from injuries other than above: 100%
Documentation for claim filing
- Claim Form duly signed
- Valid R.C. copy of the vehicle
- Valid driving license copy
- Policy documents
- Copy of FIR
- Original repair bill, proof of release, and cash receipt
What are the important factors that have to be considered to select the best car insurance in India?
- Company’s authenticity – The Company should have a valid IRDA license. To find whether the company is authentic or not, look for its license number!
- Company’s solvency ratio – It is an indicator of the insurance provider’s financial standing. You can check the financial records of the company on its official website.
- Claim ratios – You have to check two types of Claim.
Claim Settlement Ratio (CSR):
It indicates the percentage of claims settled by the insurance company. An insurance provider should have CSR greater than 90% as it indicates that the insurance company has settled more than 90% of its claims. Incurred Claims Ratio (ICR): It depicts the percent of premiums used by the insurer to settle its claims. ICR greater than 100 % means that the company is paying more claims than the premium collected. This situation is not good for the organization. On the other hand, a very low ICR indicates that the organization is making more profit. This situation is non-ideal. Ideally, an ICR of 50% to 90% ensures that the company and policyholder both are in a good situation.- Claim Turn-Around-Time(TAT) – the claim TAT is an indicator of the insurer’s time to settle the claims. So, you should always look for an insurer that settles claims at the earliest.
- A network of cashless garages is another factor you should keep in mind while deciding on the insurance policy. Always go for a company that has a maximum number of cashless garages. Moreover, you should invest in the insurance provider with more and more cashless garages in your proximity.
FAQs
Q: What do you mean by personal accident cover in car insurance policies?
A: Personal accident cover in any car insurance policy covers both accidental death or disablements. In case the /driver has suffered accidental death or full disability in an accident, he will get 100% compensation. Q: What kind of add-on benefits are available in car insurance plans? A: Various add-on benefits enhance the efficacy of basic cover. Some of these are;
Roadside assistance – 24/7 round the clock assistance in case of breakdowns or immobilization of the vehicle
Zero depreciation – means no cost of depreciation will be deducted from car insurance claims.
Engine protect – This add-on covers your engine against any damage or leakage NCB protect – protecting the accumulated no claim bonus even after a claim.
Return to invoice – In case of theft or complete damage, you will get on your car’s road cost as reimbursement.
Consumables cover – Cover all consumables products used in repair such as engine oil, nuts and bolts, and so on.
Personal accident cover for the named passenger
Q: What do you mean by long term car insurance policy?
A: These are the policies that run for more than one year. Cars bought after 1st September 2018 should have a long term liability cover for the subsequent three years. This policy is valid for new cars.
Q: What will happen if policies are not renewed regularly?
If the car insurance policy is not renewed timely, it leads to policy collapse. Moreover, you have to face legal action if you are found driving without valid insurance.
Leave a Reply