Car Insurance Company in India
In India, buying a car is everyone’s dream. If you are the one who is actively looking for buying a car or want to renew your existing car insurance, then you are in the right place.
You know why because I am sharing some best Car insurance companies in India. As you know there is a number of car insurance companies, sometimes it becomes very tough to find the best car insurance policy.
Before I share the list of the best insurance policy for your car, let me tell you ensuring the car is necessary for India. The Indian motor vehicle act, 1988 made mandatory to have a valid insurance policy for driving a car on the road. Now you have some idea about the importance of Car insurance policy.
List of Car Insurance Companies in India –
Every car insurance company have different plans, you can choose as per your convenience. Such as you can take the basic plan, third party insurance, so let’s dive into this topic with the handpicked list of top car insurance companies in India.
(1) United Insurance Company Ltd –
When it comes car insurance, a customer needs to take it from the government-owned insurance company. United Insurance is one of the oldest insurance company which is owned by the government of India. It was established in 1938, and have a strong presence in both villages and cities.
The best part of United insurance company is, they have customized plans. It gives the convenience to the customer to choose from the best. It covers motor vehicle which includes two-wheelers, commercial vehicle, and private car. The one thing which is to note in United Insurance company is that they do not cover those vehicles which ran on rails.
2.The Oriental Insurance Company Ltd. –
Oriental Insurance is also government-owned car insurance company in India. It was established in the year 1947, it offers private car package policy covers of accidental loss, damage liability to a third party, personal accident cover to both owner and driver. As you know India is rapidly progressing towards the digitalization, so they have started an online policy purchase and renewal, which makes convenient the customer.
Amount of Insurance –
When it comes to car insurance, the amount of car insurance is becomes important. The amount will be calculated on the basis of the declared value of a vehicle for a vehicle which is less than 5 years old. It is adjusted for the depreciation based on the age.
The premium is calculated on the basis of IDV of the vehicle, cubic capacity, the zone of registration and age of a vehicle. the additional premium is also available for CNG/LPG fuel, add on the cover and for any extra benefits.
The one thing which is important that, if the damage is done by a person who has no valid driving license, mechanical breakdown, damage to tires, the damage of outside of India. To cover the damage outside India, you have to take extra premium.
(3) ICICI Lombard –
A leading privately held insurance company with a GWP (Gross Written Premium) of RS 126 billion as of March 2018. ICICI Lombard is a joint venture of ICICI bank and Fairfax financial holding ltd. In 2018, they issued over 23.5 million policies, which makes it the top car insurance company.
They have more than 3400 network garages, and you can become eligible for cashless services across India. The car insurance of ICICI Lombard covers the loss or damage against natural calamity, accident cover up to 15 lacs, third-party legal liability, loss or damage against man-made calamity.
General Exclusions –
The car insurance does not cover depreciation, consequential loss, electrical breakdown, damage due to war or nuclear risk.
(4) Bajaj Allianz –
There is a number of vehicles on the road, and protecting them from unwanted risk is necessary. The high repairing cost, spare parts can steal hard earned money. Bajaj Allianz is a joint venture of Baaj Finserve and Allianz SE which was started in 2001.
Bajaj Allianz is the first car insurance company which has introduced a unique vehicle tracking system named as DriveSmart Telematics Device. It helps to track the driving pattern and also monitor the condition of cars battery and engine. They have three types of car insurance plan –
1. Best value
3. Flexible plan
Here are some key benefits of Bajaj Allianz Car Insurance –
1. 24*7 call assistance
2. SMS update for claim support
3. Cashless claim settlement
4. Towing facility of a vehicle breakdown
5. Zero depreciation cover
(5) New India Assurance –
Website : www.newindia.co.in
New India assurance founded by Sir Dorabji Tata in the year of 1919. It operates on more than 25 countries, and its head office is located in Mumbai. It is the biggest insurance company in India as per the gross premium collection. In 2017, the global business crossed Rs 22,700 crores.
In India, they have 2452 offices and 1339 micro offices, with more than 17702 employees and 68,389 tied agent. Apart from India, they have a strong presence in Singapore, Kenya, Saudi Arabia, London, Japan, Mauritius, St Lucia, port of Spain, Guyana, Yangoon and other parts of the world.
New India assurance offers no-claim discounts are available on policy renewal policy, which is ranging from 20% to 50%. Whether it is a commercial vehicle, two-wheeler, or private car you can opt the motor insurance plan from New India Insurance Co. Ltd.
There is a number of Car insurance companies in India, and in 2018 the numbers are growing and will increase in 2019 too. No matter which companies car you own, it needs insurance. Therefore the list of a top car insurance company is created, so that you can choose the perfect insurance plan for your car.