A car insurance policy is mandated by the Motor Vehicles Act, 1988. The policy covers any financial liability which arises when a third party is injured or killed due to the car. Moreover, in a comprehensive car insurance plan, damages suffered by the car are also covered. A car insurance policy is an important cover not only because it is mandatory but also because of the coverage it provides. Almost all general insurance companies offer a car insurance plan. Here is a list containing car insurance companies in India:
Given the number of companies offering a car insurance policy, it becomes difficult for individuals to choose the best car insurance company. However, there are certain parameters which help in choosing a good car insurance company. These are as follows:
The first thing to look for in a company is its claim settlement ratio (CSR). The ratio represents the percentage of claims settled by the company against the total claims presented to it. The higher the ratio the better trustworthy the company would be
The next thing which should be checked is the financial position of the company. The Insurance Regulatory and Development Authority (IRDA) issues periodic financial statements which show the company’s solvency margins. These reports should be taken into consideration when choosing an insurer.
Every company handles its claims internally. You should look for the company’s claim settlement process and the time taken to settle the claim. If the company follows an easy claim process, it is better.
Existing customers of the insurance company often post their reviews depending on the service they received and their product experience. Given the popularity of the online marketplace, these reviews are quite easy to find. Analyse the existing customer reviews to get an in-depth knowledge of the company.
Since there are about two dozen insurers offering a car insurance plan, choosing the best car insurance plan is a daunting task. Thankfully, there are some comparison pointers which, when used, point to the best car insurance policy. Here are such pointers:
Most car insurance policies offer a similar type of coverage features. However, what sets policies apart from each other are the other value-added coverage benefits. These benefits enhance the scope of coverage. Along with the coverage, the premium rate should be compared. Each should not be compared independently. Always look for the available coverage features and the premium charged for such features. The best policy would be the one which has the highest coverage benefits at the lowest possible premium rate.
Add-ons are optional coverage benefits which widen the coverage offered by the plan. These add-ons prove helpful and should be opted. Look for the available add-ons in the car insurance plan to ensure that the add-on you are looking for is available or not.
Car insurance policies offer various types of discounts. Though the discounting features are same in different plans, the discount rate varies. Look for the highest discount rates to enjoy lower premiums.
Cashless claim settlement is available only if the car is repaired at networked garages. The higher the number of network garage the company has the better the chances of cashless claim settlement.
Turtlemint is an online platform which his partnered with major insurance companies offering car insurance plans. When you visit Turtlemint’s website you can enter your details and the platform lists the available car insurance plans. You can, then, compare and choose the best car insurance company and policy. Thus, Turtlemint is a one-stop shop for your car insurance needs.
|Name of the company||Name of the plan offered||Salient features|
|Bajaj Allianz||Car Insurance Policy|| |
|Bharti AXA||Car Insurance Policy|| |
|HDFC Ergo||Private Car Insurance Policy|| |
|TATA AIG||Auto Secure Private Car Package Policy|| |
|New India||Private Car Insurance Policy|| |
|IFFCO Tokio||Car Insurance Policy|| |
|Reliance||Car Insurance Policy|| |
|Liberty||Private Car Package Policy|| |
|Future Generali||Car Insurance Policy|| |
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