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:
The type of car insurance plan that you have will directly affect the type of protection your car/ vehicle/ 4-wheeler will receive. The different types of car insurance offered by different insurance companies are-
Third-Party Car insurance
A third-party car insurance policy has been mandated by Motor Vehicle Act, 1988 for every car owner. This policy covers all third-party liabilities that might happen if the car meets an unexpected situation like bodily injuries, disability, death and even property damage. Third-party insurance gives a maximum coverage of INR 7.5 lakhs for property damage.
Standalone Own-Damage Car Insurance
This plan covers only the damages incurred by self during a road accident, natural calamity, fire, explosion, etc. To avail of this insurance, it is important to have basic third-party insurance at first. Standalone insurance allows you to choose your own-damage car insurance plan and third-party policy company.
Comprehensive Car Insurance
This policy covers both third-party liabilities as well as damages incurred by self due to an unfortunate event. Among all the plans, comprehensive plans offer maximum coverage and can be extended with add-ons.
Pay As You Drive
Pay As You Drive is a recent car insurance policy sanctioned by IRDAI. According to this policy, the premium to be charged on the insured vehicle is decided by the usage of the car. It is quite a fair deal for car owners who don’t use their vehicles much. It is a comprehensive own damage and third party policy where the third party policy has a fixed rate of premium based on the slab chosen by the user and own-damage cover has to be paid the premium based on the usage of the car.
What Does Car Insurance Cover?
The coverage differs from insurance to insurance. Hence, we are providing a list below for best comparison-
|Car Insurance Coverage||Third Party||Comprehensive||Standalone|
|Damage/losses caused to your car due to accident||X||✔||✔|
|Damage/losses caused to your car due to accident||X||✔||✔|
|Theft of two-wheeler||X||✔||✔|
|Damage/losses due to natural calamity||X||✔||✔|
|Damage to property and third party vehicle||✔||✔||✔|
|Personal Accident Cover||✔||✔||✔|
|Injury/ Death of Third Party due to an||✔||✔||✔|
|Accident|| || || |
How to choose a car insurance company
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:
- Claim settlement ratio
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
- Financial position
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.
- Ease of claim settlement
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.
- Customer reviews
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.
Comparing car insurance policies
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:
- The coverage offered vis-à-vis the premium charged
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 available
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.
- Discounts available
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 garage network
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.
How Turtlemint helps?
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.
Best car insurance companies in India
|Bajaj Allianz||Car Insurance Policy|
- The free towing facility is inbuilt in the plan
- Cashless claims across 4000+ garages
- Drive Smart Telematics Service tracks the car in real time and offers safety
- The range of add-on covers available
|HDFC Ergo||Private Car Insurance Policy|
- More than 7600 networked garages across India
- Up to 60% premium discounts
- Easy purchase process with no documentation
- A wide range of optional and additional coverage options
|TATA AIG||Auto Secure Private Car Package Policy|
- 13 add-ons to customise and enhance the coverage
- A good network of over 7500 garages for cashless claim settlements
|New India||Private Car Insurance Policy|
- Inbuilt cover for towing the car
- An additional fire or theft cover is also available
|IFFCO Tokio||Car Insurance Policy|
- Inbuilt roadside assistance cover
- Cover allowed for towing the car to the garage
- Accessories can also be covered through an add-on
- Over 4300 garages
|Reliance||Car Insurance Policy|
- A cashless settlement at more than 3800 garages
- Free roadside assistance cover
|Liberty||Private Car Package Policy|
- Claim settlement within 7 days
- A cashless settlement at more than 900 garages
|Future Generali||Car Insurance Policy|
- The policy is issued online instantly
- Future Xpress and Future Xpress + service offered. It allows personalised assistance and servicing of the car insurance policy
- Towing assistance within city limits
How to buy Best Car Insurance Policy Online with Turtlemint?
Step 1: Visit the website of Turtlemint and click on the ‘car insurance option.
Step 2: Click on ‘Get Insurance Quotes’ and enter your Car Number. You also have the option to choose the ‘Continue Without Car number’ option. After selecting that, you will be redirected to a page asking for your car’s registration number. If you do not have one, select ‘I do not have a registration number’ and enter the registration location.
Step 3: You will be asked your car’s brand name, model, fuel type, variant, registration year, registration city and RTO.
Step 4: Fill in your personal details like your Name and Mobile Number and click on the submit button. Confirm the expiry date of your previous car insurance policy and the name of your previous car insurer, if you have any.
Step 5:You’ll be provided with all the premium quotes. You can compare and select the quote which best meets your requirements. You can also opt for add-on covers to extend the coverage of your chosen insurance plan.
Step 6: Enter your personal details, nominee details and car/vehicle details. Then proceed to make the payment using your credit/debit card or other net banking facilities.
The policy will be sent to your registered email address instantly.