What's the Best Car Insurance? What is a Best car insurance company in India? Best Car Insurance

Car insurance is a policy that is signed between two parties, the policyholder and the insurer to cover the losses that one might incur due to damages to the car or in a case of theft. 

A pre-decided value is fixed according to the Insured Declared Value (IDV) of the vehicle for the premium to be paid by the policyholder periodically. These days, a policy seeker has many options available to choose from the various types of policies in the market.

What is a good car insurance company in India?
Best Car Insurance


What is a good car insurance company in India? 

Car Insurance is compulsory in India, thus you are required to have it. There are many insurers such as Bajaj Allianz, Bharti AXA Car insurance, SBI Car insurance, etc. which offer auto insurance policies, but for getting the best out of all you need to compare them. Vehicle insurance comparison helps you in getting the best car insurance plan from top insurers.


 

In a developing country like India, buying a car is a lifelong dream for millions. Owning a car, however, comes with various responsibilities. For starters, it is mandatory to have an active car insurance policy to be able to drive the vehicle. Many car owners buy car insurance just to comply with government norms, without giving it a proper thought. The cost of car insurance is often the deciding factor for car owners. People opt for the policy with the lowest premiums. But the cheapest policy may not necessarily be the best policy. A car insurance policy not suited to your needs may leave you without adequate cover in times of need. It is imperative to consider all the available options and choose the best car insurance policy in India.



The question arises, where can you get the best car insurance policy? Let us take a look at the factors you should consider before zeroing on the best car insurance policy.

Comprehensive cover: Having a third-party cover is mandatory in India. Anyone other than the insured and insurer is considered a third party. Only damages caused to a third party are covered by the policy. A third-party insurance does not cover any damages caused to you or the vehicle, which is why it is important to have a comprehensive cover. A comprehensive car insurance policy covers damages to the owner/driver, vehicle as well as third parties.

Bundled plans: Having individual insurance plans for different possessions can burn a hole in your pocket. If you want to save some money on insurance, go for bundled plans. Bundled plans offer insurance cover for different assets together. For instance, you can get car insurance along with home insurance. Alternatively, there are bundled plans that cover multiple vehicles under the same policy.

Premiums: A car insurance policy has to be renewed at regular intervals by paying the pre-decided premium. The insurer is liable to pay for the damages only if you pay the premiums on time. Excessively high premiums can become a financial burden in no time.

With a knowledge of the broad parameters for selecting car insurance, you can conduct thorough research to find the best car insurance policy in India. Here is a word of caution before you start! A car insurance policy that has low premiums will most likely not offer adequate coverage. Also, only a few insurers offer bundled plans in India. In a nutshell, getting the ideal mix of features and pricing is a bit tricky. However, if you are a corporate employee, you can use your superpowers to get the best deal.

With Elephant insurance, you can get home insurance bundled with motor insurance. Two-wheeler insurance comes bundled with home insurance worth Rs 20 lakh, while car insurance comes bundled with home insurance worth Rs 50 lakh. Corporate employees can also get a flat 80% discount on car insurance premium with Elephant insurance. That is not all, along with unique features and affordable pricing, you also get post-sales service, dedicated claims support and artificial intelligence-based recommendations!


 

Factors to be considered to choose the Best Car Insurance Company are

1.Claim Processing Method (Cashless/Reimbursement)

2.Time Taken to settle the Claim (No.of days)

3. No. of Cashless garages

4. No. of Tie-Up Vehicle Manufacturers

5. Types of Add-On Covers available

From my perception,

1.If you want lowest premium regardless of claim processing

United India Insurance Company will be the best option. They will give 60% flat discount on Own Damage Section Premium irrespective of type of vehicle. But Pvt Companies will give variable discount for each and every model.

2.If you want good customer Service and Best Claim Processing Service

You may consider ICICI Lomabrd, Bajaj Allianz, Tata AIG, Reliance, Future Generali (Premium payable will be higher Comparing with Govt Companies)

In every Company you will get Claim unless the Insurance company founds the claim is fraudulent or there is any disputes available.

But the Processing of claim matters. Claim amount will be same for all companies based on the type of policy.

Comparing with Govt Companies, Private Companies claim Settlement will be faster. In private Insurance Companies Garage people will arrange for surveyor ans they will register the claim from their side , so the Vehicle owner needs to do nothing.

 

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