Over the last one or two decades, the number of cars hitting Indian roads has increased significantly. A variety of new cars has emerged from top brands like Tata Motors, Maruti Suzuki, Mahindra and Mahindra, Hyundai Motors India Limited, and Hindustan Motors. Since purchasing car insurance has become compulsory in the country, Indian car insurance companies have achieved significant growth. Car insurance industry in India is flourishing and to take advantage of the competitive market, consumers are looking for affordable insurance policies from Indian car insurance companies.
Importance of buying auto insurance
Auto insurance is a necessary requirement for the new cars. Whether you use your own car or the company car, you should insure it all the time. This is applicable for both commercial and individual use. Buying a policy from any of the Indian car insurance companies will protect your car from the following:
- Fire
- Any type of accident
- Self ignition
- Lightning
- Burglary
- External explosion
- Theft
- Typhoon
- Storm
- Hurricane
- Inundation
- Frost
- Hailstorm
- Rockslide
- Damage caused by any malevolent act
- Liability to third parties
Auto insurance companies also compensate for damages caused by events such as strikes, riots, terrorist activities, and natural calamities such as cyclone, earthquake, and flood.
However, the following are usually not covered:
- Usual wearing away and normal ageing of the car
- Depreciation or any major loss
- Electrical/mechanical breakdown
Indian Car Insurance Companies
Majority of Indian car insurance companies come with comprehensive policies to assist their customers. Some of these companies also have tie-ups with reputed car manufacturing companies for making the insurance approval procedure faster. Car insurance companies have distinct plans for four wheelers, two wheelers, and commercial vehicles. Some of the top Indian car insurance companies are listed below:
- United India Insurance Company Ltd.
- Bajaj Allianz
- Tata AIG General Insurance
- HSBC India
- ICICI Lombard
- Royal Sundaram General Insurance Company
- The New India Assurance Company
Bajaj Allianz
Bajaj Allianz is one of the top-notch insurance companies in India. The company provides a variety of lucrative benefits in its car insurance policies, which includes the following: One of the principal aspects of Bajaj Allianz car insurance is that it provides 24 hours service by phone and offers online help on all days, which include national holidays. If you buy a Bajaj Allianz Car Insurance Policy, you can opt for instant claims assistance. You will receive instant updates about your claim status via mobile SMS or via the 24 hours call centers throughout the nation. Bajaj Allianz provides towing facility in case of an accident or breakdown. The consumers can also switch their present “No Claim Bonusâ€Â from any car insurance carrier and the bonus may vary from 20% - 50%.
ICICI Lombard
ICICI Lombard is one of the top car insurers in India. The company offers different policies for two wheelers and four wheelers. Auto insurance policies offered by ICICI Lombard comes with personal accident coverage of up to Rs.2 Lakhs, if the driver is the owner of the car. Other than third party liability coverage and damage or loss of car, personal accident coverage is also available for other passengers of the car. In case of two wheelers, ICICI Lombard Insurance Company offers a mandatory personal accident coverage of Rs. 1 Lakh for the individual driver and owner of the vehicle, other than cover for accident, loss, and third party liability. Some of the key benefits offered by ICICI Lombard are as follows:
- Access to more than 2700 network garages for cashless claims facilities throughout India
- A digitally signed policy is issued instantly via their online facility.
- Doorstep surveyor facility for protecting your vehicle with a burglary insurance.
- Optional personal accident cover of up to Rs. 2 Lakhs for co-passengers.
Royal Sundaram General Insurance Company
Royal Sundaram is one of the best car insurance companies in India. The company has been offering a range of insurance policies since 2001. Royal Sundaram offers customized and innovative insurance solutions for business and individual clients. Car insurance policies offered by Royal Sundaram are popular for their affordable premium, hassle-free instant cashless claims, and zero documentation. Key features of the car insurance policies offered by Royal Sundaram General Insurance Company are as follows:
- Unlimited liability for third party death/injury claims with Auto Car Insurance policy
- Protection from loss of car or damage to your car
- Prompt authorization of repairs for getting your vehicle back on the road
- Indemnity for damages caused to third party property for up to a ceiling of Rs. 7.5 Lakhs
- Customer helpline to offer you assistance and advice whenever you require
- Personal accident coverage for you, your paid driver, and the passengers in the car
- First Information Report is not necessary (If not officially compulsory)
- Effective and hassle-free claims facility to give you peacefulness
The company also offers other benefits like special model wise discounts, discounts on premium, and transfer of no claims bonus from other insurers Before getting your car on the road, it is important that you purchase an auto insurance policy. Nowadays, you can buy it online. Judicious comparison between insurance companies and their rates will help you find a good policy. Making an informed decision is always important when it comes to purchasing an insurance policy.