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Best Car Insurance Companies in India for 2016

 

Insuring a car at the time of purchasing ensures the peace of mind that any expenses that may be incurred due to unforeseen circumstances will be taken care of. Should anything happen, your most loved possession can be restored to its original state without you having to spend a penny. Moreover, having a motor insurance policy is a legal obligation as stated in the Indian Motor Act 1988. Also, car experts recommend that you have a comprehensive car insurance policy which covers your vehicle against losses/damages caused by a third party as well as natural/manmade disasters.

The market is brimming with several car insurance companies who boast of offering the most premium Value Added Services in comparison to others. In such a scenario, how do you know which one is certainly the best? We have made things easy for you by compiling a list of the top 5 car insurance companies in India by taking into consideration their past performance in terms of claim settlement ratio, payment options, after sale support, and customer care. Take a look.

  1. ICICI Lombard

Considered as the top-notch car insurer in India, ICICI Lombard offers the most comprehensives policies. When considering buying an insurance policy from India's biggest private part broad insurance agency, one should remember ICICI Lombard's 6.44 Mn settled cases and INR 71.34 Bn in Gross Written Premium in the year 2013-14. The insurer provides repayment services against damages caused to your personal vehicle by natural and manmade calamities and by any other car.

In addition to accidental damage facility for co-passengers up to a sum of 2 lakhs, ICICI provides benefits like immediate issuance, free of cost servicing across its network of 3300+ garages in different parts of the country, heavy discounts for the members of Automobile Association, etc. You can also leverage the benefit of multiple payment modes and pay premium or buy an insurance policy from the comfort of your home. ICICI also has a care center team assisting the customers 24*7*365 in case of any issues. Doorstep surveyor facility in case an insurance policy breaks is the cherry on the cake from the insurer.

  1. TATA AIG

Another big name in the car insurance market, TATA AIG is considered as the second best car insurer in India because of its policy features like free pick-up of car, online claim and settlement of the same within a week, and several other features. TATA AIG's policies provide cover against total or partial loss in case of mishaps along with any damage to the vehicle's body. Users who hold the Auto secure policy from the insurer can also reap benefits of accidental repairs warranty. Add on covers from TATA AIG include daily allowance, reimbursement of depreciation, return invoice, key replacement, no claim bonus protection.

Incepted in the year 2011, TATA AIG also promises to bear the loss of the belongings that may be inside of the car during a mishap.  The company lays equal focus on customer satisfaction like its competitors and has a support team for assistance in case you want to make a claim for your policy.

Car Insurance companies

Fig: Showing the market leadership of the insurers in India

Source:gibl

  1. Bajaj Allianz

Bajaj Allianz not just protects the car owners in India from any unexpected damage to their car but also millions of others overseas. In India, the number 3 ranked insurance company offers free services of garages across 1500 locations. In case the cashless facility is missing, the insurer repays 75% of the amount paid in cash. Other than providing cover against any terrorist activity, Bajaj Allianz offers protection against natural disasters like floods, earthquake, etc., and manmade threats like theft, strike, riot.

Primary policy holders of Bajaj Allianz get coverage of Rs 1 lakh in case of accidents. Other than all of the aforementioned benefits, Bajaj policy holders are also on the safer side when it comes to third party legal liability on damages in an accident or lifelong injury or death. In case of breakdown, policy holders get a towing facility and vehicle inspection done by the experts. Any problems or issues are immediately addressed by Bajaj Allianz's customer care team. The company also sends SMS updates to its customers when they are claiming an amount.

  1. Bharti AXA Car Insurance

Another veteran in the car insurance field, Bharti AXA's full-cycle policies and much applauded customer service puts it at the 4th position. With many benefits like instant road-side assistance in case of breakdowns, lost key assistance, 100% repayment of the depreciated part at the time of settlement, payment of medical expenses of all the co-passengers, etc., Bharti AXA also allows its policy holders to file a claim online and enjoy heavy discount on premium and e-purchase of cars.

The company guarantees 100% repayment of the money in case the car gets stolen or is broken beyond repair.  Bharti AXA's customers can get cashless services from garages that fall under its network and repairing costs of rubber, batteries, and bags. In case the customers have an ARAI approved anti-theft device, the company offers additional discounts and benefits.

 

  1. Oriental Insurance Company Ltd.

A government owned insurance company; Oriental Insurance has got a lot of history to back itself. Its private auto protection policy, valuable add-ons, and high claim settlement ratio have garnered popularity all over the country. The insurer has earned several awards with the latest being 'Best Public General Insurance Award' and 'Best Bank Financial Institution Award'. Its strong financial framework is indicated by the coveted iAAA rating provided by ICRA. Efficient customer support and online facility to buy and renew policies are other keys to the insurer's success.

To conclude, in case you are planning to buy a new car and would like to forget the worries of paying the expenses in the event of any misfortune or an accident, then you can go for policies from any of the above mentioned car insurance companies as per your budget. Remember, a good insurance policy acts as a great financial support and protects you from various hassles that you may encounter in the course of time.

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