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Best Car Insurance Companies in India 2021 (IRDAI Approved)
In 21st Century India, owning a car has moved beyond being a status symbol to an everyday necessity.
Being owner of a car proves your financial independence, puts you in a refined league of your peers and wins you some much-needed brownie points with the family.
But the joys of owning a car or any vehicle could be short-lived if say, your vehicle meets with an unfortunate and untimely accident, is stolen, is lost in a raging flood, or worse – if it turns up to be the cause of an accident that costs the life or property of a complete stranger.
Car Insurance Companies
Car insurance is the best way of protecting yourself and your car. If you are a car owner, you must look for a comprehensive car insurance plan from the best car insurance company in India to avail maximum financial protection.
Be it fire, theft, man-made/natural calamities, road accidents and more, a comprehensive car cover plan will protect you from third-party liability as well. In addition, it is mandatory under the Indian Motor Vehicles Act, 1988, to have a third party liability car insurance for every vehicle owner.
1. New India Car Insurance
New India Insurance Co. Ltd. was incorporated on 23rd July 1919; established by the House of Tata founder member, Sir Dorab Tata.
New India Assurance is offering a wide range of effective and helpful motor insurance products that will cover all of your basic needs. It includes all those features that a Motor insurance plan should have.
Under this plan, you will get two types of coverage, Liability and package coverage. Both will assist you in their ways.
Liability only policy. This covers third-party liability for bodily injury liability and/or death and property damage. Personal Accident cover for Owner-driver is also included.
Package only policy. This cover loss or damage to the vehicle insured in addition to liability coverage.
Features and Benefits
Customer support team
Well, one of the best features of National Insurance is a well-trained customer service team which will always be there to clear all doubts and queries.
It will also help the policyholder to make claims, apply for a policy or renew the same.
Discounts
Those people who are embers of the Automobile Association of India will be eligible for special discounts.
Apart from this, policyholders can also take advantage of no claim bonus discount. Those who have anti-theft devices will also be eligible for an additional discount.
Hassle-Free Claim Settlement
Claims will be settled in a speedy manner without any hassles. The process of initiating a claim during an emergency situation is also very convenient.
2. TATA AIG Car Insurance
Tata Aig General Insurance Company Limited (Tata Aig General) is a joint venture between Tata Group and American International Group, Inc. (AIG).
Tata AIG Motor Insurance plan takes into consideration the conventional risks as well as non-conventional risks associated with automobiles.
It ensures that the policyholders are able to put their minds at rest and in case of emergencies get immediate assistance.
Features and Benefits
Comprehensive motor cover
Comprehensive personal cover
Comprehensive third-party cover
Flexibility to choose from 12 additional risk covers
Flexibility to choose from 12 additional risk covers
Cashless settlements at networked garages
Reimbursement claim settlement within one week
Claim free policy periods accumulate no claims benefit
Cover for on-road emergencies
Vehicle repair cover due to an accident has six months validity
The third party cover up to ₹7.5 lakhs
Personal cover
Driver and pinion cover
Vehicle cover
No pickup charges for personal/commercial car
Salvage value is not deducted while calculating premiums for cover value
Repair claim for glass/fiber/plastic/rubber parts does not reduce any claim benefits
Inclusion
The company provides vehicle cover for the following risks:
Damage due to catching fire
Damage due to an explosion
Damage due to ignition
Damage due to struck by lightning
Theft of vehicle
Damage due to riots/strikes
Damage due to natural calamities like earthquake, floods, cyclone
Damage due to accident from external causes
Damage due to terrorist and other malicious acts
Damage during transporting vehicle in another vehicle (waterways, roadways, airways, lifts).
Damage due to landslide/road slide
3. Bajaj Allianz Car Insurance
When it comes to something as crucial as car insurance and car insurance renewal policy, Bajaj Allianz Car Insurance is trusted by millions.
The company enables its policyholders to renew their car insurance quickly and conveniently.
Features and Benefits
Instant policy – Hassle-free instant paperless renewal
24/7 – claim assistance
Drive Smart services – Mobile app to assist 24/7 Roadside Assistance
Cashless claims at over 1500 preferred garages/workshops
Towing facility is provided in case of an accident or a breakdown
Get instant assistance on your claims and updates about your claim status through SMS alerts
Enjoy hassle-free vehicle inspection in the 1500 preferred workshops
Covers loss or damage caused by natural calamities – fire, explosion, earthquake, storm, etc.
Covers loss or damage caused due to man-made reasons – theft, riot, burglary, damage in transit, etc.
Accident Coverage for the individual owner/driver of the vehicle
Protection from legal liability in case of death or property damage of a third-party.
To make things easier, you can subscribe to the renewal reminder feature on Bajaj Allianz website. Enter your name, contact details and renewal date. A reminder will be sent to renew your car insurance policy.
You cannot enjoy the benefits of having an insured car after your car insurance term expires. Hence, renewing your car insurance (once the initial term expires) is very important.
Inclusion
Bajaj Allianz car Insurance offers the below coverage:
1.Own Damage
This policy covers any damage or loss the owner’s car undergoes due to any of the following things:
Fire, explosion, self-ignition or lightning
Burglary or Theft
Riot & Strike
Natural calamities like flood, hurricane, storm, cyclone, earthquake, etc
Terrorist activity
While in transit by road, rail, lift, elevator or air
Landslide or rock-side
2. Third Party or Liability
Bajaj Allianz Private Car Insurance Policy covers any injury or property damages incurred to the third-party due to the insured car
3. Personal Accident Cover
Bajaj Allianz will pay a sum Insured of ₹2 lakhs to the owner-driver of the insured vehicle in case of permanent total disability or to the beneficiary in case of accidental death.
Optional Covers:
Passenger Personal Accident Cover: A Sum Insured of ₹2,00,000 for each of the occupants can be bought under passenger personal accident cover
Legal Liability for Paid driver: Liability cover for paid driver with a premium of 50 ₹/annually can be bought.
