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Car Insurance Companies

We live in a diverse country with multiple choices of people and culture and the same goes for cars. We could say that we are overabundant with insurance companies. Every insurance company has a complete and different gamut to offer in their policy. 

As per the Motor Vehicles Act of 1988, one owning a car needs to insure the vehicle. This is a mandatory law enforced by the government of India. It is mandatory to have at least a third-party insurance covered for your vehicle if not higher. 

With the choices of cars available and the sales pitches provided by the sales agents, people normally get confused and this can lead to a serious problem. 

One needs to know what is the need of the car Insurance policy and how it will benefit. 

Car Insurance Plans

There are many important factors to be considered while buying a Car Insurance. Many times, we have heard or maybe not, but there are 2 main car insurance policies. Firstly, Third Party car insurance policy and secondly Comprehensive car insurance policy. 

One must understand clearly, the difference between a Third Party and Comprehensive car insurance policy before buying. 

Car Insurance Inclusions and Exclusions

It is quite obvious in India people sign documents without reading them and in an event, one thinks about what to do next. In this occurrence of rushing and just signing without reading the document, one misses out on a lot of important benefits that are listed. We could discuss some of the aspects that are covered in the Car Insurance policy.

• Outside accident cover: Car Insurance includes accidents caused out of control.

• Waiver in Towing a car: Rather than been stranded in the odd hours of the day or remote areas which causes inconvenience to opt for towing waiver.

• Renewal free on documents: Renewal of policy document becomes very lengthy or hectic. Online renewals are instant and our done in minutes.

• Third-Party premium Discount: In the case of a mishap, your insurance policy will help you to pay the losses or damages to the third party.

• Insurance on Car Accessories: Opt for add on coverage for all the accessories installed in the car.

• Spot Assist: One can rely on the important facilities or towing your car, arranging for a cab, refueling, etc.

• Nil Depreciation or Zero Depreciation: The owner of the car needs to pay for the car parts which are at the depreciated value. In the event of owning a Zero Depreciation policy, one needs not worry to pay anything as it covers the car parts at the value of the market.

• Cover for Engine: In the event of the car engine malfunctions due to various reasons, the vehicle owner gets insured and the insurer bears the cost.

• Saving on Taxes: Only a business owner this benefit.

 

Exclusion factors

• Losses due to wear and tear: Normal wear and tear of any part of the car are not considered and are excluded from the coverage.

• Damages to Tires or Electronics: Under the constant use of tires, they are sure to wear out, or any damages caused by rodents to the electrical will not be covered.

• Intentional Damage: In the event one damages one’s vehicle intentionally it will not be covered under insurance.

• Influence of Alcohol: If the driver is guilty to be found driving under the influence of alcohol or any other toxic substance.

• Damages in Spots activity: Any damages caused by using the car for any sports activity like racing will not be considered under the coverage.

Add on Covers

Owning a car has made our life so much cooler and easier to commute in groups or as a family. 

 

All the car manufacturing units are working toward making the car as comfortable as possible and easy to use tools integrated into the car. Over and above the car insurance policy there are various add-ons coverages available.

 

There are various add-on coves available along with your car insurance policy.

 

Some of the add-on covers in your car are:

 

• Engine Protection Cover
central unit of a car is the Engine. As it is the main instrument as in like the heart of a human, we need to ensure that the engine is secured from all possible calamities. Secure your engine with an Engine protection cover.

• Zero Depreciation
Depreciation or Nil Depreciation or bumper to a bumper car insurance policy is another add on benefit to the car insurance policy. This covers leaves you free from any expenses that might incur the cost of repairing your car.

• Consumable Cover.
An add-on covers for consumables like bolts, engine oil, grease, pipes, etc.

• Accessories cover.
Accessories in our cars are worth safety as they are valuable by nature. Hence you can opt for an accessory cover for your car add-on.

• Personal Accident cover
oneself is a must in car insurance, hence protect yourself and your loved ones with a Personal Accident cover.

• Roadside Assistance
Roadside Assistance cover will help you deal with any mishap including towing the vehicle, on spot repairs, emergency fuel, flat tire service, vehicle key service, etc.

• Invoice Protection
Invoice protection pays up to the Insured declared value.

Benefits of Car Insurance

The Third-party Car Insurance Policy provides coverage to the vehicle owner from legal liabilities arising due to any accidents or mishaps, which may lead to death or injuries to oneself, damage to third party or property. It is a mandatory coverage required for your car. 

 

The Comprehensive Car Insurance Policy provides coverage not only against Third Party Legal liabilities but also to devastation, theft, fire, flood, natural disaster, etc. 

 

The essentials that are not part of the comprehensive car insurance are normal wear and tear, depreciation value, mechanical failure, electrical failure, damages that may be incurred by a driver without a valid driver’s license, or driving under the influence of alcohol, etc. 

 

With Comprehensive Car Insurance Policy, you can opt for additional covers such as accessories coverage, engine protection, zero deprecation cover, medicals nevertheless all add-ons will soar up the cost of the premium. 

List of Car Insurance Companies in India

As we speak of an overabundance of the car so is the same with Insurance companies.

 

Some of the Insurance companies are 

1. Acko General Insurance
2. Bajaj Allianz General Insurance
3. Bharti AXA General Insurance
4. Cholamandalam MS General Insurance
5. DHFL General Insurance
6. Edelweiss General Insurance
7. HDFC ERGO General Insurance Company
8. ICICI Lombard
9. IFFCO TOKIO General Insurance
10. Kotak Mahindra General Insurance
11. National Insurance Company
12. New India Assurance
13. SBI General Insurance

Top 10 Car Insurance Companies in India

Choosing the right car insurance policy is a must with the number of choices available. As we know that the minimum coverage required is that of a third party. It would be good to familiarize yourself with most of the insurance companies and derive which car insurance will be highly beneficial for me.

 

Below are listed some of the top insurance companies.

1. ICICI Lombard GIC Ltd.
2. Bajaj Allianz GIC Ltd.
3. Bharti AXA General Insurance
4. The New India Assurance Co. Ltd.
5. The Oriental Insurance Co. Ltd.
6. HDGF ERGO General Insurance Co. Ltd
7. United India Insurance Co. Ltd.
8. National Insurance Company
9. Future Generali India Insurance
10. Tata AIG General Insurance Company Limited

 

This list will make it easy and Hassel free to choose the right car insurance policy. Avail the best policy from the top car insurance companies. 

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