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Top 5 Best Motor Insurance Companies in India

Top Motor insurance companies in IndiaYou will get the financial protection you would want in case of financial loss in the event of loss or theft of your vehicle if you have taken up Auto insurance. It is also known as motor insurance. An auto insurance or vehicle insurance is bought by the owner of the vehicle by paying a premium that would help you mitigate the costs that may arise due to an auto accident such as vehicle damage theft, physical and property damage of the third party as well as medical costs involved in treating injuries, rehabilitation and in some cases even lost wages and funeral expenses. You can buy car insurance online or offline from either government or private motor insurance companies.

Purpose of buying Car insurance

The car insurance is meant to provide liability protection, and it is mandatory to carry a minimum amount of this liability protection in almost all states of our country. It is an annual policy that requires the payment of a single annual premium if you own a car. The motor insurance policy would provide coverage in case you happen to injure or kill someone while driving, damage your car while driving, o cause damage to other’s property while driving, and in case of theft of the car. Thus it offers financial, personal and medical protection. You can compare car insurance prices and buy them online or offline.

Car Insurance – why is it essential?

It is essential to have car insurance because

  • Motor insurance is stipulated by the Road Traffic Act 1988.
  • It will cover your expenses in case of damage to the car
  • It covers injuries to the owner as well as other drivers whom you have authorized to drive the car
  • It covers vehicle repairs bills of a major kind or those caused by accidents
  • It helps offset expenses that are required to meet the legal procedures following an accident
  • Motor insurance helps to provide benefits to the survivors when there is a fatal accident that results in death.
  • It also protects major damage to the car that does not arise out of the collision.
  • It offers protection against a wide array of damages that includes vandalism, fire, landslides, etc.
  • It helps offset financial loss due to theft of your car

The car insurance prices would generally be quite nominal considering the damages that might occur in case of an accident.

What is the car insurance that you are required to have lawfully?

It is mandatory to have car insurance that complies with the state minimum car insurance requirements. The 4 types of coverage the state minimum car insurance plans cover include

  • Bodily injury liability- this is defined as per person and per accident
  • Property damage liability
  • Uninsured or underinsured motorist protection
  • Personal injury protection.

Your motor insurance policies that cover 6 types which includes

  • Collision damage
  • No fault coverage

Which can make it a comprehensive motor insurance package.

Penalties you might incur when you do not have the insurance

The penalties that are enforced for not having valid motor insurance varies from state to state. However, the most common penalties include

  • Suspension of driver’s license
  • Suspension of your vehicle registration
  • Receiving traffic ticket for an insurance violation
  • Hefty fines.

Therefore, it is important to ensure that you have an insurance policy that is current. You can also opt for auto payment option if you buy car insurance online.

Shopping for car insurance

Though it is enough to have an motor insurance plan that offers the coverage that is mandatory by law, it is in your interest to opt for a wider coverage depending on your net worth, the age of the vehicle, the vehicle type, location, and the car insurance prices and your affordability. You can talk to your agent and customize a policy that could work for you.

Top 5 Motor insurance companies & Plans in India

The car insurance plans/motor insurance plans that have been put forth by both the government and the private insurance companies are quite attractive in terms of the third party coverage as well as comprehensive coverage they offer an attractive car insurance prices. You can compare them easily online too. However, the top 5 motor insurance companies have been listed

  1. Bharti AXA Car Insurance

It is a joint venture that involves Bharti enterprises of India and a world leader in financial protection and wealth management AXA. The highlights of the car insurance plan include

  • Cashless claim settlement that is possible in over 2000+ garages
  • Presence of quality customer support specialists
  • Submission of documents and verification are not necessary
  • Timely reminders that are provided for renewal free of cost

You stand to gain due to t reduction in car insurance prices in the form of discounts you can avail

  • On installing anti-theft alarms
  • No claim bonus up to 50%that can be availed during the renewal

It also offers enhanced cover option or add-ons on car insurance which includes

  • Comprehensive Roadside assistance
  • Depreciation cover invoice price covers additional cover for coping with medical expenses of the driver as well as the passengers.
  • Hospitalization cover for a maximum of 30 days.

Are just a few that should make you buy car insurance online from this reputed company.

  1. TATA AIG Car insurance

TATA AIG general insurance company is a joint venture between American International group and TATA group of India which was founded in the year 2001. It offers a range of insurance products of which the car insurance is also one.  You can buy car insurance online that offers the minimum coverage that is mandatory for the auto secure.  The  highlights of which include

  • Free pick up of the car
  • Warranty of up to 6 months for accident repair
  • Direct settlement facilities at certain garages
  • Guaranteed use of quality spares and materials
  • Settlement of claims within 7 days
  • Ease of purchase and renewal online.

The car insured declared value is a certain percentage of the manufacturer’s ex-showroom price at the inception of the motor insurance policy or at the time of renewal. The schedule of IDV for depreciation and fixing it is listed clearly.  You can avail discounts on car insurance prices when you are a member with a reputed automobile association or have approved anti-theft devices installed in your car. you can also use your credit card to pay the car insurance prices online in installments.TATA AIG offers car insurance plans that include add-on features that include facilities like

  • Key replacement
  • Roadside assistance
  • Break-in protection
  • Tire safety

And much more. you can also read tata AIG car insurance reviews here

  1. The Oriental Insurance Company Limited

It is a government-owned insurance company that offers car insurance plans with third party cover, personal accident and owns car damage. You can buy car insurance online with salient features that include

  • Customized protection plans to suit your needs
  • Coverage even for periods shorter than a year
  • Online services for purchase, renewal, and migration of car insurance plans
  • Car benefit allowance
  • Emergency benefits at TVS without extra premium
  • IDV is projected as the sum insured for the vehicle.

Discounts offered on car insurance premiums  are available

  • If One or more plans are under the voluntary deductible plan
  • If the anti-theft device has been installed in the vehicle
  • If no claim bonus is opted for in the expiring motor insurance plan
  • If the owner of the car is a member of the automobile association.

You can also opt for additional coverage when you buy car insurance plan online with extra car insurance prices to avail add-on cover, extra benefits, electrical and electronic items damage coverage and others.

  1. United Insurance Company Limited

The United insurance company is a leading provider of car insurance plans in India. The salient features  apart from the regular features of a motor insurance plan include

  • Two variants of insurance plans which include package plan and liability only plan
  • A rewarding no claim bonus plans and discounts
  • Cashless claims that can be availed across an expansive spread of garages in India
  • Online facility for quotes, buying and the scope for buying multiple plans

As in all plans, you could avail attractive add-on features by paying additional premiums.

  1. HDFC ERGO General Insurance Company Limited

HDFC ERGO has become quite popular in a short period of time due to its car insurance plans/motor nsurance pans that are customer friendly and have salient features such as

  • Cashless claim service at over 3400+ garages spread across India
  • Easy documentation and purchase
  • An extremely helpful customer service to address all queries
  • Coverage for a wide range of loss or damage to the vehicle.
  • Liability to the third party that covers injury, death or damage.
  • Personal accident cover that covers death and permanent disability as an append to the insurance policy to the tune of Rs. 2 lakhs.

Discounts on premium can cut the car insurance prices. you can avail

  • Age and profession-related discounts
  • No claim bonus
  • Automobile association membership related discounts.

The add-on benefits include

  • Onsite minor repairs or emergency assistance
  • Roadside assistance including fuel delivery and towing
  • Wider emergency cover

And others.

Make the right choice of motor insurance plan to have worry-free driving experience. Choose the additional covers wisely to ensure that you are not overprotected and would have to pay the extra price for the cover you might not require. Try to keep the car insurance prices at an optimal level.

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