The use of automobiles in urban areas has increased more than ever before. This is because of the various bank and loan offers that the companies are providing to the customers. And at the same time, the company also gets car insurance done. Today we will know the Best car insurance companies in India in 2022.
More vehicles mean more traffic and more traffic means more accidents and collisions which is why car owners need to get insurance for their automobiles this is where cover against unexpected car damages and costs they need to make the best auto insurance to get insured can be taken care of. That’s why In today’s article, I will tell you about the Top car insurance companies in India in 2022. It is the best suggestion for you if you have a motor vehicle.
The car insurance is covered against unforeseen accidents. It is a financial coverage against traffic collisions and or theft and loss of the vehicle due to weather or natural calamities or collision among other things. As a result of which damage to the car may occur. The particular concept of auto insurance may differ from state to state.
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What is car insurance?
Car insurance is a contract between you and the insurance company to protect your car from any loss or damage due to theft or accident. The insurance company agrees to pay for the loss or damage to your car in return for the premium.
Car insurance is an essential thing in India if you have a car whether the car is used for commercial or personal purposes, insurance firms have collaborations with car companies where they provide quick access to both the car and the insurance to the customer. provide quotes.
Types of car insurance
There are many types of car insurance.
- Third-party liability insurance
- Comprehensive insurance
- Add-on cover
- Zero depreciation cover
- Engine and electronic circuit cover
- Roadside assistance cover
- No Claim Bonus Protection Cover
- Key replacement cover
Third party liability insurance
Third-party liability insurance is mandatory for all vehicles plying on the roads. This insurance policy covers the loss of the policyholder against a third party for damage to property or injuries to persons during an accident. This insurance policy covers minimum risk and damages or theft to the car or injuries to the owner of the car. does not provide protection.
The comprehensive insurance policy provides all the benefits of third-party liability insurance along with coverage of the policyholder’s expenses during theft or damage to the car. This policy provides compensation to the policyholder in case of accidental injury or death. Extended benefits can be availed through add-on cover in a comprehensive insurance policy.
Add-on covers give additional coverage for loss or damage to the car in addition to the coverage provided by a comprehensive insurance plan. The different types of add-on covers are as follows;
Zero depreciation cover
When it comes to car insurance, zero depreciation cover is the most popular add-on cover. Under this add-on cover, the policyholder will get a full claim of the replacement value of the parts after an accident. It should be noted that Zero depreciation cover can be taken only if the vehicle is less than 3 years old.
Engine and electronic circuit cover
As the name suggests, this add-on cover provides coverage for loss or damage to the engine or electronic circuits of the insured vehicle.
Roadside assistance cover
Roadside Assistance cover provides assistance when you are stranded at a remote location due to a battery issues or car tire blowout or fuel tank empty. Provides benefits of services like etc.
No Claim Bonus Protection Cover
No Claim Bonus protection cover is an add-on cover and acts as a reward to the policyholder for not making any claims during the policy term. This add-on cover is a notable increase in premium while buying insurance for the next year Can help in reducing the amount. However, the policyholder must be aware of the fact that he will lose the earned no claim bonus if he claims in subsequent years.
Key replacement cover
Key replacement cover provides insurance cover to the policyholder in case he/she loses the ignition key and reimburses him/her for the cost of the replacement key.
The above points suggest the different types of insurance policies available in the market. In order to buy them, you should carefully analyze which type of policy best meets your needs. Hence, it becomes important to choose an insurance policy judiciously. To help you out, we have listed some tips.
Tips for buying a car insurance policy
Before buying a car insurance policy, you should compare the quotes on various insurance policies offered by different companies on a neutral website. By doing this, you can save up to 50% of your insurance premium.
Choosing a car insurance policy should be done after comparing the price and features.
While taking a car insurance policy, you need to look at the IDV i.e. the maximum amount you can get in case of total loss. By reducing the IDV amount, you can reduce your premium.
Make sure you get the right no-claim bonus because if you take more no-claim bonus than you are entitled to, your claim, if any, may not be processed.
If you do not receive the final policy document within the recommended time period, your car may not be insured. Hence, ensure that your broker or agent provides you with the final policy document in a timely manner.
You should take a car insurance policy from an insurance broker and not an agent. You need to verify the broker by checking the license number. You can also cross-check the license number on the IRDA website. It is always recommended to buy insurance from an insurance broker. This makes them non-biased towards a particular insurance company. On the other hand, an insurance agent gives you the same amount of money irrespective of the fact of which companies they sell the policies. Will sell insurance policy and suggest benefits of buying insurance of that particular company only.
To ensure the people traveling with you in your car, you can get a personal accident insurance policy.
If you want your genuine claims to be paid on time, you must be honest and truthful while making the declarations on the offer form.
Before finalizing any insurance policy, you should check the terms and conditions on the official website of the insurance company. To know more, also read Insurance Important Terms and Concepts.
10 Best car insurance companies in India in 2022
Car insurance is also known as motor insurance, auto insurance, and vehicle insurance. In today’s article, I will tell you about the Top car insurance companies in India in 2022. It is the best suggestion for you if you have a motor vehicle.
HDFC Ergo Car Insurance Best car insurance companies in India in 2022
HDFC ERGO Auto Insurance is one of the most preferred auto insurance partners for commercial and individual customers. It is a collaboration between 2 companies named ERGO International and HDFC Ltd. The company has a huge variety of products to choose from as it also has health insurance, motor insurance, life insurance, etc. It is also known for rural security insurance and property insurance, engineering insurance property insurance, liability insurance, etc. It is one of the biggest names in the auto insurance sector. It has a presence in over 100 cities and works with 120+ branches.
Some Current Statistics of HDFC ERGO Car Insurance
- More than +6500 cashless garages for automobile service
- 95% of claims settled
- ICRA . Awarded by IAAA
- 24*7 service assurance
Oriental Insurance Company Auto Insurance Top car insurance companies in India in 2022
This company is a very well-known face in the insurance sector. It is an auto insurance company with +150 products and services to choose from. The company was inaugurated in 1947 and its main operations are done from Delhi. The firm is said to have +30 regional offices and 1700+ branches working across the country to offer the best services. The firm has 13900+ employees and has several insurance products for commercial as well as personal insurance. The company was started with a small paid-up capital of Rs 1 lakh. Currently, the company is said to have a valuation of +7000 crores and is also operating in countries like Kuwait, Nepal, and Dubai. Top car insurance companies in India
Some current statistics of Oriental Insurance Company Auto Insurance
- +30 Regional Offices and a huge network of 1700+ branches
- 13900 employees
- Large number of cashless garages
- Works abroad in countries like Kuwait, Nepal and Dubai
The New India Assurance Auto Insurance best car insurance company in India in 2022
This company was founded by Sir Dorabji Tata in 1919 and was legalized in 1973. India Auto Insurance is an insurance company that is very popular in the insurance sector as it is one of the oldest insurance firms in India. The headquarter of the main operations of the company is in Mumbai. It has a presence in other countries like Mauritius, Thailand, the UK, and the Philippines. The company has worked and collaborated with many other leading companies in its history. It has many financial services including insurance for vehicles, homes, health, life insurance, etc. Presently, the company has +15,000 associates and 60,000+ agents and is ready to serve all types of customers with +200 products. There are many options when it comes to auto insurance with different prices and different benefits.
Some current statistics of New India Assurance Auto Insurance
- More than 2300 office locations across the country
- Sole independent insurer since 2007
- One of the leading players in the non-life insurance sector for over 4 decades
- 24*7 Services
ICICI Lombard Auto Insurance
ICICI Lombard Auto Insurance company is another best Top car insurance company in India in 2022. The list of best insurance companies in India is incomplete without ICICI Lombard Auto Insurance. Established in 2001 is a joint effort by 2 companies Fairfax Financial Holdings Limited and ICICI Bank. ICICI Lombard Auto Insurance as of the year 2018 is not only involved in auto insurance but also provides many other insurance and banking services to the customers. When it comes to shareholding, ICICI holds a 64% stake while the remaining 26% is held by Fairfax Limited, and without any doubt, it is one of the largest insurance companies in India. Top car insurance companies in India
Some current statistics of ICICI Lombard Auto Insurance good car insurance companies in India in 2022
- More than +5990 cashless garages for automobile service
- 98% settlement for claims
- As mentioned above, it is one of the most popular insurance companies in India
- 24*7 service assurance
Bharti Axa Car Insurance Top auto insurance companies in India in 2022
Bharti AXA Insurance Limited is one of the most trusted names in the insurance sector in India. It is a collaboration between 2 companies named AXA Business Group and Bharti Enterprises. Bharti AXA Insurance is one such company that offers a wide range of products and services to both commercial and personal customers. Bharti AXA Auto Insurance has over 40 different products and services.
Top car insurance companies in India. The company has a pan-India presence and is headquartered in Mumbai moreover, the best part is that Bharti AXA Auto Insurance is the only company that is ISO 9001:2008 and ISO 27001:2005 certified. The company has always worked hard to bring out a plethora of options to offer to its customers when they need the best auto insurance policies.
Some current statistics of Bharti AXA Car Insurance
- More than +3500 cashless garages for automobile service
- 98% settlement for claims
- The only company certified to ISO 9001:2008 and ISO 27001:2005
- 24*7 Service Assured
United India Auto Insurance is among top best under 10 insurance companies in India
United India Insurance is owned and operated by the Government of India and has its head office in Chennai. The company was started in 1938 and since then it has been a personal choice of the Indian public. The company through its efforts was successful in persuading people to take insurance as people had little knowledge of what insurance is and how it benefits the buyers. However, the company has +28 Regional Offices, 430+ Divisional Offices, 1030+ Micro Offices, and 65+ Service Hubs. The company’s domestic premium collection for the third quarter is +16,300 crores. In 2018, the Government of India announced the merger of the company with National Insurance Company and Oriental Insurance.
Some current statistics of United India Auto Insurance
- Has more than 30 regional offices
- Staff Workforce +17000
- More than 2200 corporate locations.
- Total premium collection is around +16,300 crores
Bajaj Allianz Car Insurance best Top car insurance company in India in 2022
Bajaj Allianz is a name that is familiar to most of the Indian masses across the country, the best Top car insurance company in India in 2022. The company is a collaboration between Allianz SE and Bajaj Finserv Limited. The firm was established in the year 2001. Secondly, Bajaj Finserv was a part of Bajaj Auto Limited which is related to the Bajaj group of companies and Allianz SE is a German company specializing in financial services, when the company started its business operations it had only one hundred employees and had a presence in over 36 locations and a capital valuation of Rs 1 billion. But as of now, Bajaj Allianz Auto Insurance Limited has a range of more than 90 products out of which more than 20 products are related to the insurance sector. The company now has a strong presence of employees in over 200 major cities and 3000+ employees. The headquarter of the company is in Pune.
Some Current Statistics of Bajaj Allianz Car Insurance
- More than 3800 cashless garages for automobile service
- 96% settlement for claims
- 24*7 service assured
- Full DriveSmart Service Offered
Royal Sundaram Car Insurance
Established in the year 2000 and one of the largest insurance organizations known for offering best insurance benefits. The company in its initial phase was known to deal only with general insurance. But the time IRDA approved the company, it started its operations in various insurance sectors in October 2000, it is one of the most preferred companies to opt for car insurance and is quite a trusted name in the auto insurance sector. The company has a national presence with +138 branches in India with a total of +1975 associates. Several products are offered with a vast distribution network such as brokers, affinity partners and agents.
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Some current statistics of Royal Sundaram Car Insurance
- More than 3290 office locations across the country
- 95% Claim Settlement Ratio
- Fastest claim time, 4 hours
- 24*7 Services
TATA AIG Car Insurance
Whenever there is talk of insurance, the name of Tata AIG Car Insurance is sure to come up. It is the best Top car insurance companies in India in 2022. This is a company that came into existence when Indian conglomerate TATA joined hands with American MNC AIG, the collaboration came into the picture as TATA is a trusted name in India and AIG is known worldwide for a wide range of services goes. The foundation stone of the company was laid in January 2001. Apart from auto/car insurance, there is a vast range of additional services like automobile, travel, property, personal accident, marine, energy, etc. The collaboration between the 2 companies was fruitful for the companies. At the same time, the company through its agents, brokers, and banks ensures that the best car/auto insurance and best services are provided to the customers.
Some current statistics of Tata AIG Car Insurance
- More than 5800 office locations across the country
- 98% Claim Settlement Ratio
- Fastest claim submitted
- 24*7 Services
IFFCO Tokio Car Insurance)
IFFCO Tokio Auto Insurance is a private insurance company and occupies a fairly large entity in the insurance sector as it has been one of the major players over the years. The company was established in the year 2000. The motto of the company was clear, to offer the best insurance policy that provides the best benefits to the buyer. Transparency between buyer and company and proper policies which are essential for an insurance company are some of the features of IFFCO Tokyo Auto Insurance. It has got a helpful range of products and services to choose from as it offers various insurances like health, life, motor, money insurance etc. Apart from such products and services, the company also offers insurance like cyber insurance and credit insurance.
Some Current Statistics of IFFCO Tokio Car Insurance
- More than +4250 cashless garages for automobile service
- 91% settlement for claims
- Insurance can be renewed in a few minutes
- Zero dip policy