Best Car Insurance Companies in India | Compare Car Insurance 2021

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Best Car Insurance Companies in India | Compare Car Insurance
Best Car Insurance Companies in India | Compare Car Insurance

Do you own a car? If yes, am sure you also have car insurance. If you don’t know what car insurance is then keep reading this article until the end. Here we are going to cover what is car insurance, the best car insurance companies in India, Compare car insurance in India, and much more. Also, check out What is ITR & It’s the benefit.

Car insurance helps you to get financial obligations that may arise due to road accidents, fire accidents, theft, natural calamities, etc. As per Government motor policy, all motor vehicles required to carry at least 3rd party insurance cover for driving their car/vehicle on Indian roads. As of now, there are 25 companies that offer Car insurance in India.

Best Car Insurance Companies in India | Compare Car Insurance
Best Car Insurance Companies in India | Compare Car Insurance

Best Car Insurance Companies in India 2021

Choosing the right car insurance is very important nowadays. As we know, currently the cost of the car is touching the sky in the market. If we don’t get good insurance, it may sure harm you in the future. So, choosing the right and best car insurance is very important. We listed all the companies car insurance below. Check it out.

Top Car Insurance Companies in India with OD Claim Settlement Ratio & Network Garages

Car Insurance Company

OD Claim Settlement Ratio

Network Garages

Acko Car Insurance 72.68% 2,000+
Bajaj Allianz Car Insurance 91.23% 4,000+
Bharti AXA Car Insurance 88.49% 5,200+
Chola MS Car Insurance 85.86% 7,100+
Edelweiss Car Insurance 70.59% 1,000+
Future Generali Car Insurance 88.56% 2,500+
Digit Car Insurance 85.76% 1,400+
HDFC ERGO Car Insurance 89.48% 6,800+
ICICI Lombard Car Insurance 87.84% 5,600+
IFFCO Tokio Car Insurance 96.44% 4,300+
Kotak Car Insurance 81.70% 1,300+
Liberty Car Insurance 87.48% 4,300+
Magma HDI Car Insurance 75.66% 4,000+
National Car Insurance 80.50% 3,100+
Navi Car Insurance 53.10% 900+
Reliance Car Insurance 83.81% 3,800+
Royal Sundaram Car Insurance 94.07% 4,600+
SBI Car Insurance 91.74% 16,000+
Shriram Car Insurance 62.84% 2,000+
Tata AIG Car Insurance 91.80% 5,000+
New India Car Insurance 92.23% 3,000+
Oriental Car Insurance 93.16% 3,100+
United India Car Insurance 84.17% 3,100+
Universal Sompo Car Insurance 92.45% 3,500+

 

(*Claim Settlement Ratio For FY 2018-2019 As Per IBAI’s General Insurance Claim Insights Handbook For Policyholders – 4th Edition)

How To Choose The Best Car Insurance Company In India?

Choosing the best car insurance factor depends on person to person. It’s all depends on person to person depending on their requirements. For some users, a car insurance company that has the highest settlement claim ratio is best, while for some users a wide range of cashless garages is best. So, overall choosing the best car insurance depends on person to person. Check out the following factors while considering a car insurance company in India.

1. Claim Settlement Ratio

The claim settlement ratio shows how many numbers of claims done by car insurance companies during their financial year. I always prefer to choose the car insurance company on the basis of the high claim settlement ratio. For example, if a company has a 97% claim settlement ratio that’s mean the insurer paid 97 out of 100 claims. So, I prefer to choose the highest claim settlement ratio insurance company.

2. Wide-Network of cashless Garages

There are a large number of cashless garages available in India that are partnered with insurance companies. While you choosing car insurance, must check the network of cashless garages of your insurance company. So, that they will help you in any garages in case of any problem during travel.

3. Customer Support Service

Every consumer expected good customer support after purchase. Choosing the best customer support service is also very important. Some companies offering 24×7 hours service whereas some offer 5 days only.

4. Availability of Add-ons

Add-ons are an extra benefit you can opt for while purchasing car insurance. Just like you can buy an extended warranty addon to extend the coverage. Add-ons are available with own-damage and comprehensive car insurance plans and can be opted for at the time of policy purchase as well as renewal.

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Buy Best Car Insurance Policy Online in India 2021- 

There are lots of websites available on Google where you can buy car insurance at the best price like policy bazaar, insurance Dekho, Paytm insurance, etc. Steps are mostly the same in the websites and apps. So, just follow our below step by step guide to buying the Best car insurance policy online in India.

1] As an example, We are going to visit the Policy Bazaar Website to buy a policy online

2] Click on Motor Insurance and choose to click on the Car Insurance button

Buy Best Car insurance online in India
Buy Best Car insurance online in India

3] Now Enter Your Car Details, if you don’t know then Click on Proceed Without Car Number or Click on I Have a Brand New Car and Procced

4] On the Next Page, fill up your personal detail like Name, Email ID & Contact Number

5] Finally, they will show you the list of all the Car insurance policy plans offered by different companies. you can easily compare their rates and benefits and choose according to your requirements

compare car policy in India
compare car policy in India

6] Now choose any plan you preferred according to your requirement and proceed

7] On the Next page, fill up some details regarding your vehicle

8] Make final payment via card and net banking & Done

9] You can easily download your policy from their website.

Types of Car Insurance Plans Offered By Different Companies

There are three different types of car insurance plans offered by insurance companies which are mentioned below;-

1] Third-Party Car Insurance

Every car owner must have at least third-party car insurance to drive your car on Indian road. Third-Party insurance only covers you against third-party damages and losses.

2] Standalone Own-Damage Car Insurance

In this Car insurance plan, it will cover insurance of only your own damage incurred by your car by a road accident, fire, thief, etc. You need to buy third party car insurance including this plan for best coverage.

3] Comprehensive Car Insurance

In this Car insurance plan, they cover your own damage + 3rd party car insurance incurred by your car by accident, fire, etc. Comprehensive car insurance offers you the maximum coverage offer. So, I recommended you to choose comprehensive car insurance for the best experience.

Coverage Third-Party Comprehensive Standalone
Damage/losses caused to your car due to accident X
Theft of two-wheeler X
Damage incurred due to fire X
Damage/losses due to natural calamity X
Damage to property and third party vehicle X
Personal Accident Cover (if opted)
Injury/ Death of Third Party due to an accident X

Cheapest Car Insurance in India 2021

As an example, we choose the Hyundai I10 petrol variant to compare the prices of all the car insurance plan. We selected the cheapest car insurance in India which is starting from Rs 13616 only for 1 year only. This plan is offered by Tata AIG General insurance. So, check out the list below.

Motor Insurance Company

Comprehensive Car Insurance Price

(without any add-on) Excluding GST @18%

TATA AIG General Insurance Rs. 13,616
Digit General Insurance Rs. 15,226
Royal Sundaram General Insurance Rs. 17,793
Bharti AXA General Insurance Rs. 20,071
Liberty General Insurance Rs. 20,378

Conclusion-

I hope you love this article. Today we shared the best cheapest car insurance in India to buy in 2021. Also, the list of best car insurance companies in India 2021. We compare car insurance in India to find out which is a better plan for you. So, if you are looking for the best cheapest car insurance for yourself then don’t forget to check out this article. Don’t forget to share it with your friend and family.

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