Top five Car Insurance Companies In India: The New Year’s Day has dawned as well as alongside it, the torrent of resolutions as well as life altering plans are inwards total flow. Like virtually Indians, if y’all aspire to purchase your dream automobile inwards 2016, cognition of the diverse motor insurance companies inwards Republic of Republic of India comes mo entirely to the know-how of all the latest automobile models plying the Indian roads. Herein, uncovering a comprehensive listing of the Top-5 automobile insurance companies that are natural springtime to go an influential presence inwards 2016, as well as richly deserving of your attention.
Here are Top five Car Insurance Companies In India
National Insurance Company
This province owned full general insurance fellowship is a pioneer of car insurance inwards India . Amongst the diverse motor insurance companies of India, National Insurance Company enjoys a broad reaching appeal as well as an enviable rails tape inwards damage of products offered as well as client back upwardly rendered. The fellowship boasts of over chiliad offices as well as 16,000+ employees as well as agents across Republic of Republic of India as well as Nepal.
National Insurance Company Ltd. has introduced several landmark reforms inwards the Indian insurance infinite that have got at nowadays been adopted yesteryear the latest crop of insurers. Some of the feathers inwards its cap of conception include:
- Introduction of production customisation for both rural as well as corporate customers.
- Implementation of strategic alliances alongside Maruti, Hero Motocorp, as well as many other automobile as well as two-wheeler majors.
- Pioneering the concept of bancassurance inwards the province yesteryear linking alongside India’s largest banks.
Special features of the motor insurance programme from National Insurance Company Ltd. include:
- The policyholder tin lavatory take away to growth the coverage nether the programme yesteryear adding:
- Cover for loss of automobile accessories.
- Cover for legal liability to a paid driver.
- Personal accident protection to the passengers.
- Increased liability coverage (up to Rs.7.5 lakh) for third-party belongings damage.
- Additionally, the insurance fellowship offers No Claim Bonus (NCB) to policyholders who uncovering claim-free years.
- Discounts inwards premium are likewise offered to customers who opt for voluntary excesses.
- Discounts are offered to customers who install approved anti-theft devices inwards the car.
- Handicapped, blind, or mentally challenged individuals who role especially designed vehicles likewise have premium discounts.
- Customers tin lavatory opt for either of the next covers:
- Liability-only encompass – This programme provides insurance against legal liability to a 3rd political party inwards an accident. It offers protection for the life as well as belongings of the 3rd party.
- Package encompass – This programme offers protection to the insured automobile as well as the automobile owner. It likewise provides third-party liability cover.
- The programme offers coverage for all private cars used for domestic, social, as well as professional person needs.
The automobile insurance programme from National Insurance Company Ltd. excludes losses due to normal wearable as well as tear of the car, consequential losses, harm to the tyres, as well as electrical/mechanical failures. Other hygiene exclusions such every bit driving nether the influence of alcohol, driving without a valid license, as well as using the insured automobile for anti-social activities concur goodness every bit well.
ICICI Lombard Motor Insurance
With the tag of existence 1 of India’s largest private sector full general insurance company, ICICI Lombard General Insurance Ltd. is known for its tech savvy approach, robust client back upwardly as well as quick turnarounds on the immensely client centric application procedures.
When considering automobile insurance inwards 2016, proceed inwards hear that ICICI has partnered alongside to a greater extent than than 3,300 network garages that offering y’all efficient services inwards a transparent manner. The fellowship has likewise been conferred alongside several prestigious awards, indicating its rigid capitalisation level, satisfactory underwriting performance, as well as effective reinsurance procedures.
Special features of the automobile insurance programme from ICICI Lombard are:
- The comprehensive policy for private cars includes coverage for losses due to natural/man-made calamities, personal accident encompass for the owner-driver, as well as third-party liability cover.
- The insurer offers a broad make of optional plus covers, such every bit personal accident encompass for the passengers, aught depreciation cover, as well as engine protection cover.
- The client back upwardly of ICICI Lombard is much applauded as well as the claim physical care for is elementary as well as hassle-free.
- Customers tin lavatory purchase automobile insurance directly at the insurer’s website. Motor insurance renewal tin lavatory likewise go done online starting lx days earlier the expiration of the electrical current policy. In the illustration of reinsurance, vehicle inspection is entirely mandated when in that place is a gap inwards insurance resulting from an expired policy.
- The insurer has a Garage Cash programme that provides a fixed amount of coin to the policyholder for a specific catamenia of fourth dimension piece the insured vehicle is undergoing repairs at a network garage. This is really useful inwards the stressful fourth dimension of a claim.
- Third-party liability is covered without whatever upper limits inwards the lawsuit of expiry or injuries. Damages to third-party belongings is offered coverage upwardly to Rs.7.5 lakh.
The exclusions nether the programme are:
- Wear as well as tear of the vehicle alongside age.
- Consequential losses.
- Electrical or mechanical breakdown.
- Losses from mutiny, war, or nuclear disasters.
- Depreciation of automobile parts.
- Deliberate losses inwards accidents.
- Intoxicated driving.
- Driving without a valid driving license.
United Republic of Republic of India Car Insurance
Another heavyweight state-owned full general insurance company, United Republic of Republic of India Insurance Company Ltd. commands over 7 decades of sense inwards non-life insurance draw of piece of employment organisation alongside a dominant stake inwards the sphere of motor insurance inwards India.
Post nationalisation, the fellowship has seen a spurt of growth alongside a vast network of offices as well as robust workforce. The fellowship currently has provided insurance encompass to to a greater extent than than 1 crore policyholders. The innovative micro offices of the insurer point the expanse of the country, roofing to a greater extent than than 200 tier-II as well as tier-III villages as well as towns. The claim settlement ratio for accommodate as well as non-suit claims for the fiscal yr 2015-16 was 35% as well as 91%, respectively.
Special features of the auto insurance programme from United Republic of Republic of India Insurance Company Ltd. are:
- The insurer offers a liability-only policy as well as a bundle policy to accommodate the varying needs of its client base.
- The liability-only policy provides coverage for liability to bodily injury or expiry of 3rd party. Damage to third-party belongings is likewise covered nether the plan. Additionally, this programme offers personal accident encompass for the owner-driver.
- The comprehensive/package policy offers Own Damage (OD) encompass as well as third-party liability cover.
- The OD encompass includes losses due to accidents, fire, theft, terrorist activities, strikes, riots, earthquakes, floods, landslides, etc. Losses to the vehicle piece inwards transit via elevator, road, air, or waterways are likewise covered.
- The third-party liability encompass protects from harm to third-party property. It likewise offers protection for third-party life. Additionally, the owner-driver of the insured vehicle is offered personal accident encompass nether the plan.
- The comprehensive policy tin lavatory go enhanced through plus covers offered yesteryear the insurer.
- The fellowship lays exceptional focus on offering first-class client service as well as expedited claim settlements.
- The insurer offers exceptional discounts inwards premium to vintage cars as well as for vehicles that have got approved anti-theft devices installed. Influenza A virus subtype H5N1 policyholder tin lavatory likewise avail a premium discount if he/she is a fellow member of the Automobile Association of Republic of Republic of India (AAI).
- The insurance fellowship offers a No Claim Bonus to customers who exercise security driving. If the policyholder refrains from raising claims inwards a policy year, he/she is eligible for this discount.
- A discount of 50% on the OD premium is offered to vehicles that are modified for role yesteryear handicapped, blind, as well as mentally challenged individuals.
The exclusions nether the motor insurance plans from United Republic of Republic of India Insurance are:
- Wars as well as nuclear disasters.
- Drunken driving or driving nether the influence of intoxicating drugs.
- Consequential loss, wearable as well as tear, as well as depreciation of parts.
- Electrical or mechanical breakdown.
- Claims raised exterior the geographical expanse mentioned inwards the policy document.
- Losses piece the automobile was used beyond specified limits.
- Driving without a valid license.
HDFC ERGO Motor Insurance
One of the premier private sector players, HDFC ERGO General Insurance offers insurance solutions pertaining to motor, health, travel, abode as well as personal accident. Founded inwards 2002, the fellowship may go a relative newcomer into this competitive sphere but has already established itself a venture reputation as well as fan following. The motor insurance bundle from HDFC ERGO combines simplicity alongside client comfort, as well as foresight alongside proficient support, to emerge every bit 1 of the leading options alongside regards to auto insurance inwards India.
Currently, the theater operates 108 branch offices inwards to a greater extent than than 85 cities alongside an proficient staff of 1,900+ employees as well as advisors. The influential rating fellowship ICRA Limited, rates HDFC ERGO General Insurance a commendable ‘iAAA’ on its rating scale. This applauds the company’s claim paying ability, efficiency of its policy issuance wing, as well as superior client servicing procedures. HDFC ERGO likewise observes uniformity inwards information security processes across its branches. The fellowship has been conferred alongside several awards for its client service, fiscal reporting processes, as well as technological innovations.
Special features of the motor insurance programme offered yesteryear HDFC ERGO include:
- Purchase as well as renewal of the policy tin lavatory go done effortlessly through the website of the insurer.
- Cashless claim service tin lavatory go availed at to a greater extent than than 4,600 authorised garages across the country.
- Customers tin lavatory larn a host of discounts pertaining to NCB, Automobile Association membership, voluntary excesses, etc.
- The comprehensive policy, likewise referred to every bit a bundle policy, offered yesteryear the insurer covers the next events:
- Accidental harm to the insured car.
- Theft, burglary, etc.
- Fire, explosion, lightning, etc.
- Terrorism, strikes, riots, as well as malicious acts.
- Damage to the automobile piece inwards transit through rail, road, air, lift, or inland waterways.
- Earthquakes, storms, floods, rockslides, as well as landslides.
- Third-party liability cover.
- Personal accident encompass for the owner-driver for an amount of Rs.2 lakh. The policy likewise covers passengers (up to the seating capacity of the car) as well as a paid driver.
- The coverage of the bundle policy tin lavatory go amplified yesteryear opting for plus covers such every bit aught depreciation cover, NCB protection cover, consumables cover, engine as well as gear-box protection cover, etc.
The HDFC ERGO automobile insurance policy does non encompass the next events:
- Wear as well as tear of the automobile alongside age.
- Driving without a valid driving license.
- Mechanical or electrical failure.
- Driving piece boozer or nether the influence of intoxicating drugs.
- Consequential losses as well as depreciation.
- Losses due to wars, nuclear events, as well as mutiny.
- Damage to the tubes or tyres, except when it is accompanied yesteryear harm to the automobile itself.
- Damages to the vehicle exterior the country.
Oriental Insurance Company Ltd
The Oriental Insurance Company is a fully government-owned concern. It enjoys massive favour from the Indian populace that views Oriental every bit a venture performer inwards calorie-free of its credible history as well as condition every bit a state-owned entity.
When deciding upon a suitable automobile insurance inwards 2016, pay attending to Oriental’s electrical current infrastructure of over 1,800 offices as well as 14,000+ employees across India, Nepal, State of Kuwait as well as Dubai every bit good every bit its suggestive tagline of “Service to Clients”. The private automobile insurance bundle offered yesteryear Oriental Insurance is highly praised for its simplicity, coverage across many parameters as well as proficient client back upwardly initiative.
The fellowship considers its highly proficient workforce every bit the backbone of its outstanding functioning inwards the insurance domain. The insurer has likewise devised exceptional insurance solutions for large projects inwards the petrochemical industry, mightiness plants, steel factories, as well as chemic plants. The bouquet of insurance solutions offered yesteryear Oriental Insurance includes products suited to the needs of both the urban as well as the rural customer.
Special features of the automobile insurance programme from Oriental Insurance are:
- The bundle insurance policy offered yesteryear the insurer has comprehensive coverage that includes:
- Losses to the vehicle inwards accidents.
- Third-party liability coverage.
- Personal accident encompass for the owner-driver.
- Losses due to thefts, burglaries, etc.
- Losses due to fire, lightning, explosion, as well as self-ignition.
- Damages caused yesteryear earthquakes, storms, floods, rockslides, landslides, riots, inundation, malicious acts, terrorist activities, as well as strikes.
- Damages to the automobile piece inwards transit via rail, road, air, lift, or inland waterways.
- The insurance fellowship offers discounts inwards premium for the next customers:
- Those who opt for voluntary deductibles.
- Those who have got installed anti-theft devices inwards the car.
- Those who create non lift whatever claims inwards a policy year, thus accruing an NCB.
- Those who have got membership at the Automobile Association of India.
- Additional covers tin lavatory go opted for yesteryear the policyholder at an extra cost. Some of the plus covers offered yesteryear Oriental Insurance are:
- Nil depreciation cover.
- Loss of personal effects cover.
- Alternative automobile create goodness cover.
- Free emergency service when the policy is bought from specific branch offices.
- The client back upwardly facilities offered yesteryear the insurer are likewise noteworthy.
The exclusions nether the private automobile bundle policy are:
- Driving without a valid driving license.
- Mechanical or electrical failure.
- Driving piece intoxicated alongside drugs or liquor.
- Depreciation of the vehicle.
- Losses due to nuclear risks, war, as well as mutiny.
- Damage to the tubes or tyres of the car, unless the vehicle itself is likewise damaged.
- The automobile existence used for hire, speed testing, racing, etc.
- Damages that hap exterior India. The policyholder tin lavatory however, pay extra premium as well as larn coverage inwards Bhutan, Nepal, Pakistan, Bangladesh, Maldives, as well as Sri Lanka.
In conclusion, the yr ahead looks ripe alongside promises every bit far every bit your professional person as well as personal life is concerned. And when verbalize shifts to your construct novel car, whatever of the higher upwardly Top-5 contenders volition take away inwards the expected protection for your dream laid of wheels as well as consummate peace of hear for you.