Top 10 best and cheap car insurance in India

Car insurance protects the owner’s vehicle from accidents and damages that might result in a significant financial burden. The insurance must notify the firm, which will then handle any severe repairs or damages.

The following question asks which insurance company is the best. Fortunately, or sadly, as the case may be, the market is filled with a plethora of firms eager to assist you. Each business has a distinct history. The benefits, however, are comparable to those given by rivals.

 

Top 10 best and cheap car insurance in india
Top 10 best and cheap car insurance in India

 

1. Kotak Mahindra General Insurance Co. Ltd.

Kotak Mahindra General Insurance Company Ltd’s Managing Director (MD) and CEO are Suresh Agarwal. A comprehensive automobile insurance coverage will cover any accident-related losses to you, your vehicle, and third-party property.

In April 2015, the Insurance Regulatory Development Authority of India (IRDAI) granted Kotak General Insurance a license to undertake a general insurance business in India.

FEATURES AND BENEFITS

Cashless Service:
Get cashless auto service from a large network of approved facilities.

Optional add-ons:

Customize your insurance to meet your specific requirements. Choose from a variety of useful add-ons for an extra fee.

Types of car insurance policy:

  1. Third-party Liabilities
  2. Covers Expenses On Own Damage
  3. Personal Accidents
  4. Comprehensive car insurance

 

2. Bajaj Allianz General Insurance Company

Bajaj Allianz is a customer-centric insurance company that seeks to provide high-quality service to its customers. Here are some of the company’s notable figures.

The IRDA has accredited Bajaj Allianz General Insurance Company as one of India’s best insurance businesses. It began operations in 2001 and now covers over 200 cities.

Allianz SE and Bajaj Finserv Limited have formed a joint venture. Bajaj Finserv Limited owns 74 percent, while Allianz SE owns the remaining 26 percent.

Bajaj Allianz General Insurance benefits from the stability, goodwill, knowledge, and power of these market leaders.

The firm provides insurance for two-wheelers, cars, CNG kits, and commercial vehicles.

According to research by WPP and Kantar Millward Brown, Bajaj Allianz Life is among the Top 75 Most Valuable Indian Brands for 2019.

 

3. The Oriental Insurance Co. Ltd.

Oriental Insurance Company commenced operations in Mumbai in September 1947. As one of the industry’s pioneers, it has a substantial customer base. The firm is run by the Indian government.

From 1956 until 1973, the company was a subsidiary of the Life Insurance Corporation of India (till the General Insurance Business was nationalized in the country)

In the fiscal year 2020–21, the firm earned a gross premium of Rs. 12,747.42 crores. More than 170 general insurance products are available from the company.

This organization offers a variety of insurance solutions to meet the needs of both rural and urban residents. The company’s head office in New Delhi oversees 31 regional offices and over 1,800 micro offices in India.

 

4. United India Insurance Company Ltd

United India Insurance is an Indian insurance firm that was founded in 1938. In India, where the organization has a strong market position, more than 1,300 branches provide quality assurance solutions.

The corporation has a vast staff of 18,300 people. The organization, which is one of India’s most dependable insurance providers, has one million clients. Their micro offices in more than 200 villages and cities of levels II and III also serve the rural people.

The company is fully owned by the Indian government and is managed by the Ministry of Finance.

 

United India Insurance Company – Statistics

  1. United India Insurance Company Limited has 2086 offices across India and employs roughly 15039 people.
  2. Under the Tsunami Jan Bima Yojana, this general insurance company has covered 4.59 lakh families in four states.
  3. Over 1.74 crore people have policies with United India Insurance Co Ltd.

 

5. Future Generali India Insurance

Future Generali has more than 6,000 insurance agents and 2,000 corporate customers in more than 125 locations around the country.

Future Generali India Insurance Company provides a wide range of insurance products to its consumers, including automobile insurance, that covers all main types of insurance. Car insurance contracts also include a variety of add-ons that allow customers to choose additional coverage for their vehicle.

According to insurance industry figures, gross written premiums (GWP) increased by 16 percent from 2016-2017 to Rs.1,842 crores in the 2017-2018 fiscal year. Moreover, during the 2017-2018 fiscal year, the corporation had a solvency ratio of 172 percent.

Benefits of Future Generali Car Insurance

  1. A strong network of about 3,500 garages
  2. Every year, it settles about 2.1 lakh claims.
  3. Emergency aid is available around the clock.
  4. With the FG Insure App, you can digitize your procedures.
  5. The claim settlement procedure is easy and quick.

 

6. New India Assurance

Sr Dorabji Tata, a Tata Founder Member, formed New India Assurance Co Ltd. With the integration of Indian companies in 1973, it was nationalised. It is the first Indian non-life firm to exceed Rs. 14304 crore gross premium as one of the top insurance companies.

Some of the company’s success factors include a strong local and worldwide presence, a large selection of insurance policies, effective and modern technology, and an integrated complaint management system. The New India Assurance Co. Ltd is the sole direct insurer in India.

Benefits Of New India Car Insurance:

  1. The insurance provider also covers the policyholder for personal accidents.
  2. The firm offers financial assistance to the third party for automobile, property, and medical responsibilities.
  3. The insurance firm offers policyholders help around the clock.

It has subsidiaries in Japan and New Zealand as well. Previously, the corporation was a subsidiary of India’s General Insurance Company (GIC).

 

7. Reliance General Insurance Company

This company is part of the Reliance Group, which offers a wide range of general insurance products such as auto, health, travel, and more. There are almost 28900 intermediates in India.

This is the first major general insurer to customize products for both the rural and business markets. And when it comes to vehicle insurance, Reliance General is the first name that springs to mind. This entirely government-owned insurer provides a comprehensive choice of effective auto insurance solutions that might be useful in a variety of scenarios on the road.

Det Norske Veritas (DNV), a well-known global quality standards auditing company, has recognized Reliance General Insurance Company for its Quality Management System.

Reliance General Car Insurance Policies: Key Features

  1. Over 3200+ network garages across India, NIC facilitates instant cashless claim settlement.
  2. For certified anti-theft equipment fitted in the car, Reliance General gives a discount.
  3. In addition to the No Claim Bonus, the firm offers premium savings to its policyholders.

 

8. National Insurance Company (NIC)

It is owned by the Government of India’s Ministry of Finance. The National Insurance Firm is India’s oldest insurance company, having been founded in 1906. It is the only public sector non-life insurance firm founded on Swaraj principles (self-governance).

In the business categories of health and automobile, NIC has been recognized as the ‘Best In Service.’ This industry accounts for around 63 percent of the non-life insurance market in India.

Product And Services

  1. Agriculture and rural industries are covered by rural insurance plans against natural and climatic calamities.
  2. Commercial insurance coverage covers property loss and damage during transit, transactions, and other activities.
  3. Project, construction, contract, fire, equipment loss, theft, and other risks are covered by industrial insurance plans.

 

9. ICICI Lombard Car Insurance

The Motor Vehicles Act of 1988 makes it obligatory to have legitimate car insurance coverage. Aside from that, having a car insurance policy protects one’s vehicle against damage caused by accidents, thefts, or any other type of liability stemming from damages to someone else’s property or to another person.

As the insured owner, the following are the key benefits of ICICI Lombard Car Insurance:

  1. The organisation specialises in handling disputes and settling them as quickly as possible.
  2. Cashless claim settlement is available at over 3300 approved garages around the country.
  3. In the case of a breakdown or accident, the ICICI Lombard Car Insurance plan covers towing service.
  4. The firm offers a comprehensive automobile insurance plan that includes both third-party liability and own-damage liability coverage.
  5. Registered members of car groups receive a 5% discount from the firm.

 

10. Royal Sundaram General Insurance Co. Ltd

The first private-sector general insurance firm, Royal Sundaram General Insurance Co. Ltd., provides tailored insurance solutions to satisfy the diverse needs of people, families, and enterprises. Sundaram Finance, one of India’s largest non-banking financial organizations, and other Indian stockholders control 75.9% and 24.1 percent of the insurance company, respectively.

Royal Sundaram General Insurance Co. Ltd. is committed to providing innovative products, excellent service, and a simple claim settlement procedure. It provides customer-friendly services such as 24-hour emergency help and a digital vehicle inspection.

 

Benefits And Features:

  1. Purchasing an insurance online is a straightforward, quick, and painless procedure. On their website, you may purchase the coverage right away.
  2. A variety of discounts- Royal Sundaram provides a variety of attractive discounts to its consumers. A 5% discount is available to those who belong to vehicle groups. Other savings include a no-claim incentive, a reduction on third-party insurance, and a 35 percent discount on personal damage premium.
  3. Good cashless network- Customers may get cashless network garage services around the country without any hassle. Customers have immediate access to service facilities because to the extensive network.

 

Conclusion

When selecting an insurance carrier, consider policy features, the number of auto garages that offer cashless repairs, add-on coverage, and other factors. Any of the firms listed above can provide automobile insurance.

Make sure the insurance claim you pick provides the most benefit for the least amount of money.

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Hey, I am Samim Dewan, Passionate about Digital Marketing & Founder of Minishortner. An engineer by profession and a Blogger by Passion.

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