“Insurance is the arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for the payment of a specified premium”
Since insurance is an assurance provided by the seller for the loss incurred, any property, asset (tangible & intangible), valuable, etc has to be insured for the safer side. So that we do not suffer due to the loss sustained. Likewise, we are now having a glance at “Car Insurance”.
Car insurance is really mandatory. We will discuss in detail about the savings we derive out of Car insurance, cheapest car insurance quote, and best deals available. Compare the suggestions and choose a wise option. Generally, Car insurance covers the loss that is incurred due to the act of theft or damage.
The premium amount of car insurance is decided on the basis of the IDV of the vehicle. It is the responsibility of every policyholder to compare various insurance options before going for a car insurance renewal or buying a new policy.
Find below the thorough list of top car insurance quotes of the leading Insurance companies.
- National Insurance – National Insurance provides third-party coverage and damages or losses to one’s own vehicle, co-passenger or self. Discount is approved on anti-theft devices installed in the vehicle. However, Insurer is limited to 50% of the cost of replacement. Consequential losses such as wear and tear, mechanical or electrical breakdown, failures or breakages are excluded from the policy coverage. The incurred claim ratio is at 69.35% and Third property coverage is provided up to 7.5laks.
- Royal Sundaram Car Insurance – This policy provides up to 7.5lakhs for third party damage. The incurred claim ratio is fixed at 84.85%. Special features include protection against damage and loss due to accident and theft. But, the following damages do not come under the coverage of policy such as damage caused by a person driving the car without a valid license. And also mechanical or electrical breakdown, wear and tear, depreciation or any consequential loss.
- Cholamandalam Car Insurance – Cholamandalam Car Insurance provides third-party coverage up to 7.5laks which has garage network for and above 3750. The incurred claim ratio is 79.23%. The attractive features like 24/7 helpline and assistant in case of a sudden breakdown or an accident are also available. It is gaining more customers through the hassle-free claim process. Loss due to war and related activities are excluded from the coverage. In addition, accidental damage or loss due to willful negligence is also excluded.
- Tata AIG Insurance – Tata AIG provides enormous garages with the 2000+ network. They have an attractive feature of settling the claim within 7 working days. And also they provide warranty for up to 6 months for accident-repairs. The incurred claim ratio is 75.63%. Depreciation, consequential loss, mechanical or electrical breakdown, damage or loss when driving without a valid license or when intoxication is excluded from the benefits provided from policy coverage.
- Bharti AXA Car Insurance – They provide third-party coverage up to 7.25laks with 2000 and more garage network. The incurred claim ratio is 83.79%. They provide 24/7 claim assistance and two cover levels for specialized protection. However, electrical and mechanical breakdown, damage or loss when driving without a valid license or when intoxicated is excluded from coverage.
- Bajaj Allianz Car Insurance – The claim ratio is fixed at 71.61%. They have quick, transparent and comprehensive claim settlement. And 24/7 customer support is provided for hassle-free assistance. Third-party coverage is provided up to 7.25lakhs. Exclusions from policy include depreciation and any consequential loss. Any damage or loss endured by a vehicle when driven without a valid license.
- HDFC Ergo Car Insurance – They provide instant online policy issue. Also, they have a quick and transparent policy application and approval procedures with 90.35% claim ratio. They also have 3400+ network garages. Third-party coverage is up to 7.5laks. Any damage or loss encountered by the vehicle outside India, damage to the vehicle when driven under the influence of alcohol, drugs or other mood-altering substances are not included under the policy coverage.
- Reliance Car Insurance – Third-party damage is provided up to 7.5laks. They also have a wide network of garages with 2300 and more branches. The claim ratio is fixed at 91.18%. Some of the attractive features include 24/7 assistance, a complimentary roadside service, and helps the customer through tricky roadside situations involving their vehicle. Damage due to the depreciation of the vehicle’s value, damage to the car when driven without a valid license/ under influence of drugs, alcohol or other intoxicating substances are excluded from the benefits of Policy.
Be cautious of the below ones too:
- Renew the motor insurance before the due date to avoid the inconveniences such as vehicle inspection as well as a potential increase in premium cost.
- Buying car insurance online will save plenty of amounts in processing and distribution costs and gives more discounts than a direct purchase.
Please do value insurance policy equally as you value your car!