In India, having a motor
insurance is a compulsory legal requirement. Every vehicle on the road has to
has a valid vehicle insurance.
The car insurance covers your car
against damage or loss caused by any of the following:
●
Natural
calamities like flood, earthquake, etc.
●
Man-made
causes, e.g. riots, etc.
●
Explosion,
●
Fire,
●
Theft, etc.
Financial liability against a 3rd
party arising due to damage to property or person is covered by the car
insurance provider as well.
Let us look at what the top car
insurance corporations have to offer to us.
It is one of the largest private
companies offering general insurance.
All their processes are
digitalized, be it paying premiums, renewals, getting a new policy instantly,
or receiving an e-signed policy document.
Its premium options are the best
in the industry. Its network has over 5600 cashless garages.
Roadside assistance handles
accommodation arrangements, an alternative vehicle, fuel supply, changing a
flat tyre, etc.
They have settled 93.2% of
self-damage claims within a month of filing in 2016!
ICRA awarded an iAAA rating to
ICICI Lombard for having the highest ability to pay claims. They won an Indian
Insurance award for being the ‘Claim Leader for General Insurance’.
2. National Insurance Co. (NIC Ltd.)
NIC brought the concept of car
insurance to India. Besides the urban India, it is present in the rural parts
too. It has offices, employees, and agents in India as well as Nepal.
It has a network of over 1500
garages. The motor insurance from NIC covers a wide range of damages and
losses.
It ranked as the second best
among the various car insurance companies in 2013-14.
3. HDFC ERGO
It is in the general insurance industry
since 2002 and has already received an iAAA rating from the ICRA.
HDFC ERGO has over 3000 garages
in its cashless network.
Its has several add-on covers
that are both exemplary and unique. It offers discounts that are based on
policy buyer’s profession and age.
4. New India Assurance
It is a 100% Government owned
entity. New India is leading the automobile insurance sector by bringing
innovation to insurance products.
Their brand is gaining world
recognition too.
Acceptance or rejection of claim
happens under 3 days of receipt of the same. The settlement is made 15 days
from receipt of the claim.
5. Oriental Insurance
The OICL is a Central Government
initiative.
It has been awarded several times
since its inception. But most recently Oriental Insurance has won several
awards like ‘Best Public General Insurance’ and ‘Best Financial Institution and
Bank’!
It is one of the few public
sector general insurance providers that has been given the iAAA rating by the
ICRA.
It has several thousand employees
and offices in not only India but in Dubai, Kuwait, and Nepal too.
Oriental Car Insurance has a
strong network of agents and an expert client support.
You can easily buy and renew your
car insurance online.
Top 5 At A Glance
Let us tabulate some of their
noteworthy features.
|
|
3rd Party
Cover
|
Network
Garages
|
Special
Features
|
Add-on
Cover
|
CSR
|
|
ICICI
Lombard
|
A maximum of Rs.750,000 for property
damage.
|
5600+
|
Automobile Association member gets a
maximum 5% discount.
If the car has an anti-theft gadget
approved by the ARAI, you are eligible for a maximum discount of 2.5%.
No claim bonus from an existing car
insurance can be transferred.
|
For co-passengers.
Zero Depreciation Cover.
Roadside Assistance.
|
93.2%
|
|
National
Insurance Co.
|
|
|
|
|
89%
|
|
HDFC ERGO
|
A maximum of Rs.750,000 for property
damage.
|
3000+
|
Discounts as per a person’s job and age.
Under the Zero Depreciation plan, the
policyholder can file unlimited claims in a year.
|
Zero Depreciation.
Non and electrical accessories.
For Co-passengers.
Engine protection.
Roadside assistance.
|
92%
|
|
New India
Assurance
|
A maximum of Rs.750,000 for property
damage.
|
|
Quick claim settlement.
|
For co-passengers.
Zero Depreciation.
Non and electrical accessories.
|
93%
|
|
Oriental
Insurance
|
A maximum of Rs.750,000 for property
damage.
|
|
Membership to Automobile Association
discount.
Anti-theft gadget discount.
|
NIL Depreciation.
Loss of personal items.
Alternative car.
Roadside assistance.
|
72%
|
Review car insurance providers
like ICICI Lombard, HDFC ERGO, etc. before opting for a car insurance.
You cannot not take a motor insurance. So why
not choose one that offers you the best features and benefits!
You may like to read : Comparison between Bajaj Allianz Car Insurance and ICICI Lombard Car Insurance
