Reviews for Buying Cheap Car Insurance in India

In today’s world, a car is no longer an item of luxury. It is more of a necessity. While deciding the right policy, the budget is also important. The expenses are always on the rise. There are a lot of good car insurance providers out there. However, it is not necessary that all of them are affordable.

We have compiled a list of most affordable insurance policies for you.

1. Car Insurance by Bharti Axa

This one is among the leading and renowned insurance companies in the nation. Bharti AXA Car Insurance firm was born as a result of joint venture program between AXA and Bharti Enterprises. It provides a number of wonderful benefits to the customers. The cashless claim is provided across a network of more than 1600 garages across the country. For private cars, a cover up to 7.5 lakhs is provided in the case of damage due to third party issues.

2. Car Insurance by BAJAJ ALLIANZ 

It is arguably the most famous motor vehicle insurances in the nation. This insurance company is the result of joint venture program between Allianz and Bajaj Finserv Company. With this policy, you get the comfort of cash-free claim settlement in case the vehicle is repaired at any garage from the 4000 garages enlisted in the policy. If the vehicle has any anti-theft equipment or if the policyholder is a part of Automobile Association, you are entitled to discounts.

3. Car Insurance by Reliance

The firm is a part of the prestigious Reliance Group. Reliance Group of Industries has diversified into almost each faction of the business world. It is a well-known insurance in India. Car Insurance by Reliance offers 94 different insurance policies that cater to individual and corporate customers. The policy covers policyholder while he is driving. An added cover for the 3rd party, in the amount of 10 lacs is available. The car insurance covers the car in case of theft, accident, etc.

4. New India Assurance

It is an insurance group based out of Mumbai, India. The government-owned group offers several insurance plans under different insurance spheres. You can bank on New India for a reliable insurance plan. They are not limited to one or two insurance plans but have diversified into all sectors of insurance. Car insurance covers damage or loss of accessories in the car. The equipment can be stereos, air-conditioners, fans, etc. The liability is there for an amount with no ceiling limit if there is injury or death. Insurances offered are for private car and commercial vehicles. Policyholders get cover for personal accidents.

5. Car Insurance by TATA AIG

The joint venture of American International Group and TATA group is TATA AIG General Insurance. AIG holds 26% of the total shares while TATA has got the balance 74%. The company was launched in January 2001. It offers settlement Green Channel with warranty in case of accident repairs. It is called Automobile Restore Warranty. In the event of a vehicle breakdown or an accident, hotel expenses and emergency travel are also covered.

A trustworthy name in the sphere of vehicle insurance providers is ICICI Lombard Motor Insurance.

ICICI Lombard Motor Insurance Review

Two insurance policies are provided-

1.    Car Insurance

2.    Two Wheeler Insurance

Car Insurance Overview

Network Strength	Over 3100 garages
Roadside assistance	Free

Why to buy Car Insurance?

The policy can be purchased instantly online.

Features and Benefits

●     Roadside assistance available with just 1 phone call

●     Cashless operation across 3100 garages

●     Discount available on policy renewal

●     Immediate attention

Eligibility

●     The person has to be the owner of the vehicle

Exclusions

●      Electrical or a mechanical breakdown

●      Vehicle ageing that causes wear and tear

●      Damage due to civic unrest, danger of war, or nuclear causes

ICICI Lombard Two Wheeler Insurance Overview

Network Strength	Over 3100 garages
Roadside assistance	Free

Why to buy Two Wheeler Insurance?

The policy can be purchased instantly online.

Features and Benefits

●     No need for documentation

●     Towing charges covered till Rs 1500

●     Cashless operation across 1850 garages

●     Immediate attention

Eligibility

●     The person should be the owner of the car.

Exclusions

●      Electrical or a mechanical breakdown

●      Vehicle ageing that causes wear and tear

●      Damage due to civic unrest, danger of war, or nuclear causes

●      Intoxicated driving 

Review

The policy offers a good deal, wonderful benefits and features and is very reliable.

You may like to read : ICICI Lombard Car Insurance- Reviews, Renewal & Premium Details

Which is the best car insurance company in India?

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.

1. ICICI Lombard Car Insurance Reviews

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

ICICI Lombard Car Insurance Review

Under the Motor Vehicles Act 1988, it is mandatory for every vehicle owner to purchase vehicle insurance, and rightly so, a vehicle insurance protects you from the untimely disasters that are all so common on our roads.

On top of that, you never know when thefts or natural disasters will simply devoid the existence of a huge chunk of the property that is your vehicle. If you’re putting serious thought into buying a car insurance, perhaps ICICI Lombard Car Insurance is the one for you.

Overview-

There are no different types of policies under ICICI Lombard car insurance. However, you can purchase in three different options as given underneath.

Criterion	Option A	Option B	Option C
Self-damage to the vehicle	Covered	Covered	Covered
The third party inflicted damage to the vehicle	Covered	Covered	Covered
Roadside assistance	Covered	Covered	Covered
Consumables	Covered	Covered	Not Covered
Engine Protect Plus	Covered	Not Covered	Not Covered
Accident Cover For Passengers	Covered	Not Covered	Not Covered
Garage Cash	Covered	Not Covered	Not Covered

The premiums are highest for plan A, and lowest for Plan C. The amount you have to pay is as per the rules of Government of India as it is for all insurance policies. 

You may like : Benefits Of Having An ICICI Lombard Car Insurance: An Overview

Features And Benefits-

The features of this insurance plan as seen above are similar to what most insurance companies provide- 

1. Coverage of self-damage onto the vehicle

2. Coverage of third party damage onto the vehicle

3. Coverage of damage against man-made calamities and natural calamities

4. Third party legal liability

The benefits that separate this plan from most other plans are- 

1. 24/7 roadside assistance

2. Cashless claim settlement in over 3300 garages across the country

3. Daily allowance till the buyer’s car is in the garage.

4. Zero depreciation cover

5. Accidental coverage of up to Rs 2 Lakhs for co-passengers

6. 5% discount for registered members of automobile associations

7. No claim bonus

8. Towing facility in case of car breakdown

Inclusions- 

1. Coverage against any kind of loss due to natural calamities such as floods, earthquakes, landslides, rockslides, typhoons, cyclones, hurricanes, inundation, lightning, fire explosion, etc.

2. Coverage against man-made causes such as theft, robbery, burglary, riot, strike, terrorist activity or damage while the car is in transit by rail, waterway, elevator, roadway, etc.

3. Self-inflicted damage( accidents)

4. Third party liability coverage covers any bodily injury or any damage to any third party or surrounding property by use of the car.

5. Coverage of up to Rs 2 Lakhs for damage caused to co-passengers.

Exclusions-

1. Normal wear and tear due to daily usage and aging of the vehicle

2. Mechanical/electrical breakdown

3. Depreciation or any consequential loss

4. Loss/damage due to war, mutiny or risk

Documents Required- 

Applying for ICICI Lombard insurance does not need you to submit any documents. Simply visit the official website of the company, enter details of yourself and your car, find out how much you have to pay using ICICI Lombard car insurance premium calculator, and you are good to go.

You can even perform renewals using ICICI car insurance renewal service online without the need for documents.

Claim Process-

If you go to the 3300+ cashless garages across the country, you do not have to take out a single coin from your pocket and repairs will be done as long as they are covered by your policy. 

If you’re on the road during the incident, simply give a call to the ICICI Lombard toll-free number, and the assistant service will be on the way.

In the case of reimbursement claims, simply download the ICICI Lombard car insurance claim form, attach documents and bills related to the repairs of your car and send it to the postal address given to you upon purchase. In the case of robbery or theft, you need to attach the police FIR related to the vehicle.