A Car Insurance Policy protects your offers coverage to your cars against accidents, theft, natural, and man-made calamities. Having a Car Insurance is mandatory according to to Motor Vehicle Act 1988. At present, there are multiple companies offering car insurance policies in India. Each has their own set of features and benefits. Being the benefactor, you can choose the one that fits your needs and requirements.
Top Car Insurance Companies
| Bike Insurance Company | Network Garages | Claim Settlement Ratio |
|---|---|---|
| United India Insurance | 3100+ | 91.20% |
| Reliance General Insurance | 8700+ | 98% |
| Bajaj Allianz | 4500+ | 98% |
| Royal Sundaram | 3300+ | 98.6% |
| ICICI Lombard | 5100+ | 93.4% |
| Oriental Insurance | 3100+ | 91.76% |
| SBI General Insurance | 6697+ | 98% |
| Magma HDI | 4000+ | 97.1% |
| Go Digit | 5800+ | 96% |
| Liberty General Insurance | 3800+ | 98% |
How to select the Best Car Insurance Policy?
There are a bevy of options when it comes to Car Insurance Policies in this country. However, the requirement of policy coverage varies between people. It is the reason as to why we recommend analyzing your requirements first place before going for purchase. Parameters such as network garages nearer to your location, the Insurer’s Claim Settlement Ratio, Premium among other things, must be factored in so that you get a clear idea about the Insurer. Mentioned below are certain parameters which would help you pick the best Insurance Policy in the market,
- Analyze your Insurance Needs
Before buying an Insurance policy for your cars, you must first analyze your insurance needs. You should know the amount of coverage you would require (comprehensive or third-party) and also the add-ons you would require. Most importantly, you should also have an idea about the premium and check if it is affordable by you
- Network Garages
Network garages are workshops in tie-up with the Insurance Company through which you can get your car damages repaired on a cashless basis. Always choose a company that has maximum number of cashless garages spread across multiple locations, as it would help you even if you encounter accident during a travel
- Claim Settlement Ratio
Claim Settlement Ratio abbreviated as CSR is the percentage of claims settled by the insurer out of the total claims received in one financial year. CSR is one of the major factors that determine the reputation and trustworthiness of the insurer. Pick the insurer with the highest CSR.
- Riders
Riders or add-ons are additional packages that you can add to your comprehensive policy for additional protection. Riders go a long way in providing complete coverage to your cars. Zero depreciation cover, Protection of NCB, Roadside Assistance, Engine Protection Cover are some of the most sought after Car Insurance add-ons.
- Financial Records
Checking the financial records is one of the best ways to know if the company would settle claims properly. You can go through the annual financial reports and check its solvency ratio so that you would get a better idea
- Customer Service
The reputation of an Insurance company depends largely on how good their customer service is. Buyers expect immediate attention from the service team to address their queries. It is always better to check the customer reviews of the concerned company in web portals before finalizing the purchase.
How to Buy the Best Car Insurance Policy at Fincover?
It is important to compare the policy quotes from multiple insurance providers before purchasing. Comparing would help you know the features and benefits of various plans, that way you can narrow down to the one that fits your needs perfectly. Fincover is the one-stop platform to compare insurance policies from multiple insurers. Follow the below-mentioned steps to pick the Best Car Insurance Policy,
- Visit Fincover.com and click on Car Insurance
- Enter your RTO, Car Details, and Registration Details
- Find the quotes from multiple insurer
- Click on details to know more about the plan
- Compare and choose the plan that fits your needs. You can also select the add-ons that you would require during this stage
- Pay the premium and receive the policy documents instantly on your registered email.
FAQ
You can learn more from our asked questions
1. Who is the best Car insurance provider right now?
The best car insurance provider depends on your individual needs and preferences. However, the most reliable metric to assess a provider is the Claim Settlement Ratio (CSR). A high CSR indicates that the company settles most of its claims promptly.
You can also use a Car Insurance Premium Calculator to compare premiums across different insurers and make an informed choice.
2. How can I find the lowest premium for Car insurance?
Car insurance premiums vary based on multiple factors:
- Insured Declared Value (IDV) of your car
- Driving history of the car owner
- Make and model of the vehicle
- Type of coverage and any add-on features chosen
To get the lowest premium, compare quotes from various insurers online based on these personalized details.
3. Is it possible to change to a different insurance provider?
Yes. The IRDAI (Insurance Regulatory and Development Authority of India) allows insurance portability, which means you can switch to a different provider at the time of your policy renewal.
4. What is the fine for driving without valid Car insurance?
As per Indian motor laws:
- First-time offence: ₹2,000 fine
- Second-time offence: ₹4,000 fine
Driving without insurance is a punishable offence and should be avoided for your financial and legal safety.
