Best Car Insurance Companies in India 2022 :
- Digit Car Insurance
- Bajaj Allianz Car Insurance
- Bharti AXA Car Insurance
- Chola MS Car Insurance
- Edelweiss Car Insurance
- Future Generali Car Insurance
- IFFCO Tokio Car Insurance
- Kotak Mahindra Car Insurance
How to Choose the Best Car Insurance Company in India ?
The Best Car Insurance Company is Shortlist by compare them online on the basis of Claim Settlement Ratio, Premiums and Policy Coverages.
Analysing Car Insurance Needs :
The first thing you should do before choosing your car insurance company is to analyze your needs. Make sure you know how much coverage you need as well as any specific additions you wish to purchase. Additionally, you should be aware of the vehicle’s Insured Declared Value (IDV). It is also important to know how much premium you are able to afford for the policy.
Authenticity of the Motor Insurance Company :
The next step is to find reliable motor insurance companies in the market that meet your needs. By checking a company’s IRDA Registration Number, you can verify its authenticity. Registration numbers are granted to genuine insurance companies only by India’s insurance regulatory authority, the IRDA.
Financial Ability of the Company :
A car insurance company’s financial standing should also be checked, in addition to its authenticity. Understanding the financial stability of the company will help you determine its likelihood of paying your claim in an emergency. Check the solvency ratio and annual financial records of the company to determine its financial stability.
Third-Party Liability Coverage :
Liability coverage for third parties protects the car owner from any financial liability due to bodily injury, death, and damage repair costs.
Claim Settlement Ratio :
Ensure that the car insurance company has a high claim settlement ratio (CSR) and an incurred claim ratio (ICR) before proceeding. An insurance company’s CSR is a measure of how many claims are settled. Insurers with higher CSRs and ICRs are less likely to reject your claims, so choose a company with a higher CSR.
Factor Affects Premium of Car Insurance :
The following factors determine your car insurance premium, so you should be aware of them before buying a policy. When you are buying or renewing your policy, knowing these factors will help you make the right decision.
Factors Are Mention Below :
- Make, Model, Variant:
- Age:
- Location:
- Cover:
- Add-ons:
- No Claim Bonus (NCB):
- Anti-theft Device:
- Deductibles:
- Seller:
- Digital Insurance:
1) Make, Model, Variant :
Luxury sedans typically have higher insurance premiums than hatchbacks. Due to the vehicle’s basic composition, this is the case. Thus, your car insurance premium will be directly affected by the manufacturer, type, cubic capacity, etc., of the vehicle.
2) Age:
Depreciation and insured declared value (IDV) are two important concepts related to car insurance. There is a connection between these two concepts. Depreciation is the natural wear and tear on an asset that reduces its value over time. IDV is the vehicle’s approximate current market value.
3) Location:
Insurers in metropolises will charge higher premiums than those in tier 3 cities. In an urban environment, cars are perceived to be more susceptible to damage. A city like Mumbai experiences frequent accidents due to factors such as increased traffic, congested roads, etc.
4) Cover:
Indian law requires third-party insurance. Liability coverage for third parties is provided by this policy. In contrast, comprehensive car insurance covers both own damage and third-party liability.
5) Add-ons:
Security can be enhanced with add-ons. Extras usually cost money. The same applies to insurance. You will have to pay more if you add on add-ons such as Zero Depreciation, Passenger Cover, etc.
6) No Claim Bonus (NCB):
(On car insurance renewal) some insurance companies offer a discount if no claims have been filed during the previous policy period.
7) Anti-theft Device :
Your car insurance premium might be reduced if you install an anti-theft device. This is a must-see!
8) Deductibles:
Your insurance premium can be reduced by choosing a Voluntary Deductible. By doing this, you are effectively contributing a predetermined amount to the claim. Thus, insurance companies pay less while settling claims and charge lower premiums as a result.
9) Seller:
You will have to pay a commission if you purchase car insurance from an agent. Buying it from a dealer may result in a fixed policy providing coverage you do not need. Thus, you might end up paying more for a cover you don’t need. Therefore, it is best to purchase car insurance directly from the company.
10) Digital Insurance:
Insurance companies offering digital-first policies offer low-cost Comprehensive car insurance with appealing features. They can offer policies at a lower rate because they spend less on operational costs. Before purchasing a policy or renewing your policy, check out digital insurers’ websites for auto insurance quotes.
