Insurance

Best Car insurance online in India, Know all about New/Renewal Policy

Best car insurance online in India. KNow all about the new and renewal policy.
Best Car insurance online in India, Know all about New/Renewal Policy

Best Car Insurance Online: Car insurance assists in reducing the financial burden that may result from an unforeseen incident involving your vehicle, such as a road accident, fire, theft, or natural disaster. According to the Indian Motor Tariff, all car owners are required by law to have at least third-party car insurance coverage to operate their vehicles on Indian roads. Presently, 25 car insurance companies in India sell insurance products.

Top 10 Best Car Insurance Online in India

  • ICICI Lombard General Insurance
  • HDFC ERGO General Insurance
  • Bharti AXA General Insurance
  • Bajaj Allianz General Insurance
  • Reliance General Insurance
  • Tata AIG General Insurance
  • Oriental Insurance Company
  • National Insurance Company
  • United India Insurance Company
  • New India Assurance Company

ICICI Lombard General Insurance

ICICI Lombard General Insurance is a well-known and reputable private sector general insurance company in India with a wide range of insurance products and a good customer support system. However, customers should carefully review the policy terms and coverage before purchasing a policy, as the premium rates may be higher and there may be potential for limited network, complex policies, and limited coverage. Also Read: 10+ Cheap Insurance Quotes for Cars in the United States, It’s affordable

Pros:

  • Wide range of insurance products, including car insurance, two-wheeler insurance, travel insurance, health insurance, etc.
  • Offers cashless claim services in over 4,300 network garages across India.
  • Provides 24×7 customer support and assistance.
  • Easy and hassle-free online purchase and renewal of policies.
  • Offers add-on covers like zero depreciation, roadside assistance, engine protect, etc.

Cons:

  • Higher premiums compared to other insurance providers.
  • Some customers have reported unsatisfactory claim settlement experiences.
  • Limited coverage for damages caused by natural calamities.
  • Some customers have reported issues with customer service.

HDFC ERGO General Insurance

HDFC ERGO General Insurance is a reputable private sector general insurance company in India with a wide range of insurance products and a good customer support system. However, customers should carefully review the policy terms and coverage before purchasing a policy, as the premium rates may be higher and there may be potential for limited network, limited coverage, and complex policies. [MORE: Best car insurance company in Bangalore]

Pros:

  • Wide range of insurance products, including car insurance, two-wheeler insurance, travel insurance, health insurance, etc.
  • Offers cashless claim services in over 6,800 network garages across India.
  • Provides 24×7 customer support and assistance.
  • Offers add-on covers like zero depreciation, roadside assistance, engine protect, etc.
  • Offers a range of discounts, such as No Claim Bonus (NCB), for safe drivers.

Cons:

  • Some customers have reported issues with the claim settlement process.
  • Limited coverage for damages caused by natural calamities.
  • Some customers have reported issues with customer service.

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Bharti AXA General Insurance

Bharti AXA General Insurance is a reputable insurance company with good customer support and quick claim settlement. However, customers should carefully review the coverage and premium rates before purchasing a policy.

Pros:

  • Wide range of insurance products: Bharti AXA General Insurance offers a wide range of insurance products, including health, motor, travel, home, and personal accident insurance.
  • Quick claim settlement: The company has a reputation for quick claim settlement. They have a dedicated team of professionals to help customers with their claims.
  • Strong financial stability: Bharti AXA General Insurance is a joint venture between Bharti Enterprises and AXA, a global insurance company. This gives the company strong financial stability.
  • Good customer support: The company has a good customer support system in place. They have a 24/7 customer care helpline and offer online assistance as well.

Cons:

  • Limited coverage: The coverage provided by Bharti AXA General Insurance may be limited compared to other insurance providers.
  • Limited network: The company may not have an extensive network of branches and agents, which may limit the reach of their services.
  • Some exclusions: Some of the insurance products offered by Bharti AXA General Insurance may have certain exclusions, which may limit the coverage provided.
  • High premium rates: The premium rates offered by the company may be higher compared to other insurance providers.

Bajaj Allianz General Insurance

Bajaj Allianz General Insurance is a reputable insurance company with comprehensive coverage and good customer support. However, customers should carefully review the policy terms and premium rates before purchasing a policy.

Pros:

  • Wide range of insurance products: Bajaj Allianz General Insurance offers a wide range of insurance products, including health, motor, travel, home, and personal accident insurance.
  • Comprehensive coverage: The company provides comprehensive coverage under their insurance policies, which includes various benefits and add-ons.
  • Strong financial stability: Bajaj Allianz General Insurance is a joint venture between Bajaj Finserv Limited and Allianz SE, a global insurance company. This gives the company a strong financial stability.
  • Good customer support: The company has a good customer support system in place. They have a 24/7 customer care helpline and offer online assistance as well.

Cons:

  • Complex policies: Some of the insurance policies offered by Bajaj Allianz General Insurance may be complex, which may make it difficult for customers to understand the coverage provided.
  • High premium rates: The premium rates offered by the company may be higher compared to other insurance providers.
  • Limited network: The company may not have an extensive network of branches and agents, which may limit the reach of its services.
  • Delayed claim settlement: Some customers have reported delayed claim settlement by the company, which may cause inconvenience to the customers.

Reliance General Insurance

Reliance General Insurance is a reputable insurance company with customizable policies and competitive premium rates. However, customers should carefully review the policy terms and coverage before purchasing a policy. Additionally, customers may want to consider the potential for delayed claim settlement and limited coverage when making their decision.

Pros:

  • Wide range of insurance products: Reliance General Insurance offers a wide range of insurance products, including health, motor, travel, home, and personal accident insurance.
  • Customizable policies: The company provides customizable insurance policies, which allows customers to choose the coverage and benefits that suit their needs.
  • Good customer support: The company has a good customer support system in place. They have a 24/7 customer care helpline and offer online assistance as well.
  • Competitive premium rates: The premium rates offered by the company may be lower compared to other insurance providers.

Cons:

  • Delayed claim settlement: Some customers have reported delayed claim settlement by the company, which may cause inconvenience to the customers.
  • Limited network: The company may not have an extensive network of branches and agents, which may limit the reach of their services.
  • Complex policies: Some of the insurance policies offered by Reliance General Insurance may be complex, which may make it difficult for customers to understand the coverage provided.
  • Limited coverage: The coverage provided by Reliance General Insurance may be limited compared to other insurance providers.

Tata AIG General Insurance

Tata AIG General Insurance is a reputable insurance company with comprehensive coverage and quick claim settlement. However, customers should carefully review the policy terms and premium rates before purchasing a policy. Additionally, customers may want to consider the potential for complex policies, limited network, and exclusions in coverage when making their decision.

Pros:

  • Wide range of insurance products: Tata AIG General Insurance offers a wide range of insurance products, including health, motor, travel, home, and personal accident insurance.
  • Comprehensive coverage: The company provides comprehensive coverage under their insurance policies, which includes various benefits and add-ons.
  • Quick claim settlement: The company has a reputation for quick claim settlement. They have a dedicated team of professionals to help customers with their claims.
  • Good customer support: The company has a good customer support system in place. They have a 24/7 customer care helpline and offer online assistance as well.

Cons:

  • High premium rates: The premium rates offered by the company may be higher compared to other insurance providers.
  • Limited network: The company may not have an extensive network of branches and agents, which may limit the reach of their services.
  • Complex policies: Some of the insurance policies offered by Tata AIG General Insurance may be complex, which may make it difficult for customers to understand the coverage provided.
  • Exclusions in coverage: Some of the insurance products offered by Tata AIG General Insurance may have certain exclusions, which may limit the coverage provided.

Oriental Insurance Company

Oriental Insurance Company is a government-owned insurance company with a wide range of insurance products and affordable premium rates. However, customers should carefully review the policy terms and coverage before purchasing a policy. Additionally, customers may want to consider the potential for delayed claim settlement, limited coverage, limited network, and complex policies when making their decision.

Pros:

  • Wide range of insurance products: Oriental Insurance Company offers a wide range of insurance products, including health, motor, travel, home, and personal accident insurance.
  • Affordable premium rates: The premium rates offered by the company may be lower compared to other insurance providers.
  • Strong financial stability: The company is owned by the government, which gives it a strong financial stability.
  • Good customer support: The company has a good customer support system in place. They have a 24/7 customer care helpline and offer online assistance as well.

Cons:

  • Delayed claim settlement: Some customers have reported delayed claim settlement by the company, which may cause inconvenience to the customers.
  • Limited coverage: The coverage provided by Oriental Insurance Company may be limited compared to other insurance providers.
  • Limited network: The company may not have an extensive network of branches and agents, which may limit the reach of their services.
  • Complex policies: Some of the insurance policies offered by Oriental Insurance Company may be complex, which may make it difficult for customers to understand the coverage provided.

National Insurance Company

National Insurance Company is a government-owned insurance company with a wide range of insurance products and competitive premium rates. However, customers should carefully review the policy terms and coverage before purchasing a policy. Additionally, customers may want to consider the potential for delayed claim settlement, limited coverage, limited network, and complex policies when making their decision.

Pros:

  • Wide range of insurance products: National Insurance Company offers a variety of insurance products, including health, motor, travel, home, and personal accident insurance.
  • Competitive premium rates: The premium rates offered by the company may be lower compared to other insurance providers.
  • Strong financial stability: The company is owned by the government, which gives it a strong financial stability.
  • Good customer support: The company has a good customer support system in place. They have a 24/7 customer care helpline and offer online assistance as well.

Cons:

  • Delayed claim settlement: Some customers have reported delayed claim settlement by the company, which may cause inconvenience to the customers.
  • Limited coverage: The coverage provided by National Insurance Company may be limited compared to other insurance providers.
  • Limited network: The company may not have an extensive network of branches and agents, which may limit the reach of their services.
  • Complex policies: Some of the insurance policies offered by National Insurance Company may be complex, which may make it difficult for customers to understand the coverage provided.

United India Insurance Company

United India Insurance Company is a government-owned insurance company with a wide range of insurance products and competitive premium rates. However, customers should carefully review the policy terms and coverage before purchasing a policy. Additionally, customers may want to consider the potential for delayed claim settlement, limited coverage, limited network, and complex policies when making their decision.

Pros:

  • Wide range of insurance products: United India Insurance Company offers a variety of insurance products, including health, motor, travel, home, and personal accident insurance.
  • Competitive premium rates: The premium rates offered by the company may be lower compared to other insurance providers.
  • Strong financial stability: The company is owned by the government, which gives it a strong financial stability.
  • Good customer support: The company has a good customer support system in place. They have a 24/7 customer care helpline and offer online assistance as well.

Cons:

  • Delayed claim settlement: Some customers have reported delayed claim settlement by the company, which may cause inconvenience to the customers.
  • Limited coverage: The coverage provided by United India Insurance Company may be limited compared to other insurance providers.
  • Limited network: The company may not have an extensive network of branches and agents, which may limit the reach of their services.
  • Complex policies: Some of the insurance policies offered by United India Insurance Company may be complex, which may make it difficult for customers to understand the coverage provided.

New India Assurance Company

New India Assurance Company is a government-owned insurance company with a wide range of insurance products and an extensive network. However, customers should carefully review the policy terms and coverage before purchasing a policy, as the premium rates may be higher and there may be potential for delayed claim settlement, limited coverage, and complex policies.

Pros:

  • Wide range of insurance products: New India Assurance Company offers a variety of insurance products, including health, motor, travel, home, and personal accident insurance.
  • Strong financial stability: The company is owned by the government, which gives it strong financial stability.
  • Good customer support: The company has a good customer support system in place. They have a 24/7 customer care helpline and offer online assistance as well.
  • Extensive network: The company has an extensive network of branches and agents, making it easy for customers to access their services.

Cons:

  • Premium rates may be higher: The premium rates offered by the company may be higher compared to other insurance providers.
  • Delayed claim settlement: Some customers have reported delayed claim settlement by the company, which may cause inconvenience to the customers.
  • Limited coverage: The coverage provided by New India Assurance Company may be limited compared to other insurance providers.
  • Complex policies: Some of the insurance policies offered by New India Assurance Company may be complex, which may make it difficult for customers to understand the coverage provided.

How To Choose The Best Car Insurance Company In India?

Choosing the best car or vehicle insurance company is subjective, as it depends on the individual’s specific requirements. Some people may consider a company with the highest claim settlement ratio as the best, while others may prefer one with a wide network of cashless garages. Therefore, there are several factors that contribute to an insurance company being considered the best for an individual. When selecting a car insurance company, it is important to consider the following factors.

Network of Cashless Garages

Car insurance companies collaborate with various garages to facilitate cashless insurance claims. When choosing a car insurance company, it is important to assess the strength of their network of cashless garages. Additionally, it is essential to verify if there are adequate cashless garages located in the individual’s nearby area.

Claim Settlement Ratio

The Claim Settlement Ratio is the proportion of claims settled by a car insurance company in a given financial year, out of all claims received. It is recommended to opt for an insurance company that has a high claim settlement ratio.

Availability of Add-ons

Additional coverages, known as add-ons, can be chosen in addition to a standard car insurance policy to expand the coverage. Add-ons are accessible for own-damage and comprehensive car insurance policies, and can be selected during policy purchase or renewal.

Customer Support Service

It is important to evaluate the accessibility and standard of the customer support service provided by an insurance company. Some insurance companies provide round-the-clock customer support, while others may offer customer assistance services for only five days a week.

What types of Car Insurance Plans Offered By Different Insurance Companies

There are three types of car insurance plans based on the coverage provided for cars, vehicles, or four-wheelers:

Third Party Car Insurance

As per the Indian Motor Tariff, every car owner in the country is obligated to have a minimum third-party car insurance policy. This policy offers coverage for any third-party liabilities such as bodily injuries, disability, and death, as well as property damage resulting from any unforeseen incidents involving the insured car. The coverage for third-party property damage is limited to Rs. 7.5 lakh under this plan.

Standalone Own-Damage Car Insurance

This plan offers coverage solely for any damages sustained by the insured car, in the event of mishaps such as road accidents, natural calamities, fire, explosion, theft, riots, and so on. To fulfill the legal obligations, it is necessary to purchase a third-party car insurance plan along with it. A standalone own-damage car insurance plan provides the freedom to select your own-damage and third-party coverage from different insurance companies.

Comprehensive Car Insurance

A comprehensive car insurance plan is a bundled coverage that provides protection for both third-party liabilities and any damages sustained by your car due to unfortunate events. This type of plan offers the highest level of coverage among all three types of car insurance plans. Additionally, you can enhance the coverage of this plan by selecting add-ons such as zero depreciation cover, engine cover, and more.

What Does Your Car Insurance Cover?

Car Insurance CoverageThird PartyComprehensiveStandalone
Damage/losses caused to your car due to accidentX
Theft of two-wheelerX
Damage incurred due to fireX
Damage/losses due to natural calamityX
Damage to property and third party vehicleX
Personal Accident Cover (if opted)
Injury/ Death of Third Party due to an accidentX

FAQs Related to Best Car Insurance Online in India

Q. What is the best car insurance in India?

It’s important to remember that the best car insurance provider for you may vary depending on your specific needs and circumstances. Therefore, it’s recommended to compare policies and coverage options from multiple insurers before making a decision.

  • HDFC ERGO: It is one of the most popular car insurance providers in India, offering a wide range of coverage options and competitive pricing.
  • ICICI Lombard: It is another leading car insurance provider in India with a high claim settlement ratio and a comprehensive range of coverage options.
  • Bajaj Allianz: This is a well-known insurance company in India that provides car insurance with various benefits such as cashless claim settlements and 24/7 customer support.
  • Bharti AXA: This is a popular car insurance provider that offers comprehensive coverage options and a quick and hassle-free claim settlement process.
  • Reliance General Insurance: This insurance company provides affordable car insurance with a range of benefits such as cashless claim settlements, 24/7 customer support, and roadside assistance.

Q. How can I compare car insurance policies online?

Comparing car insurance policies online is a convenient and efficient way to find the best coverage for your needs. Here are the steps to follow:

  • Identify your insurance needs: Make a list of your insurance requirements such as coverage amount, add-ons, and premium.
  • Research insurance companies: Look for insurance companies that offer car insurance policies and make a list of them.
  • Visit insurance comparison websites: Visit insurance comparison websites and provide the required information to get quotes from different insurance companies.
  • Compare coverage: Compare the coverage offered by different policies and insurance companies.
  • Compare add-ons: Check if the policies come with any add-ons and compare them.
  • Check the premium: Compare the premiums of different policies to find the one that offers the best value for money.
  • Read customer reviews: Read customer reviews to understand the quality of services offered by the insurance company.
  • Choose the policy: Based on the comparison, choose the policy that meets your requirements and budget.

Q. How do I choose the right coverage for my car insurance?

Choosing the right coverage for your car insurance depends on a variety of factors such as your budget, driving habits, the value of your car, and your risk tolerance. Here are some steps to help you choose the right coverage:

  • Assess your driving habits: Consider how often you use your car and where you typically drive. Do you drive long distances or only for short trips? Do you park your car in a garage or on the street? These factors can help you determine how much coverage you need.
  • Evaluate the value of your car: The value of your car is an important factor in deciding the coverage you need. If your car is relatively new or expensive, you may want to consider comprehensive coverage to protect against theft, damage, and other types of loss.
  • Review your budget: Your budget is also an important consideration when choosing coverage. Determine how much you can afford to pay for premiums and what deductible you can afford to pay in the event of an accident.
  • Consider the legal requirements: In India, it is mandatory to have at least a third-party car insurance policy. However, you may want to consider additional coverage for your own protection.
  • Compare policies: Take the time to compare car insurance policies from different insurers to find the one that offers the best coverage at a price you can afford.
  • Evaluate add-ons: Many insurers offer add-ons such as zero depreciation cover, engine cover, and roadside assistance. Consider which add-ons you may need and which are not necessary.
  • Check the claim settlement ratio: Look for an insurer with a high claim settlement ratio, as this indicates their willingness to settle claims fairly and quickly.
  • Check customer reviews: Reading customer reviews can give you a sense of how easy the insurer is to work with and how responsive they are to customer needs.

Q. What factors affect my car insurance premium?

There are several factors that can affect your car insurance premium. These include:

  • Age and driving experience of the policyholder and any other drivers on the policy
  • Make, model and age of the car
  • Location where the car is registered and primarily used
  • Type of coverage chosen (third-party, comprehensive, or a combination of both)
  • Add-ons chosen (zero depreciation cover, engine protector, etc.)
  • Deductibles chosen
  • Previous claims history
  • Safety features installed in the car
  • Occupation of the policyholder
  • Credit score of the policyholder.

It’s important to note that different insurance companies may weigh these factors differently, so it’s always a good idea to compare quotes from multiple insurers before making a decision.

Q. Is it possible to buy car insurance online?

Yes, it is possible to buy car insurance online in India. There are several insurance companies that offer online purchase of car insurance policies through their websites or mobile apps. You can compare different policies, select the one that suits your needs, and make the payment online. Once the payment is done, you will receive the policy document on your registered email address.

Q. What documents do I need to buy car insurance online?

To buy car insurance online, you will need the following documents:

  • Vehicle Registration Certificate (RC) or Smart Card
  • Valid Driving License
  • Personal details such as name, age, address, contact number, etc.
  • Previous insurance policy details (if applicable)
  • Details of any previous claims made (if applicable)

You may also be required to submit additional documents depending on the insurance company’s requirements. However, most of the information can be filled online, and in some cases, you may not even need to upload any documents.

Q. Can I renew my car insurance policy online?

Yes, most car insurance companies in India offer online policy renewal options. You can renew your car insurance policy online by visiting the website of the insurance company and following the steps mentioned for policy renewal. Make sure to keep your policy number and other necessary documents handy while renewing the policy online.

Q. How long does it take to get car insurance policy online?

The time taken to get a car insurance policy online varies depending on the insurance company and the type of policy you choose. In most cases, if you provide all the necessary information and documentation, you can get your car insurance policy instantly or within a few hours of making the payment. Some insurance companies may take up to 24 to 48 hours to process your policy. It is important to check the policy issuance time mentioned by the insurance company before purchasing the policy online.

Q. What are the add-ons available in car insurance?

There are several add-ons available in car insurance that one can opt for to enhance their coverage. Some of the common add-ons available in car insurance are:

  • Zero Depreciation Cover
  • Engine Protection Cover
  • Roadside Assistance Cover
  • No Claim Bonus (NCB) Protection Cover
  • Personal Accident Cover
  • Return to Invoice Cover
  • Consumables Cover
  • Key Replacement Cover
  • Daily Allowance Cover
  • Loss of License Cover

The availability of these add-ons may vary depending on the insurance company and the type of car insurance policy chosen. It’s important to carefully evaluate which add-ons are relevant to your needs before opting for them, as they may increase the cost of the premium.

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Q. What is the process to file a car insurance claim online?

The process to file a car insurance claim online may vary slightly depending on the insurance company. However, here are some general steps that you can follow:

  • Contact your car insurance company and inform them about the incident immediately.
  • Provide the necessary details such as your policy number, the date and time of the incident, and a brief description of what happened.
  • If required, provide supporting documents such as a copy of the FIR, driving license, registration certificate, and other relevant documents.
  • Once the insurance company validates your claim, they will assign a surveyor to assess the damage to your vehicle.
  • After the assessment, the surveyor will prepare an estimate of the repair costs and submit it to the insurance company.
  • The insurance company will then review the estimate and approve the claim if everything is in order.
  • Once the claim is approved, the insurance company will either pay the repair costs directly to the garage or reimburse you for the expenses incurred.
  • If you have opted for cashless claim settlement, you can get your car repaired at a network garage without paying anything upfront.

It is advisable to thoroughly read the policy document and understand the claim filing process before purchasing car insurance.

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