Car Insurance or vehicle insurance – Car Insurance Easily Online,best and cheap car insurance

car insurance

What is Car Insurance?

Car Insurance, also known as motor or auto insurance, A car insurance protects you and your car against a number of risks along with third-party liabilities. Any loss or damages arising out of road accidents, third party liabilities, theft, man made calamities, fire , natural disaster and/or death of the driver and/or passengers inside the vehicle in the event of an accident are covered. Though not a mandatory policy, it is advised to have first party car insurance coverage for your vehicle.

What does a car insurance policy cover?

A Car Insurance, also same as motor or auto insurance, vehicle insurance policy covers you and your legal liability of having to compensate for Any loss or damages arising out of road accidents, third party liabilities, theft, man made calamities, fire , natural disaster and/or death of the driver and/or passengers inside the vehicle in the event of an accident are covered. or death caused to the third-party person or property. It also covers the policy holder against any loss or damages caused to their car. A car insurance policy covers the policy holder’s legal liability of having to compensate for damages or death caused to the third-party person or property.

Best Car Insurance Policy in India 2021

The following table shows the complete list of the best car or Vehicle insurance policy in India with their personal accident cover and the number of network garages offered by the Vehicle insurers:

Car Insurance CompaniesNetwork GaragesPA Cover Owner/ Driver
Bajaj Allianz Insurance1024Up to Rs. 15 lakhs
Bharti AXA Insurance3742Up to Rs. 15 lakhs
Chola MS Insurance4636Up to Rs. 15 lakhs
Digit car InsuranceN/AUp to Rs. 15 lakhs
Edelweiss Insurance1268Up to Rs. 15 lakhs
Future General iInsurance3194Up to Rs. 15 lakhs
IFFCO Tokio Insurance6757Up to Rs. 15 lakhs
Kotak Mahindra Vehicle Insurance2327Up to Rs. 15 lakhs
Liberty Vehicle Insurance4365Up to Rs. 15 lakhs
National Vehicle Insurance456Up to Rs. 15 lakhs
New India Assurance Insurance456Up to Rs. 15 lakhs
Oriental Insurance456Up to Rs. 15 lakhs
Reliance Insurance4779Up to Rs. 15 lakhs
Royal SundaramInsurance3868Up to Rs. 15 lakhs
SBI car Insurance2613Up to Rs. 15 lakhs
Shriram Vehicle Insurance2071Up to Rs. 15 lakhs
Tata AIG Vehicle Insurance1617Up to Rs. 15 lakhs
United India Vehicle Insurance456Up to Rs. 15 lakhs
Universal Sompo Vehicle Insurance1493Up to Rs. 15 lakhs
Best Car Insurance Policy in India

What is a car insurance policy?

Car Insurance/ auto Insurance is an agreement between an insurance company and a car owner under which the former provides an insurance cover to the policyholder for financial loss or damages incurred by his/her car in unforeseen events. Depending on the coverage, there are three types of car insurance plans – third party auto insurance, standalone own-damage car insurance and comprehensive (first party) car insurance policy.

Top Car Insurance Companies in India 2021

Here’s the list of the best Vehicle insurance companies as per the claim settlement ratio (CSR) registered by them with IBAI in the financial year 2020-2021.

CompaniesNetwork GaragesClaim Settlement Ratio
Bajaj Allianz General Insurance4,000+88.83%
Bharti Axa General Insurance5,200+87.99%
Hdfc Ergo General Insurance6,800+91.23%
Icici Lombard General Insurance8,800+87.71%
Iffco Tokio General Insurance4300+95.30%
Kotak General Insurance1,300+82.81%
National General Insurance3,100+85.71%
New India General Insurance3,000+89.60%
Reliance General Insurance6,200+84.26%
Sbi General Insurance16000+89.51%
Tata Aig General Insurance5,000+90.49%
United India General Insurance3,100+82.93%
Universal Sompo General Insurance3,500+90.78%
Top Car Insurance Companies in India 2021

Key Features of Car Insurance By IFFCO- Tokio

Key FeaturesBenefits of IFFCO-Tokio
SavingsSave Upto 70% on Premium
Cashless RepairsAvailable at 4300+ Cashless Garages
Customizable Add-Ons8 Add-ons available
NCB BenefitsGet up to 50% Discount
Easy ClaimsApp-based Claim Settlement within 4 Hours
Claim Settlement Ratio92.65% Claims Settled*
Claim Assistance24/7 claim assistance Customer service
Own Damage CoverAvailable
Damages to Third-PartyAvailable
Car Insurance By IFFCO

Key Features of ACKO’s Online vehicle Insurance

KEY FEATURESACKO ADVANTAGE
PremiumVehicle insurance plans starting at Rs. 2,072
Add-ons8 add-ons available to enhance your insurance plan
Own Damage CoverAvailable under Comprehensive Cover
Damages to Third-partyCovered
Personal Accident CoverAvailable. Cover of Rs. 15 lacs for permanent disability/death while driving
Cashless RepairsYes
Claim Settlement Ratio94% for FY20-21
Emergency Assistance24/7
Repairs1-hour pickup (for select cities), instant repairs and 3-day doorstep delivery at no extra cost
Buying/Renewal Process100% digitally-driven
Car Insurance By IFFCOKey Features of ACKO’s Online Car InsuranceCar Insurance By IFFCO

What is the best car insurance policy in India ?

Buying a car is one thing and maintaining it is something that is completely different. The roads are some of the most uncertain places, where negligence, ignorance, carelessness or just sheer bad luck can bring about a lot of consequences to you and your car.

And as a car owner, these consequences do cost you a lot. From a small dent on the trunk to major accidents and natural disasters, a car on the road is subjected to diverse threats on a daily basis. Moreover, money is involved in every stage of the car’s recovery and safety. That’s why a car insurance policy becomes inevitable in today’s day and age.

If you haven’t taken four wheeler insurance for your car yet or if you’ve just bought a new car and are looking for a car insurance policy, here are some extensive reasons you should get one today.

Comprehensive Car Insurance Policy or Package Policy:

Car Insurance, also known as motor or auto insurance, A car insurance protects you and your car against a number of risks along with third-party liabilities. Any loss or damages arising out of road accidents, third party liabilities, theft, man made calamities, fire , natural disaster and death of the driver and passengers inside the vehicle in the event of an accident are covered. Though not a mandatory policy, it is advised to have first party car insurance coverage for your vehicle.

Covers Expenses On Own Damage

Apart from accidents, cars can be damaged due to natural disasters, natural instances or their own technical glitches and malfunctions. Regardless of the reason, expenses are involved in getting the car serviced. That’s why it’s ideal to buy a car insurance as it covers damages arising due to uncommon reasons.

Third-party Liabilities

A car is a machine that is subjected to technical issues. A car gone out of control is a threat to civilians and public properties. If there has been an accident with you on the driver’s seat, you are bound to compensate for the damages caused. If you have a car insurance policy, your insurance company would take care of the expenses.

Personal Accidents

Having a four wheeler insurance is like driving with a lifeguard. There is a backup you have to cover the expenses incurred due to car accidents. A proper Vehicle insurance policy also compensates for permanent disability arising due to a car accident. This is an ideal financial support that is inevitable for families.

Mandatory By Law

If you are a car owner, you should mandatorily have a minimum of a third-party Vehicle insurance according to the Motor Vehicles Act. Failing to have is an offence and you could be penalized for it when caught.

Extended Benefits with Add-ons

Apart from the benefits you just saw, you could include add-on benefits such as zero depreciation cover, consumables cover, breakdown assistance, conveyance benefits and more when you buy Vehicle insurance. This only makes your policy more airtight.

Additional Convenience

An extensive online four wheeler insurance policy also allows you to experience benefits like coverage of personal baggage theft/damage, paperless-digital insurance applications and processing, online claims, spot services and more.

Zero Depreciation: How to make the most of it!

Aren’t you glad you have vehicle insurance and now the insurer will pay for it?

But what if you don’t get the claim amount you were expecting and have to pay some out of your own pocket? Not what you had expected, right?

This is what nill depreciation cover does to your claims.

The rate of depreciation for all parts is as follows –

Subject to a deduction for depreciation at the rates mentioned below in respect of the parts replaced For All Rubber/ Nylon/ Plastic Parts, tires, tubes and batteries 50% For Fiber glass components 30% For All Parts made of Glass zero

The rate of depreciation for all parts including wood is as follows –

AGE OF car % OF DEPRECIATION Not exceeding 6 months Nil Exceeding 6 months but not exceeding 1 year 5% Exceeding 1 year but not exceeding 2 years 10% Exceeding 2 years but not exceeding 3 years 15% Exceeding 3 years but not exceeding 4 years 25% Exceeding 4 years but not exceeding 5 years 35% Exceeding 5 years but not exceeding 10 years 40% Exceeding 10 years 50%

This means, if you make a claim of Rs 10000 for your 4-year-old car, the insurer will not pay more than Rs 6500. This is why every vehicle should have depreciation reimbursement cover or add-on.

Typical Components Of An Auto Insurance Policy

If you’re shopping for a brand new automobile or looking for car coverage, you’ll in all likelihood want to apprehend the not unusual place sorts of insurance to be had on a automobile coverage policy. The numerous sorts of automobile coverage insurance are to be had to assist defend you, your passengers and your automobile if you’re worried in a automobile accident. Six not unusual place automobile coverage insurance alternatives are: car legal responsibility Insurance , uninsured and underinsured motorist insurance, complete insurance, collision insurance, clinical bills insurance and private damage protection. Depending on in which you live, a number of those coverage’s are obligatory and a few are optional. Understanding what’s required for your country and what every allows cowl let you pick the proper insurance on your situation.

1. LIABILITY COVERAGE

Auto liability coverage is mandatory in most states. Drivers are legally required to purchase at least the minimum amount of liability coverage set by state law. Liability coverage has two components:
Bodily injury liability may help pay for costs related to another person’s injuries if you cause an accident.
Property damage liability may help pay for damage you cause to another person’s property while driving.

2. UNINSURED AND UNDERINSURED MOTORIST COVERAGE

If you’re hit by a driver who doesn’t have insurance, uninsured motorist coverage may help pay for your medical bills or, in some states, repairs to your vehicle. If you’re hit by an underinsured driver, that means they have car insurance but their liability limits aren’t enough to cover your resulting medical bills. That’s where underinsured motorist coverage may help.

3. COMPREHENSIVE COVERAGE

Comprehensive might also additionally assist cowl harm on your automobile from such things as theft, fire, hail or vandalism. If your automobile is broken through a blanketed peril, complete insurance might also additionally assist pay to restore or update your vehicle (as much as the automobiles real coins value). This insurance has a deductible, that’s the quantity you’ll pay out of pocket earlier than your insurer reimburses you for a blanketed claim. Comprehensive is generally an non-obligatory insurance — however your lender might also additionally require it if you’re leasing or paying off your vehicle.

4. COLLISION COVERAGE

If youre worried in an twist of fate with every other vehicle, or in case you hit an item along with a fence, collision insurance might also additionally assist pay to restore or update your car (as much as its real coins cost and minus your deductible).

5. MEDICAL PAYMENTS COVERAGE

If you, your passengers or own circle of relatives individuals who’re using the insured car are injured in an accident, scientific bills insurance can also additionally assist pay for prices related to the injuries. Covered prices can also additionally consist of clinic visits, surgery, X-rays and more.

6. PERSONAL INJURY PROTECTION

Personal damage protection, or PIP, is simplest to be had in a few states. Like scientific bills coverage, PIP may also assist pay in your scientific fees after an accident. In addition, PIP might also assist cowl different fees incurred due to your injuries — for example, toddler care fees or misplaced income.

OTHER TYPES OF AUTO INSURANCE COVERAGE

You can be capable of upload the subsequent elective coverages for your automobile coverage coverage, relying in your situation. Your coverage agent let you apprehend what every facilitates cover, so that you can prepare a coverage thats proper for you

1. Rental reimbursement coverage/transportation expense coverage

2. Gap coverage

3. New car replacement coverage

4. Towing and labor cost coverage

5. Ride-sharing coverage

6. Sound system coverage

7. Classic car insurance