5 Best Car Insurance Policies in India 2024 - Best Car Insurance Company

Owning a car is now more of a necessity than a status symbol in 21st century India. The possession of a car demonstrates your financial independence, places you in a higher class of peers, and gains you some much-needed favour with your family.

However, the pleasures of owning a car or any vehicle may be short-lived, for example, if your car is involved in a sudden and unfortunate accident, stolen, lost in a devastating flood, or worse still, if it is proven which is the cause of an accident resulting in the loss of life or property of a stranger. Anyone can experience these situations as disastrous, costly and frustrating!

There is a solution. Get a car insurance plan.

This blog has compiled a list of the best car insurance policies in India for 2024.

Car Insurance - A Brief Glimpse

Car insurance is an insurance policy that allows you to get the required financial coverage against several forms of damage, theft, harm caused to your vehicle, and third-party liability.

Motor insurance is a compulsory document that vehicle owners must carry while driving. In India you need to get car insurance as per Indian law. Anyone who drives without an insurance policy will have to pay heavy penalties.

To help you buy the right policy, here are the top 5 Best Car Insurance Policies available in the Indian market right now.

Top 5 Car Insurance Policies of 2024

Factors to Consider While Choosing a Car Insurance

Here are some important factors to consider while selecting an insurance plan for car:

·  Market Research

Choosing the best car insurance option with so many options on the market can be challenging. Therefore, it is crucial to do thorough research beforehand. Then, you can choose the best plan with the best insurance company through careful analysis. Then make sure your car insurance offers comprehensive coverage at a reasonable price.

Also, choose a reputable insurance company, with a good claims settlement rate and a wide network of workshops. By doing this, you will be able to easily use the cashless claims service.

·  Fuel to be Used

You may have to pay a higher insurance premium if your car is diesel. This is because diesel vehicles are expensive, and so is their IDV. As a result, the cost of insuring a car with a diesel engine will be higher than the cost of insuring a car with a petrol or CNG engine.

· Type of Coverage

Your car insurance costs will be significantly impacted by the coverage you select. However, don't sacrifice the types of coverage you need in favor of lower prices.

·  Third-party Insurance

As per the Indian Road Safety Act and the Indian Motor Vehicles Act, it is necessary to opt for a third-party insurance plan. Therefore, obtain third-party insurance before driving the car you bought on the road. Your dealer will usually offer this and the premium costs will be added to the price of your car.

·  Estimations and Quotes

It's easy to accept a single estimate that appears to offer an excellent bonus and matching benefits, reasoning that there is nothing better available. But this is a mistake that should be avoided at all costs. Consider, at a minimum, getting three quotes from different trustworthy companies.

Benefits Of Having a Car Insurance

1. With an adequate car insurance policy, the insured will receive coverage against loss or damage to the automobile resulting from accident, theft, fire, explosion, spontaneous ignition, lightning, riots, strikes, acts of terrorism or railroad crossing. Roads, air, elevators and natural disasters (earthquakes, floods, etc.).
2. It will also provide required coverage against all financial obligations that cause injury or death to a third party or damage to property. This provides benefits to survivors when an accident results in death.
3. Covers claims, including legal fees, brought against you due to an accident.
4. The lack of a claim bonus is one of the main advantages of taking out car insurance. The client is eligible to receive this benefit every year without filing a claim. This can be offered as a discount on the insurance premium, reducing the cost of insurance.
5. Driving without a valid insurance policy is illegal and can result in steep fines. Therefore, you must take out a car insurance policy to avoid this fine and adhere to the rules.

Features & Benefits of the Best Car Insurance Policies of 2024

Here are some of the best car insurance policies for 2024, along with their special features:

1. Bajaj Allianz Car Insurance

Bajaj Allianz has been improving driving safety for drivers since 2001 and is often considered the best car insurance policy. Liability financing helps reduce the cost of litigation. Additionally, its accidental damage protection plans provide complete protection against various risks and help prepare for emergencies.

Features-

• Simple to buy and renew.
• 24-hour support by their garage networks.
• Additionally, they offer DriveSmart Telematics Service.
• Repairs are available with their cashless claims service at no additional cost.
• They offer affordable insurance premiums and allow you to transfer up to 50% of your existing bank balance when you renew your policy with them.
• They reimburse you for costs incurred by making duplicate locks and keys under the pretext of replacing your own lock and key.
• Expense coverage can help ensure your car's engine runs properly.
• Your Accident Shield add-on coverages can protect against the financial ramifications of accident-related death and disability for the drivers and passengers of the insured vehicle.

Things it covers-

• Coverage against natural disasters

• Coverage against man-made disasters

• Personal accident coverage

• Legal liability of third parties

2. ICICI Lombard Car Insurance

ICICI Lombard car insurance policy is also very well known and is considered by many people to be the best car insurance in India. Some of the key features of your group private motor insurance policy include low premiums, easy renewals and fast claim settlement.

Features-

• They provide ease of renewal.

• According of their instant policy feature, all you have to do is provide contact information, tell them about your car, and choose the appropriate level of coverage. They will then deliver your policy directly to your inbox after receiving payment.

• When you avoid making claims during the policy year, you can get a 50% premium reduction on renewal thanks to the no-claims bonus feature.

• In its network of more than 4,600 workshops they offer cashless services.

• By calling their toll-free number, available 24 hours a day, you can purchase the roadside assistance add-on and get instant mechanical assistance.

Things it covers-

• Coverage of earthquakes, floods, fires and storms, among other natural disasters.

• Prompt resolution of claims.

• Protection coverage against theft, accidents and terrorism.

• Coverage of the legal responsibilities of third parties.

3. Cholamandalam MS Car Insurance

Cholamandalam MS General Insurance Company ensures that your vehicle is protected against any unplanned accidents and all your costs are paid after the fact. As a result, the insurance provider offers a variety of car insurance plans, including liability insurance, standalone damage insurance, and comprehensive coverage.

Features-

• All of your car insurance plans are designed to protect you from any legal or financial liability you may incur from a third party in the event of an accident.

• It also provides coverage for loss or damage suffered by your vehicle as a result of collisions or other accidents.

• Cholamandalam MS offers a wide range of additional covers, including zero consumption, no-claims bonus protection, consumables cover, daily cash allowance, critical replacement cover, consumables plus cover and others.

• Additionally, they provide 24-hour customer service.

• Instant disbursement of the claim amount and initiation of the claim in a simple and uncomplicated manner.

Things They Cover-

• Damage to third party property.
• Protects your car from natural and man-made disasters, including floods, hurricanes, riots, strikes, etc.
• The cashless claims settlement option is available in more than 6,900 workshops in the network.

4. National car insurance

National Insurance Company Limited is the oldest general insurance company in India. Many people choose National Car Insurance for the simple claims process and reliable assistance.

Features-

• National Insurance provides comprehensive coverage to protect your car in various cases including accidents, damages, liability coverage, etc.
• A variety of additional covers are offered such as zero depreciation cover, no claims bonus, roadside assistance cover and many more.

Things it covers-

• Special damages
• Third parties or liability
• Personal accident coverage
• Optional coverages such as personal accident coverage for passengers, legal liability for paid drivers, etc.

5. Edelweiss Car Insurance

Edelweiss car insurance aims to shield the insured vehicle and its owner from any financial difficulties resulting from unexpected incidents such as theft or a traffic accident. Depending on the needs of car owners, Edelweiss General Insurance offers insurance plans for four-wheel drive vehicles. In case of a traffic accident, they also help.

Features-

• Quick claim resolution with a client-oriented strategy.
• Priority maintenance in preferred facilities/workshops in the network.
• More than 1,268 workshops in the network provide automobile repair services under the umbrella of the insurance company.

Things They Cover-

• Third party coverage.
• Provide No Claim Bonus.
• Their policies cover theft, spontaneous ignition, man-made disasters, natural disasters, damage during transportation and terrorist attacks.

Conclusion

This was the list of best car insurance policy in India 2024. Car insurance is a policy that protects your car from possible financial loss in the event of an accident or theft.

A complete auto insurance package will cover medical costs, property damage, and liability. Vehicle owners are required to carry liability insurance at a minimum, but some choose to do so to increase their level of protection. The insurance provider agrees to cover accidental damage and theft losses in exchange for paying the premiums to purchase this coverage.

Also Read: Honda Cars India to hike prices from April 2024