Car Insurance Companies | Bajaj Markets

Car Insurance Companies in India

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There are several car insurance companies in India, and it can be quite difficult to pick the best car insurance company. To make your choice a little easier, here is a list of some of the best vehicle insurance companies in India:

1. Bajaj Allianz Car Insurance

With a motor insurance claim settlement ratio of 98.54% for the financial year 2023, Bajaj Allianz is one of the most trusted car insurers in the country. Here are some of the reasons why you can choose Bajaj Allianz as your desired car insurance provider:

 

  • 4,000 plus network garages across India

  • Cashless Insurance

  • 24x7 Roadside Assistance with a single call

  • 24-hour Claim Assistance through requests made via email, phone, or SMS

  • The option to transfer No-claim Bonus from your previous car insurance policy 

  • The flexibility to choose add-on covers such as Zero Depreciation, Accident Shield, Consumables Expenses, etc.

  • The option to benefit from Spot Motor Service

  • The ability to opt for a Lock and Key Replacement Cover
                                                                                                              

2. Acko Car Insurance

Another trusted name in the list of the best auto insurance companies in the country is Acko General Insurance. It has a Motor Insurance Claim Settlement Ratio of 95.50%, and offers the following benefits to its car insurance policyholders:

 

  • More than 2,000 network garages across India

  • Cashless Insurance

  • Swift and easy purchase of policy

  • Seamless car insurance claims process

  • The option to buy Zero Depreciation car insurance

  • The flexibility to select add-ons such as Return to Invoice, Passenger Add-on, and Engine Protection Add-on, to name a few

  • The availability of Roadside Assistance for adverse situations such as puncture 0f tyres

  • Doorstep facility

  • The availability of cash settlement for minor damages to your car

  • The validity of the No-claim Bonus even after the filing of two claims in a particular policy year
     

3. HDFC ERGO Car Insurance

With a motor insurance claim settlement ratio of more than 99% for the current financial year, HDFC ERGO is a car insurance company that you can trust as your prospective car insurance partner. Here are some of the salient features of the benefits offered by this car insurer to their customers:

 

  • A network of 8,200 plus network garages across the country

  • Cashless car insurance

  • 24x7 emergency car insurance assistance

  • Paperless and eco-friendly policies

  • The permissibility for unlimited car insurance claims

  • The ability to renew your car insurance policy without going through the process of a car inspection

How to Choose the Best Car Insurance Company in India?

Here are a few factors you can consider while choose the car insurance company which which best suit your requirements:

  • Compare Options Online

One of the best ways to choose the insurance company that best suits your requirements is by comparing the several insurance providers online. You can perform a comparison analysis amongst several companies as per their coverage ratio, reputation, and more, and opt for the one that best suits your needs.

  • Assess Your Car Insurance Requirements

You must assess your requirements, budget, and the type of coverage you need before purchasing your car insurance policy. Additionally, you must consider your car’s IDV or Insured Declared Value which you wish to choose. The insurance premium will be dependent on your car’s IDV.

  • Check the Insurance Company’s Authenticity

It is imperative that you make sure that your respective insurance company is registered under the Insurance Regulatory and Development Authority of India (IRDAI). Besides, you must also check for the insurance company’s reputation.

  • Speed of Claim Settlement

It is imperative that the insurance company that you opt for has a decent claim settlement turnaround time. Generally, if the turnaround time for the claim settlement of a particular company is longer, it will take more time to restore your insured car to get to a functionable condition. Hence, it is better to choose a company which has a shorter claim settlement time. 

  • Cashless Garage Network

The best car insurance corporations in India generally have a huge network of garages. Hence, it is necessary for you to choose the best suited car insurance policy. Additionally, you must make sure that you can access the insurer’s network garages in case you get into an accident.

  • Customer Reviews

It is important for you to be sure of the fact that your respective insurance company has a good and responsive customer service team. Hence, when you opt for a car insurance company, you must ensure that they have a 24*7 customer care system which is good as well as responsive. This will keep your insurance journey smooth. 

  • Claim Settlement Ratio

Before buying your car insurance plan, it is important to check for your respective car insurance provider’s incurred claim ratio and claim settlement ratio. CSR is the total claim percentage which is settled by an insurance company.

  • Car Insurance Premium

The car insurance premiums affect the overall ownership of a car. They help you find the best coverage at a reasonable price, and allow you to take advantage of the discounts.

Insurance Company Vs. Insurance Aggregators Vs. Insurance Brokers

Insurance Company

Insurance Aggregators

Insurance Brokers

Any company which markets and packages several insurance plans and sells to the consumers.

A third-party platform where the customers can perform a comparative analysis amongst the several insurance policies which are offered by several insurers functioning in the market.

People who act as a medium between the insurer and the potential insured clients.

They are not employed by anyone.

They are employed by third-parties, which are not related to any insurer. 

The individual insurers who employ the brokers. 

Their role is to offer quality insurance plans to compensate them when the insured car meets accidents or sustains damages.

They detail and list every relevant information with respect to the several insurers which are present in the market for offering the consumers a platform to compare their options.

The brokers sell the insurance plans on behalf of the insurance providers who employ them. 

All the insurance plans are settled by the insurers.

Not applicable

Not applicable

To Sum It Up

There is no dearth of options for the car insurance company that could offer you the maximum benefits in a car insurance policy at a feasible premium. However, you must have clarity on your car insurance requirements before beginning your search for your car insurer. 

Check Out Car Insurance Plans Available at Bajaj Markets

FAQs on Car Insurance Companies

Can I switch from one car insurance company to another?

Yes, you can switch from one car insurance provider to another. But this is possible only during insurance renewal.

How do insurers estimate car damages?

Insurers analyse the current value of the complete damaged portions of the car, after deducting this depreciated value from the net estimated loss.

Do car insurance corporations work on the weekends?

Motor insurance companies work 24*7.

Do I need to inform my car insurance provider if I change the CNG in my car to LPG?

Yes, you must keep your respective insurance company updated with any changes you make to your vehicle.

What will happen to my NCB if I switch my car insurance company?

Your NCB will be transferred to your new insurer if you provide the NCB certificate as provided to you from your previous insurer.

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