Best Car Insurance Brokers-Companies in India 2022

5 min read

Top Car Insurance Companies In India

Car Insurance Company Cashless Garages Incurred Claim Ratio 2020-21 Provide PA Coverage Provide Third-Party Insurance Provide Comprehensive Coverage
Bajaj Allianz Car Insurance 1024 68.06% Yes Yes Yes
Bharti AXA Car Insurance 3742 64.27% Yes Yes Yes
Chola MS Car Insurance 4636 74.30% Yes Yes Yes
Digit Car Insurance 5800 74.91% Yes Yes Yes

When you think of the best car or auto insurance broker companies in India the first name that comes to mind is that of Bajaj Allianz. It has 1024 cashless garages all across the country. In 2020-21 it had an incurred claim ratio of 68.06%. It offers a PA (per annum) cover of 15 lakh rupees along with third-party and comprehensive coverage. The next name on this list would be that of Bharti AXA, which has 3742 garages across India where you can access cashless products and services. In 2020-21 it had an incurred claim ratio of 64.27%. It offers the same PA coverage as Bajaj Allianz and offers comprehensive and third-party coverage as well.

Chola MS is also said to be a provider of the best car insurance in India. It has 4636 cashless garages in its network. In 2020-21 it had an incurred claim ratio of 74.30%. Chola MS too offers the same PA coverage along with comprehensive and third-party coverage. The next name on this list would be that of Digit Car Insurance. It does not have any cashless garage where you can get the necessary products and services for free. However, it does have a high incurred claims ratio of 74.91%. It offers the same PA coverage as the others we have mentioned so far along with comprehensive and third-party coverage.

Also Read: Car Insurance Calculator

Some important points that you need to consider when you are selecting the best car insurance plan 

Even if you are buying the policy from the top auto or car insurance broker company in India there are a few things that you need to remember so that the car insurance policy you purchase meets your needs:

  • always compare the important features of the various policies that you are buying
  • review the riders and add-ons
  • engine coverage
  • third-party liability
  • roadside assistance coverage
  • zero depreciation coverage
  • personal accident coverage
  • look at reviews of the car insurance companies
  • try to make your car insurance coverage flexible
  • compare premiums of these policies online

Compare the coverage facilities that you are getting from the various policies that you can choose from and see if all of them are providing similar coverage. Experts also ask people to check out the riders in these cases so that they can get the best coverage. Keeping these factors in mind would make sure that you choose the best option from among all the auto insurance companies that are sending you quotes.

Factors that affect the premium of your car insurance plan

You can be sure that the best car insurance companies would offer you the best rates in these cases. Still, you should know the factors that influence the payment that you are asked to make in this context:

  • risks connected to your car
  • risks connected to the location
  • risks related to you, the driver of the car
  • negotiation
  • NCB (no claim bonus)
  • CSR (claim settlement ratio)

When it comes to the risk of your car from the point of view of the insurers the most important factors are its model, type of fuel, and cubic capacity, to name a few.

Even if you buy your policy from the best general insurance company in India it would always look at the location while deciding the premium rates that it would charge from you. Usually, the premiums are higher in the urban areas where the population density is greater than the rural areas. When it comes to risks that are related to you in this context the most important factors are your age and profession. You must know how to negotiate with the insurer so that you can get good rates.

Factors to remember while buying car insurance 

If you are serious about buying the best car insurance following are the factors that you need to keep in mind:

  • the needs that you have of such a policy
  • the authenticity of the insurer
  • the financial position of the insurer
  • CSR
  • speed of claim settlement
  • network of cashless garages
  • quality of customer service
  • online comparison
  • reviews from customers

So, as you can see for yourself, choosing the best auto insurance policy is not a matter of a joke – it is a huge task. This is why you need to be so aware of the sort of protection that you require in these cases.

What are the different kinds of car insurance policies in India? 

When it comes to the types of car insurance policies that you can avail of in India, the most prominent options are comprehensive car insurance and third-party liability car insurance. Apart from that, you have standalone own-damage car insurance plans that are perhaps not available in other countries. You need to choose the best car insurance in India from among these depending on which one suits you the best.

How do these policies differ from each other?

These policies differ from each other in terms of the coverage that they offer apart from the fact that rules and regulations of car insurance in India make third-party policies mandatory. The third-party policies cover the following expenses:

  • third-party property damages
  • third-party vehicle damages
  • bodily injury, death, and disability of the third party
  • personal accident coverage – this is optional

The standalone own-damage car insurance plans cover the following, especially when you get them from the best car insurance company in India:

  • damages and losses suffered by your car in the accident
  • theft of insured car
  • damages or losses suffered by the car in a natural calamity
  • damages or losses suffered by the car in a fire
  • damages or losses suffered by the car in a manmade calamity
  • personal accident coverage – this is optional
  • zero depreciation coverage – this is optional
  • add-on coverage

Conclusion 

Please remember that the car insurance companies of India are all great in their unique ways. All these companies offer features and facilities in their policies that make it hard to zero down on one. However, with the help of our experts, you can compare and analyze the quotes before you make any decision.

Also Read: Total Loss in Car Insurance Explained

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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