6 min read
Updated on Dec 10, 2022
Insurance is a compulsory for driving a car on the Indian roads and is a must for every car owner to have one for the vehicle. In India, as many as 25 companies of general insurance are offering car insurance policies. Of course, when it comes to buying a policy, everyone wants to have the best and cheapest car insurance plan offering maximum benefits. And with a wide array of options in terms of insurance providers, it becomes difficult for car owners to pick one best policy for their car.
However, here it is important to note that a car insurance plan depends on several things. Thus it is difficult to compile a list of the insurance providers in India offering most cost-effective car insurance policies.
In this blog, we are going to discuss the factors on which an all-inclusive car insurance policy depends. Having a sound knowledge of such factors will help you in evaluating different policies and in choosing the best and the cheapest car insurance in India which could suffice your car insurance needs.
Here is a table below showing the list of top insurers offering vehicle insurance plans at low premium prices. (The vehicle insured is the latest Hyundai Grand i10). This is a petrol model registered at Kolkata and the insurance policy is comprehensive.
|Auto Insurance Company||Estimated Premium Price|
|TATA AIG General Insurance||Rs. 13,500|
|Digit General Insurance||Rs. 15,000|
|Royal Sundaram General Insurance||Rs. 17,500|
|Bharti AXA General Insurance||Rs. 20,000|
|Liberty General Insurance||Rs. 20,000|
*Actual premiums may vary
Here are the 5 key factors on which a comprehensive car insurance policy and its premium price depends:
Also Read: Car Insurance Calculator – How to Use
Choosing an insurance by looking at the car insurance price list in India might not suffice your requirement of the car policy. So, focusing only on the price is not worthy unless other factors like benefits and coverage also fit into your bill.
Moreover, it is also not required that the cheap insurance plans offering lowest rate of premium will serve as the best policy for your vehicle.
Here are some tips to find the best car insurance plans:
To avail the cheap and the most beneficial car insurance policy, it is always better to buy it online. Not only it is simple and quick, but it also allows you to have good comparison of plans, quotes, features, and benefits of different insurance policies. This way you can make sure to purchase the cheapest car insurance available offering maximum benefits.
Also Read: Best Car Insurance Companies in India 2022
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Third party insurance, which is the compulsory car insurance required to drive a car on the Indian roads by Motor vehicle law, is the cheapest or least expensive type of car insurance available in India.
Comprehensive car insurance is the most helpful and valuable type of car insurance available in India. It covers both third-party damage as well as own car damages and is termed as good for cars.
Third-party liability insurance is the most basic car insurance that you can get in India. This is the most basic as well as the most cheapest form of car insurance that you can purchase. This insurance scheme is also called liability-only insurance.
Yes, it is necessary for every car to have a car insurance to be able to drive hassle-free on the Indian roads. It is mandatory for every car to have a third-party car insurance and it is mandated by the Motor Vehicles Act, 1988. This is because having a car insurance reduces the liability of the policy holder regarding third-party damages.
Below are the 3 different types of car insurance:
Third-Party Liability Only Cover
Personal Accident Cover
Comprehensive Car Insurance
Car insurance is a contract between the policyholder and an insurer, wherein the insurer agrees to pay premiums in exchange for protection against damages caused to third party person and property as well as own car damages of your car. As per Motor Vehicles Act of 1988, a third party car insurance is mandatory in India to be able to drive a car without hassle.
Below are the coverage allowed under car insurance policy:
Covers third-party physical injuries
Covers third-party loss of life
Covers third-party damage of property
Cover against Natural Calamities
Cover against Man-made Disasters
Covers car Theft
Cover against Personal Accident
Coverage against Fire
Coverage against Accidents
Yes, insurance is necessary for cars and every car owner must have a car insurance to be able to drive his/her on the Indian roads hassle-free. It is mandatory for every car to have a third-party car insurance and it is mandated by the Motor Vehicles Act, 1988. This is because having a car insurance reduces the liability of the policy holder regarding third-party damages.
As per the Motor Vehicles Act, 1988, it is mandatory for every car owner to have a third-party car insurance policy. This is because having a car insurance reduces the liability of the policy holder regarding third-party damages.
The cost of a car insurance depends on the car insurance policy you have applied for as well as the insurance provider that you are buying the policy from. Further, it also depends on various other factors such as the condition of the car, the make and model of the car, the add-on cover you have applied for and much more. A third-party liability coverage for small cars might start from rupees 1000- 1500 and can go to any extent.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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