Cheap Car Insurance Plans in India

4 min read

When Mani decided to buy a new insurance plan for his car, he wasn’t aware of the options available in the market. On the suggestion of his colleagues he browsed online and came to know that some companies were offering car insurance plans at very competitive price. So, he compared the plans and bought an insurance plan from amongst them which gave him the best benefits and he also ended up saving some money.

Buying a new car insurance plan involves evaluating various parameters. Not only that, it provides methods to ensure maximum protection from potential risks that will help reduce stress and anxiety. Although purchasing cheap car insurance lowers the expenses, it is wise to consult with insurance experts to know the pitfalls.

Also Read: What Does a Car Insurance Cover?

List of some companies which offer cheap car insurance plans 

1. HDFC Ergo car insurance 

HDFC Ergo offers a wide range of cheap car insurance plans for customers with different coverage needs. The company provides annual, long-term, and bundled insurance plans for car owners which cater to their needs and budget. It offers overnight car repair services for customers in 13 main cities of India. Moreover, HDFC Ergo has a network of more than 6800 garages in various parts of India.

2. ICICI Lombard car insurance 

ICICI Lombard is one of the reputed insurance companies in India allowing customers to pick a plan depending on their needs. Some of the features covered by the plans include a cashless garage network, zero depreciation, personal accidental cover, no claim bonus, third-party insurance, towing facility, etc. Anyone who is looking for the cheapest car insurance in India can select the company for meeting the exact needs. Not only that, the company provides roadside assistance coverage in car insurance plans.

3. Royal Sundaram car shield plan 

Royal Sundaram car shield plan is ideal for those who want to buy a policy at cheaper price. It offers exclusive discounts for car owners thereby showing methods to save more money. The company provides low car insurance policies for customers and they can reduce their expenses while buying them. Apart from that, it has tie-ups with 4600+ garages across India enabling car owners to get easy cashless claim settlements.

4. Bharti AXA car insurance 

Bharti AXA is the cheapest car insurance company in India that offers car insurance plans at lower prices. Some of the features covered by the plans include 24/7 claim assistance, add-ons, quick settlements, hassle-free renewal, third-party liability, and discounts. The company allows car owners to repair their vehicles in any of the 3000+ listed garages in India. Zero depreciation, hydrostatic cover, no claim bonus, roadside assistance, co-passenger cover, engine cover, and gearbox cover are some features available under add-ons.

5. Reliance car insurance 

Reliance is a leading insurance company in India that offers a wide range of car insurance plans at best prices. The company provides ways to find cheap auto insurance plans that will help save more money. Some of the features covered by them include third-party coverage, no-claim bonus, incurred claim ratio, personal accident cover, network garages, and so on. Reliance car insurance provides huge discounts after installing anti-theft devices in vehicles and upon usage at a specific location. It provides comprehensive coverage and third-party cover for customers to safeguard their interests.

6. IFFCO Tokio car insurance 

IFFIC Tokio is one of the reputed insurance companies in India which offers a variety of plans for customers at cheaper rates. The company provides different types of car insurance at affordable rates. It allows customers to buy cheap car insurance online enabling customers to save more money. Moreover, the company has a network of more than 4300+ garages in India for cashless claims.

7. United India car insurance 

United India is a public limited company that provides a wide range of car insurance policies at low prices. It offers package policy and liability only policy in the markets allowing people to choose the right one according to needs. The company makes feasible methods to find low price car insurance plans based on the choices. Furthermore, it gives ways to select a plan at affordable rates. Some of the features offered by the plans include quick settlement, third-party coverage, NCB, etc.

What are the factors that determine car insurance prices?

While buying a car insurance plan, one should keep certain things in mind that will help make the right decision.

  • Driving records: An insurer will cross-check the driving records of customers when they want to purchase a new insurance policy. If anyone has been involved in multiple accidents, then the insurance rates will be high. Not only that, frequent registration of claims will also influence the prices. A person should try and maintain his/her driving records to get reduced premium prices.
  • Type of car and its features: The car type and its features will determine the premiums of car insurance plans. Those who have luxurious cars have to pay more premiums because the costs of repairs are expensive. It is important to install safety devices in car vehicles that will reduce the premium rates to a large extent.
  • Deductibles: Deductibles may impact car insurance premium costs and one should enter the deductible percentage while using a calculator. It will automatically reduce the premium prices of insurance plans effectively.
  • Car age and coverage: Car age and coverage are other factors that will determine the premium rates of car insurance plans. Car owners who want to minimize their out-of-pocket expenses can buy a comprehensive plan which reduces expenses.

Also Read: Know Everything about Bumper to Bumper Car Insurance Policy

The bottom line 

Buying a new car insurance policy is not an easy one because it should meet certain parameters. Car owners who want to buy cheap auto insurance can compare quotes online to get the best deal. PayBima’s team assists customers in purchasing an effective insurance plan that caters to their needs, gets them high protection from potential risks caused by third-party liability and more.

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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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