Unlike most other insurance policies, getting a car insurance in our country is mandatory and a legal compulsion. Under the Motor Vehicles Act, 1988, it is mandatory to have a third-party insurance, but most experts recommend that it is always beneficial to have a comprehensive car insurance policy. It will not only provide coverage against any third-party damage but will also cover any loss incurred due to natural and manmade calamities.
There are many insurance companies operating in the country and most of them offer car insurance. Before taking a car insurance policy, you must compare the policies offered by different companies to ensure you take the one, which suits your needs and requirements. Let us see some of the best insurance companies offering car insurance in the country.
Acko General Insurance
Acko General Insurance is one of the kind of insurance company which will providing insurance only online. Currently, the company is awaiting its license from the Insurance Regulatory and Development Authority (IRDA) and is being backed by investors, venture funds and various partners. The company is in the process of offering various insurance products, which will cater to the needs of individuals depending on their requirements. The company will operate only online, making it easier for customers to buy insurance.
ICICI Lombard General Insurance Co Ltd
ICICI is one of the largest general insurance companies among the private sector insurance companies in India. ICICI offers many advantages to its policyholders and ranks high in customer satisfaction. The company provides towing assistance, doorstep surveyor facility, digitally signed policy, online purchase of insurance policies and payment in EMIs and cashless settlement in a wide network of garages. ICICI offers well drafted policies with all add-ons ensuring that you get a good policy.
The Oriental Insurance Co Ltd
The company is a public-sector company and one of the best companies to buy car insurance from. This company has won several awards in the country and is undoubtedly very reliable. The company boasts of a high claim settlement ratio with valuable add-ons and faster claim settlement.
TATA AIG General Insurance Company
The company is comparatively a new entrant in the field of car insurance but due to its high service standards and good policies, has a major chunk of the market share. The company has a hassle-free claim settlement process and a wide distribution network. The company offers a warranty on repairs and a free car pickup. The company usually settles claims in 7 working days and has a wide network of garages for cashless settlement.
HDFC Ergo General Insurance Co Ltd
The company works with a customer centric approach and has a wide distribution network. The company has one of the highest claim settlement ratios in the country and it has an ISO certification for its claim processes and operations. The company offers different discounts like profession and age discount and boasts of a fast claim settlement with zero documentation. The company has a wide network of garages to give the facility of cashless claim settlement to its insured.
The company has a strong capital base along with human resources and infrastructure as it is owned by the government of the India. The Company offers a wide range of innovative products and is the only insurance company, which has received a rating by an international rating agency, A. M. Best Co. The company works on strict time lines and ensures complete customer satisfaction by providing high quality services.
There are various insurance companies in the country today and all work with the aim to offer different car insurance policies with various add-ons. You must ensure that the policy you take suits your needs and requirements and also provides a good coverage. You must also ensure that you compare policies and insurance companies to get the best customer service. Considering factors like network garages claim settlement process and the claim settlement ratio is of utmost importance as these are the main reasons why you should spend money on a car insurance policy.
