best car insurance
By Okbima 20 Dec 2023 65

Best Car Insurance Policy in India 2024

 

Selecting the best car insurance policy in India is crucial to ensure comprehensive coverage and financial protection. With several options available, it is important to consider factors such as coverage benefits, claim settlement ratio, network garages, and premium costs. The best policies offer comprehensive coverage for damages caused by accidents, theft, natural calamities, and third-party liabilities. 

 

What is Car Insurance?

Car insurance is a type of contract between an individual and an insurance company that provides financial protection in the event of a car accident or other unforeseen situations involving the insured vehicle. This insurance coverage typically includes liability coverage, which pays for damages and injuries to others if the insured is at fault in an accident, as well as coverage for the insured's vehicle, such as collision or comprehensive coverage. 

 

Benefits of the Car Insurance Policy 

Car insurance policies offer many benefits for car owners. Here are some of the key benefits of having the best car insurance policy.

• Financial Protection: The biggest benefit of a car insurance policy is the financial protection it provides. If you are involved in an accident, your insurance company will cover the costs of repairs to your vehicle, as well as any medical expenses for injuries sustained. 

• Legal Compliance: Having car insurance is a legal requirement and a valid car insurance policy ensures that you are driving legally and protects you from potential legal consequences such as fines, penalties, or even the suspension of your driver's license.

• Peace of Mind: Knowing that you are protected financially in case of an accident can provide great peace of mind. Accidents are unpredictable, and having insurance can reduce the stress and worry associated with potential car-related expenses.

• Third-Party Liability Coverage: Car insurance policies often include third-party liability coverage. This means that if you cause an accident that results in damage to someone else's property or injures other individuals, your insurance will cover their expenses.

 

List Of Best Car Insurance Policies in India 2024

The list of best car insurance policies in India includes policies from known insurance companies like ICICI Lombard, HDFC Ergo, and many more. These policies offer comprehensive coverage, including third-party liability, own damage, and personal accident cover. 

 

Plan Name

Company’s Name

Network Garages

Incurred Claim Ratio

 

HDFC Ergo Car Insurance

HDFC Ergo General Insurance

7900+

75% 

Get a Quote

Tata AIG Car Insurance

Tata AIG General Insurance

5400+

68% 

Get a Quote

IFFCO Tokio Car Insurance

IFFCO Tokio General Insurance

4300+

85% 

Get a Quote

SBI General Private Car Insurance

SBI General Insurance

16000+

74% 

Get a Quote

ICICI Lombard Car Insurance

ICICI Lombard General Insurance

10800+

68%

Get a Quote

 

Get Car Insurance Starting at Only Rs. 2,094/year

 

Top 5 Car Insurance Policies in India 2024

Finding the best car insurance policy can be a challenging task. To make things easier, here is an overview of the top 5 car insurance policies available. These policies have been chosen based on customer reviews, coverage options, affordability, and customer service. 

1. HDFC Ergo Car Insurance

HDFC ERGO Car Insurance provides policyholders with significantly enhanced coverage, extending protection to third-party damages in addition to comprehensive coverage. The policy is designed to offer flexibility and customization, allowing insured individuals to choose from a diverse range of add-ons to choose the plan according to their specific needs.

Features of the HDFC Ergo Car Insurance: 

  1. No-Claim Bonus (NCB) Discount: Policyholders who do not file any claims during the policy term become eligible for a discount ranging from 20% to 50%. 

  2. Personal Accident Cover: The insurance plan includes a substantial personal accident cover of Rs. 15 lakhs. 

  3. Emergency Assistance Cover: HDFC ERGO policy includes emergency assistance cover, offering services such as repairing or towing even during late hours and ensuring that help is available when needed the most.

  4. Cashless Repairs: With a huge network of more than 7900 network garages, HDFC ERGO provides a seamless and hassle-free experience for policyholders. 

 

2. Tata AIG Car Insurance

Tata AIG Car Insurance protects third-party damages and comprehensive coverage for own damage. The policy extends its versatility with an extensive of add-ons, including engine protection cover, zero depreciation cover, and emergency roadside assistance, allowing policyholders to choose their coverage according to individual needs.

Features of Tata AIG Car Insurance:

  1. Online Purchase Discount: Purchasing the Tata AIG Car Insurance policy online comes with the advantage of a 75% premium discount, offering a substantial financial benefit to policyholders who opt for the online mode.

  2. No Claim Bonus (NCB) Benefit: The policy incentivizes responsible driving by providing a 50% discount on the premium for each claim-free year under the No Claim Bonus benefit. 

  3. Comprehensive Coverage: Tata AIG Car Insurance goes beyond the basics, offering protection against unforeseeable events such as theft, fire, and other damages. 

  4. Customizable Add-ons: The policy provides up to 13 add-ons, allowing policyholders to choose their coverage that includes options like engine protection cover and zero depreciation cover, providing additional layers of protection.

 

3. IFFCO Tokio Car Insurance

IFFCO Tokio Car Insurance is a comprehensive protection that aims to cover all car insurance needs, providing extensive coverage to third-party insurance, personal accident coverage, damages, and an additional layer of protection through customizable add-ons.

Features of IFFCO Tokio Car Insurance:

  1. Customizable Add-ons: The IFFCO Tokio Car Insurance offers 8 customizable add-ons. 

  2. No-Claim Bonus (NCB): Policyholders who do not file a claim during the policy term can enjoy a premium discount of up to 50%. 

  3. Coverage Against Natural Disasters: IFFCO Tokio Car Insurance goes beyond standard coverage by including protection against losses incurred due to natural disasters such as landslides and floods. 

  4. Coverage for Non-Electrical Devices: IFFCO Tokio Car Insurance extends coverage to losses resulting from harm to any devices, whether electrical or not. 

 

4. SBI General Private Car Insurance

SBI General Private Car Insurance Plan is a comprehensive protection that not only provides mandatory third-party coverage but also protects policyholders against losses and damages arising from personal accidents and natural calamities.

Features of SBI General Private Car Insurance:

  1. Compulsory Third-Party Liability: The plan includes compulsory third-party liability coverage, ensuring that the policyholder is protected against any legal liabilities from damage or injury caused to third parties.

  2. Personal Accident Cover: SBI General Private Car Insurance extends personal accident cover to the individual car owner, offering coverage up to INR 15 lakh. 

  3. Flexible Cover Options: Policyholders have the flexibility to choose from various optional covers, such as No Claim Bonus (NCB), Key Replacement, and Bi-Fuel Kit, among others. 

  4. Comprehensive Coverage for Loss or Damage: The plan covers any loss or damage from unforeseen circumstances, including theft, floods, natural disasters, or transit damage.

 

5. ICICI Lombard Car Insurance

ICICI Lombard Car Insurance is a comprehensive option that goes beyond covering third-party liabilities, extending to protect against one's losses. The policy is designed to provide total protection, supplemented by special add-on coverages available for a nominal additional fee.

Features of ICICI Lombard Car Insurance:

  1. No Claim Bonus (NCB) Benefit: The policy incentivizes safe driving practices by offering a 50% premium discount under the No Claim Bonus (NCB) after five consecutive claim-free years. 

  2. Protection Against Natural Disasters: ICICI Lombard Car Insurance includes coverage against a range of natural disasters, including earthquakes, floods, and fire. 

  3. Theft and Accident Coverage: The policy provides comprehensive coverage against theft and accidents, addressing the financial implications of vehicle theft or damages resulting from accidents.

  4. Personal Accident Insurance: ICICI Lombard Car Insurance offers a substantial personal accident insurance policy with coverage up to INR 15 lakh. 

 

What is Covered in the Car Insurance Plan?

A car insurance plan typically covers various aspects related to the insured vehicle, the driver, and potential third-party liabilities. Here are some common components covered in a car insurance plan.

  1. Liability Coverage: This coverage compensates for the damages caused by the insured vehicle to property or people. It includes bodily injury liability (BI) which covers medical expenses and legal costs, and property damage liability (PD) which covers repair or replacement costs of damaged property.

  2. Collision Coverage: If the insured vehicle is involved in a collision, this coverage pays for the repair or replacement costs. This includes accidents with another vehicle, an object, or if the vehicle overturns.

  3. Comprehensive Coverage: This coverage provides compensation for damages caused by incidents other than collisions, such as theft, vandalism, fire, natural disasters, or hitting an animal. It covers repair or replacement costs, minus the deductible.

  4. Personal Injury Protection (PIP): PIP coverage pays for medical expenses, lost wages, and other related costs for the insured driver and passengers regardless of fault. It often includes coverage for funeral expenses and rehabilitation.

  5. Medical Payment Coverage: Similar to PIP, medical payment coverage pays for medical expenses incurred by the insured driver and passengers, regardless of fault. However, it typically has lower coverage limits compared to PIP.\

  6. Towing and Labor Coverage: This coverage reimburses the cost of towing the insured vehicle or covers the expenses for on-site repairs, such as battery jump-starts or help with flat tires.

 

 Find Coverage Details! Ask Our Expert!

 

What is Not Covered in the Car Insurance Plan?

Car insurance plans usually provide coverage for various types of damage and liabilities. However, there are several scenarios and categories of vehicles or incidents that are generally not covered by standard car insurance policies. 

  1. Regular wear and tear: Car insurance does not cover damage from general wear and tear or aging of the vehicle, such as mechanical breakdowns, engine failure, or worn-out parts.

  2. Personal belongings: Car insurance usually does not cover personal belongings inside the vehicle. So, if your valuables or personal items are stolen or damaged in an accident, you may need separate coverage, such as homeowner’s or renter’s insurance.

  3. Non-accident-related damage: Car insurance typically does not cover damage caused by factors like earthquakes, landslides, riots, or acts of terrorism are often excluded from standard policies.

  4. Driving under the influence: If you are driving under the influence of alcohol or drugs and cause an accident, the damages may not be covered by your car insurance policy. 

  5. Racing or illegal activities: Damages that occur while participating in racing events or any other illegal activities, including illegal street racing or criminal acts, are usually not covered by car insurance.

  6. Commercial use: If you use your vehicle for commercial purposes, such as ridesharing or food delivery, your car insurance policy may not cover any damages or liabilities that occur during those activities. 

 

 Know the Exclusions! Ask Our Expert!

 

Types Of Best Car Insurance Plans in India

Insurance companies offer three types of car insurance plans to cater to the diverse needs of car owners. These plans provide comprehensive coverage, ensuring that individuals can choose the one that aligns with their preferences and requirements.

  1. Third-Party Car Insurance: This type of insurance is mandatory for all car owners in India, as per the Indian Motor Act. It specifically protects against third-party liabilities arising from accidents involving the insured vehicle. It covers car owners from third-party bodily injuries, disabilities, deaths, and property damage caused by a third party.

  2. Standalone Own-Damage Car Insurance: This plan focuses solely on covering damages sustained by the insured car. Complementing this plan with third-party car insurance coverage is essential to understand legal requirements. It covers car owners from damages due to accidents, natural disasters, fire, explosions, theft, and riots.

  3. Comprehensive Car Insurance: A comprehensive insurance plan provides extensive coverage for both personal and third-party liabilities in the event of an unfortunate incident involving the insured car. It covers car owners from personal damages to the insured vehicle and third-party liabilities for harm caused by the insured car.

 

How to Choose the Best Car Insurance Policy in India?

Choosing the best car insurance company involves considering several factors that cater to individual preferences and requirements. Here are key considerations to keep in mind.

  1. Claim Settlement Ratio (CSR): The Claim Settlement Ratio indicates the percentage of claims successfully settled by the insurance company out of the total claims received in a fiscal year. Opt for an insurance provider that has a high CSR.

  2. Customer Care Services: Identify the accessibility and quality of customer support services offered by the insurance company. Choose a company with reliable customer care services, considering factors such as 24/7 availability and responsiveness to customer inquiries.

  3. Network Garages: Insurance companies collaborate with a network of garages to facilitate cashless insurance claims for policyholders. Identify the company's network of cashless garages to ensure convenience during claim processes.

  4. Add-Ons: Add-on covers enhance the coverage of a standard car insurance policy, providing additional protections. Prefer an insurance company that offers a diverse range of add-on covers, allowing you to customize your policy based on specific needs.

  5. Policy Premium: Compare the premium rates offered by different insurance companies for similar coverage. While cost is a factor, prioritize the overall value for money, considering coverage, services, and benefits offered by the insurance provider.

  6. Ease of Policy Purchase and Renewal: Check the simplicity and convenience of the policy purchase and renewal processes. Choose a company with user-friendly online platforms and easy processes for ease of transactions.

 

 Do You Have Any Query? Ask Our Expert!

 

 Why Buy the Car Insurance Policy From Okbima?

There are several reasons why it is beneficial to buy the best car insurance policy from Okbima. Here are a few mentioned reasons.

  1. Comprehensive Coverage Options: Okbima offers a range of comprehensive coverage options to suit the unique needs of car owners. Whether you're looking for basic coverage or more extensive protection, Okbima has different plans to choose from. 

  2. Competitive Premium Rates: Okbima is known for offering car insurance policies at competitive premium rates. With Okbima, you can get comprehensive coverage without any financial burdens. 

  3. Excellent Customer Service: Okbima provides excellent customer service to its policyholders. The team of experts is available to assist you with any queries or concerns regarding your car insurance.

 

Documents Required to Buy the Car Insurance Policy

When purchasing a car insurance policy, it is essential to provide certain documents to begin the process. Here is a comprehensive list of the required documents for car insurance.

• Proof of Identity (Choose one): Passport, Driving license, Aadhar card, PAN card, and Any government-issued photo ID.

• Proof of Address (Choose one): Passport, Driving license, Bank or post office passbook, and Any government-issued address proof.

• Recent passport-size photograph: A clear and recent photograph is necessary for identification purposes.

• Driving License: A valid driving license is required for obtaining car insurance.

• Vehicle Registration Certificate: The registration certificate of the vehicle (commonly known as RC) is crucial. It provides details about the vehicle, including its make, model, and registration number.

 

Conclusion on Best car insurance policy

In conclusion, finding the best car insurance policy is essential for protecting oneself from unforeseen events on the road. With the wide range of options available in the market, it is crucial to consider various factors such as coverage, cost, customer service, and reputation of the insurance company. By researching and comparing policies, individuals can find a policy that suits their specific needs and budget. It is also important to regularly review and update the policy to ensure coverage and take advantage of any available discounts. 

You May Also Be Interested to Know

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Zero Depreciation Car Insurance

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Affordable Car Policy Prices in India

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Best Car Insurance Companies in India

4.

Comprehensive Insurance Vs. Third-Party Insurance

 

 FAQs

 

Which is the best car insurance for a new car?

Buy comprehensive coverage from reputable providers, considering factors like coverage limits, deductibles, and customer reviews. Some of the best car insurers are HDFC Ergo Car Insurance, Tata AIG Car Insurance, IFFCO Tokio Car Insurance, SBI General Private Car Insurance, and ICICI Lombard Car Insurance.

 

Where to find the best car insurance?

Compare policies from well-established insurers online or contact okbima. Consider coverage, customer reviews, and affordability. Websites, agents, and online platforms can assist in finding the best options.

 

Which best car insurance for young drivers?

Seek insurers offering discounts for safe driving records and consider telematics policies. Compare quotes, coverage options, and customer feedback to find the most suitable and affordable car insurance for young drivers.

 

How do you get the best car insurance?

Identify your coverage needs, compare quotes from multiple insurers, and consider customer reviews. Customize your policy, inquire about discounts, and choose a reliable insurer for the best car insurance.

 

How much should I spend on car insurance?

Determine your coverage needs, assess your budget, and compare quotes from different insurers. Balance affordability with comprehensive coverage to find the optimal amount to spend on car insurance.

 

Does Tata AIG Car Insurance policy offer direct settlement benefits?

Yes. Direct settlement benefits are available when your vehicle is repaired at a certified garage, workshop, or dealer station if you have an AIG TATA policy.

 

When should I renew my car insurance policy from SBI?

Your SBI Car Insurance should be renewed before the expiry date of your car insurance coverage. You also have 90 days after the expiry date to renew the policy. If you do not renew the policy after 90 days, you will lose the NCB benefit.

 

What services can I expect if I choose Roadside Assistance Cover under ICICI Lombard Car Insurance policy?

When you select ICICI Lombards roadside assistance protection service, you will have access to a wide range of services, including towage, battery jump-start, emergency fuel supply, flat tire replacement, rental vehicle, key arrangements, accommodation arrangements, and phone assistance in the event of a breakdown.

 

How many claims can I make in a year with my car insurance policy?

In many cases, there is no limit to how many claims you can file in a single policy year. If you want to know whether your coverage has limits, read the policy's terms and conditions carefully.

 

What documents do you need to buy a car insurance policy?

If you want to purchase car insurance in India, the following documents are required Identity proof, Proof of nationality, Address proof, Passport size photos, and Income proof.

 

How is the third-party premium calculated for car insurance?

The third-party premium is determined every fiscal year by the Insurance Regulatory and Development Authority of India (IRDAI). The third-party premium depends on the cubic capacity (CC) of the vehicle. 

 

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