Insurance is like a spare tyre. You may not require it, but not having one is not an option.
Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • Top Auto Insurance Providers For Private Cars in 2017

    Motor insurance ession of a minimal car insurance policy, many new auto insurance providers have mushroomed in this domain recently. Hence the task of narrowing down on the best car insurance providers in India has become quite daunting for a new car owner.

    Auto insurance is a significant part of the general insurance market in the country, constituting 70% of total insurance sales. Since it has been mandated by law for every vehicle to be in possHere we have consolidated a list of the most reliable car insurers in the industry, based on the coverage of their policies and costs. However, an insurer who offers an attractive policy for one category of car may not be the most suitable choice for vehicles in another category. So, we have segregated the list on the basis of car types, i.e., small cars, hatchbacks, mid-size cars, high-end cars, and ultra high-end/luxury cars.

    Best insurers for small cars

    A small car that can be considered as an example here is the 5-seater Maruti 800. The vehicle has a cubic capacity of 796 cc, and its model variant is AC 4 speed with petrol as fuel. Insurance companies that provide the lowest premiums for insuring small cars are:

    Insurer Premium (approx.)
    Oriental Insurance Rs. 5442
    United India Insurance Rs. 6638
    New India Assurance Rs. 6936
    Future Generali Rs. 7533
    Universal Sompo Rs. 7968

    Here the lowest premiums of Rs. 5442 and Rs. 6638 are provided by Oriental Insurance and United India Insurance, respectively.

    Best insurers for hatchback cars

    A hatchback car that can be considered as an example here is the 5-seater Honda BRIO. The vehicle has a cubic capacity of 1198 cc, and its model variant is 1.2 E Manual Transmission with petrol as fuel. Insurance companies that provide the lowest premiums for insuring hatchback cars are:

    Insurer Premium (approx.)
    Oriental Insurance Rs. 8344
    Bharti Axa Rs. 8527
    Magma HDI Rs. 10,736
    United India Insurance Rs. 10,736
    New India Assurance Rs. 11,333

    Here the lowest premiums of Rs. 8344 and Rs. 8527 are provided by Oriental Insurance and Bharti Axa Insurance, respectively.

    Best insurers for mid-size cars

    A mid-size car that can be considered as an example here is the 5-seater Honda CITY. The vehicle has a cubic capacity of 1343 cc, and its model variant is 1.3 DX with petrol as fuel. Insurance companies that provide the lowest premiums for insuring mid-size cars are:

    Insurer Premium (approx.)
    Oriental Insurance Rs. 12,609
    Bharti Axa Rs. 13,666
    Magma HDI Rs. 14,752
    United India Insurance Rs. 16,896
    New India Assurance Rs. 17,967

    Here the lowest premiums of Rs. 12,609 and Rs. 13,666 are provided by Oriental Insurance and Bharti Axa Insurance, respectively.

    Best insurers for high-end cars

    A high-end car that can be considered as an example here is the 5-seater Skoda Superb. The vehicle has a cubic capacity of 1968 cc, and its model variant is 1.8 TSI with petrol as fuel. Insurance companies that provide the lowest premiums for insuring high-end cars are:

    Insurer Premium (approx.)
    Oriental Insurance Rs. 32,550
    Magma HDI Rs. 35,313
    United India Insurance Rs. 43,600
    New India Assurance Rs. 46,363
    Future Generali Rs. 46,363

    Here the lowest premiums of Rs. 32,550 and Rs. 35,313 are provided by Oriental Insurance and Magma HDI, respectively.

    Best insurers for ultra high-end cars

    An ultra high-end car that can be considered as an example here is the 5-seater Audi Q7. The vehicle has a cubic capacity of 2967 cc, and its model variant is 3.0 TDI with petrol as fuel. Insurance companies that provide the lowest premiums for insuring ultra high-end cars are:

    Insurer Premium (approx.)
    Universal Sompo Rs. 79,661
    Bharti Axa Rs. 86,107
    Magma HDI Rs. 91,435
    Oriental Insurance Rs. 91,435
    Future Generali Rs. 1,00,714

    Here the lowest premiums of Rs. 79,661 and Rs. 86,107 are provided by Universal Sompo and Bharti Axa Insurance, respectively.

    Top car insurers in 2017

    If the performance of insurers across all car types are evaluated, the ones with the most consistent standing are:

    1. Oriental Insurance
    2. New India Assurance
    3. Bharti Axa
    4. Future Generali
    5. Universal Sompo

    The salient features of these insurance companies are:

    • Reliability and reputation earned over years of excellent performance
    • High claim settlement ratios
    • Quick turnaround on claims
    • Provision of attractive add-on covers
    • Faster surveyor appointments
    • Faster claim payments
    • Dedicated grievance redressal forums

    In summary, if you are searching for auto insurance providers who offer low policy premiums with a host of other benefits like cashless garage options, high customer satisfaction index, and availability of special discounts, then you should consider contacting the above mentioned insurance companies. In case you pick an appropriate car insurance from them, you should remember to read through your policy documents thoroughly to understand the coverage that you have purchased.

    Read More On Car Insurance

    GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

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