The New Year has dawned and with it, the torrent of resolutions and life altering plans are in full flow. Like most Indians, if you aspire to purchase your dream car in 2016, knowledge of the various motor insurance companies in India comes second only to the know-how of all the latest car models plying the Indian roads. Herein, find a comprehensive listing of the Top-5 car insurance companies that are bound to be an influential presence in 2016, and richly deserving of your attention.
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The National Insurance Company Limited (NICL) is a Central Government owned insurance company that is based in India. The company has been rated as the best provider for motor and health insurance in India. The Motor Insurance policy from NIC comes with a number of attractive features like protection against theft, damage, or against any damage incurred due to the involvement of your vehicle in an accident. The car insurance policy also covers third party liability. In these cases, any damage or loss caused to property, injury or death of another person, the policy covers any such loss.
There are certain exclusions to the car insurance policy. Some of these exclusions are any loss, wear and tear that occurs due to prolonged usage as well as any mechanical or electrical breakdowns, damage to the tyres of the automobile, any damage or accidents that happen when the driver is under the influence of a substance or alcohol and any cost that is incurred for labour and automobile parts during regular services.
As India’s oldest insurers, National Insurance Company has been providing its customers with tailor-made products that fit the needs of the people. People who want to enjoy a simple, robust, all-inclusive and scalable insurance policy can opt for one that’s provided by the National Insurance Company.
This state owned general insurance company is a pioneer of car insurance in India . Amongst the various motor insurance companies of India, National Insurance Company enjoys a wide reaching appeal and an enviable track record in terms of products offered and customer support rendered. The company boasts of over 1000 offices and 16,000+ employees and agents across India and Nepal. In 2013-14, National car Insurance was ranked second amongst the various motor insurance companies in India, with the overall organization’s gross premium count exceeding 10,000 crore.
- Third property damage upto 7.5 Lakhs
- Incurred Claim Ratio of 69.35%of
- Wide range of mishaps and possibilities covered
- Wide network of branchestio
With the tag of being one of India’s largest private sector general insurance company, ICICI Lombard GIC Ltd is known for its tech savvy approach, robust customer support and quick turnarounds on the immensely customer centric application procedures. When considering car insurance in 2016, keep in mind ICICI’s track record- 11.22 million policies issued, 6.44 million claims settled and
Rs.71.34 billion in Gross Written Premium (GWP) through the fiscal year 2013-14.
- Immediate issue of e-policy online
- 3300+ network garages across India
- Wide range of add-on covers
- Much applauded customer support
- Simple claim process
Another heavyweight state owned general insurance company, United India Insurance Company Ltd. commands over seven decades of experience in non-life insurance business with a dominant stake in the sphere of motor insurance in India. As of the financial year 2013-14, United India was valued at a net worth of Rs.5407 crores with gross premium collections hitting Rs.9709 crores, marking the company as one of the leading general insurers in the Asian continent.
- Renew policy via easy mobile app.
- Offered in two forms- package policy & liability only policy
- Attractive discounts offered when user complies with certain requirements
- Nation wide reach
One of the premier private sector players, HDFC ERGO General Insurance offers insurance solutions pertaining to motor, health, travel, home and personal accident. Founded in 2002, the company might be a relative newcomer into this competitive sphere but has already established itself a solid reputation and fan following. The motor insurance package from HDFC ERGO combines simplicity with customer comfort, foresight with expert support, to emerge as one of the leading options with regards to auto insurance in India. Currently, the firm operates 109 branch offices in 89 cities with an expert staff of 1,900+ employees and advisors. The influential rating company ICRA Limited, rates HDFC ERGO General Insurance a commendable ‘iAAA’ on its rating scale.
- Third Party Damage Upto 7.5 Lakhs
- 1600+ Network Garages
- 92% of Incurred Claim Ratio
- Discounts based on age and profession
- Wide range of add-on covers
The Oriental Insurance Company is a fully government owned concern that enjoys massive favour from the Indian public that views Oriental as a solid performer in light of its credible history and status as a state owned entity. When deciding upon a suitable car insurance in 2016, pay attention to Oriental’s current infrastructure of over 1800 offices and 14,000+ employees across India, Nepal, Kuwait and Dubai as well as its suggestive tagline of “Service to Clients”. The private car insurance package offered by Oriental Insurance is highly praised for its simplicity, coverage across many parameters and expert customer support initiative.
In Conclusion, the year ahead looks ripe with promises as far as your professional and personal life is concerned. And when talk shifts to your brand new car, any of the above Top-5 contenders will bring in the expected protection for your dream set of wheels and complete peace of mind for you.
- Excellent claim settlement record
- The aura and safety associated with being a public sector company
- 1800+ active branches across India
- Buy/renew policy online
- Robust customer support and agent network
The content / information on this page is based out of customer reviews posted on this website and makes no representation regarding accuracy of the same or that such content / information will be error-free.
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GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017