Best Car Insurance In India 2024

Updated On: 2023-04-05

Author : Team Policybachat

Car Insurance is a contract between the owner of the car and the car insurance provider, to protect you from financial damages caused by certain incidents like loss or damage due to personal accident cover, theft of the car, natural disaster, fire or man-made, roadside assistance, and third-party liabilities, etc.

As a car owner, it is important for you to have the right car insurance policy. The Government of India has made it mandatory for all car owners to have a car insurance online policy. Buying a car is one thing and maintaining it is something that is completely different.

The roads are some of the most uncertain places, where negligence, ignorance, carelessness, or just bad luck can bring about a lot of consequences to you and your car. Moreover, every Loss or damage to car money is involved in every stage of the car's recovery and safety.

Coverages under Best Car Insurance Policy:

Buying car insurance online is a concern, what you see is what you get. One of the best benefits of buying car insurance online is that you can validate your own premiums with different car insurance companies.

You can explore your insurance provider's what they provide and Review Our Portal to look at how we assist our customer's needs through car insurance policy covers. Policybachat leads you to choose the best car insurance policy needs.

  • Comprehensive coverage: This Comprehensive coverage includes cover against damages to your own car or damages to a third party person/ property. And if this is not enough it can be customized with your choice of add-on covers, giving you coverage as per your requirement in a cost-effective way. while you secure your car with comprehensive car insurance online in a matter of minutes.
  • Third-party Liability Cover: This coverage only protects you against liabilities arising from damage, injury, or loss to a third party person or property. As established in the Motor Vehicles Act 1987, this is a mandatory cover approved by the government and it is a punishable offense to not have a valid third-party liabilities cover.
  • Stand Alone Own Damage cover: If your car already has third-party coverage? Well, then the stand-alone own damage cover is the perfect missing cover that helps you against financial losses arising to the car owner due to damage to the car.
  • Coverage for Popular Car Brands: Bought a newly brand car? Then this cover offers 1-year coverage against damage to your own car along with a 3 year cover against damages to a third party person/ property.
  • No Claim Bonus(NCB): No Claim Bonu can be gathered together as a discount on the premium amount over years. NCB discount ranges from 20% to 50% on the own damage premium. No Claim Bonus (NCB) can be claimed even if someone changes its vehicle, as it is transferable to the new vehicle bought by the policyholder.

Factors to be considered while selecting the Best Car Insurance in India:

Many of you might have searched for the term Best Car insurance in India. Car insurance is very much popular in India and there are almost 27 general insurance companies offering car insurance to the Indian customers. The car insurance premium charged by these insurance companies differs as per the coverage offered by these insurance companies. There are few factors which are to be considered before selecting the best car insurance from the list of available options.

1. Claim Settlement Ratio & Cashless Garages

Insurance is a service industry and the real use of insurance comes at the time of claim settlement. To select the best car insurance it is of utmost importance to find the insurance company with best claim settlement ratio. The claim settlement ratio differs for each insurance company and is calculated as the number of claims settled by the insurance company against the claims registered for a particular period of time.

Higher the claim settlement ratio, higher the chances of settling claim. One more thing to be considered in the claim settlement ratio is the turnaround time (TAT) mentioned by the insurance company for claim settlement process. Some companies take more than 30 days to settle a claim showing different reasons for the delay of claim settlement while few companies settle the claim within 7 days.

It is important to check for the list of Cashless garages available in your area of operation to enable you to go for cashless claim. If there are no cashless garages available in your place of residence then the insurance provider is to be avoided. The best car insurance in India is the one which has more number of cashless garages in your place of residence.

There are many portals online where the reviews of insurance companies are mentioned and before deciding the best car insurance you are advised to refer to the reviews against each insurance company and decide on the car insurance purchase.

2. Insured Declared Value (IDV)

Insured declared value IDV is the value of the car proposed and accepted both by the insurance company and the customer for the purpose of premium calculation. It is important that your car is adequately insured. Higher the IDV, higher would be the premium which also means high claim amount in case of total loss.

In car insurance renewal tips the insured Declared value offered by the insurance company should be higher in the market at an affordable premium . The best car insurance policy would be the one where higher IDV is provided to the customer by the insurance company. It is of utmost importance for the customer to strike a balance between the IDV and the premium to be paid.

3. Riders or Add-ons

Riders or add-ons are the extra benefit provided in the insurance policy with the payment of extra premium. The best car insurance should contain the riders or add-ons which help at the time of accidental damage and claim settlement. Riders or add-ons include extra coverage to the car such as Zero depreciation or bumper to bumper coverage, Consumables, Key protection etc.

Most of the insurance companies offer riders or add-ons only up to 5 years age of the vehicle. In some cases where the car is maintained in good condition the requirement for add-ons might be there even after the vehicles crosses 5 years of age. The best car insurance should contain extra coverage in the form of bumper to bumper insurance with the best price.

4. Premium

The premium to be paid for the best car insurance should be reasonable and competitive with the other insurance companies. Sometimes the sales agents might remove the coverage to match the premium with the competitors. Hence it is the duty of the customer to compare the premium from the insurance companies after considering the coverage provided by each insurance company.

5. After sales service

Insurance is intangible and the need for insurance comes at the time of claims and after sales. There might be endorsements or changes in the policy which might be necessitated. The response and the turnaround time taken by the insurance company for the after sales service is to be taken into consideration before deciding on the purchase. The first party car insurance is not mandatory as per the Indian motor vehicles act and is at the discretion of the customer to purchase it.

The best car insurance service provider should have good after sales service in attending the queries of the customer and taking steps to resolve the queries within reasonable time.

6. Intermediary

Insurance is a product which is sold mainly through the intermediaries such as Agents, Car showrooms, Banks, Online etc. The levels of service provided by each intermediary are different and it is important to understand the service provided by the intermediary before making a purchase.

The best car insurance in India has the best service offered by the intermediary and it is the responsibility of the customer to identify the best intermediary before making a purchase.

Benefits of Best Car Insurance in India

There are many ways to get car insurance but buying car insurance online has benefits that help customers feel free to purchase it for their needs.

Let us see what are the benefits of car insurance online:-

  1. Zero Paperwork: A car insurance policy purchased online involves Zero paperwork. To begin with, the proposal form is filled digitally and the scanned copy of any required documents is submitted to the insurer online. Moreover, the soft copy of the policy document is sent to your registered email id once the policy has been issued to you. As a result, online purchase of car insurance does not require any filling because everything is done digitally by entering the details easily.
  2. More Economical and Convenient: Buying car insurance online price is more economical than buying it offline. When a car insurance company operates online, its overall cost reduces. Car owners buy the policy online themselves which eliminates the need for an insurance agent to enroll customers. You can simply apply for car insurance any time of the day as the internet is at your needs all the time. Moreover, you can also pay the premium online using your bank cards or internet banking.
  3. Instant Policy Issuance & faster process: When you buy a car insurance policy online, your policy is issued to you almost instantly. You don't have to wait for days to receive your policy document. All you need to do is fill up a few basic details about your car and your contact details from the comforts of your home and you can get your policy in no time.
  4. Quotes Comparison: One of the best things about buying car insurance online is that you can compare different car insurance quotes online for free of cost with PolicyBachat. Compare quotes with different insurers and buy car insurance policies online.

Which is the Best Car Insurance Company in India?

Compare the quotes by different insurance companies while looking for types of car insurance online and pick the one that provides more benefits at a lower price. We provide the best insurance companies include Bajaj Allianz, IFFICO TOKIO, HDFC ERGO, Bharti AXA, and a lot more companies that provide low premiums.

Here are the car insurance premium quotes in Hyderabad for a Hyundai i20, 2017 manufactured, fuel used is petrol, 1200 cubic capacity, 5seater and registered under Telangana(Hyderabad) RTO.

The rates for the other cities in Telangana would be slightly lower than that of Hyderabad due to the other cities being classified under Zone B, while Hyderabad comes under Zone A. Below are the quotes compared with companies along with idv values with low premiums.

Insured Declared Value in Car Insurance

IDV or Insured Declared Value is nothing but the "Sum Insured" in a car policy. This is the amount you will receive as a settlement in the event of a total loss (beyond repair) of your car or if your car is stolen.

Few online insurance web aggregators, agents, or brokers might tempt you with the lowest insurance premium but when you compare car insurance renewal online you could see the IDV of your car is reduced. So, think twice before opting for the lowest insurance premium.

Companies IDV Premium
IFFCO TOKIO 3,62,185 6011
Bharti AXA 3,69,965 7084
TATA AIG 3,00,000 5834
Liberty General 3,02,586 6145
HDFC ERGO 3,55,146 6591
Digit 3,00,000 7868

*Premiums given are for illustration purposes only* Please refer to the website for the exact premium.

Best Car Insurance in India FAQs:

How to Get the Best Car Insurance Rates

Best Comprehensive car insurance prices depend on the following factors. There is no standard list of insurers who provide the lowest car insurance price in India for all types of cars. It is based on IDV of Car, Make and Model, Age of Car, Add-Ons Purchased, and Geographical Location.

Which Is the Best Car Insurance Coverage?

The best car insurance coverage includes comprehensive coverage, third party coverage, personal accident coverage, own damage, zero depreciation coverage, etc. Comprehensive car insurance is the most extensive policy type and covers third-party liabilities as well as own damage costs, loss due to theft, natural disasters etc. You will receive the IDV or the total market value in case your vehicle is stolen or damaged beyond repair.

Which Is The Best Car Insurance Policy In India?

The best car insurance policy in india protects you from third party liabilities, own damage, bodily injury, natural disaster, and man-made, etc. Compare car insurance quotes with top insurers and get affordable premiums.

For the best car insurance in India please visit and get the best car insurance quotes from the top general insurance companies in India at the best price.

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