Are you looking for cheap car insurance in India? If so read on … because we have found something very interesting. In fact shocking!!! People from India overpay on car insurance many times.
After receiving many questions from people from India asking us where to find the cheapest car insurance in India, Elite Personal Finance conducted a study. We carefully checked all big insurance companies in India and found that there are many people who get scammed.
We analyzed about 100 insurance providers in India. We found that about 90% of the people overpay. This is because they don’t buy their insurance from the right place and because they don’t know how to lower the price.
Best Car Insurance Companies In India 2019
1) ICICI Lombard GIC Ltd.
ICICI Lombard is one of the largest property and casualty insurance companies in India. ICICI Lombard is an original idea of ICICI Bank and plays an important role in the insurance market, especially in car insurance.
The company sold more than 17 million policies and processed more than 2 million claims at the end of last fiscal year.
They offer insurance products tailored to the needs of urban and rural clients. They offer insurance solutions for personal, project-related and entrepreneurial tasks. The ICICI Lombard car insurance covers the following areas:
- Loss or damage to your vehicle due to natural disasters.
- Loss or damage to your vehicle due to artificial setbacks.
- Liability to third parties
- Personal injury accident.
ICICI Lombard also has a smooth application process.
Claims settlement rate: 90%
and comes first on our list of the top 10 auto insurance companies in India in 2019.
2) HDFC ERGO
HDFC ERGO General Insurance is one of the leading auto insurance companies in India. With this important car insurance, you can take advantage of the following benefits.
- 24/7 support availability for claims
- Fast approval and immediate publication of the directive. Transparent application process.
- Highly appreciated for its solvency.
Claims settlement rate: 85%
and ranks second in our list of the top 10 auto insurance companies in India
3) TATA AIG GIC Ltd.
TATA AIG GIC LTD. It is a joint venture between the American International Group (AIG) and the Tata Group. Founded in 2001, the company offers a wide range of property and casualty insurance products tailored to the needs of individuals and businesses in India.
Insurance products include shipping, personal injury, extended warranty, civil liability, agricultural insurance, travel, etc.
The company employs more than 2,500 people and 9,400 agents for the public. The company provides insurance services at 98 locations with 152 offices in India.
- Warranty on repairs
- Right to liquidation in 7 days.
- Free support
- Cashless processing in network garages.
- Unique accessory
- and ranked third on our list of the top 10 auto insurance companies in India
Customers can freely choose the above policies for their insurance needs.
Claims settlement rate: 87%
4) New India Assurance
New India Assurance is the best government insurance company. This prestigious public sector company operates in 28 countries around the world and is rated impressively by an international agency. You can benefit from the following benefits if you rely on this insurance company to obtain recognition;
- Claims settlement within 3 days
- Availability of a free tow bar up to Rs. 1500
- Appointment of the Surveyor within 48 hours of intimidation.
- The claim will be resolved 3 days after receiving the receipt.
Claim settlement ratio: 93%
5) United India Insurance Company Ltd
United India Insurance was founded in India in February 1938. The company has a strong position in India and has more than 1,300 offices in the country offering quality assurance solutions.
They have a large workforce of 18,300 employees. They are one of the most reliable insurance companies with a customer base of 1 million insured in India. They also have micro-offices in more than 200 Tier II and III cities, which also serve the rural population. Your car insurance has the following main features:
The proposed car insurance covers two types
- fixed-price and liability insurance.
- Simple and uncomplicated documentation process.
- There are a number of discounts and unclaimed bonuses.
Claim settlement ratio : 80%
Tips to Get Cheap Car Insurance in India
Don’t Rely on One Company.
Some companies spend a lot of money on commercials to convince you they offer the lowest car insurance rates. But no single insurer is the low-price leader for everyone. The insurance company that’s cheapest for one person in one place might be the most expensive option for a driver in a different state.
The only way to ensure you’re getting the lowest rate possible is to shop around.
Don’t ignore local and regional insurers
There are many local companies that will give you better price.
Ask about discounts
Insurers provide a variety of discounts, which can mean lower insurance rates for customers who:
- Bundle car insurance with other policies, such as homeowners insurance.
- Insure multiple cars with one policy.
- Have a clean driving record.
- Pay their entire annual or six-month premium at once.
- Agree to receive documents online.
- Own a car with certain anti-theft or safety features.
- Are members of particular professional organizations or affiliate groups.
Don’t be swayed, however, by a long list of possible discounts. Compare rates from multiple insurers.
Pay your bills on time
Your credit score is a significant factor in the car insurance quotes you receive
Check insurance costs when buying a car
You probably already pay attention to factors such as fuel efficiency and repair costs when picking a car to buy, but you should also consider insurance premiums. A ElitePersonalFinance analysis of the cheapest cars to insure among top-selling vehicles found the lowest insurance rates are for the Subaru Outback, the Jeep Wrangler and the Honda CR-V.
Skip comprehensive and collision coverage for an older car
Collision coverage pays to repair the damage to your vehicle from another car or an object such as a fence. Comprehensive coverage pays to repair vehicle damage from weather, animal crashes, floods, fire and vandalism. It also covers car theft. But the maximum payout under either policy is limited by the value of the car if it’s totaled or stolen. If your car is older and has a low market value, it may not make sense to shell out for these types of coverage.
Raise your deductible
If you buy comprehensive and collision coverage, you can save money by opting for higher deductibles. (There is no deductible on liability insurance, which pays for the damage you cause others in an accident.)
Consider usage-based or pay-per-mile insurance
If you’re a safe driver who doesn’t log many miles, consider a usage-based insurance program such as Allstate’s Drivewise, Progressive’s Snapshot or State Farm’s Drive Safe & Save. By signing up for these programs, you let your insurer track your driving in exchange for possible discounts based on how much you drive, when you drive and how well you drive.