Best car insurance policies in India: It is a legal requirement in our country to have basic and least of all third-party car insurance. This is a rule of law as per the IRDA. When you get into an accident, the injured third party who meets in an accident with you gets the benefit.
It is not protection to you in an accident or if your car gets stolen. The other kind of policy is the comprehensive insurance policy. In comprehensive insurance, you have to pay a higher premium in return of which the insurance company will pay you in both cases mentioned above:
1) In case of an personal loss in an accident or
2) If there was a theft of your auto.
Comprehensive Insurance also covers when your car gets damaged. In comprehensive insurance, the insurance company provides for when you harm anyone or the other vehicle. Something called comprehensive insurance means which covers most of all the cases such as
3)Damage due to weather.
You also get reimbursed for labor costs spent to repair the car when you have a comprehensive car insurance. This is labor insurance.
Insurance companies have every contingency covered such as when your car cannot be driven after anaccident and if your car is not road worthy after an accident, then you can get paid to rent another car.
Comprehensive car insurance is the most core insurance coverage for cars. The comprehensive coverage includes many factors such as:
- If your windshield breaks
- An accident with an animal that damages the car.
- If vandals harm
- Natural disasters
- If the branch of a tree falls on the car, and the car catches fire
- Similar mishap.
Let us see the best car insurance policies in india.
Table of Contents
Types of Best Car Insurance Policies in India
The Comprehensive Car Insurance Policy
This car insurance policy coverage is the best among all car insurance policies in India. The comprehensive cover means wider coverage and hence, more premium. Comprehensive car insurance means total coverage to both parties that get into an accident. This basically covers –
1) Engine damage
2) Damage to car accessories
3) Doctor Expense
Third-party Insurance Policy
Third-party means lesser money in terms of premium and covers only third-party damage caused to the car. Then there is something even better than a comprehensive coverage policy such as a zero deprecation coverage policy.
Zero Depreciation Coverage Policy
What usually happens is that in case of comprehensive coverage also the company would not pay for the whole new part, and would take depreciation of the part into account. To avoid that, there are zero deprecation claims. So, no stress when calculating and settling a claim.
eople who get zero deprecation coverage want the insurance company to pay for the whole new part of the car which has been damaged, and themselves do not want to pay for the depreciation taken into account.
Therefore, these insurance takers or insurance holders pay an extra premium for their own peace of mind at the time of jeopardy. Calculation of the depreciation rate is different for different cars, and the age of the car and IRDA has made rules for the same.
Usually, only new cars get this extra benefit of zero depreciation. Plus, more or less, it is seen that people who are confident drivers go for zero depreciation. This is why the Zero depreciation coverage policy is the best car insurance policy in India.
Least Insurance You Should Have as an Ordinary Person
Third-party insurance is the least legally and then in practical life, there is the least insurance cover called a personal accident insurance policy.
This meets your hospital bills in case of an
If you have a car loan and your car gets stolen or fully damaged in an accident then you will be able to pay the car loan with the insurance amount. This is called gap insurance.
Car Insurance Policies for Classic Cars
Car Insurance policies for classic cars are available for frugal car owners, to those who own vintage cars. The name itself suggests that these car insurance policies in India are for classic, antique or vintage cars. Further, there are different things covering the difference between an antique car, a classic car, and a vintage car.
Types of Cars
If we were to go by definition, antique cars are those cars which are more than 45 years old, vintage cars are those cars which were built between 1919- 1930, and classic cars are those cars which are at least 20 years old.
This is an interesting piece of information especially for car
There is a different kind of car insurance policies in india for antique, classic cars, and vintage ones than when it comes to regular cars. This fact comes from the truth that while domestic cars devalue over time, the antique cars gain value over time.
You need to know the purpose for which your antique car would be used before you buy classic car insurance and this purpose could be anything such as car shows or car rallies or private purposes or such.
The rules are different for domestic cars and for antique, vintage and classic cars. This article would only cover domestic cars in-depth, and for antique or classic, or vintage cars, you need to contact your insurance company.
Read further for names of car insurance companies which you can contact for both classic, antique, vintage categories and for regular cars
Best car Insurance Companies
Following are the best car Insurance companies which provide car insurance policies in India for all different kinds of cars.
This company happens to be the first car insurance company worth
ICICI Lombard provide third-party insurance ( the legally required insurance ), personal accident cover, cover for theft, cover for loss of car, manmade and natural calamities cover.
The second company is HDFC ERGO. This insurance company is the best in customer service in its category and provides a cashless facility in 3400 service centers at all places. They take into account vehicle depreciation and offer a depreciation policy as we saw above.
This is the third well-known car insurance company. If you take a policy with this company, and if you do not ask for a claim for about 5 years, this company would give you a bonus for that and this encourages the driver to drive safe.
This would be the fourth such reputed car insurance company. Along with Zero deprecation cover. It also provides you options when you are in an emergency, and personal losses cover. The company gives you additional benefits when you have been insured for one year and when you have not asked for a claim.
Tata AIG is the last insurance company. This company provides a lot of benefits when you take insurance from them. They have 12 additional covers when you want to be protected from more and more exigencies.
TATA AIG always provides cashless claims and direct settlement at every garage. If you haven’t made any claims then this company will facilitate you with a bonus and that will encourage you to drive safely on road.
If you haven’t made any claims then this company will facilitate you with a bonus and that will encourage you to drive safely on road.
TATA AIG is a rich well-known car insurance company like all serious insurance providers that would give you on the road assistance when you are in a mishap, so this company can totally be sought out for insurance policies. Before we finish, there is the car insurance offences-
1) A hit and run case.
2) Driving an uninsured car.
It is compulsory in India for every car owner to buy car insurance. If you caught driving without proper car insurance you have to go through legal procedures and may pay penalties. They are as follows:
- Driving without proper car insurance may result in the cancellation of your driving license.
- suspension of your car registration.
- and as per a law penalty for driving without proper car insurance you shall be charged around Rs. 1000/- to Rs. 1500/- fine.