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5 best car insurance plans to choose from

  • Highlights

  • Car insurance provides financial assistance in case of an accident

  • High ICR companies have greater financial strength

  • The compulsory third party insurance covers damage caused to a third party

  • Top 5 car insurance plans in India

Motor accidents can cause severe damage to the car, human body, and property. As per the government report 'Road Accidents in India', there are 55 road accidents, and 17 consequential deaths every hour in 2016. Several general insurance companies are offering motor insurance in order to cover damage to car, self/driver, and third party. In India, third party insurance is mandatory.

Comprehensive plans cover both own damage and third-party liability. While choosing a car insurance plan you can check whether the policy covers the following:

-Damage to vehicle
-Medical costs for treatment of injuries of the car occupants including the one behind the wheel
-Legal repercussions and compensation if a third person and its property is damaged
-Financial coverage if there is loss of life of the insured, co-passengers, and others

While choosing the top five motor insurance plans, the solvency ratio, and incurred claim ratio from the IRDAI Annual Report 2016-2017 has been considered.

Insurer Incurred Claim Ratio - Motor 2016-2017 Solvency Ratio as on March 2017
Shriram General Insurance Co. Ltd. 103.18% 1.94
SBI General Insurance Co. Ltd. 102.07% 2.19
Reliance General Insurance Co. Ltd. 91.39% 1.68
The Oriental Insurance Co. Ltd. 126.66% 1.11
Bajaj Allianz General Insurance Co. Ltd. 69.19% 2.61

1. Shriram Motor Insurance

- Loss or damage to your vehicle from manmade & natural calamities
- Unlimited third-party coverage for accidental death or injuries caused by your vehicle
-Third Party property damage up to Rs.100,000/- in case of 2cWheelers and Rs.750,000/- in case of Private Cars/Commercial Vehicle
-Add-on cover for electrical & electronic accessories, bi-fuel system
-Personal Accident cover from Rs.10,000/- to a maximum of Rs.2,00,000/- (in multiples of Rs.10,000/-)
-Cashless repair, multi car rebate,
-Cover for unnamed passenger, personal belongings, zero depreciation and lots more

2. SBI Motor Insurance

- Offers comprehensive as well as third party insurance
-Personal accident cover of Rs.2 lakhs for individual owners
-Add-on coverage includes bi-fuel kit, key replacement, personal belongings loss, depreciation,
-Road side assistance
-Fast and fair cashless claim settlement by SBI car insurance

Additional Read: Savings Plans – a Way To Get Ready For The Future

3. Reliance Car Insurance

-Offers both comprehensive and third-party insurance coverage
-Free Road side assistance
-Network of 3800+ garages
-Discounts upto 55% are available on premium
-Reliance Car insurance can be renewed online

4. Oriental Motor Insurance

-Accidental Loss of or damage to the Vehicle
-Third Party Liability
-Personal Accident cover to owner-driver
-Add-on covers for Electrical & electronic items, CNG/LPG fuel, depreciation, loss of personal effects
-Free emergency service
-Oriental motor insurance can be bought and renewed online.

5. Bajaj Allianz Car Insurance

-Provides comprehensive and third-party liability coverage
-Personal accident coverage of Rs.2 lakh for the owner-driver
-Optional personal accident covers for Passenger/ Paid Driver/ driver/ are also available
-24x7 Roadside Assistance and towing facility
-Cashless claim settlement at over 4000 preferred garages across the country
-Zero Depreciation Cover can be availed as an add-on cover
-You can get a vehicle tracking and monitoring device under DriveSmart Service
-Buy and renew Bajaj Allianz Car Insurance online instantly

You can avail these top 5 motor insurance and other financial products through Bajaj Finserv.

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