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5 Best Car Insurance Policies in India

  • Highlights

  • Car insurance covers damage to your vehicle

  • It also covers bodily injury due to an accident

  • It covers you against third-party liabilities too

  • Know the 5 best car insurance policies in India

Car insurance gives you financial aid in situations when your vehicle sustains physical or mechanical damage. It also covers you against bodily harm due to a vehicular accident, and covers you against liability from damages to third parties as well.

Below is a brief list of the best car insurance policies available in India selected on the basis of Incurred Claim Ratio (ICR) provided by IRDAI for the period of 2016-17.

1. Oriental Insurance:

This general insurance provider has an Incurred Claim Ratio of 112.11%. ICR. It is calculated as the net claim settled by an insurer to the net premiums collected in any given year.

Their car insurance package covers damages or loss arising out of burglary, theft, fire, explosion, auto ignition, lightning, earthquake, flood, storm, landslide, terrorism, riots, strikes and other malicious acts. Oriental insurance also covers losses and damage caused to cars while in transit by road, rail, inland waterways, air or lift.

2. Shriram General Insurance:

The car insurance policy provided by Shriram covers loss or damage to your vehicle arising out of natural and man-made calamities. The policy also covers third party liabilities. Additional covers like emergency transport and hotel expenses, return to invoice, personal belongings cover, nil deprecation, 100% reimbursement of car value in case of total loss of new vehicles is also available. Shriram has an ICR of 102.57%.

3. Bajaj Allianz:

The car insurance policy from Bajaj Allianz provides cover against natural and man-made calamities along with third-party insurance and a two-lakh personal accident cover. Additional covers like 24x7 spot assistance, lock and key replacement, accident shield, consumable expense, conveyance benefit and personal baggage, are available. Features like cashless settlement at over 4000 garages and instant claims assistance have helped Bajaj achieve an ICR of 70.41%.

4. IFFCO-Tokyo:

IFFCO Tokyo was awarded an ICR of 81.96%. Their car insurance policy provides cover against natural and man-made disasters. Along with 24x7 On-road side assistance coverage, coverage for CNG/LPG fuel kit and loss or damage to accessories. The vehicles are insured for a fixed sum known as Insured’s Declared Value (IDV). This is calculated based on the manufacturer’s listed selling price, including installed car accessories and deducting the depreciation value.

5. ICICI Lombard:

ICICI Lombard car insurance includes features like roadside assistance, a cashless network of 3500+ garages, instant online policy, zero depreciation cover, daily garage expense cover. Over and above the standard coverage against natural and man-made calamities they also provide accidental hospitalization cover and complete transfer of the no claims bonus.

Remember the above is not a comprehensive list. Compare the features, inclusions, and exclusions of each car insurance plan before buying one for your vehicle.

Secure yourself today with insurance from Bajaj Finserv

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4 Features of Motor Insurance from Bajaj Allianz


4 Features of Motor Insurance from Bajaj Allianz