Top 5 Best car insurance companies review 2021

5/5

Top 5 Best car insurance companies review 2021

We all are aware of the fact that in India if we drive a car without a vehicle insurance plan, we may have to pay a fine for it

Car insurance is beneficial and offers to require features that help in times of need.

Top 5 Best car insurance companies review 2021
  • It will also provide necessary cover against all financial liability that results in injury or death or damage to property of a third party.

Table of content

  1. Type of car insurance
  2. Best car insurance company Review 2021
  3. Benefits of car insurance
  4. 5 Things to consider before buying
  5. Documents required to buy car insurance
  6. FAQ/Frequently asked Questions

1- Type of Car insurance

There are 4 types of car insurance policies for it.

Top 5 Best car insurance companies review 2021

1.1- Third-party insurance

It is legally mandatory to have third-party insurance with the car.

If your vehicle causes damage to the property of any person or someone else, then its compensation is also given.

  • The legal liabilities arising out of such an event are settled through this policy.
  • In case of bodily harm or death to any person from your vehicle, you get compensation from this insurance plan.
  • As per the rules of IRDA, it is mandatory to take 3 years of third-party cover for buying a car and 5 years for buying a two-wheeler.

1.2- Own damage insurance

The policy only to compensate for the damage caused to the vehicle is called the Own Damage Policy.

In this, the insurance company gives compensation to compensate for the damage caused to the car. 

According to IRDAI, damages are covered under the own damage section in the following situations.

  • fire, explosion, self-ignition, lightning
  • earthquake
  • flood, storm, cyclone, tornado, thunderstorm, deluge, hailstorm, snowfall
  • While traveling by rail/road, inland waterways, lift, elevator or air
  • landslides
  • Burglary / Robbery / Theft
  • riot and strike
  • accident due to external factors
  • malicious act
  • terrorist act

1.3- Comprehensive policy or package policy
When you take Third Party Insurance and Own Damage Policy together, it is called Comprehensive Policy.

This policy also covers damage to other people and vehicles and your vehicle.

IRDA has done away with the requirement of taking this long-term package policy.

1.4- Personal Accident Insurance

Personal accident insurance comes in handy for physical damage caused to the driver in a car accident.

  • This cover is also mandatory like third-party insurance. 
  • Apart from the driver and the other person sitting in the front seat, other passengers can also conclude.
  • If the car owner dies in an accident or the event of permanent disability, he/the family gets compensation.

Note- IRDAI has separated personal accident cover from a motor insurance policy with effect from January 1, 2019.

(It means the owner can take both the Motor Insurance Policy + Personal Accident Cover while buying the car.)

If the customer wants, they can increase the benefits by adding some additional cover in motor insurance. like…

  • accessories cover
  • engine protection
  • No Claim Bonus Protection
  • zero depreciation
  • roadside assistance
  • Return to invoice 

2- Best car insurance company Review 2021

Top 5 Best car insurance companies review 2021

2.1- Bharti AXA best Car Insurance review

It provides coverage for damage/damage to your car due to theft, accidents, natural calamities, and calamities.

Three types of car insurance plans –

  • Comprehensive Car Insurance
  • Third-Party Liability Plan
  • Standalone Damage Plan

Facilities

  • Quick Policy Purchase Online
  • 24×7 Claims Support
  • Cashless Claim Settlement at Network Garage

Add- on Cover

  • depreciation cover
  • consumable cover
  • roadside assistance
  • Main replacement cover
  • Engine and gearbox cover
  • Personal accident cover for hitchhikers
  • ambulance fee
  • invoice value cover
  • Hospital Cash
  • medical expense
Top 5 Best car insurance companies review 2021

2.2- Bajaj Allianz best Car Insurance review

Bajaj Allianz Insurance Company Limited is remarkable car insurance companies and awarded by Best Motor Insurance in 2020.

Their plans are affordable and flexible and can be managed on a distance or day-to-day basis.

A personal accident (PA) cover of Rs 15 lakh is given, and you can also choose from many types of options in their policy

Facilities

  • Online policy issuance and renewal
  • Nil depreciation cover available
  • 24×7 spot assistance available
  • Self-vehicle survey and instant claim settlement with motor-on-the-spot
  • Voluntary additional discount
  • Anti-theft device installation discount
    consumables expenditure

Add-on cover

  • Depreciation Shield
  • Key and lock replacement
  • Engine Protector
  • personal belongings
  • Vehicle Benefits
  • consumables expenditure

2.3- Digit Car insurance

Digit Car Insurance is one of the leading Insurance companies that provides you the best Car Insurance.

It covers any damage to your car due to accidents, fire, theft, third party damages as well as natural calamities.

This policy covers your losses like accidents, fire, theft, natural calamities with third-party damages, etc.

It gives you a choice of two types of car policies

• Third Party Car Insurance
• Comprehensive car insurance cover

Facilities

  • No Claim Bonus
  • 24×7 Support
  • online policy renewal
  • Vintage Car Discounts
  • easy online policy issuance
  • No Claim Bonus
  • Cashless Repair
  • super fast claim

Add on Benefits

  • Nil depreciation cover
  • breakdown help
  • passenger cover
  • consumable cover
  • Return to invoice cover
  • Engine and gearbox protection cover

2.4-Iffco Tokio car insurance

this car insurance cover damages of a car after a natural calamity, man-made calamity, and legal liabilities of third parties.

It also provides owner-driver personal accident cover, and which is covers passengers on payment of the additional premium amount.

two types of car insurance

  • Comprehensive Car Insurance
  • Third Party Car Insurance

You can also opt for loss/loss of CNG/LPG fuel kit cover and accessories cover by paying an additional premium.

Facilities

  • 24×7 roadside assistance
  • No Claim Bonus
  • Cashless claim in network hospitals

Add-on cover

  • Nil depreciation cover
  • Engine protection
  • No Claim Bonus Protection
  • roadside assistance
  • return to invoice

2.5- hdfc ergo best car insurance review

This company is one of the best insurance company in India, this company also deals in accidents, theft, fire and explosion, natural calamities and theft
Damage cover is provided.

They have three types of policies

  • Third Party Liability Plan
  • Comprehensive Car Insurance Plan
  • Standalone Car Insurance Plan

Facilities

  • No Claim Bonus
  • Cashless Claims in Network Garage
  • Overnight Car Repair Services
  • Claim approval within 30 minutes
  • Unlimited claims facility

Add-on cover

  • Nil depreciation cover
  • No Claim Bonus Protection
  • Emergency aid cover
  • Return to Invoice
  • Main replacement cover
  • Loss of Use – Downtime Protection
  • Cost of consumables

3- Benefits of best car insurance 2021

Top 5 Best car insurance companies review 2021

A variety of benefits car insurance offers, which are as follows.

3.1- Cover against loss or damage
Coverage against loss or damage caused by accidents, fire, theft, explosion, riots, terrorist activities, or natural calamities

3.2- personal accident cover
The cover is provided for injury or damage caused by us to a third party.

3.3- Extra covers
If you opt for a car insurance policy, you will get relief from third-party liability and heavy penalties for accidents.

3.4- zero depreciation cover
This cover can be available only on 3 years old cars. You will have to pay extra to avail of this add-on cover.

3.5- No Claim Bonus
If we do not make any claim under the policy, then we can get a discount on renewing the policy that is known as a no-claim bonus

3.6- Roadside Assistant
With a car insurance policy, you will get the option to avail of the cover as an add-on.
The form of emergency transport, daily allowances, assistance in any case of a bad battery, taxi benefits, towing facility, and many more.
These little things help you effectively when you are stuck in unwanted situations.

4- 5 Things to consider before buying

Top 5 Best car insurance companies review 2021

Brand: focus on the reputation of the insurance company while buying a policy. You should check company records and claim ratios.

Voluntary excess: the voluntary excess should be less than the no-claim bonus amount that you will be eligible for in the next year

Security Features: If your car has any security features like an alarm, immobilizer then you can get a great discount

NCB (No Claim Bonus): you do not claim for minor damages and repairs which you can pay out of your pocket and which does not impose any additional burden on you
No Claim Boss will assist you in future high-cost expenses.

Network Garage: Most of the online companies provide cashless services when
If you are repairing an in-network garage, then Most of the online companies provide cashless services

So, look for insurers with huge network garages on your list.

5- Documents required to buy car insurance

  • Driving license
  • vehicle information
  • Bank details
  • Duly filled claim form
  • tax receipt
  • All paperwork sent by the insurance provider (filled out by you)

6- FAQ/ Frequently Asked Question

Q.1. I want to sell my car. Can I be able to transfer the car insurance policy to the buyer?
Yes, you need an endorsement form with necessary documents (old RC copy, NCB recovery amount, etc.) to transfer the existing policy of the vehicle.

Q.2. What is a constructive total loss in a car insurance policy?
It refers to accidental loss/damage to your car/bike where the total cost of repair amount exceeds 75% of the Insured Declared Value (IDV).

Q.3. Is it possible to bill at the end of the year for all minor repairs to my vehicle?
No, you have to inform the insurer about the claim immediately without any delay, and the insurer will not be able to pay the claim amount.

Q.4. Is it possible to get a premium discount if I stay with one insurer for several years?
No, you will not get any discount from the insurance company even if you are loyal to them.

Q.5. I have an electric car. Will I get a discount?
yes, you will get a 15% discount on the insurance premium.

Q.6. Can I buy two policies for one car?
legally you can, but it’s not safe

Q.7. If I buy a Roadside Assistance cover, will I get unlimited assistance?
You can avail of this add-on a maximum 4 of times a year.

Q.8. If I buy car insurance, will I get tax benefits?
If you use your car for commercial purposes, then only you will be liable for a tax deduction

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3 thoughts on “Top 5 Best car insurance companies review 2021”

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