10 Best Third-Party Online Vehicle Insurance for 2021
Aisha is a young working girl in Pune with a corporate job who hardly gets enough sleep because of her hectic schedule. But she still gets out of bed every day without complaining. Why? Because even when work is demanding, she loves driving to work in her much-treasured car while listening to her favourite songs.
As a skilled driver, she is no stranger to the risk of driving on India’s congested roads. Her hatchback is over six years old now, and she makes sure to look into some of the best third-party insurance companies to get a great deal for her car.
What Is Third-Party Vehicle Insurance?
In simple words, third-party vehicle insurance is financial insurance, insuring you against any liability occurring due to any loss or damage caused to a third party (a vehicle, person, or property) by the insured vehicle. In other words, if you happen to bump your beloved car against another on the road by accident, your insurance company will take care of the claims by the other vehicle owner. Besides being a legal requirement, a third-party vehicle insurance comes in handy in case of unforeseen incidents. Usually, it is advisable to take a third-party insurance if the vehicle you drive is more than five years old.
Top 10 Best Third-Party Vehicle Insurance for 2021
The law requires you to at least have a third-party vehicle insurance (think of first- and second-party insurances as upgrades), and there is a pool of insurers that you can choose to go with. Today, most of these providers offer online third-party vehicle insurance, making sure the right deal for you is just a few clicks away. Following are some of the best third-party motor vehicle insurance companies you can look into:
- Bajaj Allianz
With a presence in over 1100 cities with 4000 plus garages, Bajaj Allianz is one of the best options for third-party motor vehicle insurance. ICRA, an alliance with Moody’s Investors Service, has given the credit rating of IrAAA, which is the highest rating provided by the authority. With such credentials under its umbrella, Bajaj Allianz continues to be one of the most reliable companies for third-party vehicle insurance. If there’s one thing you can’t go wrong with, it’s relying on a trusted company.
- HDFC ERGO
With 24*7 emergency assistance and accreditation of IrAAA by ICRA, HDFC ERGO is another excellent choice for online third-party vehicle insurance. An alliance between HDFC Ltd. and ERGO International AG, HDFC ERGO has a presence in over a hundred cities in India and offers hassle-free paperless procedures. Like most other insurance companies, it provides various add-ons to third-party insurance such as Zero Depreciation, Emergency Assistance Cover, etc.
A collaboration of three Japanese companies, IFFCO-Tokio has a strong customer satisfaction policy. Besides applying for insurance online, the company offers app-based claim settlement with a 4-hour window and 24*7 emergency assistance. Boasting a claim settlement ratio of 95.30%, IFFCO-Tokio is also one of the top choices of motor vehicle insurance on policybazaar.
- TATA AIG
Listed as one of the top third-party vehicle insurance on policybazaar with a customer base of over five crores in India, TATA AIG offers third-party vehicle insurance at affordable premium rates. Keeping up with the times, the company will offer you motor vehicle insurance online in 3 easy steps. TATA AIG has a credit rating of IrAAA by ICRA and has a presence in over 190 countries. With instant policies and a paperless system, you can trust this company to provide you with a seamless experience.
- Universal Sompo
Universal Sompo is a private-public joint venture with a network of over 3500 garages all over the country. With 24*7 emergency assistance and a digitally enabled claim process, this company claims to provide flexibility and personalization with their car insurance schemes. Another attractive feature is the No Claim Bonus (NCB) reward, which you can accumulate over the years and get up to a 50% discount on the premium.
- SBI General
With a customer base of over 6.8 crores and accreditation of IrAAA, SBI General is one of the top insurance companies in India. You can purchase the insurance policy from their dedicated website with an easy 5 step process. What’s more, they have over 16,000 cashless network garages spread across the nation for easy access.
- Kotak Mahindra
Kotak Mahindra provides an advanced digital infrastructure to fulfill all your insurance needs, such as the issue of policy and processing of claims. In addition to the car insurance, you can also look into the personal accident cover provided by the company, customizable from one to all passengers in the insured vehicle.
Relatively new to the insurance sector, Reliance is as promising as the best in the area. It not only offers you an easy way to buy an insurance policy, but it’s digitally enabled claim process will let you make claims with the help of videos via their app. Reliance has over 6200 cashless network garages and offers 24*7 emergency assistance.
- ICICI Lombard
ICICI Lombard has a presence in over 46 countries and has been one of the leading companies in the sector since its inception in 2001. The company issued over 2.6 crore policies in the financial year 2019-20. With over 8800 garages across the country and a user-friendly dedicated application for applying for claims, you will not regret choosing this company as your insurance provider.
- United India
A public sector enterprise operational since 1938, United India is another popular option for third-party vehicle insurance. The company provides an easy 4-step process to buy insurance from their website at reasonable prices. A special feature provided by this company is that you can extend the geographical area of the coverage of your car to nations such as Bangladesh, Nepal, Bhutan, Maldives, etc.
Still confused about which insurer to go for? With a smooth and user-friendly interface, IIFL Insurance will give you a quick three-step solution to your needs – yes, it can be that simple! Compare the best options for your vehicle, whether a bike or car, and choose to go with what suits your needs the best.