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Best 20 Affordable Vehicle Insurance in India by IIFL
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Best 20 Affordable Vehicle Insurance in India by IIFL

As per the current mandate of the Motor Vehicles Act, every vehicle plying in this country must maintain valid car insurance. Car insurance acts as a protective guard in case of accidents involving your vehicle. Because of this popularity, everyone seeks cheap insurance for cars. 

Amidst tough competition in the insurance market, finding cheap car insurance in India is no more a big deal. A search on your smartphone will instantly reveal the cheapest car insurance available. Several companies have designed various sorts of plans, designed specifically to meet your customized needs. 

The emergence of IIFL has revolutionized the online insurance sector even further. It is an online digital platform where you can easily compare, and purchase several types of insurance plans. IIFL deals with health insurance, car insurance, term insurance, two-wheeler insurance, etc. It offers you the best of opportunities to grab the best-suited insurance at the most affordable price. Your search for low-cost car insurance ends with IIFL. It is joined by several insurance giants of the country, to serve you best. You can buy any sort of plan including the basic third-party plan, comprehensive plan, or stand-alone damage cover, based on your needs.

There are so many vehicle insurance companies in India that it can sometimes be a challenge to pick a policy that fits your needs. Read on to see a list of the top 20 companies in India.

Top 20 Vehicle Insurance Providers in India

 

S. No. Insurance Firm Network Garage Claim Settlement Ratio
01 IFFCO Tokio General Car Insurance 4300+ 96.80%
02 Royal Sundaram General Car Insurance 5200+ 92.66%
03 The Oriental Car Insurance 3100+ 91.76%
04 HDFC ERGO General Car Insurance 3500+ 90.78%
05 Universal Sompo General Car Insurance 3500+ 90.78%
06 Tata AIG General Car Insurance 5000+ 90.49%
07 The New India Car Insurance 3000+ 89.60%
08 SBI General Car Insurance 16000+ 89.51%
09 Bajaj Allianz General Car Insurance 4000+ 88.83%
10 Future Generali India Car Insurance 2500+ 88.69%
11 Bharti AXA General Car Insurance 5200+ 87.99%
12 ICICI Lombard General Car Insurance 5600+ 87.71%
13 Liberty General Car Insurance 4300+ 85.89%
14 Cholamandalam MS General Car Insurance 7100+ 85.89%
15 National Car Insurance 3100+ 85.71%
16 Edelweiss General Car Insurance 1000+ 84.52%
17 Reliance General Car Insurance 3800+ 84.26%
18 Acko General Car Insurance 2000+ 83.91%
19 United India Car Insurance 3100+ 82.93%
20 Kotak Mahindra General Car Insurance 1300+ 82.81%

 

How do you select the Greatest Auto Insurance Company?

The finest auto insurance provider is a subjective term that changes from person to person based on their needs. For some, the greatest auto insurance firm is one with the greatest claim settlement ratio, and for others, the finest insurance provider is one with a large infrastructure of cashless garages. As a result, there are a lot of factors that determine which insurance company is ideal for a person. When selecting an automobile insurance provider, the following aspects should be considered:

  • Claim Settlement Ratio

The Claim Settlement Ratio reflects the number of claims resolved by an automobile insurance firm as a percentage of all claims filed within a fiscal year. It is usually preferable to deal with an insurance provider that has a higher claim settlement ratio.

  • Garage Networks

An automobile insurance provider may cooperate with a range of garages to facilitate cashless insurance claims. When selecting an automobile insurance provider, one must consider the robustness of the insurance firm’s network of garages. One should also check to see whether there are adequate cashless facilities in the area where he or she lives.

  • Available Riders

Riders are optional supplemental coverage that may be added to a regular vehicle insurance policy to increase coverage. Riders are provided with both own-damage as well as comprehensive automobile insurance policies and can be selected at the point of policy acquisition or renewal.

  • Customer Support

An insurance firm’s customer assistance services must also be checked for quality and availability. While some insurance firms provide 24-hour customer service for all days of the week, others provide 5-day customer support.

What are the Benefits of Car Insurance?

  • Own Damage Cover: Car insurance covers your insured vehicle damages in case of a collision, natural disaster, theft, protests, riots, or terrorism.
  • Third-Party Liability Cover: Car insurance covers your legal liability if your insured car is involved in an accident that causes damage or loss to a third-party asset. It is mandatory in India.
  • Personal Accident Cover: PA coverage is provided by auto insurance for a specified sum. This insurance protects you against permanent disability or death as a result of a mishap. Moreover, for a pre-determined fee under the automobile insurance policy, this protection may be obtained for additional passengers as per the car’s seating capacity.
  • NCB: The NCB is among the most significant benefits of getting vehicle insurance. This advantage is available to the customer for each claim-free year. This bonus may be offered as a monthly premium discount, making car insurance much more reasonable.

Conclusion

Car insurance is an absolute necessity. Without it, if you are involved in an accident, you are personally responsible for damage costs. This article will make sure that you are not caught off-guard with anything. These are some of the most trusted insurance companies that provide dependable insurance plans that are perfect for your needs. You can get more than just coverage. You can get more than just trust. The right car insurance policy provides peace of mind and the protection you need to drive without worry.

It’s your choice whether to go with a comprehensive car insurance cover, which will help you get whatever is damaged of your car regardless of the reason, or a third party car insurance cover which will cover you against liability towards third parties for any damages or injuries. Whatever you choose, make sure you get the right coverage for your vehicle. Now, you can enjoy a safe and secured ride by securing your vehicle with a few simple clicks at your fingertips.

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