IIFCO Tokio General Insurance company Vs Bajaj Allianz car insurance
Every asset that you have ever owned has a specific monetary value to it, and this needs to be maintained throughout its lifespan. Insurance companies are the institutions that look to secure people against any accidental mishaps that you or your asset may be prone to. It can also be said that insurance are the security against losses to your life and property.
Despite this, new buyers need to be aware of the variety of insurances present in the market to make the most suitable purchases. Among the sea of insurance companies, Bajaj Allianz Car insurance company and IFFCO Tokio General Insurance company are the two most popular institutions that people have relied upon through generations to secure their assets.
Despite their popularity, people are not aware of the various plans that they offer. Therefore, in this blog, users will be made aware of the various securities that these companies offer while more explicitly dealing with the security provisions for motors and vehicles they offer.
Readers will be made aware of the highlights of these companies and their downsides in this comparison. Rest assured, this is to assist the buyers in making their best purchases.
About IFFCO Tokio General Insurance Company
Established in 2000, this company started as a joint venture between the Indian Farmers Fertiliser Cooperative Limited (IFFCO), the world’s largest fertilizer manufacturer, and Tokio Marine Group, one of the largest insurance groups in Japan.
They not only offer a comprehensive product bouquet variety such as Car Insurance, Two-wheeler Insurance, Health Insurance, Travel Insurance, and Home Insurance (inclusive of corporate policies like property insurance and liability insurance). IFFCO is the first company in India to underwrite mega policies.
Their comprehensive policies ensure all-rounded protection from any third-party threats, accidents, and unintentional mishaps. While their variety of plan options cater to most of your major security needs depending upon your requirement.
Bajaj Allianz Car Insurance Company
Bajaj Allianz Car Insurance Company was founded in 2001 and has operated a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. They deal with major motor insurance plans and have garnered loyal customers through their past 20 years of service.
From private car insurances to commercial ones, they have a four-wheeler insurance plan fit for all such vehicles. They also have an insurance plan for two-wheelers, all covered under separate categories. They seek to deliver immediate and effective plans for which they have been reputed.
Due to this, Bajaj Allianz General Insurance is currently one of the largest private insurers in the industry spread all over India, with offices in over 1100 towns and cities.
The main differences between the two companies can be summed up as follows-
- IFFCO Tokio General Insurance Company deals with different types of insurances like health, home, car, life, and many others. At the same time, Bajaj Allianz Car Insurance deals specifically with cars, four-wheelers, and motor vehicles insurance plans.
- IFFCO deals with more comprehensive insurance plans, whereas Bajaj Allianz deals with specified car insurances.
- Both IFFCO Tokio and Bajaj Allianz started as private companies. Still, while IFFCO Tokio has transitioned into a private limited company with shares keeping themas their main mode of financing, Bajaj became a public limited company in 1960.
Why is IFFCO Tokio General Insurance Company a good option?
IIFCO Tokio Car Insurance Policy is one company you can rely totally upon if any third-party liability arises. Here are some of their highlights:
They provide their buyers with cashless services in more than 4300 garages and 6900 hospitals, evenly spread across the country. Customers have been reliant on their services and vouched for their credibility for the past 20 years due to their high-quality servicing with a wide range of insurance policies.
They have an extremely dependable claim settlement ratio of 95.82% and have settled a total of 11.48 lakh claims even within the fiscal year of 2021. This company keeps its numbers updated and its sheets clean.
- Easy access
IFFCO Tokio provides their users with the option to purchase plans online, discounts, free quick quotes, add-on covers, and even no claim bonuses! You can opt to call them on their official number, buy online or visit their nearest store to make your deals.
- Efficient servicing
Not only do they provide you with inspections at your doorstep, but their assistance team work round the clock to attend to their customers. Their customer care facility is only a single call away.
- Quick and easy settlements
Their procedures for settlement are quick, easy, and efficient. They are designed to cater to the needs of their customers fully. Claims can be made even online, and any issues can be addressed to their official website for inspection and settlement.
Why is Bajaj Allianz Car Insurance Company a good option?
- Full Coverage
It is one of the best brands in the industry, with a bulk load of claims being met every year. They provide full coverage for accidents and damage caused by natural disasters as well as vehicle malfunctioning. They also cover damage caused to others in the form of third-party liability compensations.
- High rate of settlement
This company has a motor insurance claim settlement ratio of 98% (taken in one fiscal year). Not only that, they also have, in fact, so far covered up to 15 Lakh worth of Personal Accident cases!
- Add-ons and benefits
This motor insurance company provides its customers with benefits and bonuses with every step of their purchase, along with the lowest premium rates and add-ons. Even with no claims, they have a provision of 50 percent bonuses in such scenarios. In contrast, zero depreciation cover, breakdown assistance, conveyance benefit, consumable cover are only a few examples among their bulk of add-on benefits.
- Easy claims settlements
Bajaj Allianz has one of the quickest and hassle-free procedures for claim settlement. One can make their claims by simply referring to the ‘claim’ section on their official website, call or visit the nearest registered office for settlements.
This company has created a comparatively low base of loyal customers by simply providing good plans. Their entire service system is customer-oriented and customer-friendly. The online forum even provides a detailed guide to all their settlement processes and purchase options and explains insurance benefits to every new coming customer.
It must now be clear to the readers that IFFCO Tokio company is catering to the general insurance, while Bajaj Allianz specifically attends to the security requirements for vehicles. While buying insurance, customers are always recommended to carry out thorough research to check the legitimacy of the company and its offers to avoid scams and other security threats. For the ones looking to insure their health, homes, or lives, IFFCO Tokio may be a good option, but if you’re looking to insure your specific car, then you might as well go to a brand that specifically meets this need.
Why do I have to buy insurance?
It is important to buy insurance because
It helps you recover quickly from financial losses caused due to unavoidable circumstances.
You will be trusted by the banks when you need to take bug loans like that for cars, houses, etc.
It softens the blow of big expenditures like medical care, education, etc.
It helps you provide for your family in case some misfortune hits you.
It helps you maintain your current standard of living, take vacations, make easy purchases and overall live a more comfortable life.
Is IFFCO Tokio general insurance company government or private?
IFFCO Tokio General Insurance Company Limited is a Non-govt company (private). Since its incorporation on 08 September 2000, it has become an unlisted public company and is classified as a company limited by shares, thus Ltd. at the end of the company name.
What is the difference between third-party liability and comprehensive car insurance?
The third-party refers to any other person who raises claims for any damage dealt by you, the first person. When damages are done to third parties, the third-party liability covers only this loss. On the other hand, comprehensive car insurance covers third-party liabilities as well as the first-person's damages. Among the two, comprehensive car insurance will give you optimal security.
Will I be able to make claims despite losing my insurance policy documents?
Yes! Once registered with the company, you can always log in to their official site with your password and ID, and the company will send you soft copies of your insurance documents with which you can make claims.
What is a 'no claim bonus?
A no-claim bonus is given to the policyholders by the insurance company when no claims are made during the insured period. These bonus rates may range anywhere between 20% to 50%.