Top 10 preferred car insurance companies in India
If you intend to purchase car insurance in India, you should definitely do your best to select a trustable insurance policy from one of the country’s most reputed four wheeler insurance companies. Of course, there are a ton of insurance companies in India and many of them offer four-wheeler insurance, sometimes at too-good-to-be true insurance premiums. However, you want to be covered by a company that will assuredly pay out your claim amount when you make a genuine claim.
One way to be sure to get your four wheeler insurance at an affordable price, while also being certain that you are being covered by a reputed insurance company is to shop around for insurance on an online marketplace like the IIFL platform.
Who are the top 10 four wheeler insurance companies?
IIFL has partnered with only the most reputed insurance companies to bring you only the best when it comes to your car insurance policy. India’s top 10 car insurance companies are all IIFL partners. Let’s have a look at who they are:
- Go Digit
- Bajaj Allianz
- Iffco Tokio
- HDFC ERGO
- Royal Sundaram
- Bharti AXA
- ICICI Lombard
- New India Assurance
- National Insurance
Moreover, now you need not go to the individual websites of all the insurance companies, check rates, jot them down and then try to make a comparison. All you need to do is visit the IIFL website, key in your requirements and then simply decide which the best deal is from among the handful of offers defended to you by IIFL’s hand picked partners.
What makes a four wheeler insurance company preferable?
A four wheeler insurance company should be judged not just by the premium that they offer to you but also by a host of other criteria
Premium, admittedly comes first for most car insurance policy buyers and indeed you can get very competitive premium amounts on the IIFL platform. The insurance companies sending you these offers are undoubtedly aware that their biggest competitors are doing the same. In a spirit of healthy competition (and a hint of one upmanship) they bring their best deals to the table, not to mention freebies.
Track record is actually the most important factor that the four-wheeler insurance policy buyers should be looking at. You want a four wheeler insurance company that has a high claim settlement ratio. This number, represented as a percentage, is a good way to foretell how your potential insurer is likely to respond when you make a claim. Ideally, a high claim settlement ratio between 85 and 95 percent is preferable.
IDV, which is an abbreviation of Insured’s Declared Value, is the maximum amount payable by an insurer in case of total loss or theft of your car. Of course, four wheeler insurance companies who cite or accept a reasonably high IDV are seen as preferable by most car insurance policy buyers.
Step by step guide to obtaining a superb deal from one of the country’s 10 most preferred insurance companies.
Step 1: log on to the IIFL website at https://iiflinsurance.com/
Step 2: select car private car insurance from the menu on the home page.
Step 3: An online form, subdivided into 3 phases with easy to answer multiple choice fields is up next. Fill up vehicle registration related details. If yours is a new four wheeler, understandably, you might not already know such details off hand. For convenience, we have listed the details you will require:
- Registration date
- RTO Number
- Vehicle make
- Vehicle model
- Vehicle Variant
After you have filled up the details, click the Next button at the bottom of the form
Step 4: Phase 2 of the online form will simply ask whether the four wheeler is registered to an individual or to a company. Once you have made the appropriate selection, click the Next button once again.
Step 5: Phase 3 of the online form asks for your personal details. Fill these up correctly. Do also enter your mobile number correctly so as to receive offers from various insurers on your mobile.
Step 6: You know yourself and the kind of challenges you are likely to face best. Click on add filters and choose add ons as relevant to you. This keeps your car insurance policy premium at the minimum because you only pay for what you want. Add-ons include services like key replacement, roadside assistance, engine protection and insurance against loss of personal belongings, wherein there are typically four tiers to choose from.
Step 7: Check the box that says you allow insurers to contact you. You need to do this to receive your offers.
Step 8: Go through the four to five deals that will reach you from IIFL’s preferred insurance patterns and select the one you like best.
This entire 8-step process should be concluded in 4 minutes to 10 minutes.
Not even one of IIFLs preferred insurance companies has a 100% claim settlement ratio? How can they be preferred in this case?
It is unlikely that any insurance company can display a 100% claim settlement ratio as every company receives its share of bogus claims or claims for expired policies or claims for damages not covered by the insurance policy.
Every time I choose an add on, I get a different set of offers and the premium amount changes. Why is that?
The add ons come at a price and this has an impact on your car insurance policy premium pricing. The IIFL platform’s search algorithm is designed to present you with the best four to five offers, which is why the offers and amounts keep changing as you toggle the add ons.
Why do people always say “get comprehensive insurance when you buy a new car”?
Comprehensive insurance is always advisable because it covers the insured against third party damages as well as damage to their own vehicle in an accident not to mention coverage against damage occurring through natural and man made disasters and so on. People probably say this to you because sometimes vehicle owners like to cut corners when their car is no longer shiny and new and just get the law mandated third party insurance. They do not realise that they are being “penny wise and pound foolish” because they are likely to spend a far higher amount to repair their car should they get in an accident with a third party that does not have TP cover despite the law mandating it. Get comprehensive insurance when your vehicle is new and indeed always.