One cannot predict his predict future but can be prepared for a thing that can happen or not happen. Auto insurance is a safety precaution or a preparation for an unpredictable situation. Auto insurance is a deal between an individual and an insurance provider. It is an agreement based on the two big common terms “premium” and “deductible.”

“Premium” is a sum of money, you have to pay for an insurance company, they are charging based on the policy, i.e., amount paid to the insurer to be covered under the specific terms or policies.

A “deductible” is an amount needs to be covered by the policyholder, for the loss before the insurance coverage begins. That is the insurance company agrees to pay the losses as defined in the policy.

In India there are various public and private sector insurance providers, before getting into the cheapest auto insurance providers briefly, let us take a short look at the auto insurance coverage and its types.

Types of auto insurance coverage

  • Liability insurance
  • Uninsured or underinsured motorist insurance
  • Medical payment insurance
  • Physical damage insurance
  1. Liability insurance

It covers the damage, loss or injuries to other people or to their properties. It is of two types.

Bodily injury liability – covers or legally responsible for injuries suffered by another person.

Property damage liability – covers or legally responsible for damages caused for the other people vehicle or property.

  1. Uninsured or underinsured motorist insurance

It covers legally with the damage to the vehicle or injuries to the driver or passenger caused by the driver with insufficient insurance.

  • Unidentified driver
  • Accident with an uninsured driver
  1. Medical payment insurance

It covers the damage and other injuries of the driver and other passengers regardless of faults, pay medical, and hospital bills and also some extreme cases provide funeral expenses too.

  1. Physical damage insurance

Provides coverage for the vehicle damage. Two types of coverage given as following

Comprehensive coverage – it includes the physical damage for the vehicle except for the collision damage. It includes theft, an accident with animals and other natural calamities loss.

Collision coverage – paid regardless of fault, covers the damage with another person or vehicle.

Cheapest auto insurance providers in India

Bajaj Allianz car insurance is a joint venture of Bajaj Finserv Ltd and Allianz SE. They provide a cheapest and all rounding insurance as per their policy and norms. Their features are listed below

  • In Bajaj Allianz car insurance third party coverage is up to 7.5 lakhs
  • Their incurred claim ratio is about 71.61 %
  • They also provide Personal Accident Insurance
  • Above 4000 network garages
  • No Claim Bonus (NCB) is up to 50% of existing policy.
  • They provide fast settlement in servicing the claims
  • 24 x 7 telephone assistance and support, even in holidays
  • Policy can be purchased via the company’s’ website renewal, and other facilities can be done through the internet.

Bharati AXA car insurance

Bharati AXA is a general insurance company is a joint venture of Bharati Enterprises group and AXA, the leading financial and wealth management institute. They offer special car insurance, and their details are listed below.

  • They provide the above said four types of insurance coverage
  • Subscribing the new policy and renewing the old policy is a hassle-free process.
  • 24 x 7 support facility.
  • Based on the claim-free years, no claim Bonus (NCB) can be up to 50%.
  • The policy covers personal accident coverage up to 2lakhs.
  • Third party coverage can be up to 7.5 lakhs.
  • They are offering above 1600 network garages for cashless garage services.
  • Policyholders can also claim up to Rs.10000 for sudden illness.
  • Policy renewal alert and other timely reminders are provided to the policyholder for free.

National insurance company limited India

National insurance company general and other auto insurance. It is a public sector insurance company and the oldest among the insurance companies in India. More than 1000 offices across the country with the head office at Kolkata.  Let us take a brief look at the advantages features of this company.

  • Third party coverage can be up to 7.5l
  • Personal damage can be covering a lump sum of money for driver or co-passenger.
  • It covers the vehicle damage both the collision or comprehensive loss can be covered.
  • If no claim is issued in the policy, then the company will provide the No Claim Bonus (NCB).
  • It covers all type of insurance coverage.
  • 24 x 7 help assistance and support.
  • Policy subscription and premium pay, renewal and all other services regarding the insurance can be done via the company’s website.

Cholamandalam MS general insurance company limited

Cholamandalam MS General Insurance Company is a joint venture of the famous Murugappa group with Mitsui Sumitomo, a Japanese insurance company. It started in 2001 and operated over 100 branches across the country. Their features and advantages are listed below.

  • Depending on the claim free policy, no claim bonus (NCB) can be up to 50%
  • Hassle free process for opening a policy, renewal of the policy.
  • They offer all the scope of coverage of the insurance types.
  • Chola MS provides above 600 garages across the country and claims garages within the network completely for cashless garages.
  • Insured Declared Value (IDV) up to 5 years can be of 50%
  • 24 x 7 support and assistance for the claims and policies.

HDFC ERGO car insurance      

HDFC ERGO car insurance is a joint venture of the HDFC housing firm with the ERGO international. They are having above 100 + branches across the country. They are having several attracting schemes and policies to enhance and upgrade themselves in this competitive world. Brief look about their features.

  • Over 5800 and above garages and provides cashless network garages across India
  • 24 x 7 help assistance and service for claiming and queries clearance for the customer sake.
  • Third party coverage up to 7.5 l.
  • Their incurred claim ratio is 90.35%
  • All basic covers and insurance types are covered by this company.

Conclusion

Car insurance is a healthy one for the unpredictable situation, compare the various insurance schemes and choose your policy based on your comfort. There are several fraudulent and fake agents are available everywhere. Do cares before you apply for a selection of company, policy and the company norms? Share this article with your friends and comment your valuable feedback to make ourselves better. Have a good day.

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