Insurance of any motor vehicle is not optional, but a mandatory legal obligation of any automobile owner in India. It is compulsory to get third party insurance as per the Indian Motor Act. But, while opting for an insurance policy, users should choose the one most comprehensive one.
All the Motor Insurance Companies are registered and approved with the Insurance Regulatory and Development Authority of India (IRDA).Both Public sector and Private sector companies are at it. But aggressive marketing by some and nonchalant attitude of others makes it difficult to zero in on the right one. We have compiled a list of the top 5 Motor Insurance Companies in India, assessing them based on customer satisfaction, renewal/purchase policy, claims, service support, special offers, payment options and number of garages/outlets. Broadly, there are two types of auto insurance — comprehensive policy and third party insurance.
Here is the list of top 5 motor car insurance companies in India 2015:
5. Bharati AXA General Insurance Co. Ltd
It is a private faction and offers one of the best insurance covers for your automobile in terms of claims and settlements. It covers comprehensive car insurance (stolen or damaged), and personal accident. Also, maximum roadside assistance for minor breakdowns like car repair, or accidental lock-out /lost key, emergency fuel refill, free services from approved garages, etc. You can get a discount on applying online. Alongside, on paying a little extra, you can get cover in case of an accident, for hospital cash, ambulance charges, and medical expenses for whole family members.
Website: – http://www.bharti-axagi.co.in/car-insurance
4. HDFC ERGO General Insurance Co.
This too is a private player. It boasts of the highest claim settlement ratio. It’s an ISO 9000-2008 certified insurance Co. It has been rated the best in 2013 by IAIR (an international rating agency), and iAAA by ICRA (an Indian credit and investment rating agency). It offers age and profession based discounts on certain policies. The claims are processed promptly and there’s option for cashless settlement as well.