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Car Insurance Companies: All You Should Know

Are you here to figure out the best car insurer for you? Then you're on the right page.

The purchase of a cheap policy or only a third-party insurance will get you nowhere. Right from choosing the best insurer and evaluating the perfect policy for you, we help you build a solid insurance deal. Read ahead to know more all the essential details about car insurance companies in India.

Things to Know While Choosing a Car Insurance Company

Paying a cheap premium will give you a policy that will not come through at the time you need it. When you look for different policies online, you might want to put in some thought into which car insurance company to choose. Here is a checklist that will help you decide the best car insurance company for your beloved four-wheeler.

Authenticity

Always check your insurance company’s authenticity. You can check for the company’s IRDA registration number on the IRDA website. Once you know that the company is registered with the IRDA, you can be assured that the insurer is legitimate.

Financial Standing

Don’t forget to check the company’s financial standing. This will give you an idea of whether the company is capable of settling your claims. You can get this idea by committing to a simple Google search.

Claim-Rejection Ratio

This is the ratio of the cases rejected to the claims settled. Needless to say, the lower the claim ratio, the better option it is. Simply Google search. Go for a company that settles most claims, as that gives you an assurance that the company.

Periodic Check

When your policy is close to renewal, it’s always a good idea to evaluate a few things. Check if you received good customer service. Assess how they have treated your claims. Figure out if your coverage is adequate and premium is cost-effective.

Comparing Policies of Insurance Companies

Want to know which policy works for you? Check out these few things that will help you decide “the one”.
Premium vs Cover
While it is not a good idea to go for a policy solely on a low premium, it is advisable to check which premium gives you the best cover. The company that gives you the best cover for an affordable premium is what will suit you the best in the long run.
Deductibles
Every company has a different structure and offers for a discount against deductibles. Deductibles are voluntary and compulsory. You don’t want to pay a significant chunk of your expenses via your pocket. Make sure you pay just the right amount for a nicely lowered premium. Look for a company that offers you the best discount against the deductibles.
No-Claim bonus
No-Claim bonus is the bonus you get after continuous claim-free years. Usually, this bonus translates into a discount on your premium during renewal. Your no claim bonus discount is accumulated, the highest being 50%. When you buy a new car or change your insurer, you can have this bonus transferred to your new car or new company. When you’re looking for a potential insurer, watch out for the NCB.
Cashless Garages
This is very simple. Cashless garages affiliated to the insurance companies will ensure cashless service for your car. The more expansive the cashless garage list is, the more options for you to choose from. Pick a company that has a good list of cashless garages in your area who also cater to repairing your car model.
Add-Ons
A few companies offer some cool add-ons that are worth checking out. A few of the most popular add-ons are Zero Dep, Invoice cover, NCB protect etc. Choosing a company that offers the best add-ons along with the terms and conditions. This will ensure that you can upgrade your cover whenever you want.

Agent vs. Dealer vs. Broker

Other than directly buying from the insurer, you can also buy from certain channels. This is purely based on your convenience and judgement of what works better for you.

Here are those channels:

FactorsAgentDealerBroker
Who are theyLicensed individuals who work with just one or few selected insurersCar Vendors who officially sell cars to customers Licensed organization or individual who sells insurance plans of mostly all insurance companies
Their expertise Well-equipped to highlight details of the plan sold by the company they representThey usually tie-up with a single insurance company and advise their plan at the time of selling the carThey represent multiple companies. Also, they are authorized to provide technical assistance, after-sales requirements, and unbiased advice
The advantageExtensive knowledge about particular insurance plans of that insurer. Complete claim assistance.While buying the car, you can simultaneously buy the car insurance policy they sellYou get to search, compare, buy, renew a suitable plan from a wide range of insurers.
The DrawbackUnable to sell insurance products on behalf of the specific insurer unless they have been appointed by the insurerThe plan may comprise of features that you would have to accept along with the plan, regardless of whether your car requires it or notYour broker may provide you with claim assistance but only to a certain extent depending on circumstances.

Popular Car Insurance Companies

Go ahead and take a pick from the buffet of car insurance companies waiting to offer to better features. Buying car insurance online is easily the best thing to users.