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If you are looking for the best insurance company for yourself then don't worry you are in the right place that will help you in getting the desired one. In India, it is mandatory to have a motor insurance plan if you owned a car, bike or any other vehicle under the Indian Motor Vehicle Act. There are many companies that deal in car insurance plan and choosing the best one that can easily go well with your needs is a daunting task. To understand the same in a more prominent way, we should first understand the car insurance and its importance.
Car insurance is basically a legal contract that is signed by two parties( Insured and Insurer). Under the same, the insurer will provide the needful coverage to the insured and car against losses that occur because of an accident, theft or any other unwanted emergencies. A pre-decided amount is fixed that is completely based on the IDV of the vehicle.
With amazing benefits and uniqueness, car insurance has become a necessity in today's world. But still, people are confused when it comes to real advantages of car insurance. At this page, you will get questions of all answers related to car insurance plans and car insurance companies as well.
Advantages of car insurance
Among all available channels through which you can make a purchase of a car insurance plan, below are a few advantages that you will get for sure.
|1||An effective car insurance will be there to provide the needful financial cover to all losses and damage that takes place because of accident, theft, fire, explosion, self ignition, lightning, riots, strikes, Act of terrorism, Transit by Rail, Road, Air & Elevator and natural calamities, (Earthquake, Flood and more).|
|2||You will also get coverage against financial liability that includes injury or death of a third party or damage to the property|
|3||Personal accident cover also comes under various car insurance policies.|
|S.no||Insurance Company||Claim Ratio|
|1||Bajaj Allianz General Insurance Co Ltd||78.50%|
|2||Bharti AXA General Insurance Company||76.88%|
|3||Cholmandalam Insurance Company||40.07%|
|4||Future Generali Insurance Company||77.31%|
|5||HDFC ERGO Insurance Company||76.90%|
|6||Iffco Tokio General Insurance Company||81.96%|
|7||National Insurance Company||97.25%|
|8||New India Assurance Company||91.26%|
|9||Oriental General Insurance Company||112.11%|
|10||Reliance General Insurance Company||92.23%|
|11||Royal Sundaram General Insurance Company||78.13%|
|12||SBI General Insurance Company||75.01%|
|13||Shriram General Insurance Company||102.57%|
|14||TATA AIG General Insurance Company||72.32%|
|15||United India Insurance Company||107.06%|
|16||Universal Sompo General Insurance Company||70.91%|
By paying a comparatively cheap premium, you will end up investing in a wrong car insurance plan that will not help you at the time you need it most. When you look for different available options, you will surely get confused to choose the best one for yourself. Below is a checklist that you will keep in mind when you are selecting the right insurance company for yourself.Authenticity
It is always advisable to check the authenticity of the insurance company. You can take help of IRDA website for the same. You can also check for the company’s IRDA registration number through the site. Once you know about the same through IRDA, then you can relax about the authenticity of the insurance company.Financial Standing
Don't forget to look for the company’s financial standing. From this, you will get an idea about the claim process like is the company is able to settle the claim on time. You can do the same by having a simple search on the Google search.Claim-Rejection Ratio
It is very important to check for the claim ratio of the company. You have invested this much so that you can get the required assistance on time. The lower the claim ratio, the better option it is. Simply Google search. Go for a company that carries better claim ratio.Periodic Check
At the time of renewal it is always advisable to evaluate a few things. Check if you are getting good customer service. Assess how the company treated your claims. Figure out if your coverage is adequate and premium is cost-effective.