Having a suitable car insurance policy helps the vehicle owner to be protected against all kinds of financial losses and legal liabilities arising out of natural and man-made accidents, which might cause major or minor damages to the car, property or any individual.
The Best Car Insurance Policies in India
- HDFC ERGO Comprehensive Car Insurance
- IFFCO Tokio Comprehensive Car Insurance with Zero Depreciation Cover
- TATA AIG Comprehensive Car Insurance
- SBI General Private Car Insurance Plan
- Digit Car Standalone Own Damage Car Insurance Plan
- ICICI Lombard Private Car Package Policy
- The New India Assurance Motor Package Policy
- Acko Comprehensive Super Saver Car Insurance
Methodology
Buying the best car insurance policy can be a daunting task especially when there are too many options. Below are the parameters that we considered in selecting the best car insurance policies in India.
Type of Policy Coverage (30% of the score):
It is very important to understand which type of plan to buy as each plan comes with its own coverage and benefits.
Comprehensive plan gives you enhanced coverage along with damages and third-party coverage.
We have already mentioned that a third party plan is mandatory for every car owner in India.
Add-ons Benefits (20% of the score):
We have carefully observed the number of add-on benefits tagged along with the basic plan.
It is to be noted that one cannot buy any add-on features along with the third party plan.
Cashless Network Garages (20% of the score):
We have listed the number of tie-ups these car insurance companies have with garages for cashless car repairment expenses.
Some companies including HDFC Ergo and TATA AIG have as many as 8,000 network garages .
Customization of IDV (20% of the score):
IDV refers to the Insured Dealer Value of your car which is close to the current market value of the car.
The insurance company allows you to select or customize the car’s IDV from a selected range.
This simply means more the value of the car, higher the premium payable to insure it.
Online Insurance (10% of the score):
With the advent of online and digital technology, buying an insurance policy is just a matter of a few minutes.
We have listed those policies which can be easily purchased online with zero paperwork.
