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You spend a lot of time and effort in selecting the best car for you and spend a fair bit of money to buy it. You would face a lot of emotional and financial stress if the vehicle is damaged or lost due to unfortunate circumstances. The financial loss can be covered by insurance. We compare some of the private car insurance policies available in the market today.
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When you buy a car, it is mandatory to buy car insurance. Car Insurance deals with the insurance cover for damage to an automobile/ automobile parts or loss of the automobile/ automobile parts either due to natural causes or man-made issues. Accident cover is generally provided for the vehicle owner while driving and passengers. It provides for legal liability on damage of property, and injury to third party. Premium is calculated on the basis of the Model, Make, fuel type, Cubic capacity etc. of the car; location; Vehicle owner claims and driver credentials.
We compare the car insurance covers available in the market today –
We compare the car insurance covers available in the market today –
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Name
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ICICI Lombard General Insurance |
Oriental Insurance |
HDFC Ergo |
Tata AIG |
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Issuance
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You can buy each of these policies online as well apart from the usual offline methods
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Cashless Settlement
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In network garages
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No
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In network garages.
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In network garages.
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Coverage
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-Accidental loss or damage of the vehicle and liability to third parties.
-Loss/ Damage due to natural and artificial calamities. |
-It covers accidental loss or damage of the vehicle and
liability to third parties. -It also covers damage due to earthquakes, fires, riots, lightning, theft etc. |
-Damage/Loss due to burglary, theft, earthquakes, fires, terrorism, malicious acts, transit by rail,road or air.
-Liability to third parties is also covered. -A personal accident cover of Rs. 2,00,000 is mandatory in the policy. |
-Partial or total loss due to fire and other calamities.
-Third party legal liability cover is included. |
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What it does not cover?
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-Damage due to depreciation, normal wear and tear and breakdown.
-Vehicle is used in a capacity beyond its defined limits. |
– Damage to tyres, depreciation, breakdown.
– If the vehicle is damaged when it is driven by a person without a license or under the influence of alcohol or drugs, it will not be covered. |
-General wear and tear.
-Damage to tyre. -Depreciation and Breakdown. -If the vehicle is damaged when it is driven by a person without a license or under the influence of alcohol or drugs, it will not be covered. – Damage outside India. |
-Loss outside coverage area.
-Loss due to wear and tear. -If the vehicle is damaged when it is driven by a person without a license or under the influence of alcohol or drugs, it will not be covered. -Loss of belongings, trade goods and samples kept in the car. |
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Unique Features
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-Towing and surveyor facility provided.
-Digitally signed policy that you can get online |
-High Claim Settlement Ratio and Fast Claim Settlement.
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-Discounts on premium depending on age and profession.
-Fast Claim Settlement. |
-Warranty is given on repairs.
-Free Car pick up from damage site. |
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Annual Premium for a new petrol HONDA Civic owned by a 30 year old professional in Mumbai with basic accessories and anti-theft device for online policy purchase.
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Rs. 39260
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Rs. 51000
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Rs. 25516
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Rs. 28866
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Comments
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It is the most popular insurance cover and has won awards for customer service.
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It has the highest claim settlement ratio. But the policy is expensive and there is no cashless settlement facility
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From a price perspective, the policy is better.
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It is competitive in terms of price, has some unique features and add-ons.
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* The premiums are indicative. Please contact the insurance provider for all terms and conditions.
There are different plans available in the market. Choose one that suits your insurance requirements. Let us know your experience in dealing with car insurance at the time of purchase and/ or claim.
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