Importance of Motor Insurance with top 10 Insurance Companies across India

In different type of insurance policies, it is your part of choice that you can avail it, but in case of Insurance of Motor it is mandatory in in India as it is stated in the Indian Motor Act that each and every vehicle have to be registered under at least a Third Party Insurance, Thus the insurance of your vehicle have to be registered under an authorised Motor Insurance company.

Two types of Insurance are available for your vehicle one type of Insurance you must avail for your vehicle. First one is Third Party Insurance and the another one is Comprehensive Insurance.

Third party Insurance-

Whenever there occurs any accidents the Third Party Insurance covers the damages to another individual with their vehicle or Property that damaged due to the unforeseen accident occurs. The drawback of the Third Party Insurance is that it does not cover the own damage.

Comprehensive Insurance-

Whenever there occurs any accidents the Comprehensive Insurance Covers Third Party liability coverage that damaged due to the unforeseen accident occurs and also covers the “own damage”. There is no drawback of the Comprehensive Insurance as it covers the both damage. As per experts’ statement to secure your vehicle fully for any unforeseen incident if you want to avail the utmost benefits then the Comprehensive Insurance is the Best choice for you

There are three types of insurance of motor is done in India that is insurance for a Private Car, Insurance for a Two-Wheeler, Insurance for a Commercial Vehicle. There are a lot of Companies offering for insurance for vehicle in a cheap to a cheaper cost and also given attractive Add-On offers. All those things of promotion have been done to make their plan attractive and market friendly.

The Top 10 Motor Insurance Companies are given below

1. Bajaj Allianz General Insurance Co. Ltd.- On the basis of customer satisfaction, cashless claim settlement and feature rich policies there are a lot of industry experts’ states that the group of Bajaj Allianz Auto Insurance leads in the Auto Insurance Industries among the other auto insurance players.

Offering - 24X7 Towing assistance, Online purchase on EMIs, instant SMS Updates of Claims etc.

2. Tata AIG General Insurance Co. Ltd.- In the Auto Insurance industry, the Tata AIG General Insurance Co. Ltd is the younger than any other companies. The company incepted in the 2011 and from then with a lot of struggle the company got their required face value in just 7 years.

 Offering-Cashless settlement at network garages, Claim settlement in 7 days’, Unique add-ons etc.

3. The Oriental Insurance Co. Ltd.- This motor insurance company is wholly owned by the central government of India. To secure your vehicle the Oriental Insurance Co.Ltd is one of the best motor insurance company.

Offering- One of the most reliable names in motor insurance, Fast claim settlement High claim settlement ratio etc.

4. The New India Assurance Co. Ltd.- The New India Insurance company is a pioneer in introducing innovative insurance products and for this the company have international presence.

 The company have huge initial capital and human resource as because the company is fully owned by the government of India. Offering- Surveyor appointed within 48 hours of claim intimation, Grievance acknowledged within 3 days of receipt etc.

5. Bharti AXA Motor Insurance Company- The company Bharti AXA Motor Insurance company was found in the year 2008. It is joint group between Bharti enterprise and AXA Group where Bharti holds 51% stake and the remaining 49% stake holds by the AXA Group. This company have 79 branches all over India. Bharti AXA Motor Insurance Company registered around 1.3 million cases and settled 1.3 claims till date.

Offering- Accidental Cover /Customer Support, Cashless Claim Networks, Discount for Automobile Association Members, No Claim Bonus, Discount based on age and profession

6. L&T Motor Insurance Company- Larsen &Toubro Limited(L&T) owned this company and this company is rated among Top 50 company in the world by Forbes. They have 70 years’ experience in the market and the main motto of the company is to serve the best insurance service.

Offering- Discounts, Accidental Cover /Customer Support, Cashless Claim Networks.

7. National Insurance Company (NIC)- It is the oldest Motor insurance company as it established in the year 1906. National Insurance Company recognized as the ‘Best in Service’ in the market. In the eastern India, there is the head quarter of this company.

Offering- Limited paperwork, Easy and convenient.

8. HDFC ERGO General Insurance Co. Ltd- This company is certified under ISO 9001:2008 and rated as the best general insurance company in India by IAIR in 2013.

Offering- Zero documentation, Fast claim settlement, Age and profession discount etc.

9. SBI Insurance Company- This is a joint venture company where SBI holds around 74% and Insurance Australian Group(IAG) holds 26%. This company have 2250 working employees along with presence in 77 cities in India.

Offering- Stress free claims by co-ordinated repairs, Assistance in emergency situations, and service of your vehicle.

10. Cholamandalam MS General Insurance Company- This company is also a joint venture group of the Murugappa Group, the Mitsui Sumitomo Insurance Group (MSIG) and a Japanese assurance company. The company always offering attractive offers continuously.

Offering- Instant Online Policy buying and renewal, Easy, smooth and hassle free claim settlement process.