Before we proceed to understand the Motor Vehicle Insurance, it is always important to know who these Insurers are. An insurer is a person or a company that contracts to indemnify another in the event of loss or damage.
Insurers carry out a number of tasks out of which several tasks are vital for the society. And while there are many in the market, we have listed a few for your usage, all on one platform, so that you can pick and choose the best one in a click of a button.
The major task of insurers of motor insurance companies is to assist the policyholders to have a foresight, for you to deal with risks which might arise in the future proficiently. They do so by educating you about the right insurance products and aiding you to get your claims covered by the policies if needed.
The top 10 motor insurance companies in India are determined on the basis of some standard parameters that make them the most preferred ones in this industry.
Below mentioned factors are the criteria for their rankings that will help you understand why they are considered so,
If you can afford your own vehicle than you will never prefer using a public transport for sure. With the increased income slabs, people have got the tendency to pay more and this paying capacity inspires them to have a vehicle which also increases the mobility.
But like everything, driving also has its pros and cons. If driving is a luxury than it carries risk also. The cases of road accidents and deaths due to rule breaking or not following traffic rules, are reported daily in the newspapers. More over the cost of spare parts coupled with high repair costs squeezes your pocket which proves that having a good vehicle insurance policy package is essential these days.
Vehicle insurance or Motor insurance or auto insurance is an insurance mainly purchased for two wheelers as well for four-wheelers or you can say any vehicle on the roads. The primary objective of this vehicle insurance is to provide a protection to you and your vehicle against any physical damage resulting from accidents.
A motor or vehicle insurance in India covers any kind of loss or damage to the auto mobile or its spare parts due to man-made or natural calamities. Insurance policy gives accident cover for the vehicle’s owner while driving and third-party liability and for the passengers sitting in the vehicle at the time of accident.
There are hundreds of more reasons why you should have a vehicle insurance policy depending upon the needs of the different people. But the main reasons for having a motor or vehicle insurance are listed below:
Apart from the above-mentioned points, having a vehicle insurance policy have a list of benefits which every car owner should know. Below is the list:
* The above, may vary from insurer to insurer.
In today’s world, travelling by vehicle is unavoidable and a daily routine for all of us, in one or another way. While traveling, vehicles are required, either four-wheeler or two-wheeler. But along with the ease in commuting, vehicles expose us to multiple risks such as bodily or financial loses. Hence, the main responsibility while driving is to secure your vehicle from any physical damage, damage to the owner or driver, loss or damage to the other party i.e. third-party liability. For this, having a vehicle insurance is the best way to protect yourself from any kind of legal or financial uncertainties.
In extreme cases, it has been observed that if the vehicle is not insured then the owner of the vehicle finds himself/herself under the burden of high financial liability. But if your vehicle is insured and you have a vehicle insurance then you need not to worry about any legal proceedings as well as the expenses incurred in hospitals due to any kind of road mishap. Vehicle insurance covers you from the loss or damage to the vehicle or its parts due to natural or man-made calamities. An insurance provides accident cover for the owner of the vehicle as well as for the passengers and the third-party legal liability.
For any type of vehicles weather a four-wheeler or two-wheeler which includes cars, bikes, scooters, trucks and other road vehicles, you need a vehicle insurance policy. The vehicle could be used for any purpose, commercial or private use. There are mainly three types of vehicle insurance:
The first mandatory thing after purchasing a car is taking insurance policy. It is a financial safeguard for large variety of situations. Car insurance policy covers loss or damage to your car from the natural disasters like earthquake, lightning, floods and so on as well as from the man-made calamities like theft, fire, terrorists attack, accident, riots, etc. The premium amount for the car insurance policy depends on the value of the car, its make, the manufacturing year of the car and the state where your car is registered. There are further two types of car insurance policy: Comprehensive Car Insurance policy and Third-Party Liability Insurance policy.
In the past two years, a significant increase in the number of accidents has been observed on Indian roads. The reason for increase in accidents is the poor road conditions in India, the worst traffic and the bad traffic sense of Indians. Everybody is in hurry to reach the destination, specially the two wheelers. In addition, being the most convenient way of transport, two-wheel riding is equally risky. So, it is mandatory to have a two- wheeler insurance in India. This insurance includes loss or damage to the vehicle and damage to third party in case of any unfortunate mishap. This insurance covers the two-wheeler from any man-made or natural calamities.
Vehicles used for business purpose are called commercial vehicles. These types of vehicles are used to carry light and heavy weight goods from one place to another. Commercial Vehicle insurance covers the loss or damage to the vehicles used for business purpose, complete third-party liability i.e. bodily injury, death or property damage in case of any mishap. Insurance is available for commercial vehicles like ambulance, trailers, buses, taxis, trucks, carriers, three- wheeler autos, and special types of vehicles like agricultural mobile rig, grabs, excavator, tractors, shovels, etc.
Other than these three types of motor insurance policies, there is a list of add on plans available in the market which enhances your coverage for better protection. You can choose add-on covers according to your need, in addition to your standard motor insurance policy.
In modern life, if you own a vehicle whether four-wheeler or two-wheeler, one of the most important as well as necessary thing is having a Motor Insurance for your vehicle. If the vehicle runs on the road, there is a possibility that it could collide somewhere, or someone can steal it. It is always good and advisable to guard your vehicle and yourself against such eventualities beforehand and the best way to safeguard yourself is by choosing a right insurance for your vehicle.
The increased usage of internet has raised the competition level so high between the insurance companies that they are under pressure to offer competitive deals to grab the customers. Customers, now days, can sit anywhere and compare the prices of different companies for the same policy. So, why not influence the internet’s potential to help the customers to save their time, money and find the best motor insurance policy for them.
One should be very clear about the fact that Motor insurance is not optional, it is mandatory by law. If you own a vehicle than you must have an insurance. So, it is important to know about the requirements that has to be consider before buying a motor insurance. Here is the list of those things which needs to be considered before buying an insurance:
Know your Plan
It is very much important that you must know about the type of plan which you have for your vehicle. Though third- party insurance is mandatory according to Indian Motor Act, but it does not cover any damage caused to you and your vehicle. So, having a third- party liability insurance is not enough for you. You should take a comprehensive plan which provides you over all protection whether damage to your vehicle or personal accident or third-party liability. It also gives you a coverage from fire, theft and any other damages.
While theft and accidental damages are covered under the standard policy, but not all the parts of your vehicle get full coverage under this policy. So, add-on covers, as the name suggests, offers you an insurance for several damages in addition to own damage and third-party based on your risk and requirements. There are different types of add on covers available in the market which provides you protection according to their names. You need to identify your requirements and choose accordingly for which you need to pay an extra premium. For e.g.:
In order to save your pocket from the burden of expenses, it is important to know about the discounts available in the market before buying an insurance. There are different insurance companies offering different discounts and features for the same policy. Therefore, you should compare them online before buying an insurance.
Claim Procedure: It is advisable that before buying an insurance from any company check their claim procedure carefully as well as its claim settlement ratio. It is easy to figure out online by doing a simple search for the company you are considering. Go with company which has best claim settlement ratio and easy claims process.
Garages offering cashless facility: Checking the network for the dealership and cashless garages associated with the insurance company which you are considering for taking an insurance is also very important. Keep this in your mind and choose the insurance company that provides you a cashless facility along with hassle-free repair in case of any accident.