The Best Car Insurance Options In India

If you are planning to buy a car in India and have a budget, you should compare prices for suitable car insurance. Car insurance is a must if you have the ultimate plan of buying a vehicle in India. In the west, car insurance is really cheap and affordable. But in India, it’s not the case.

In this article, we will list out some of the best car insurance companies so that you can make an informed decision about your next purchase. You will have to fork a lot of money for it and if you are on a budget, then you must compare the prices of different companies before signing the dotted line.

Lets’ first look at the factors that affect car insurance prices:

1. Model of your Car: The model of your vehicle is one of the key factors that affect car insurance. The newer version of your vehicle will cost more because it will require higher coverage in case of accidents or theft. And also, there are some models that are targeted by criminals more than others. Also, some vehicles are stolen as spare parts, so they may also make your quote higher depending on where you own your car.

2. Size Of Your Car: The larger the car, the more expensive insurance will be. If you own a small car, then it will cost less per month as compared to a big car, which is being stolen more often. It also depends on the class of vehicle. Smaller cars are vulnerable and so they will have a higher chance of being stolen by criminals. Setting an alarm or locking your vehicle will not always help you in case of theft as it takes time to scare off thieves, so if you have a narrow enough parking space in the city, then park your small car there only and lock it with the key in your bag.

3. Type of your Car: Some vehicles are more prone to theft than others. For example, a high-end car or a new model car will cost more because they are easier to identify by thieves. Moreover, the insurance company will not be able to take the vehicle off its database if you have paid the premium and it can be traced in case of any accident or theft. In addition, if the model of your vehicle is new and less common, then the risk is lower and so you will get cheaper insurance.

4. State You Live In: If there is any special law related to car insurance in certain state, then it may make your quote higher or lower as compared to other states. For example, women drivers have to pay higher car insurance than male drivers in some states. The reason is that gender is considered a sensitive data and the insurance company wants to protect itself against such kind of claims.

5. Credit History: If you have a credit history, then your quote will be more expensive as compared to others. Your credit history is also considered a sensitive data that can increase your car insurance from less prone to being stolen or damaged or stolen. So if you are good in paying your bills on time, then you will save money as your quote will be low as compared to others with a lower credit score.

So, it is important to know the factors that affect car insurance prices before buying a vehicle in India. You must compare prices and get the best quotes from various insurance companies. If you are looking for car insurance only for hiring, then there is no need to spend so much money on it for a temporary purpose. So, buy a reliable and good quality car this time and get an insured car which does not cost much.

Here is a list of the best car insurance options in India: 

1. ARA Insurance Group

This is the largest car insurance company in India and operates across more than 4500 cities in India, offering a wide range of products from auto insurance to personal accident cover, health insurance and travel insurance. The company was established in 1994 as an original provider of auto policies by leading specialists. Nowadays, ARA has grown to become one of the leading digital sized services provider for its customers. They guarantee that you will get the best customer service at all levels, whether you are trying to find out information about your policy or leave a query to your agent during a claim. If you are looking for cheap car insurance quotes, then ARA is the best place where you can get them easily.

2. Bajaj Allianz General Insurance

This is one of the most popular insurance companies in India with more than 35 years of experience in providing auto and commercial vehicle insurance. This company offers its services across various cities and states in India and has a wide customer base. The company provides a range of insurance products apart from auto policies, which include personal accident cover, health insurance and travel insurance. The company is a joint venture between Bajaj Finserv Limited and Allianz SE, Germany. It currently has over 1,300 offices through which it offers its services to the customers across India. So, if you are looking for cheap car insurance quotes, Bajaj Allianz General Insurance is one of the companies you should compare.

3. Fidelity General Insurance Company

This is an Indian private insurer that offers its services through credit card insurance and auto policies. This company was launched in 2007 as a joint venture between leading shareholder Kotak Mahindra Bank and US based security executive Willis Towers Watson. The company currently has more than 25 offices across 10 cities in India and has offered its services to over 4 million clients so far with no claims against it till date. So, get your quote from this company if you want to save money on car insurance in India.

4. ICICI Lombard Car Insurance

This is an Indian private car insurance company that offers its services across more than 4500 cities in India, with an experience of more than 15 years in providing insurance policies. This company is a joint venture between ICICI Bank and Fairfax Financial Holdings Limited, Canada. As the name suggests, this company provides insurance policies solely for vehicles, but it also offers other financial services such as loans and mortgages. The company currently has over 800 offices across India with over 20 million customers already registered to get their products. So, you can also get affordable car insurance quotes from this company and save money on your vehicle coverage.

5. SBI General Insurance

This is a leading Indian insurance company that offers its services across various states and cities in India. This company was founded in 2008 as a joint venture between State Bank of India and Mitsui Sumitomo Insurance Company. The company provides a wide range of insurance products, including car insurance for which it has an excellent coverage for its customers. So, if you want to save money on car insurance in India, then get your quote from SBI General Insurance.

So, these are the top 5 car insurance companies in India with their rates and comparison quotes available to help you save money on your next purchase of a vehicle or on hiring it for personal use or business purpose.