Auto insurance in India: India has been witnessing a rise in the number of road accidents over the past few years. According to the National Crime Records Bureau NCRB, around 1.5 million people lost their lives in road accidents in 2016 alone. This makes India the second-most dangerous country in terms of road accidents after Pakistan.
In fact, according to the World Health Organization, India accounts for about 10% of global road accident deaths.
Best Auto Insurance in India 2022.
Auto insurance is a necessity if you want to drive your car. It protects you from financial loss caused by accidents that may occur while driving. In addition, it helps cover any damage done to your vehicle. If you are looking for cheap car insurance, then you can find several companies online that offer affordable rates. However, make sure that you compare different quotes before making a decision. You can save money by comparing rates offered by different companies.
Benefits of Auto Insurance
There are many benefits of having auto insurance. First, it provides protection against financial losses due to accidents. Second, it covers damages to your vehicle. Third, it helps protect you from claims filed by other drivers. Fourth, it offers coverage for medical expenses incurred due to injuries sustained in an accident. Fifth, it helps pay for repairs to your vehicle. Sixth, it helps pay for legal fees related to traffic violations. Seventh, it pays for lost wages due to time spent at the hospital. Lastly, it helps pay for funeral costs.
Auto insurance in India – Types of auto insurance
There are two types of auto insurance policies that cover your vehicle against damage caused due to third party negligence. These include Third Party Liability Insurance and Comprehensive Insurance.
A comprehensive policy covers damage from any cause, including theft, fire, vandalism, hail, windstorm, and other perils. This type of coverage can be expensive if your vehicle is involved in an accident that causes extensive damage.
This type of insurance provides protection against loss due to collision with another object. Collisions are often caused by driving too fast, hitting curbs or potholes, or being hit by another car.
Liability insurance protects you against legal claims resulting from bodily injury or property damage. If someone sues you for damages, this type of insurance could help pay their claim.
Auto insurance in India – What does each policy cover?
Third Party Liability Insurance covers damages caused to other vehicles or property while Comprehensive Insurance covers damages caused to your own car.
Why need auto insurance?
1. Auto Insurance protects your vehicle from damage caused by other vehicles, animals, objects, etc.
2. You can’t drive without it!
3. If you don’t have auto insurance, you could end up paying higher rates if you get into an accident.
4. Your car may not be covered under your parents’ policy.
5. You are liable for any damages that occur while driving your own vehicle.
6. Without auto insurance, you could lose your license.
3 Best Auto Insurance in India 2022
1. Allianz India
Allianz India offers comprehensive insurance solutions that are designed to protect your assets from loss due to natural disasters, fire, theft, etc. This company provides coverage against various risks including earthquake, flood, lightning, windstorm, hail, volcanic eruption, terrorist attack, war, riot, aircraft accident, vehicle accident, industrial accident, medical malpractice, and many others.
2. Bajaj Allianz General Insurance Company Ltd
Bajaj Allianz general insurance company has been providing quality insurance products since its inception in the year 1999. The company is at Mumbai, Maharashtra, India. It is a joint venture between Bajaj Prayuth Insurances Limited (BPIL) and Allianz SE.
3. HDFC Ergo
HDFC ergo is one of the leading life insurance companies in India. It was established in the year 2000 and is based out of Mumbai, Maharashtra, India and is licensed by the Reserve Bank of India under Section 25(1) of the Life Insurance Act,1940.