Tuesday, November 27, 2018

Top 5 Motor Companies in India



Getting a Motor Insurance, unlike other forms of insurance, is not a choice but a legal compulsion. It is mandatory to have a third-party motor insurance under Indian Motor Act. But it is recommended by experts to get a comprehensive insurance for your prized possession. A comprehensive plan covers a vehicle not only on the loss/ damage caused by you to a third party (driver/vehicle/property) but also loss /damage caused to your vehicle by natural/man made calamities.To top it up, every insurer offers a host of valuable add-ons on the basic plan to make the coverage even more effective.The public sector insurers have always enjoyed the customer’s preference over private sector insurers. Though, the pattern is bending in favor of private insurers since the last few years.  There are three types of Motor Insurance given below-
  • Private Car Insurance.
  • Two Wheeler Insurance.
  • Commercial Vehicle Insurance.
Here we discuss about top 5 motor companies in India:-

1.  Tata AIG General Insurance:-

Tata AIG General Insurance was incepted in 2011. Even being a comparatively younger company, TATA AIG managed to win over a major fraction of motor insurance market owing to its robust channels of distribution and hassle-free claims.Last year, the brand bagged reputed awards for being the best employer and deployment of mobile application in insurance.

  • Why it is better?
  • Warranty on repairs
  • Free car pick up
  • Claim settlement in 7 days
  • Unique add-ons.
  • Cashless settlement at network garages
2. Bajaj Allianz General Insurance:-

Among the private insurance players in Indian insurance domain, Bajaj Allianz is one of the largest general insurance companies in the country.A large number of industry experts reveal that Bajaj Allianz Auto Insurance leads all the auto insurance players in terms of customer satisfaction, cashless claim settlement and features rich policies. The brand is also widely recognized as one of the most customer friendly insurance companies in India.
  • Why it is better?
  • 24X7 Towing assistance
  • Doorstep surveyor facility
  • Instant SMS Updates on Claims
  • Online purchase on EMIs
  • Cashless settlement at 1500+ network garages

3. The Oriental Insurance:-

Owned by the Central Government, Oriental Insurance Company Limited is one of the best companies to get a motor insurance. The brand boasts of winning the most reputed awards in the industry. The latest ones worth mentioning here are – ‘best public general insurance award’ and ‘best bank and financial institution award’. Oriental is one of the few insurance companies in India to get the iAAA rating by ICRA, indicating its strong financial framework.
  • Why it is better?
  • High claim settlement ratio
  • One of the most reliable names in motor insurance
  • Valuable add-ons
  • Fast claim settlement
4. HDFC ERGO General Insurance:-

Bolstered by a robust channel of distribution and customer oriented approach, HDFC is the top notch brand for getting a motor insurance. HDFC boasts of having one of the highest car insurance claim settlement ratios among private motor insurers. HDFC ERGO is ISO 9001:2008 certified for its operations and claim processes and has been rated iAAA by ICRA. It was recognized as the best general insurance company in India by IAIR in 2013.
  • Why it is better?
  • Fast claim settlement
  • Zero documentation
  • Age and profession discount
  • Cashless settlement at 1600+ network garages
5. The New India Assurance:-

New India is wholly owned by the government of India. Backed up by a strong capital, infrastructure and human resource, auto insurance company in India. The brand has embarked an international presence and is well known for being a pioneer in introducing innovative insurance products.It has been rated A- (Excellent) by A.M.Best Co., becoming the only Indian insurance company to be rated by an international rating agency.
  • Why it is better?
  • Claim decision taken within 3 days of application
  • Claim payment made within 3 days of discharge voucher receipt
  • Surveyor appointed within 48 hours of claim intimation
  • Grievance resolved within 15 days of receipt
  • Grievance acknowledged within 3 days of receipt.

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