September 21, 2023


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Best Car Insurance Policy in India 2021

10 Best Car Insurance Companies in India 2021 (Complete list)

While buying offline or online four wheeler insurance, remember this—the cheapest policy may not be the best policy. It is undeniable that insurance is bought as a cover against a future mishap that may or may not occur; in latter case there will be no return on investment. Initially, you may feel it is absolutely unnecessary to invest a lot of money in insurance cover. However, there are several reasons why you should avoid that approach to an insurance policy and go ahead with the best car insurance in India.

Why are low premium covers not the best car insurance policies?

  • Low premium policies provide limited coverage

With the facility of purchasing online four wheeler insurance, you have the advantage of going through the websites of several insurers and see the plans on offer. You do not need to step out of your house; a stable internet connection and a smartphone are enough to research and buy a policy.

If you compare the plans in detail, you will find that the policies with extremely low premiums do not give full coverage. Initially, you may feel that you are at an advantage, but in future, you will have to pay a major part of the expenses out of your pocket for any damage. Before buying a policy, you should carefully go through the exclusions and terms and conditions to know what the insurer will cover. This would help you select the best car insurance in India that would provide maximum coverage within your budget.

  • The third-party policy does not cover own damage

A third-party liability policy is mandatory for four-wheelers, and most car owners feel that it is the best car insurance in India. But it is not the case when you have a high-end or a brand new car. The third-party policy premium is fixed by the IRDAI (Insurance Regulatory and Development Authority of India). Since it is mandatory, the IRDAI fixes the premium amount and charges at low rates so that everybody can afford it. You would also be fine with it as long as there is no damage to your own car. However, if your expensive car or brand new four wheeler gets badly hit or damaged in an accident, you will not get any coverage from the insurer. A third-party policy will cover all losses related to only the third-party property damage, physical injury and damage to their vehicle. So, look at it this way—you are paying the premium for a policy where the benefits will be enjoyed by another individual, albeit saving you from bearing the cost on your own. Besides, you have to bear all the costs of repairing your car. 

  • Add-on covers are not available with a third party policy

Here we throw light on another reason why third party insurance, albeit cheap, is not the best car insurance policy, contrary to what many car-owners believe. Say you find it annoying to arrange for towing if your car breaks down suddenly. You could get Roadside Assistance add-on cover for towing assistance and many more perks like battery jumpstart, minor repairs, on-call support, cab arrangement, etc. But you can’t get it if you just have a third party insurance policy. There are several useful add-on covers—Zero Depreciation, Consumables cover, Engine cover –which you may find appealing but are only available with a comprehensive or own-damage policy. 

Is a comprehensive cover the best car insurance policy?

To decide whether a comprehensive policy is the best car insurance in India, you have to know about its features. A comprehensive policy has the components of both third-party and own damage cover. Besides, if you feel that the policy’s coverage is not adequate, you can buy add-on covers. If you have an expensive car like Mercedes, BMW, Audi etc. you will find that the cost of replacement or repairing is very high. So, investing in a comprehensive policy with suitable add-ons would be a good option. 

You may not be able to label a particular plan as the best car insurance in India, as even the policy with the most extensive coverage will still have some limitations or exclusions. However, depending on the condition of your car, you may select a particular plan that provides maximum coverage as per your need and budget. 

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