Auto Insurance Companies for 2019

Auto insurance is a policy purchased by policy owners to pay the costs of an auto accident. In place of paying the cost of auto insurance from the pockets, people pay a monthly or annual premium to the auto insurance companies which in turn compensates almost all or every cost involved in the accident.

Auto insurance is also known as “motor insurance“. Moreover, Auto protection may cover the two mishaps and robbery harm as well. Be that as it may, just whenever picked at the season of taking the protection. In addition, having such an arrangement lessens mental pressure. Taking protection the conventional way is getting to be out of date. Since you can purchase accident protection online from the solace of your home.

The company then pays all the costs involved in the auto accident. Collision protection premiums fluctuate contingent upon age, sexual orientation, long stretches of driving knowledge, mishap and moving infringement history, etc. Most states order that all vehicle owners buy a minimum measure of collision protection, however, numerous individuals buy extra protection to additionally secure themselves. If you feel the need for insurance which covers all your costs, then the premium will increase. Also, if you have a poor driving record, the premium will go up. Therefore it’s recommended to have a good driving record in order for getting the best deals.

How it came into the world

When cars were introduced for the first time, they were big and fast. With this came the instability in controlling them. This lead to numerous accidents taking place around the corners of the world. Also, at that time, there were no laws for compensation of accidents. Therefore, it was not mandatory to compensate the other person involved in the accident. This was a huge loss for the person who had no fault in the accident. So, the government introduced a new law. According to the law, it became necessary to purchase auto insurance. After the success of this law, it spread to other countries too. Also, auto insurance became a profitable industry which became a good source for getting high income. All these factors led to the success of auto insurance policies.

Road Traffic Act, 1930

After considering the rising number of accidents, the UK decided to take the first big step in the world. A step which changed the world. The UK presented a “Road Traffic Act, 1930”. According to this, it said that everyone needs to have an auto insurance policy compulsorily. So, the policy meant that it would compensate the other person for the damages caused. It would also include compensation to the person who had the fault in the accident. Auto Insurance companies emerged significantly after the passing of this law. This industry became profitable as it became compulsory for everyone to purchase the insurance. So, let’s move on to the next part!

Auto Insurance is Mandatory

Do you think that you don’t need auto insurance? You are wrong! Almost all countries have made it mandatory to purchase auto insurance from auto insurance companies. If you don’t have auto insurance then you may be sentenced to jail or ordered to pay huge fines. So, everyone should consider purchasing an auto insurance policy. So, let’s move on to the next part!

Auto Insurance Companies Comparision

1. ICICI Lombard GIC LTD – One of the leading auto insurance company. The Insurance products offered by them designed to meet both the urban and rural area needs. Thus, their car insurance covers:-

• Damage due to natural calamities
• Own personal accident cover
• Damage against man-made calamities

So, let’s move on to the next part!

2) Bajaj Alliance GIC Ltd – It started in 2001 as a joint venture between Allianz Se and Bajaj Finserv Ltd. The special thing about this auto insurance company is that they have lots of other benefits than the other services of car insurance offered by others.

• Cashless Garages
• 24×7 Roadside Facility
• Vehicle monitoring devices, Etc.

So, let’s move on to the next part!

3) TATA AIG GIC Ltd – It gets its name as TATA AIG GIC Ltd (Online Auto Insurance Company and offline too) because it’s a joint venture group between American International Group and Tata Industries. They started their operations in 2001 and the services are spread across India.

• Understands Customer Needs
• Varieties of motor insurance

So, let’s move on to the next part!

4) Bharti AXA General Insurance – A joint venture between AXA and Bharti Enterprises in India. Bharti AXA General Insurance founded in 2008 as an auto insurance company. Their key features:-

• 24×7 claim settlement help
• Cashless garage facility
• A vast area of operation

So, let’s move on to the next part!

Compare Auto Insurance Companies (Part 2)

5) The Oriental Insurance Co. Ltd. – This company owned by the Central Government of India. It is one of the best auto insurance companies to buy insurance as this company boasts several reputed awards won by it.

• Fast Claim Settlement
• Trust, as it’s controlled by the Central Government
• Good Claim ratio
• iAAA rating by ICRA

So, let’s move on to the next part!

6. The New India Assurance Co. Ltd. – It is wholly owned by Government of India. This brand has also embarked an international presence. Its benefits are:

• Claim Decision within 3 days when informed
• Grievance acknowledged within 3 days of issue of receipt
• Grievance must be solved in 15 days

So, let’s move on to the next part!

7. KOTAK Mahindra Car Insurance – It’s a comprehensive car insurance policy that is designed to provide all-round protection to the customers. The benefits are:

• No Claim Bonus
• Roadside assistance
• Engine Protection

So, let’s move on to the next part!

8. Progressive Insurance – It’s a company in the United States of America. Extremely competitive in terms of pricing. The benefits are:

• Over 18,000,000 drivers
• Competitive Pricing
• Roadside Assistance

So, let’s move on to the next part!

Conclusion

So, as we saw in this article, insurance plans are very different. They range from prices to features. You should keep this in mind when you are purchasing auto insurance that for the same features, different auto insurance companies might be offering different plans. Taking insurance is a wise choice. But, it’s more important to purchase the right plan. We hope that this article could give you an insight into the various auto insurance companies to help you in your quest for the right auto insurance companies!

Read more…

Auto Insurance Providers

Compare Auto Insurance Companies

Buy life insurance online