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Types of Car Insurance Policy in India

Car insurance is a protection shield for your car against any damages caused by natural calamities such as floods, earthquakes, cyclones, accidents, and thefts. In India, a car insurance policy is necessary to get protection for cars. There are three types of car insurance policy in India:

• • Third Party Car Insurance

    A third-party liability car insurance policy safeguards the car insurance owner from any type of legal liabilities that arise because of the involvement of the insured car in an accident. Under this policy, the insurer compensates against disability, injury, death, or property damage to any third party. In this way, a policyholder gets protection from the financial liability towards a third party.

  • Comprehensive Car Insurance

    A comprehensive insurance policy provides coverage for third party liability as well as damages caused to your own car. In comparison with third party liability insurance, a comprehensive car insurance policy offers extensive coverage, more benefits & covers the damages caused to the insured car in case of an accident, collision, theft, etc.

    It can be further extended by opting for add-ons like accessories cover, engine protector, zero depreciation cover, medical expenses, etc. This type of coverage is the most popular as it offers end-to-end coverage & thus less stress for the policyholder

  • Pay as You Drive Insurance

    Pay As You Drive Insurance is also known as usage-based vehicle insurance. It allows a policyholder to pay the premium of the insurance according to the kilometers driven by the insured car. This will be useful for those who have multiple cars and hence do not use each of these very frequently. Currently, there are only a few insurers only who are offering this policy. It provides comprehensive coverage for own damage and third-party liability coverage is provided on a pilot basis for a term of a year.

Car Insurers	Network Garages	Incurred Claim Ratio % 2019-20	Success ratio
Bajaj Allianz Car Insurance	1024	65.83%	Insure 98%
Bharti AXA Car Insurance	3742	81.91%	Insure 87.77%
Chola MS Car Insurance	4636	82.95%	Insure 70.95%
Digit Car Insurance	N/A	74.82%	Insure 65.83%
Edelweiss Car Insurance	1268	116.31%	Insure 74.82%
Future Generali Car Insurance	3194	57.67%	Insure96.45%
IFFCO Tokio Car Insurance	6757	87.77%	Insure 92.05%
Kotak Mahindra Car Insurance	2327	75.66%	Insure96.45%
Liberty Car Insurance	4365	70.95%	Insure 116.31%
National Car Insurance	456	116.44%	Insure 74.82%
New India Assurance Car Insurance	456	85.35%	Insure 92.23%
Oriental Car Insurance	456	101.63%	Insure 87.77%
Raheja QBE Car Insurance	1000	103.9%	Insure NIL
Reliance Car Insurance	4779	84.63%	Insure 101.63%
Royal Sundaram Car Insurance	3868	92.23%	Insure NIL
SBI Car Insurance	2613	92.05%	Insure NIL
Shriram Car Insurance	2071	65.43%	Insure NIL
Tata AIG Car Insurance	1617	80.29%	Insure 85.35%
United India Car Insurance	456	96.45%	Insure 92.23%
Universal Sompo Car Insurance	1493	89.54%	Insure 57.67%

Q & A section:

What is the cheapest type of car insurance? State-minimum liability coverage is the cheapest type of car insurance. Liability-only insurance is $1,333 cheaper on average than a full-coverage policy. What are the 3 types of car insurance? Image result for car insurance The three types of car insurance that are universally offered are liability, comprehensive, and collision insurance. Drivers can still purchase other types of auto insurance coverage, like personal injury protection and uninsured/underinsured motorist, but they are not available in every state. What is the #1 car insurance? 1. USAA. USAA is the best car insurance company we found. Who are the top 3 insurance companies? Top 10 Writers Of Homeowners Insurance By Direct Premiums Written, 2020 Rank Group/company Market share (2)

• 1 State Farm 17.9%
• 2 Allstate Corp. 8.9
• 3 USAA Insurance Group 6.7
• 4 Liberty Mutual 6.3