Which Insurance Company Provides the Cheapest Car Insurance In India?

In today’s time, car insurance is a compulsion for all car owners. From protecting you against any unforeseen event that may take place on the road to offering coverage against third-party liability, the benefits of having car insurance are many. This is why a number of insurance companies now offer varied car insurance plans so that you can easily pick the one that suits your preference. However, with multiple plans available, it may become difficult to pick the best one. So, to help you out, we have compiled a list of car insurance plans that are not only affordable but highly preferred by many customers. 

List Of Cheapest Car Insurance Companies

Now, let us also discuss the most lowest car insurance companies available in India. Scroll through the section to know all about the same:

1. HDFC Ergo

The premium of HDFC Ergo Car Insurance Plans has a starting price of just Rs. 2094 which is why people easily buy car insurance plans with HDFC Ergo without having to worry much about the budget. Moreover, in addition, HDFC Ergo has over  8200+ cashless garages network that makes it very easy for policyholders to get their cars repaired. 

2. TATA AIG

TATA AIG is yet another popular insurance company that provides a range of affordable car insurance plans. TATA AIG has a 98% claim settlement ratio which indicates the reliability of the company in getting the claims settled. With TATA AIG, you can get your preferred car insurance plan in just three easy steps.

3. Royal Sundaram

With a vision to ensure 100% protection on road, Royal Sundaram now offers varied car insurance plans. Policyholders are also given an option to upgrade the plan offerings by adding several add-ons such as depreciation waiver cover, tyre cover, NCB protector, and so many more.

4. ICICI Lombard

With a network of 5100+ garages, ICICI Lombard car insurance plans have a lot of benefits. From third-party car insurance to standalone car insurance, you can get a range of car insurance plans from ICICI Lombard. Moreover, at ICICI Lombard, you can also enjoy easy claim settlements, faster policy renewal, and many more.

Factors Affecting Car Insurance Premium In India

There are several factors affecting the premium of car insurance. Read on to learn more:

• Past Claim Records: In case the frequency of filing a car insurance claim from your end is greater, then in such cases, the premium of car insurance is higher. 

• Model of the Car: Another factor that determines the car insurance premium is the model of the car. For instance, the premium of luxury cars is higher than other normal cars. This is because the repair and overall maintenance costs for such models are higher. 

• Age of Car: The older the car, the more expensive will be its car insurance premium. For example, the car insurance premium for a car bought in 2018 will be higher than that bought in 2021.

• Geographical Location: Depending on the policyholder’s geographical location, the premium of car insurance varies significantly. This simply means that in regions where the chances of accidents, and theft, are higher than in such locations the insurer sets a higher car insurance premium.
• Add-ons: The cost of availing of add-on covers adds to the car insurance premium cost. The more add-ons purchased, the higher will be the car insurance policy’s premium.

Tips to Get Cheap Car Insurance in 2024

• Compare quotes from multiple insurance providers to find the best deal.
• Opt for a higher deductible, as it can lower the premium amount.
• Maintain a good driving record and avoid accidents or traffic violations.
• Consider bundling car insurance with other policies to avail of multi-policy discounts.
• Install safety devices in your car to reduce the risk of theft or accidents.
• Ask for discounts based on factors like low mileage, good student grades, or membership in certain organizations.

Conclusion

To conclude, whenever you are looking to buy car insurance, don’t always check on the premium as the only factor. . Buy a policy that always offers adequate coverage. Before choosing a car insurance plan, read reviews and ratings of the insurance company. Additionally, always compare car insurance plans from different insurers so that you can make an informed decision.

For further reading:

How To Buy Acko Car Insurance Policy Online?

Is Third Party Insurance Enough For Car?

Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.