Compare Auto Insurance Companies in 2019

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What are Auto Insurance Companies?

In this article we will discuss compare auto insurance companies. Let’s start from the basics.

Auto insurance is also known as ‘Motor Insurance’. Auto insurance provides financial protection against vehicle collisions. It also covers the responsibility of a person to compensate the victim for the damage. Moreover, This is mandatory in various countries. Thus, It ensures that claims and damage resolutions can get settled in case of such accidents. So, let’s move on to the next part!

Additionally, Auto insurance may cover both accidents and theft damage too. But only if chosen at the time of taking the insurance. Moreover, having such a policy reduces mental stress. Taking insurance the traditional way is becoming obsolete. Because you can buy auto insurance online from the comfort of your home. So, let’s move on to the next part!

Additionally, Police have the power to seize your vehicle too if you do not have proper required auto insurance. So, let’s move on to the next part!

Compare Auto Insurance Companies
Compare Auto Insurance Companies

How did the concept of Auto Insurance Companies come?

Going to the past, Cars were introduced into the world. Although they were fast enough but the concept of Vehicle Insurance didn’t exist. Besides, this meant that if any person would get involved in an accident then, no one knew if the person would ever get the compensation or not. In this way, the concept of auto insurance providers and auto insurance came into existence.

So, let’s move on to the next part!

Road Traffic Act, 1930

Furthermore taking into account the increasing accidents, the United Kingdom (UK), introduced ‘Road Traffic Act 1930’. Altogether, this meant that at least the person would get compensation for his loss for sure.

So, let’s move on to the next part!

Furthermore, Germany also introduced such an act in which Auto Insurance became compulsory. So, let’s move on to the next part!

Compare Auto Insurance Companies Online

Henceforth, the rise of Auto Insurance Providers started. They found this to be a great business. Additionally, Earlier both online and offline insurance were almost equal. But, especially online auto insurance, has gained an advantage!

So, let’s move on to the next part!

Why Buy and Compare Auto Insurance Companies?

Particularly, auto insurance providers cover three areas:

  1. Property – Damage or loss of your vehicle.
  2. Medical – Hospitalization and treatment costs.
  3. Compensation – The amount you need to hand over to the injured person, as compensation for his loss.

Now that you have got an idea of the things it covers, So, let’s move on to the next part!

Benefits to Compare and Buy Right Insurance

These are the advantages of having auto insurance. If purchased through a registered auto insurance provider as they cover:

  1. Survivors get benefits if the accident becomes death
  2. Repair costs taken care
  3. Protects you from the fine of not have insurance
  4. Man-Made damages like theft, terrorist attacks etc
  5. Legal fees that may result in high costs

So, let’s move on to the next part!

Compare Auto Insurance Companies (Part 1)

Now, we are going to compare auto insurance companies. Let’s start!

  1. ICICI Lombard GIC LTD – One of the leading auto insurance provider. 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 provider 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 Provider 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 provider. 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 providers 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!

Compare Auto Insurance Companies (Part 3)

9. Esurance – A company in the United States of America. It sells directly to the customer without any agent in between. Furthermore Advantages are:

  • Customised insurance
  • Easy access to insurance

So, let’s move on to the next part!

10. Liberty Mutual Insurance – A company in the United States of America. It was founded in 1912. Furthermore, The benefits of Liberty Mutual Insurance are:

  • 24 hour claims
  • Deductible fund (Add-on package)
  • New Car Replacement (Add-on package)

So, let’s move on to the next part!

Conclusion

So, as you saw, we compared Auto Insurance Companies here which included companies from both India and the United States of America. Furthermore, We hope that you got an insight of the companies with the help of this article.

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