You've decided to buy a car insurance thinking about what type of car insurance you need and now, the question is how can you find a policy that's right for you? Car insurance is essential in today's world and the ramifications can last for a long time. To make a good decision, you should know what your options are and how they'll help you.
PolicyBachat has helped us take away the hassle of comparing insurance providers. They provide information, comparisons and reviews for Top 10 Car Insurance Companies in India, Key Benefits, and Comparison Tool which make it easier to buy the appropriate car insurance policy.
The two insurance companies, New India Assurance, and Oriental Car Insurance are both well-established in the Indian insurance market. They have been around for a long time and provide a wide range of insurance plans to their customers. They have a large customer base, which provides service and convenience for potential clients.
Both companies offer different types of coverage and have different terms and conditions for their policies as well. So, it's important to compare both the New India Assurance vs Oriental car insurance plans before you decide which one to purchase from them.
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New India Assurance Car Insurance |
Oriental Car Insurance |
Features:-
- Quick claim settlement
- Instantaneous Purchase
- Wide range of Add-ons
- Claims are settled within 3 days of the application
- The complaint is resolved within 15 days of acknowledgment
- Claim payment is made within 3 days of discharge voucher receipt.
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Features:-
- Covers third-party liabilities
- Provides Personal Accident cover for the owner.
- Direct cashless claim settlement in authorized network garages across India
- Discount on insurance premium if you are a member of Automobile Association of India
- You can avail a discount of 25% on OD Premium and TP Premium in case your car is vintage, manufactured prior to 31.12.40 and duly certified by the Vintage and Classic Cars Club of India.
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Benefits:-
- Third party liability covers up to 7.5 lakhs
- The policy also pays for towing charges from the place of the accident to the workshop up to a maximum limit of Rs.300/- for Scooters/Motorcycles and Rs.1500/- for cars and commercial vehicles.
- A restricted cover is also available covering the risk of Fire and/or Theft only, in addition to the compulsory cover granted under the "Liability Only Policy".
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Benefits:-
- Coverage for accidental losses or damages
- Loss/damage caused by burglary, housebreaking or theft, fire, explosion, self-ignition, lightning, earthquake, flood, storm, landslide, rockslide, inundation, terrorism, riots, strikes, malicious acts, transit by road, rail, inland waterways, air or lift.
- The repair or replacement cost is paid.
- Theft/total loss: IDV is paid.
- Liabilities to third parties-If the insured car causes injuries/death and/or property damage gets covered.
- Personal accident cover for the owner-driver up to 2 lakh.
- The additional premium is chargeable for electrical/electronic items, CNG/LPG fuel and extra benefits.
- Period of insurance: One year, however, shorter duration covers can also be availed.
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Highlights:
- New India Assurance is the first non-life insurance company to get an 18,000 Cr premium.
- Been a market leader for four 4 decades.
- New India Assurance is the only Global Insurance company with a presence in over 28 states.
- New India Assurance has a total Assets of 61,720 Cr. and a total Net worth of 28,895 Cr.
- New India Assurance Add-on covers
- Get the New India Assurance add-on covers for extended benefits in case of any mishap.
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Highlights:
- Add Optional add-ons covers and customize your policy. Select from a list of smart rider options, available for an additional premium.
- Guaranteed 24*7 customer support for any queries related to the policy and intimation of a claim call: 1800-123-4003.
- Decision on claims approval within 7 working days from the receipt of all documents.
- Specific car insurance products are designed to cater to the different needs of policyholders.
- Any loss or damage resulting due to an accident or collision with another vehicle, animal, or thing like a building or pillar
- Any loss or damage that has occurred due to bad weather conditions or natural calamities is also covered
- Any loss or damage due to external explosion or fire is also covered.
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New India Assurance Car Insurance:
New India Assurance Car Insurance is a leading provider of car insurance in India. New India Assurance Car Insurance is a company that offers car insurance for both new and used cars. New India Assurance Car Insurance is a company that offers car insurance for both new and used cars. It's one of the leading providers in the country with over 24,000 employees, 1.3 million customers, and an annual turnover of Rs. 600 crore.
New India Assurance Car Insurance provides cover against theft, fire, accidental damage to your vehicle, loss or damage to your vehicle while traveling abroad and accidents caused by third-party negligence among other things. Their policies are designed to suit your needs and budget.
What is Covered?
- Death or bodily injury to a third party person.
- Damage to third party property.
- Covers loss or damage to the insured vehicle and its accessories due to:
- Fire, explosion, self-ignition, or lightning.
- Burglary, housebreaking, or theft.
- Riot and Strike.
- Malicious Act.
- Terrorist Act.
- Earthquake (Fire and Shock) Damage.
- Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone, and Hailstorm.
- Accidental external means.
- Whilst in transit by road, inland waterway, lift, elevator or air.
- By landslide/Rockslide.
What is Not Covered?
- Wear and tear, breakdowns
- Consequential loss
- Lose when driving with an invalid driving license or under the influence of alcohol.
- Loss due to war, civil war, etc.
- Claims arising out of contractual liability.
*Know more about New India Assurance Car Insurance Article*
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Oriental Car Insurance:
The company provides great and innovative products for its customers. Car insurance is one of them. Oriental Car Insurance claim settlement ratio of 91.5% and efficiency ratio of 87.1% compared to all the other car insurance companies. The company offers a single plan called Motor Package Insurance Policy for its customers. This plan is packed with all the essential benefits that a person & his/her car may need at the time of an emergency.
Oriental Car Insurance Plans has been deliberated to gratify the need of protection cover for our cherished vehicle. Likewise to its various other plans, ensures all the range of misfortune events are well covered under its Car Insurance Plan. Any Death or injury to driver-owner, Damage to the vehicle, or any liability to third party all is covered under the plan.
What is Covered?
- Damages incurred by the insured’s car in any accident, theft, natural/man-made calamity, etc.
- Natural disasters
- Manmade calamities
- Fire
- Theft
- Third party liabilities
- In-transit damages.
- Limited/unlimited coverage in case of bodily injury/permanent disability or death of a third party.
- Third party property damage up to Rs. 7.5 lakh.
Oriental Comprehensive Car Insurance Benefits:-
- Availability of personal accident coverage of up to Rs. 15 lakh
- Instant and paperless claim settlement process
- Responsive customer support
- Availability of a number of add-on covers for enhanced coverage
What is Not Covered?
- Damage by a person driving without a valid driving license
- Mechanical or Electrical breakdown and failure
- Damage to tyres/tubes of the Car, unless damage to the vehicle in the accident with liability
- Damage by a person driving under the influence of Liquor/Alcohol/Drugs
- Depreciation, any consequential loss
- Loss/Damage attributable to War/Mutiny/Nuclear risks
- Damage, outside India unless covered by extra premium for Nepal, Bhutan & Bangladesh, Pakistan, Sri Lanka &Maldives.
*Know more about Oriental Car Insurance Article*
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Comparison of New India Assurance Car Insurance vs Oriental Car Insurance:
When you buy insurance for your car, you would want to get insurance that is high on benefits and low on costs. The comparison of New India Assurance and Oriental Car Insurance depends on the factors such as Customer Service, Product Portfolio, Pricing, Best Coverage, suitability, and Claim Settlement Ratio.
PolicyBachat help you choose the best car insurance policy by comparing online. You must know what your budget and requirements are, to decide on the right one for your needs.
| Key Points |
New India Assurance Car Insurance |
Oriental Car Insurance |
| Claim Settlement Ratio |
85.35% |
81.83% |
| Cashless Garages |
3000+ |
2000+ |
| Solvency Ratio |
2.13 |
1.40 |
| Branches |
2214 |
1800+ |
| Claims Settled |
3.7 lakhs |
18 lakhs |
Difference between Add-ons, Coverages, and Types of Policies of New India Assurance vs Oriental Car Insurance:
| Distinguish |
New India Assurance Car Insurance |
Oriental Car Insurance |
| Types of Policies |
- Standalone OD (Own Damage)for Private Car
- Private Car
- Standalone CPA (Compulsory Personal Accident) Cover.
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- Private Car Insurance Plan
- Commercial Car Insurance Plan
- Liability Only Plan.
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| Add-ons/ Riders |
- Zero Depreciation Cover
- Road tax cover
- No Claim Bonus
- Engine Protect Cover
- Towing Charges
- Co-passenger Cover
- Hydrostatic lock.
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- NCB Protection cover
- NCB Retention cover
- Return to invoice value protection
- Engine Protection
- Key & Lock Protection
- Consumables protection
- Daily Allowance benefit.
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| Extra Coverages |
- Loss or damage to accessories fitted in the vehicle such as stereos, fans, air-conditioners, etc.
- Personal accident cover under private car policies for:
- Legal liability to employees.
- Legal liability to non-fare paying passengers in commercial vehicles.
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- Premium Discounts
- Cashless repair facility
- Excellent customer service.
- Third party Liability is up to 7.5 lakhs
- Personal Accident Cover is up to 15 Lakhs
- No Claim Bonus: 50%
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| Extra Coverages |
Online through
PolicyBachat & New India Assurance Website. |
Online through
PolicyBachat & Oriental Website. |
| Premium |
Up to 85%
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Up to 75% |
How to Buy Best Car Insurance Policy?
Compare car insurance policy rates online in India with PolicyBachat and select the one that meets most of your financial expectations. You can easily get multiple car insurance quotes online from the best car insurance companies in India.
- Fill required details at the top of this page, and select your car model, RTO Location, registration date, and email address.
- Click on the START SAVING MONEY
- Premiums with different insurance companies are displayed with low premiums
- Select required add-ons/riders and discounts, or
- Even you can edit policy details
- After that fill in the vehicle owner details and owner details
- Purchase the best car insurance policy using online payment
- If any queries are raised call: 1800-123-4003.
Conclusion:
This article has shown which a better option is for those who are looking for cheaper rates. It also has provided some information on how to get discounts on your insurance. You'll learn the pros and cons of each plan, as well as the different impacts they can have on your monthly car insurance payment.
Whether it is a New India Assurance & Oriental Car Insurance because it offers lower premiums and better discounts. To handle the financial consequences caused by unfortunate circumstances, it's best to get insurance. Compare New India Assurance & Oriental for a comprehensive overview of coverage per feature to find the right policy for you.
Pick the company which carries the best insurance for your car. You should also know what's required to be covered and make sure you go for the one with similar benefits as well as attractive discounts.