In the bustling streets and winding highways of India, car ownership is a symbol of convenience, freedom, and status. However, this privilege comes with a responsibility, and that is where car insurance steps in. Car insurance is not just a legal requirement; it is a safeguard for your cherished vehicle and your financial security. As the costs of car ownership in India continue to rise, from fuel prices to maintenance, finding affordable car insurance becomes important. In this article, we will delve into the essential topic of car insurance, helping you understand its significance and guiding you to the top 10 cheapest car insurance companies in India to ensure your peace of mind without emptying your wallet.
The Cheapest Car Insurance Company
The cheapest car insurance company provides budget-friendly coverage options for your vehicle. While the specifics may vary between companies, here are some common features you can expect from the cheapest car insurance providers:-
- Low prices
- Basic Coverage
- Competitive Premiums
- Customization
- Discounts
- Ease of Claims
- Online Services
- Customer Support.
Best Car Insurance Company
List of Cheap Car Insurance Companies in India
Below are the list of cheapest car insurance companies in India:-
- Navi
- Oriental
- United India
- SBI
- Raheja QBE
- Universal Sompo
- New India Assurance
- National
- Acko
- Royal Sundaram.
Cheapest Online Car Insurance Companies
The cheapest car insurance company can vary depending on several factors, including your location, the type of coverage you need, your driving history, and the specific discounts you may be eligible for. Insurance rates are highly personalized, and what's cheapest for one person may not be the same for another. To find the cheapest car insurance company for your situation, it's recommended to obtain quotes from multiple insurers and compare them. However, rates can change over time, so it's essential to do your own research and obtain personalized quotes to identify the cheapest option for your specific circumstances. To find the current cheapest online car insurance providers, it's advisable to compare quotes and consider factors such as your specific coverage needs, location, and driving history, as rates can vary widely. Be sure to research the latest offerings and read customer reviews to make an informed decision based on your individual requirements.
1) Navi Car Insurance
Navi has pretty affordable rates for motorists with many types of needs, making it a good company for various driver profiles. The company gives its policyholders a sense of empowerment with financial independence through an extensive range of affordable products and a seamless customer experience.
Key Features:-
- Claim Settlement Ratio: 117.97%
- Cashless Garages: 1100+
- Solvency ratio: 2.12
- Branches: 120+
- Claims Settled: 12 Lakhs.
Why Choose:-
- Insurance Coverage
- Seamless Digital Experience
- Legal liability
- Financial security
- Affordable Premiums.
2) Oriental Car Insurance
Choose Oriental Insurance for dependable coverage with affordable premiums, and responsive customer service they prioritize your car's protection and your satisfaction on the road.
Key Features:-
- Claim Settlement Ratio: 97.95%
- Cashless Garages: 2000+
- Solvency Ratio: 1.40
- Branches: 1800+
- Claims Settled: 18 lakhs.
Why Choose:-
- Premium Discounts
- Cashless repair facility
- Excellent customer service.
3) United India Car Insurance
Pick United India for trusted coverage at competitive rates with a strong presence, and comprehensive policies, they prioritize your car’s protection and offer reliable customer service.
Key Features:-
- Claim Settlement Ratio: 98.90%
- Cashless Garages: 2000+
- Solvency ratio: 1.41
- Branches: 200+
- Claims Settled: 82.93%
Why Choose:-
- Quick and Easy approval of Claims Settlement
- Easy renewal options
- Multiple discounts
- Convenient paperless procedure.
4) SBI Car Insurance
Instills trust among car owners due to its association with one of the largest and most trusted public Sector banks in India (SBI). With a legacy of trust, & financial stability.
Key Features:-
- Claim Settlement Ratio: 93.58%
- Cashless Garages: 5000+
- Solvency ratio: 2.00
- Branches: 137+
- Claims Settled: 6.23 Lakhs.
Why Choose:-
- Easy and hassle-free purchase process
- 24x7 claim assistance.
5) Raheja QBE Car Insurance
Raheja QBE Insurance shines with its optional coverage options, its claims process and low level of complaints, which helps it overcome only average rates.
Key Features:-
- Claim Settlement Ratio: 92.55%
- Cashless Garages: 1300+
- Solvency ratio: 3.66
- Branches: 100+
- Claims Settled: 16 Lakhs.
Why Choose:-
- Quick claim settlement process
- Readily available customer support
- Instant policy issuance and faster process.
6) Universal Sompo Car Insurance
The company is well known for its high customer ratings and affordable coverage options, including accident forgiveness. However, it has strict eligibility requirements and not everyone qualifies for coverage.
Key Features:-
- Claim Settlement Ratio: 91.32%
- Cashless Garages: 3500+
- Solvency ratio: 1.90
- Branches: 86+
- Claims Settled: 1.11 Lakhs.
Why Choose:-
- Quick claim settlement
- Instantaneous purchase
- Wide range of add-ons
- 24x7 claim assistance
- Robust customer support system.
7) New India Assurance Car Insurance
Opt for New India Assurance for its reputation, best rates, efficient claims settlement, and wide range of policies. Drive with confidence and protect your car with a reliable insurance provider.
Key Features:-
- Claim Settlement Ratio: 91%
- Cashless Garages: 3000+
- Solvency ratio: 2.13
- Branches: 2214
- Claims Settled: 3.73 Lakhs.
Why Choose:-
- 24x7 claim assistance
- The quick and hassle-free claim settlement process
- Digital insurance process for the paperless system.
8) National Car Insurance
National Insurance Company Limited (NICL), is one of the leading public sector general insurance companies in India. National Car Insurance is a type of auto insurance policy provided by a specific insurance company that offers coverage and financial protection against damages, theft, or third-party liabilities arising from accidents involving the insured vehicle. The company is one of the oldest insurance players offering multiple insurance policies to fulfill the different needs of the customers.
Key Features:-
- Claim Settlement Ratio: 90.68%
- Cashless Garages: 3100+
- Solvency ratio: 1.09
- Branches: 373+
- Claims Settled: 2.3 Lakhs.
Why Choose:-
- Cost Effective
- Security
- Zero Paperwork
- Easy & Convenient
- Efficient claims settlement process
- Excellent customer service.
9) Acko Car Insurance
Acko has very competitive car insurance rates for many types of car owners, which makes it worth a look if you want cheap car insurance. It has low level of car insurance complaints are another reason to consider Acko Car Insurance.
Key Features:-
- Claim Settlement Ratio: 86.87%
- Cashless Garages: 1300+
- Solvency ratio: 1.91
- Branches: 200+
- Claims Settled: 10 Lakhs.
Why Choose:-
- 24x7 emergency assistance
- A dedicated claims team
- Claim approval within 7 days
- 1 day pick up for repairs
- 3 step door delivery at no cost.
10) Royal Sundaram Car Insurance
Royal Sundaram offers a superior selection of coverage options, from accident forgiveness to disappearing deductibles. It also has a track record for low car insurance complaints, which helps offset rates that are usually higher than its top competitors.
Key Features:-
- Claim Settlement Ratio: 85.76%
- Cashless Garages: 4600+
- Solvency ratio: 1.87
- Branches: 158+
- Claims Settled: 15 Lakhs.
Why Choose:-
- Good and hassle-free pre-sales and post-sales services
- Towing facility – spot repair services
- On-time Services
- 24x7 claim assistance.
Top 10 Company Car Insurance Costs in India
Car insurance costs can vary significantly depending on various factors, including the type of vehicles, the number of vehicles insured, the location, the coverage required, and the driving history of the drivers. Here is the table that determines the top 10 car insurance companies prices:-
| Car Insurance Companies |
Highlights |
Premiums |
|
| Navi |
- Digitally enabled claim process
- Allow customers to request unlimited calls.
- Premium starts at Rs. 2072
- Third party liability is up to Rs. 7.5 lakhs.
|
Rs. 2072* |
Buy Now |
| Oriental |
- Voluntary Deductible
- Discount for Anti Theft Device
- If no claim is preferred in the expiring Policy, a Bonus or Discount No Claim Bonus is given on the Premium of the new Policy
- Automobile Association Membership discount
|
Rs. 2184* |
Buy Now |
| United India |
- Riots and Strikes cover
- Towing and Assistance
- Save up to 80%
- Third party covers up to 7.5 lakhs.
|
Rs.2939* |
Buy Now |
| SBI |
- iAAA Rating by ICRA Award
- Personal accident cover for passenger cover is Rs. 2 lakhs.
- Save up to 85% on premium
- Third party price for less than 1000 cc cars is Rs. 1500.
|
Rs.2744* |
Buy Now |
| Raheja QBE |
- A+ Rating by Standard and Poor's Insurance Financial Strength
- Simple & hassle-free communication.
- Save upto 75% on Premium
- Customer oriented approach
|
Rs. 2454* |
Buy Now |
| Universal Sompo |
- Robust customer support
- 24x7 emergency assistance
- Personal Accident cover is up to Rs. 15 lakh for Owner-driver.
- Third Party up to Rs. 7.5 lakh.
|
Rs. 2374* |
Buy Now |
| New India Assurance |
- 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.
|
Rs. 2583* |
Buy Now |
| National |
- National Insurance is the First Company to introduce the “Office on Wheels in India”.
- National Insurance Provides 24x7 Live Chat Support.
- Discounts are also offered for vehicles that have anti-theft or other security devices installed.
|
Rs. 2847* |
Buy Now |
| Acko |
- 3 day doorstep delivery
- 1 hour pickup
- Instant repairs
- Highly rated go-to-app.
- Save 93% of up to Rs. 1200 on Car Insurance
- Premium starts at Rs. 2094
|
Rs. 2635* |
Buy Now |
| Royal Sundaram |
- 24x7 roadside assistance
- Awarded Best BFSI Brand 2021
- 100% invoice insurance price
- Personal Accident Cover is up to Rs. 2 Lakhs.
|
Rs. 2094* |
Buy Now |
*All the above mentioned values are for user reference only. For exact readings compare car insurance quotes.*
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Benefits of choosing Best Cheap Car Insurance Companies in India
When you opt for one of the top 10 cheapest car insurance companies in India, you can enjoy several significant advantages that go beyond just saving money. These benefits ensure you have peace of mind and a seamless experience with your car insurance:
- Cost Savings: Choosing one of the top 10 cheapest car insurance companies means you can secure the protection you need without overstretching your budget. With competitive premiums and discounts, you can keep your expenses in check while complying with legal requirements.
- Comprehensive Coverage: Despite their affordability, these insurance providers often offer comprehensive coverage options. You can safeguard your vehicle against a wide range of risks, including accidents, theft, natural disasters, and more. This means you don't have to compromise on the extent of coverage you need.
- Ease of Claims: The top 10 cheapest car insurance companies understand the importance of a smooth claims process. They typically have efficient and user-friendly claims procedures, ensuring that you can get back on the road quickly in the unfortunate event of an accident. This streamlined process reduces stress and inconvenience.
- Additional Perks and Features: Many of these insurance companies also provide added benefits and features. These could include services like 24/7 roadside assistance, zero depreciation coverage, coverage for consumables, and personal accident insurance for the driver and passengers. These extras enhance the value of your policy and provide extra protection where needed.
By selecting one of the top 10 cheapest car insurance companies in India, you can strike a balance between affordability and comprehensive coverage, ensuring that you are financially protected while enjoying the convenience of additional features and a hassle-free claims experience.
Keep in mind that the "best" and "cheap" can vary based on individual circumstances, and what's best for one person may not be the same for another. It's essential to choose a car insurance policy that not only fits your budget but also provides the coverage and service you need. Additionally, insurance market conditions can change, so staying informed about the latest offerings is important.
Cheap Car Insurance Companies Near Me
Compare cheap car insurance companies near you in India and select the one that meets most of your financial expectations. You can easily get multiple car insurance quotes without phone calls online from India’s best car insurance companies at PolicyBachat easily. At PolicyBachat we cater to the unbiased comparison of quotes, and a 24*7 customer assistance team your motive is to give our customers the right quotes with compare car insurance rates online.
- Visit PolicyBachat.com
- Fill required details 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 car insurance policy using online payment
- If any queries are raised call: 1800-123-4003.
Tips to Choose Cheap Auto Car Insurance Companies
Choosing a cheap auto car insurance company that provides good coverage and service requires careful consideration. Here are some tips to help you find affordable car insurance:
- Assess Your Needs
- Compare Multiple Quotes
- Consider Deductibles
- Check for Discounts
- Maintain a Clean Driving Record
- Choose the Right Coverage
- Review Customer Feedback
- Check Claim Settlement Ratio
- Research the Company's Financial Strength
- Evaluate Online Services
- Explore Customer Service
- Look for Comprehensive Coverage
- Consider the Excess
- Bundle Policies
- Check Network Garages
Remember that finding the right balance between cost and coverage is essential. While you want to save money, it is equally crucial to ensure that your insurance adequately protects you and your assets. The cheapest policy may not provide the protection you need, so make sure you understand the terms and coverage before making a decision.
Very Cheap Car Insurance Companies
In the dynamic world of car ownership, safeguarding your vehicle with the right insurance is not just a smart decision; it's a necessity. The journey we've taken through the top 10 cheapest car insurance companies in India highlights that affordability doesn't mean compromising on quality. It's about ensuring that you have a reliable safety net without straining your budget. So, as you navigate the roads of life, remember that a well-chosen car insurance policy not only offers financial protection but also grants you the freedom to drive with peace of mind. Don't delay; seize the opportunity to secure your vehicle and embark on your journeys, confident in the knowledge that you've made a prudent and budget-friendly choice. Get that policy today, and let the road ahead be paved with worry-free adventures. Your car deserves it, and so do you!