Auto Insurance Providers in 2019

By Suzan K Last updated May 20, 2019

What is Auto Insurance?

In this article we will discuss Auto Insurance Providers. 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. This is mandatory in various countries. 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.

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!

How did the concept of Auto Insurance 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

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

Online Auto Insurance

Henceforth, the rise of Auto Insurance Providers started. They found this to be a great business. 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 it?

Particularly, auto insurance providers cover three areas:

Property – Damage or loss of your vehicle.
Medical – Hospitalization and treatment costs.
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 of an Auto Insurance

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

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

So, let’s move on to the next part!

Basics learnt? Great! Let’s move to the Insurance Providers

As we discussed above, you should buy auto insurance only from trusted dealers. So, let’s move on to the next part! In this article, we will discuss some leading auto insurance providers in India.

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

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.

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

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

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!

Is purchasing an Insurance necessary?

In most countries, Auto insurance is mandatory. Especially it is very important and is also a rule in most states that, your insurance should have property compensation. And Health-related treatment in the terms. Generally, once you buy auto insurance from an auto insurance provider, the vehicle company offers you various choices of insurance to choose from their partnered auto insurance companies. Also, you must note that auto insurance is generally for an year. Not having auto insurance and driving on the road may attract fines or other punishments as stated in the laws of your jurisdiction.
So, let’s move on to the next part!

High Risks of Accidents

These days rash driving is very common and it is not the only factor that is causing thousands of accidents across the world every minute. Many instances may come anytime and accidents can happen.

You may have to pay huge costs of treatment and as of compensation too. Thus, it becomes necessary to have auto insurance at your protection. You will be in a lot of tension after an accident and would not want to add another headache to your problems. In such times an Auto Insurance purchased through Auto Insurance Providers plays a very important role. So, let’s get to the other part. Understood? So, let’s move on to the last part of the article!

Conclusion

So, this is why you need an auto insurance bought from a reputed auto insurance provider at the earliest. Even if you think that you won’t get into an accident but don’t forget the fact that it is mandatory in many nations to have an insurance. Not having it can result in fines which definitely no one would like.