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Top 7 Car Bike Insurance Company Cheap Low Cost Online Offline 2018

Best and Cheap Vehicle Insurance Companies Compare Online 2018

Top 7 car bike insurance company Cheap Low Cost online offline 2018Car Bike insurance Company – Today most of the people like to prefer their personal vehicle for travelling purpose whether they go to the office, market, etc. Due to this we always see huge traffic on the roads and sometimes accidents too.

This is the time where you need a good insurance policy to cover your loss or damage caused by event. Therefore today we are going to discuss top and best insurance companies for Motor Bike and Car in India 2018. And we will tell you from where and how to compare policies offered by different Insurance companies online and offline.

What is An Insurance – Insurance Meaning and Types –

Car Bike Insurance Company – Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. It is a risk transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party.

What Is An Insurance Policy – Buy Insurance Policy Online Offline –

A policy which details the conditions and circumstances under which the insured will be financially compensated is called an insurance policy.

Why Should We Purchase An Insurance Policy – Why Insurance Is Important –

Keeping a good insurance policy is always the best thing to have. It will help you out and take care of your expenses caused by the damage to your vehicle or to the third party in any unforeseen circumstances.

Types of Insurance Policies in India –

There are several types of insurance policies like Life Insurance, Motor Insurance, Health Insurance, etc. and today in this article we are going to discuss Motor Insurance and tell you about the top 5 motor insurance companies for Car (Four Wheeler) and Motorcycle (Two Wheeler).

Types of Motor Insurance – Premium and Benefits Coverage

There are mainly two types of motor vehicle insurance in India: Third Party and Comprehensive Cover. Third Party (third party car insurance online) is mainly for the purpose if the insured (you) causes damage to someone or the property of someone via his/her vehicle then that is covered. This insurance is mandatory by the law and hence all vehicles have it and is often given by the dealers when you buy your car. If there is damage to your own vehicle you may face a huge bill of repairs and for such times. In this case, Comprehensive Car Insurance covers your vehicle for damages, accidents, natural calamities and even thefts as per their policies as well as provides the mandatory third party insurance.

Read Also –

Top 7 Motor Bike Insurance Companies For Two Wheelers Vehicle

  1. ICICI Lombard General Insurance Company Ltd.
  2. HDFC ERGO General Insurance Company Ltd.
  3. Bajaj Allianz General Insurance Company Ltd.
  4. SBI General Insurance Company Ltd.
  5. The New India Assurance Company Ltd.
  6. Reliance General Insurance
  7. Tata AIG Insurance
List Of Car Bike Insurance Company In India

Top 7 Motor Car Insurance Companies For Four Wheelers Vehicle

  1. ICICI Lombard General Insurance Company Ltd.
  2. HDFC ERGO General Insurance Company Ltd.
  3. United India Insurance Company Ltd.
  4. The Oriental Insurance Company Ltd.
  5. Tata AIG General Insurance Company Ltd.
  6. Bajaj Allianz Car Insurance
  7. Bharti AXA Car Insurance
What Points Should Be Considered Before Buying A Car Bike Insurance
  1. What is Third Party Insurance: This is mandatory as per Indian Road Safety Act and Indian Motor Vehicle Act. Third party insurance will offer you a protective cover against damages caused to any third person, vehicle, or property, and cover claims for damage caused to a third party including claims for grievous injury, disability, or death. A third party is anyone who is neither the insurer nor the insured.
  2. What is Claim Settlement Ratio: One of the most important factors to consider for any type of insurance. Claim Settlement Ratio helps you find out the chance that your claim will be settled and how soon it will be settled. Always choose a company who provide quick and easy insurance claim settlements.
  3. What is Customer Support Services in Insurance: This is an another point you should consider, therefore you should compare with other companies and be assured they provide you 24×7 support and contact points available for you to reach out to them when you need.
  4. What is Cashless Option in Vehicle Insurance: If your vehicle gets damaged in an accident and you don’t have much cash with you, for this case company provides this option. It would be a great relief during emergencies and need not to bother about cash.
  5. What type of Road Assistance do you need in Insurance: 24×7 road assistance, towing services, etc. are often offered by the insurer and is good to have a one-stop solution to all your needs when faced with an accident or emergency.
  6. What is Premium in Insurance: Premium is an amount to be paid for a contract of insurance. Low premium amount is good for you but you should also compare and check what coverage the insurance company is offering to you at that premium.
  7. What is Insured Declared Value in Vehicle Insurance: Insured Declared Value (IDV) is the maximum amount calculated for your vehicle to claim under a motor insurance policy. And by every passing year a Depreciation value is deducted from this IDV and become your current IDV.
  8. What is No Claim Bonus in Insurance: This bonus amount is given to you if you have not yet made any insurance claim under your policy. And after deducting this amount, your premium is calculated.

Compare Bike and Car Insurance Online – Car Bike Insurance Company Quote –

You can compare policies offered by all different insurance providers online, from where you can get the detail quotation for your vehicle. Only you need to go to the website and enter the few details regarding your vehicle and etc. For an offline mode, you can also visit any insurance office that provides General Insurance and gather the necessary information about the policies they are offering for the insurance of Car and bike. These are the names of best 5 websites where you can compare the premium and coverage provided by the different insurance companies.

Top 5 Websites To Compare Car Bike Insurance Company Policies

  1. Bankbazaar
  2. Policybazaar
  3. Coverfox
  4. Policyx
  5. Bajajallianz

FAQ

Question 1. What happens to my car or bike insurance when I sell my car/bike?

Answer: There are two options:

  1. Buyer can get the policy transferred by applying to the insurance company.
  2. Buyer has to purchase a new policy then you can cancel yours.

Question 2. What is IDV (Insureds Declare Value)?

Answer: IDV is the current market value of the vehicle. It is the maximum Sum Assured fixed by the insurer which is provided on theft or total loss of vehicle.

Question 3. What is depreciation value and how it affects IDV?

Answer: Depreciation is a reduction of cost of a fixed asset over its useful life. IDV is fixed on the basis of manufacturer’s selling price and the model of the vehicle. Every year the percentage of the depreciation is increased and IDV is adjusted after deducting the depreciation value.

Question 4. What is the period of the policy?

Answer: A motor policy is valid for a period of one year and has to be renewed before the due date. It is also mentioned in your policy document.

Question 5. Are there any specific exclusions under the motor policy?

Answer: Yes, there are following things which are not covered in the motor policy:

  1. Wear and tear.
  2. Mechanical and Electrical Breakdown or failure.
  3. Driving under the influence of liquor or drugs.
  4. Loss or damage attributable to war, mutiny, nuclear risks.
  5. Any contractual liability.

Question 6. What is deductible?

Answer: Deductible or “excess” is the amount over and above, which the claim will be payable.

Question 7.  What if I lost my insurance policy. Can I get a duplicate one?

Answer: Yes, you can give an application to the company office which had issued the policy. And pay the nominal fee which will be charged for issuing a duplicate policy copy.

Question 8. Can I make small claims?

Answer: Yes you can, but we suggest you to not make small claims if it is less than the NCB. Because if you make any claim your NCB (No Claim Bonus) will be forfeited.