Best Car Insurance Companies in 2016

Why you need to insure you car?

Car remains an expensive piece of vehicle which requires a protection from the theft and damages which may prove to be quite costly for you. That is why there are so many of the car insurance companies which provide for the ultimate protection plan for your precious machine. But the availability of so many choices often lands you in confusion as to what to pick.

You may end up with a wrong policy with a wrong company that may not fulfill the requirement of yours so have a look on polices and the terms of the two best of motor insurers in their field:

• Bajaj Allianz car insurance
• ICICI Lombard car insurance

These are two car insurance companies which have got the best of the facilities and the terms that you might be looking for.

Bajaj Allianz car insurance is a big name that operates in the boundaries far away. You will remain protected and also get the right kind of cover for your vehicle as that makes you have a perfect way out for your car protection. There are millions of car insurance policies operating overseas which are being seen as a sturdy protection cover for the vehicles.

The ICICI Lombard car insurance has for the obvious reasons got many takers. The reason is the great track record of ICICI which is a known name even in the international sector. As to why people are choosing this company is that, ICICI has made million of the settlements of claims in a very short duration of time. The damages may be compensated by the company based upon the nature of the damages suffered by your vehicle.

How to pick the best insurer for your car?

You can surely check for the terms and the conditions which are proved to be adequate for you as that will serve the purpose well to invest in the right kind of policy. There are car insurance companies which are having differentiated terms and cover based upon the damages. You can pick either the Bajaj Allianz Car Insurance Policy that has got no match to it.

ICICI Lombard car insurance for the obvious reasons has come to be the most pursued company in terms of the performance. You are bound to get the claims settled for yourself as it is easy for you to be able to have the things that you are looking for. The accidental damages are very much a part of the policy that you have taken and that makes it a perfect case for you to buy the policy from this company.

With the availability of the online facilities, you can watch out for the car insurance companies that are providing you the services that you are looking for. With the online mode of working, you can watch out for the different policies that are completely in your benefit. There are terms and covers which you can have in order to pick the best one for you.

The Bajaj Allianz car insurance also provides you for the easy settlement of the policies in the quickest of the ways. ICICI Lombard Car Insurance Plans also has a purpose to serve with its quick services. The agents are there to collect your papers from your home and you can be sure of picking up the best from the car insurance companies available in the sector. But make sure that before picking the policy, you are searching well so that you are investing in the right financial plan for vehicle protection.

Best General insurance plans by Cholamandalam

Cholamandalam MS General Insurance Company Limited is essentially a joint venture between Mitsi Sumitomo Insurance company and the Murugappa group. The former is a subsidiary of parent company Mitsui Sumitomo which is a leading insurance company based in Japan. It is the fifth largest insurance company in the entire world. On the other hand Murugappa group is a 3.8 billion USD conglomerate and is one of the leading business houses in India.

Growth of Cholamandalam

Cholamandalam offers different insurance services which include health, mishap, liability, marine, manufacturing, tour, motor, assets, rural insurance for individuals, SMEs and the corporate sector. Cholamandalam insurance has recorded rapid and accelerated progress in its growth and this is the reason that it has established itself as the fastest growing general insurance company in the country. It recorded a gross written premium of more than Rs. 960 crores in the assessment year of 2010-2011, and its customer base is increasing exponentially each year. The company is known for achieving an amazing growth rate of 23% almost every year. At this rate it is set to achieve pinnacles of success in the near future. The company has more than 90 branches all over the country and is expanding its network at a fast rate.

Excellent team

The team of Cholamandalam is experienced dedicated and highly professional. This ensures that the services provided by them are of a high quality standard causing their customer base to increase every day. The company provides integrated services and smooth transactions which facilitates work processes. The fact that it has tie ups with global insurers along with its reputation for quick settlement of claims and cash free health insurance settlements go a long way in enhancing its operational processes.

Customer centricity

It has experience and expertise in different domains and has the capability to provide customer service of international standards. Some of these services include centralized issuance of policies, CRM cell renewal management etc. The company also has a toll free helpline which is available to all individuals 24x7 and makes things very convenient not just for its existing customers but also those who are thinking about doing business with Cholamandalam. The company also has a user friendly official website which provides complete information about its policies and information about the company itself. Chola MS also caters to all the insurance requirements of the corporate sector along with individuals. It is the first private insurance company in the country to get an ISO 9001-2008 certification in the motor claims division, which assures its customers about the high quality standards of service provided by them.

You may like to read : Chola Healthline: The Cholamandalam Health InsurancePolicy

Competent and exclusive insurance services

It is known for providing competent and exclusive insurance services, along with providing risk management consultancy to its customers. This is the reason that Cholamandalam insurance has become the preferred partner for risk management for many people in India. It also provides total risk management services in the domain of risk identification and assessment along with providing consultancy services in suggesting risk control and alleviation measures apart from insurance support services. Needless to say the company deserves the award of Risk Manager of the year 2010 at the eleventh Asian insurance awards ceremony.

People of India still have a long way to go as far as awareness regarding the importance of general insurance is concerned. Cholamandalam is doing its bit in this propagation of insurance services among the Indian populace by providing well designed and even customised insurance plans for general category in India. This is the reason that it has attracted a very large customer base in a short time and is set to be one of the leading insurance companies in the general sector in India.

Buy Cheap Motor Insurance Online by Comparing

What is a motor Insurance policy?

A specific motor insurance policy is termed to be mandatory which is brought into the picture by an insurance company as an integral part of the anticipation of the public liability to shield the public from the risks of accidents that might happen on an unexpected note on the proceedings of a journey. As per the law, it is stated that every individual who owns a motor vehicle should have or possess at least one active motor insurance policy.

Motor insurance is an insurance that is purchased for the possessions of cars, trucks or some other vehicles that are run on the road. The prime focus or the objective of the same is the provision of protection against any kind of physical damage which could result from the facet of any kind of traffic collisions. In India, Motor insurance covers for all the specific loss that is caused to the automobile or its integral parts due to either natural or artificial calamities. It provisions the individual with the accident cover while driving and also for the situated passengers in the vehicle inclusive of the third party legal liability.

What are the aspects that are covered in motor insurance?

• Motor Insurance covers the following as enlisted below: -
• In case, the causative agent of the accident was any external means then the same will be covered.
• Man made or artificial calamities which are inclusive of Explosion, Bulgary, riots, thefts and strikes, terrorism, malicious acts, etc.
• Some of the natural calamities which are inclusive of earthquakes, floods, typhoons, fire, hurricanes, storms, lightning, cyclones, etc.
• While in case of transit by the elements of rail/road, air or waterways.
• In case of death, insurance cover for the owner driver.
• Third party lawful liability

Now, with the revolution brought about the advancement of technology, one can opt for motor insurance online, take a pick of the best suitable plan, find the perfect deal and save both time and money instantly. Doesn’t it sound amazing? All you need to do is compare the several plans on the digital platform and then take a pick accordingly.

Why it is essential to bring a comparison of motor insurance policies?

It is very important to compare the various alternatives of the motor insurance policies available as by doing the same, you will save a considerable amount of money and also provision you with the liberty to get a better matched coverage option that tailors to meet your viable needs and stays up at par with the level of your expectations. When you start comparing quotes, you will have a look at the various options and get a chance to save up to 55% of the premium costs and the contributing factor are the benefits on the specific plan that you will receive in the policy. So at the digital platform, one gets the liberty to buy cheap motor insurance online by comparing the quotes in a prudent way.

Benefits of ICICI Lombard Motor Insurance

• ICICI as the largest commercial private bank is indeed bringing laurels to the nation by inventing new polices that suit best the interests and needs of the individuals. ICICI Lombard Motor Insurance has the potential to secure and shield the vehicle against all the unexpected uncertainties that lie ahead in the journey of life.
• Along with the aspect of Road side assistance cover, one can avail the assistance when needed with an anywhere and anytime access. In case the car is in the garage, then the policy covers the garage cash cover also.
• Coverage on the specific replaced parts is accessible with the component of zero deduction for depreciation
• Accidental cover facility is also incorporated in the policy for the co passengers for an amount of upto Rs 2 Lacs.

ICICI Lombard does understand and very well knows that a car is one of the most worthy 6 possessions of an individual and is close to an individual’s heart thus it needs to be shielded in case of any unexpected risks or uncertainties of the future.

New India Assurance: A General Insurance Company.

New India Assurance Insurance Company offers a variety of policy. For example, health insurance, travel insurance, motor insurance policy and home insurance. These policies are well-known for its multiple coverage and affordable premium amount. It includes some best benefits and coverage that make it best in the insurance market.

You can check the details of the plan online and compare different policy. This will help you to find the perfect insurance policy within a matter of few minutes.

New India Assurance insurance offers many types of policy, for example, Mediclaim policy, corporate policy, Travel policy and Motor Insurance Policy, Fire & Machinery Policy. Let us see in details the types of general insurance provided by New India Assurance

Types of General Insurance under New India Assurance

New India Assurance Travel Insurance

Travel insurance policy by New India Assurance provides protection against unfortunate events that adds expenses to your pocket while you are travelling. Some common unexpected events that can disturb you or ruin your trip are trip cancellation/delay, loss of baggage/ important documents or medical emergency. These unforeseen situations incur extra expenses for example accommodation charges due to trip cancellation, delay or medical illness. The travel insurance policy helps you in case you lost your passport or any other important documents outside the country. It assists you find the lost belongings and complete all the legal formalities.

New India Assurance Health Insurance

New India Assurance health insurance plan provides financial assistance when the policyholder meets any medical emergency. It bears the costs of overseas medical care. The policy also covers other expenses like ambulance charges, medication expenses, and pre and post hospitalization charges. The insurance company provides a comprehensive health plan that provides multiple benefits and coverage under the comprehensive policy, for example, tax benefits, room rent and domiciliary expenses.

New India Assurance Motor Insurance

Motor insurance by New India Assurance provides two types of insurance plans car insurance and bike insurance policy. There are different comprehensive insurance policies available in the market. This plan is very beneficial for policyholder as it provides multiple benefits and protects them against all the expenses incurred due to damage or loss to the policyholder and its property. Along with this it also bears the expenses incurred due to third party liability and damage to the own vehicle or property. It pays off the cost of damage or loss incurred due to the accident, theft, natural calamities like cyclone, flood or earthquake.

New India Assurance Home Insurance

New India Assurance home insurance provides protection to your beautiful home against any type of damage, loss or theft. There are number unexpected events that may incur heavy damage or loss, for example, any natural or man-made activity. It covers the costs incurred due to flood, lightning, earthquake, cyclone and flood and man-made calamities such as terrorist attack, strikes, fire, and riots.

New India Assurance is known as General Insurance Company

New India Assurance is well known for its general insurance policy that provides a wide range of insurance products. These policies are very beneficial for policyholders as it offers different types of protection against specific unfortunate events. It helps the policyholder financially when he meets any emergency that incurs extra heavy expenses like a medical emergency, burglary at home or any other unforeseen situation.

Some special benefits of New India Assurance are as follows:

Online Facility

The policy offers an online facility that provides multiple benefits. Customers can easily compare between different policies and buy the best one from the variety. Online procedure is very easy and quick. Now a day’s insurance company also allows the policyholders to file a claim online. The procedure is very simple and easy that takes very few minutes to complete the procedure.

Better Coverage

New India Assurance is also known for its best general insurance coverage. The brand serves some best options to their customers that fulfil the need and provides extra benefits. You can compare the benefits and coverage of different insurance plans online within a matter of a few minutes.

Affordable

General insurance plans by New India Insurance are very affordable. These plans provide comprehensive coverage for very low premium rates. It also allows the policyholder to pay the premium online. You can also renew the existing policy online.

Things to know about HDFC Ergo General Insurance

General insurance products are the best selling insurance products. There are several insurance companies that sell different types of insurance policy to provide various types of coverage that helps you financially at time when you need it during any emergency. HDFC Ergo General Insurance is one of the well-known insurance companies that are known for its wide range of general insurance policy. General insurance includes different types of plan that provides coverage to all the expensive assets. For example car, bike, health, home and travel. It insures you and offers a peace of mind in unpredictable world. It saves you and your property against different types of unfortunate events that can incur extra expenses for example accident or natural calamities. Read below to know more about HDFC Ergo General Insurance.

HDFC Ergo General Insurance

HDFC ergo General insurance is one of the best players in the insurance market. It is trusted brand that provides different general insurance policy for different types of coverage. Let us read about all types of general insurance policy provided by HDFC Ergo General Insurance below:

Health Insurance

Health insurance provided by HDFC ergo general insurance is very affordable. It is also available for the family which is known as floater plan. It offers No claim Bonus every year. A person who is above 45 years of age is eligible for a medical check-up. HDFC ergo health insurance provide cashless claim at more than 3000 network hospital. Income tax benefit under section 80D of income tax is also one of the best benefits offered by HDFC ergo general insurance.

Coverage of Health insurance

• It covers hospitalization expenses incurred due to accident or illness. It bears the cost of room rent, ambulance service, nursing services, medications and other related expenses.
• Pre and post hospitalization expenses are covered under this policy.
• The policy also covers day care procedure that means it bears the cost of medical treatment even if the hospitalization time is less than 24 hour.
• It pays for the treatment of organ donor in case the policyholder faces the situation of organ transplant.

Auto Insurance

HDFC ergo auto insurance provides two types of insurance plan; Third party insurance and Comprehensive plans. Third party insurance plan covers the medical expenses of the third party and damage or loss to its property. Whereas the comprehensive plan covers the personal accident, damage to the car and third party liability. There are more than 2500 network garages that provide a cashless facility for your car repair expense. It bears all the medical expenses incurred due to personal accident and treatment of the third party. Some plan also covers the co-passengers.

Coverage under Auto Insurance

• It covers the medical expenses incurred due to accident of third party and also bears the cost of damage or loss to its property.
• It covers medical expenses in case of personal accident and also bears the cost of car repair.
• It offers a cashless facility at its network garages.

Travel Insurance

HDFC ergo general insurance also provides travel insurance plans that are very beneficial for travelers. If you and your family frequently travel you can opt for travel plan for the family. It covers all the expenses in case of trip cancellation, baggage, and passport loss. It also covers the expenses of delayed trips.

Coverage under Travel Insurance

• Loss of baggage or passport is covered under this policy.
• It covers the expenses of accommodation in case of trip delay or cancellation.
• It covers the expenses of medical emergency.

Home Insurance

HDFC Ergo understands that your home is one of the biggest investments you have ever made, after this investment it is very important that it should be protected against any damage or loss. Home insurance plan offered by HDFC protects you home against damage caused by any natural calamities like earthquake, cyclone, flood, and man-made calamities theft, burglary, and fire.

Coverage under Home Insurance

• It covers your home from any unforeseen situation that incurred due to any natural or man-made calamities.
• Damage or loss incurred due to natural calamities such as earthquake, cyclone, storm or any other disasters are covered under HDFC Ergo Home Insurance policy.
• It also provides coverage against man-made calamities such theft, burglary and self ignited fire.

How Does ‘Incurred Claim Ratio’ Help you Choose the Best Health Insurance

Everyone wants the best when it comes to health insurance. In fact, while purchasing health insurance for your family or you, there are so many questions that may strike your head. Amongst those questions, a few might be, ‘is the coverage offered going to be sufficient?’; ‘whether the particular plan is affordable?’;

‘how to enhance coverage offered if needed?’ Subsequently, you may have multiple doubts about whether the particular policy that you are willing to take is the best health insurance you further need to explore? Nevertheless, you cannot be sure which health insurance policy to purchase unless you have some facts, based on an IRDAI report. Below are a few facts you should know:

Incurred Claim Ratio (ICR)

The term Incurred Claim Ratio refers to the number of claims incurred by an insurance company during a particular period to the actual total premium collected for the same period. In other words, it is the net cost of claims settled to the net premium collected. Below is the formula to calculate ICR:

Incurred Claim Ratio (ICR) = Net claim settlement cost/Net premium collected

The higher the incurred claim ratio, the lesser the premium earned by the company.

What does ICR signify?

If you want to purchase health insurance, then a higher incurred claims ratio can be beneficial for you. In fact, this is one of the key factors you must consider when buying the best health insurance, as you can gauge the perform ace of the particular insurance company. For example, if an insurance company has 80 percent incurred claims ratio, then it means that the company has spent Rs. 80 on claims settled for every Rs. it earned. The remaining Rs. 20 is the profit earned by the company.

In other words, if an insurance company has considerably high Incurred Claim Ratio, then the company is in the loss. This generally becomes one among the reasons why you get your premium increased sometimes, irrespective of whether you filed any claim in the previous years or not.

How Incurred Claim Ratio (ICR) is different from Claim Settlement Ratio (CSR)?

People often get confuse when asked the difference between incurred claim ratio and claim settlement ratio. Nevertheless, the term claim settlement ratio refers to the number of claims settled by an insurance company to the number of claims it received during an accounting period. For example, if a company has 80 percent claim settlement ratio, then it means that the company has settled 90 out of 100 claims it received during a particular period. The remaining 20 percent claims are either rejected by the company or are still pending due to a valid reason.

Insurance Company – Private Sector	Net Earned Premium (in Lakh)	Net Claims Incurred (in Lakh)	Incurred Claim Ratio (ICR) (2014-15)
Bajaj Allianz Health Insurance	Rs. 69512	Rs. 51152	73.59 percent
Cholamandalam Health Insurance	Rs. 19635	Rs. 10295	52.43 percent
HDFC Health Insurance	Rs. 58145	Rs. 32843	56.48 percent
ICICI Lombard Health Insurance	Rs. 106110	Rs. 92720	87.38 percent
Iffco Tokio Health Insurance	Rs. 29989	Rs. 27714	92.41 percent

As you can see, both Cholamandalam and HDFC health insurance companies have considerably less incurred claim ratio, which indicates that the companies have huge net earned profit for that particular year, respectively. On the other hand, Iffco Tokio health insurance has over 92 percent ICR, which means that the company has spent significantly more than it earned. Thus, it is recommended to opt for an insurance company that has an impressive ICR as well as CSR.