Driving a car is far from being safe in India. Most city roads are accident-prone and the instance of car-theft is not few and far between as well. A road-mishap can make a huge dent in your savings as you have to take care of not only damages to your own car but also have to compensate for the financial loss of the third-parties involved in the mishap. This is why, you have to invest in a good car insurance plan so that you can stay financially protected in case of any eventualities.
Choosing The Best Car Insurance Company in India
Since car insurance is a legal requirement in India, there are a plenty of providers to choose from both private and public sector. General insurance companies that belong to public sector are known as PSUs.
There are many advantages of opting for a PSU like National Insurance Company. Public sector insurance firms like United India Insurance come under GIPSA and are capable of offering discounted insurance premium. Furthermore, providers like National Insurance Company are wholly owned by Government and boasts many decades of reputation. So, companies like United India insurance Company are completely reliable. You can rest assured that PSUs like National Insurance Company will approve your valid claim and stand beside you during your hard times.
National Insurance Company and United India Insurance Company are the best providers of car insurance in India. Let’s gain some information about these two public sector general insurance companies and see why it is advantageous to go for them.
National Insurance Company
National Insurance Company is the oldest general insurance Company in India. National Insurance Company came into existence in the year of 1906. In 1972, National Insurance Company was nationalized and became one of the four PSUs in India. Based out of Kolkata, National Insurance Company is the pioneer in many aspects. For both rural and corporate sector, National Insurance Company is the first general insurance company to launch customized product.
In the niche of car insurance, National Insurance Company made some ground-breaking moves as well. National Insurance Company is the first ever general insurance company to tie-up with Maruti, the biggest manufacturer of automobile and Hero Moto Corp, the biggest manufacturer of two wheeler in India. With these collaborations, National Insurance Company has elevated the method for service delivery of motor insurance to a different level.
Another reason why National Insurance Company is one of the best providers of motor insurance is its lion’s share in the market. National Insurance Company had the maximum market share in the business of motor insurance among all providers in 2015. Let’s take a look at some of the reasons why car insurance plans on offer at National Insurance Company are so highly sought-after.
Advantages of Availing Car Insurance from National Insurance Company
Car insurance plans available with National Insurance Company are designed to protect private cars. National Insurance Company provides the following benefits in its motor insurance plans.
- In third-party liability coverage, National Insurance Company pays out the maximum stipulated compensation worth Rs. 7.5 Lakh in case of property damage.
- Apart from the regular coverage, National Insurance Company also provide additional coverage against accessories of the car and protects the liabilities of the insured towards paid drivers and passengers by covering them
- National Insurance Company boasts a high motor insurance claim settlement record
You can put utmost faith in National Insurance Company as this renowned PSU will not run away with your hard-earned money. A.M. Best rated financial strength of National Insurance Company as B++ which is really good. A.M. Best also rated issuer credit of National Insurance Company as bbb+. These ratings show strong investment performance and consistent risk adjusted capitalization of National Insurance Company.
United India Insurance Company
Aside from National Insurance Company, you can also consider United India Insurance Company for your car insurance requirements. United India Insurance Company Limited is another PSU is India that made its first appearance way back in 1938. After nationalization in 1972, United India Insurance Company went from strength to strength. At present, United India Insurance Company boasts a whopping 18300 employees that cater to a staggering over 1 Crore policyholders. Apart from 1340 branch offices of United India Insurance Company across India, the PSU has also set up Micro Offices. This innovation has helped United India Insurance Company reach out to over 200 towns and villages. United India Insurance Company has designed complicated insurance covers for large scale customers. United India Insurance Company also have taken insurance to the hinterland of the country by implementing various insurance schemes initiated by Government of India. For an example, United India Insurance Company implemented National Livestock Insurance and Tsunami Jan Bima Yojana.
When it comes to car insurance, United India Insurance Company comes with some exclusive benefits that no other insurer does. Let’s take a look at some of the standout features of car insurance plans on offer at United India Insurance Company.
Advantages of Availing Car Insurance from United India Insurance Company
- Car insurance policies available with United India Insurance Company provides extended coverage even outside India. United India Insurance Company offers protection in countries like Nepal, Bhutan, Bangladesh etc on payment of additional premium.
- Motor insurance policies on offer at United India Insurance Company provides additional coverage to protect Fibre Glass fuel tanks, LPG or CNG Bi-fuel Kits, electronic or electrical Fittings
- Apart from covering the owner-driver, car insurance policies available with United India Insurance Company provides coverage to named and unnamed passengers that include employees
Now that you know that, both National Insurance Company and United India Insurance Company are both good choices for your car insurance policy, you need to make the final choice as per your budget and requirements.