Auto insurance is mandatory for all new vehicles be it for commercial or personal use. Insurance Companies are coming out with comprehensive policies for its customers. There are number of Auto insurance companies in India. These companies are either banks like HSBC and ICICI or private companies from non-banking sector. Multinational companies have also entered the Indian market with their innovative services.They are also tying up with leading automobile manufacturers for a swift insurance process. An automobile may be insured against loss or damage by accident, fire, burglary,while in transit, third party accident etc. Auto insurance companies come out with unique plans for four wheelers, two wheelers, commercial vehicles.
The following are few of the companies insuring automobiles in India:
Features of Auto Insurance
- Oriental Insurance Company Limited
- New India Assurance Company Limited
- HSBC India - AutoSecure
- Bajaj Allianz - Bajaj Allianz's Motor Policy
- ICICI Loambard - Motor Plans
- United India Insurance Co. - Motor Package and Liability only Policies
- The New India Assurance Co. - Motor Coverage
The primary use of any auto insurance company is to provide protection against losses incurred as a result of traffic accidents. The insurance companies may declare a vehicle totally destroyed if it appears that replacement would be cheaper than repair.
The insurance provided by the insurance companies can cover some or all of the following items:
- The insured party
- The insured vehicle
- Third parties
The policies specify the circumstances under which each item is covered. A vehicle can be insured against theft, fire damage, or accident damage independently.
Premium of Auto Insurance
The premium of auto insurance, specially of a car insurance company, vary depending on many factors that are believed to have an impact on the expected cost of future claims. The factors include:
List of Some of Insurance Companies Offering Auto Insurance:
- The car characteristics.
- The coverage selected i.e. deductible, limit or covered perils.
- The drivers profile, like age, gender, driving history.
- The usage of the car for e.g. commute to work or not, predicted annual distance driven.
HSBC India -AutoSecure
Bajaj Allianz - Bajaj Allianz's Motor Insurance
ICICI Lombard - Motor Plans
United India Insurance Co. - Motor Package and Liability Only Policies
The New India Assurance Co. - Motor Policy