The names of some of the different car insurance companies are stated below:
- New India Assurance Company
- The Oriental Insurance Company Limited
- National Insurance Company Limited
- United India Insurance Company Limited
Apart from the above companies dealing in Indian car insurance business, there are some more players who have appeared in the field. The names of some of the new players are Bata Auto Insurance, Aviva Insurance etc various new players who are making the field competitive.
The car insurance companies emphasis on the following relevant factors. They always make it transparent to the different car owners at the time of submission of the claims their policies and the ways to reimburse the car owners claim. The factors, which are mostly emphasized, are stated as follows:
- Suitability- The car insurance in India is relevant to the owners of corporate cars or individual cars. Also the car insurance is suitable to the financiers who may the right on the vehicle.
- Risks Covered- Car Insurance covers on some risks, which is felt relevant to be covered. The risks are fire, lighting, self-ignition, explosion, burglary, riot, strike, flood earthquake, cyclone and coverage on third party’s injury.
- Personal Damage- Amount spent on repairs, replacement of spares based on the actual amount, garage and servicing charges which is below Rs 1000, replacement of tyres up to 50% and market value or the sum assured which ever is less in case of total demurrage.
Despite the car insurance companies’ accountability to settle the damages still the liability on some issues remains badly. The car insurance companies are liable to third party injury, liability towards the family of the dead and some other issues.
However on some issues the car insurance companies is not liable to settle any claims. These issues are consequent loss, depreciation, wear and tear of the vehicle, when the vehicle is used in other states and finally if the owner of the vehicle drives under inebriated condition.
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