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PolicyBazaar is an IRDAI approved web aggregator based in Gurgaon, Haryana. We provide customers with an online platform where consumers can compare different insurance policies such as car insurance, life insurance, two wheeler insurance, term insurance, and retirement plans with a single click of a button from the comfort of home and make an informed choice. This comparison of insurance plans paves the way for availability of information and gives everyone an easy and free access. We have tied up with 50+ insurance companies in India to offer consumers with a myriad of options. PolicyBazaar makes use of smart technology in order to make the entire insurance buying smooth for consumers.
Our sole objective is to help customers make an informed decision when buying a policy online. This can be done by comparing different policies available on our portal. Insurance companies offer various policies and it becomes the more necessary to compare them before choosing the right one. Also, the chances of getting the best policy increases with insurance comparison as it allows you to scan through features, benefits, and premium rates of different plans and choose the most apt policy. Therefore, we at PolicyBazaar, assist consumers with:
- Comparing and Buying Insurance Policies
- Filing for a Claim
- Renewing policies
We majorly showcase insurance offered by 50+ prominent public and private insurers across India which falls under two categories:
- Life Insurance – Term life insurance plan, Whole Life Plans, Endowment Plans, Money Back Plans, ULIPs – A, Child Plans, and Retirement Plans.
- General Insurance – Car Insurance, Health Insurance, two wheeler Insurance, Travel Insurance, Home Insurance, Corporate Insurance, Critical Illness, and Personal Accident.
Our partners are from diverse insurance sectors – term insurance, health insurance, car insurance, travel insurance, and corporate insurance. Partnerships enhance their services and showcase the price and policies details directly from the insurance company.
Benefits of applying through our portal:
- Quick Decision Making: Our online platform helps you make an informed buying decision in a simple and convenient manner. You can compare cost and features of the various insurance policies available. Our platform also helps you understand each product’s features completely so that you can easily decide on one that fits your needs.
- Low Premium rate but more coverage: As compared to policies bought offline, we offer more insurance coverage as the add-on costs being factored into the purchase are lesser.
- Absence of intermediaries: We do not involve any intermediaries unlike the traditional mode of buying insurance. Our consumers can compare and buy insurance directly through our portal. As there are no intermediaries, there are no commission charges. Hence there is reduction in the operational costs and other overheads. As this result in reduced overall costs for companies, the benefits are usually passed on to the customers in the form of low premium offers.
- 24*7 Customer Service: Our insurance experts are available 24*7 so that consumers can seek clarification in case of doubt or confusion. This will enable you to compare the products without any ambiguities.
- Seamless navigation: We have a strong technological edge which makes the insurance application process seamless. We employ smart-logic driven quote forms that populate questions on the basis of customer demographics and profile. With this, you will be able to compare and buy insurance products through our portal easily. The insurance premium is system generated, which therefore, removes any instances of human error and the time taken to calculate premiums is considerably reduced.
No matter what type of insurance policy you intend to buy—life, health, home, car, or two wheeler insurance among others, PolicyBazaar provides you a platform where you can compare and buy policies as well as save on premium. In this way, you can be rest assured that the policy chosen is not only the best but affordable too.
Top 5 Motor Insurance Companies in India
Getting a Motor Insurance, unlike other forms of insurance, is not a choice but a legal compulsion. It is mandatory to have a third-party motor insurance under Indian Motor Act. But it is recommended by experts to get a comprehensive insurance for your prized possession. A comprehensive plan covers a vehicle not only on the loss/ damage caused by you to a third party (driver/vehicle/property) but also loss /damage caused to your vehicle by natural/man made calamities. To top it up, every insurer offers a host of valuable add-ons on the basic plan to make the coverage even more effective.
There are three types of Motor Insurance –
- Private Car Insurance
- Two Wheeler Insurance
- Commercial Vehicle Insurance
The public sector insurers have always enjoyed the customer’s preference over private sector insurers. Though, the pattern is bending in favour of private insurers since the last few years.
Overview of Top 5 Motor Insurance Companies:
Bajaj Allianz General Insurance Co. Ltd.
Among the private insurance players in Indian insurance domain, Bajaj Allianz is one of the largest general insurance companies in the country.
A large number of industry experts reveal that Bajaj Allianz Auto Insurance leads all the auto insurance players in terms of customer satisfaction, cashless claim settlement and features rich policies. The brand is also widely recognized as one of the most customer friendly insurance companies in India.
- Doorstep surveyor facility
- 24X7 Towing assistance
- Online purchase on EMIs
- Instant SMS Updates on Claims
- Cashless settlement at 1500+ network garages
Tata AIG General Insurance Co. Ltd.
Tata AIG General Insurance was incepted in 2011. Even being a comparatively younger company, TATA AIG managed to win over a major fraction of motor insurance market owing to its robust channels of distribution and hassle-free claims.
Last year, the brand bagged reputed awards for being the best employer and deployment of mobile application in insurance.
- Free car pick up
- Warranty on repairs
- Cashless settlement at network garages
- Claim settlement in 7 days
- Unique add-ons
The Oriental Insurance Co. Ltd.
Owned by the Central Government, Oriental Insurance Company is one of the best companies to get a motor insurance. The brand boasts of winning the most reputed awards in the industry. The latest ones worth mentioning here are – ‘best public general insurance award’ and ‘best bank and financial institution award’. Oriental is one of the few insurance companies in India to get the iAAA rating by ICRA, indicating its strong financial framework.
- One of the most reliable names in motor insurance
- High claim settlement ratio
- Fast claim settlement
- Valuable add-ons
The New India Assurance Co. Ltd.
New India is wholly owned by the government of India. Backed up by a strong capital, infrastructure and human resource, auto insurance company in India. The brand has embarked an international presence and is well known for being a pioneer in introducing innovative insurance products.
It has been rated A- (Excellent) by A.M.Best Co., becoming the only Indian insurance company to be rated by an international rating agency.
- Claim decision taken within 3 days of application
- Surveyor appointed within 48 hours of claim intimation
- Claim payment made within 3 days of discharge voucher receipt
- Grievance acknowledged within 3 days of receipt
- Grievance resolved within 15 days of receipt
HDFC ERGO General Insurance Co. Ltd
Bolstered by a robust channel of distribution and customer oriented approach, HDFC is the top notch brand for getting a motor insurance. HDFC boasts of having one of the highest car insurance claim settlement ratios among private motor insurers. HDFC ERGO is ISO 9001:2008 certified for its operations and claim processes and has been rated iAAA by ICRA. It was recognized as the best general insurance company in India by IAIR in 2013.
Why it rocks?
- Age and profession discount
- Zero documentation
- Fast claim settlement
- Cashless settlement at 1600+ network garages
Talk to an expert
Talk to an expert
Why Bajaj Allianz Car Insurance?
With a constant increase in the number of cars on the road, it gets very tough to protect your car from unwanted mishaps. High repair costs, coupled with the cost of spare parts, can definitely pinch your pockets, which is why it is essential to have a good Car Insurance or a Package Motor Insurance policy. Bajaj Allianz offers car insurance with a range of covers to choose from.
With Bajaj Allianz’s innovative and all-round insurance plans and easy vehicle insurance renewals, you get covered with regards to all aspects that an ideal Car Insurance policy should have. On the basis of the plans you opt for, you secure yourself against road accidents, theft, among others along with which you can get cashless settlement at network garages and a lot more! You also get to choose add-on covers of your choice with your Car Insurance policy and with our 24×7 Roadside Assistance facility, help is just a phone call away.
Note: This policy is applicable only for private cars.
Why Car Insurance?
Key Benefits of Bajaj Allianz Car Insurance
- Avail 24×7 call assistance and SMS updates for claims support, even on holidays
- Transfer up to 50% of your existing No Claim Bonus (NCB) from any other car insurance provider
- Cashless claim settlement at over 4000 preferred garages across the country, bringing to you high service standards
- Receive 75% on account payment facility based on requirement and when liability is above a certain limit
- Avail 24×7 Roadside Assistance with your Car Insurance policy
- Get a vehicle tracking and monitoring device with DriveSmart Telematics Service and a host of add-on covers included in it
- Towing Facility in the event of a vehicle breakdown or an accident
- Zero Depreciation Cover can be availed as an add-on cover with Car Insurance
Note: This premium quote considers the full NCB (No Claim Bonus) and system generated IDV. It is valid only for policies bought online
Coverages of our Car Insurance policy
Loss or damage to your car due to natural calamities
Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.
Loss or damage to your car against man-made calamities
Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air.
Personal Accident Cover
Coverage of Rs. 2 lakh for the owner-driver of the vehicle while driving or travelling and mounting or dismounting from the Four-wheeler. Optional personal accident covers for Passenger/ Paid Driver/ driver/ Insured are also available
Protection against legal liability due to accidental damages caused to the surrounding property and/ or resulting in permanent injury or death of a person.
Car Insurance Add-on Packages
Add on Covers with your Motor Insurance/Car Insurance policy
A Motor Insurance/Car Insurance policy is only complete once it exceeds the satisfaction of providing security and peace of mind, which is why we have introduced add-on covers that will be of use any time you are in a crisis situation.
- 24×7 Spot Assistance
This is a Pan-India cover for car insurance policyholders who need assistance while on the road. This includes providing service for emergencies such as repair of flat tyre, jump start for car battery, legal advice in case of an accident and many more.
- Lock and key replacement cover
In the event of an irrecoverable loss of keys or a security risk arising out of a loss of the same, you will be indemnified for the cost incurred in fitting or purchasing new locks or replacement of keys of the insured vehicle
- Accident Shield
Compensations will be made for total permanent disability or death of occupants (other than a paid driver), which arises out of bodily injury due to an accident that takes place while they are traveling in the insured car
- Consumable Expenses
Cost of consumables such as Engine oil, Gear box oil, Power steering oil, coolant, AC gas oil, Brake oil, etc. that may be incurred while replacing/replenishing the damaged vehicle, following an accident, will be covered by our Car Insurance/Motor insurance policy
- Conveyance benefit
If the insured car is in a workshop following accidental damage and the claim for the same is accepted, the insured would get a ‘per day’ cash benefit, as per the plan opted by the insured
- Personal baggage
The Insured is indemnified in case of any loss or damage caused to his/her personal baggage kept in their insured vehicle. Damage caused by the covered perils is covered in under Bajaj Allianz’s Motor Insurance/Car Insurance policy
Car Insurance Top-up covers
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Toll free number for Roadside Assistance
Toll free number for Roadside Assistance
What is Bajaj Allianz DriveSmart service?
Bajaj Allianz is the first to introduce a unique vehicle tracking system in India to its customers, called the DriveSmart Telematics Device. This comes with our Motor Insurance/Car Insurance policy and helps in keeping in check one’s driving pattern and behavior, as well as monitoring the condition of their car’s engine and battery. Apart from that, it also helps in tracking and locating the vehicle, ensuring complete safety for you and your family.
The benefits of opting for DriveSmart with your Car Insurance policy
When you purchase a Vehicle Insurance with us, you get to avail several additional benefits when you opt for our DriveSmart service with it, such as:
- Complete diagnosis of the vehicle: This will help you check the condition of your car’s battery and engine
- Tracking your vehicle: You get to see the last location of your car on a map as well as the location and navigation details of your car. You can also share the location of your car with your friends and family via Whatsapp, SMS and email
- Monitoring driving patterns: It provides you with a summary of distance travelled in a day, longest trip taken, highest speed reached, braking pattern, speed variance and much more
- Customization: It allows you to create custom trips and see it on a map, and shares interesting statistics about the route and lets you share your car trips on social media
- Set and receive important alerts for your car: The device notifies you on over speeding, unauthorized movement of the car or low battery. It sends alerts on PUC date, servicing date, driving license expiry of your car as well.
- Help and support: You can ask an automobile expert regarding any car related query through the DriveSmart Telematics Device
Available Best Car Insurance Plans
- Premium Cost
- Own Damage Premium
- Basic Third Party Liability
- PA-Cover for Owner/Driver
- Coverage for Electrical accessories
- Coverage for Non-Electrical accessories
- PA-Cover for co-passenger
- CNG Kit Coverage
- Driver Cover
- NCB Discount
- Voluntary Deductible – Save Premium
- Depreciation Shield
- Engine Protector
- 24/7 Roadside Assistance
- BEST VALUE
- FLEXIBLE PLAN
Exclusions you should know about in your Motor Insurance Policy
- Normal wear and tear and general ageing of the insured vehicle
- Depreciation or any consequential loss
- Mechanical/electrical breakdown
- Wear and tear of consumables like tyres and tubes unless the vehicle is damaged at the same time, in which case the liability of the company shall be limited to 50% of the cost of replacing the damaged part
- Vehicle used otherwise than limitations as to use
- Damage by a person driving any vehicle without a valid license
- Damage by a person driving the vehicle under the influence of drugs or liquor
- Loss/damage due to war, mutiny or nuclear risk
To know more about exclusions in our Car Insurance in India, please refer to the brochure in the tools section above.
Car Insurance Claim Process
Whether your car has a minor accident or a major breakdown, you would prefer to go for a short and easy Vehicle Insurance claim process rather than a lengthy one; which is why we have minimized it into three simple steps:
Register your claim with us
You would need to register a claim as soon as possible following the accident/theft of your car. You can do this online by visiting the page here or over the phone by dialing our Toll free number – 1800-209-5858, post which you will be connected to our customer care executive who will guide you through the entire Car Insurance claim process.
Please keep the following information handy while registering a claim:
- Engine and Chassis Number
- Accident date and time
- Description and location of the accident
- Car inspection address
- Km. reading
- Police complaint, in case of theft
Please note that in case of theft, you would need to file a police complaint as soon as possible, so that when you are registering a claim with us you are able to produce the same, along with the other documents.
Send your car for repair, if applicable
Whether your car is vandalized, meets with a collision, or gets damaged by some peril, you would need to take it to the garage, if it is in a movable condition, or have it towed there to avoid any further damage.
Final step for claim settlement
You will have to submit the copies of all the required documents to the garage/dealer who is helping you with your Vehicle Insurance claim and get them verified with the originals. Following which, we will make the payment for the repair directly to the network garage once it is ready to be sent back to you. Do note that you will have to pay the excess amount according to the norms mentioned in your policy that include depreciation amount, salvage etc. which will be informed to you by our surveyor.
If the loss is not so severe, we suggest that you avail the spot settlement of Car Insurance claims through Bajaj Allianz Mobile settlement service.