General
General Products
Simple & Transparent! Policies that match all your insurance needs.
Car Insurance
Two Wheeler Insurance
Commercial Vehicle Insurance
Health Insurance
Property Insurance
Travel Insurance
Business Insurance
Car Insurance
Two Wheeler Insurance
Commercial Vehicle Insurance
Health Insurance
Property Insurance
Travel Insurance
Scan to download
Life
Life Products
Digit Life is here! To help you save & secure your loved ones' future in the most simplified way.
Term Life
Savings Plan
Retirement and Pension Plans
Group Life
Others Products
Term Life
Savings Plan
Retirement and Pension Plans
Group Life
Scan to download
Claims
Claims
We'll be there! Whenever and however you'll need us.
Customer Support
Motor Claims
Health Claims
Customer Support
Scan to download
General
Life
General
Renewals
General
Life
Become an Agent
Resources
Resources
All the more reasons to feel the Digit simplicity in your life!
Exclusive Features
Tools & Calculators
Travel Guides
Transparency Report
Others
Exclusive Features
Tools & Calculators
Travel Guides
Transparency Report
Scan to download
Our WhatsApp number cannot be used for calls. This is a chat only number.
9000+ Cashless
Network Garages
96% Claim
Settlement (FY23-24)
24*7 Claims
Support
Click here for new car
I agree to the Terms & Conditions
As soon as you finalise the perfect car model for purchase, you need to start hunting for a quality insurance policy for the same. Under the Motor Vehicles Act, 1988, all car owners must have a valid insurance policy for their vehicles at all times.
Failure to comply with this rule can lead to hefty fines of Rs.2000, and Rs.4000 for repeated offence.
Fortunately, there is no dearth of impressive car insurance policy in India. You can choose from a wide range of options when it comes to availing financial protection for your beloved vehicle. Each policy provides different benefits and features, curtailed to a specific section of consumers.
Take a look at the list of car insurance companies in India.
An insurance aggregator is an online service that might help customers save time by comparing insurance policies between providers and companies. These platforms provide users with different policies where they can easily compare and make the right decisions without much strain.
However, it is crucial to understand that, unlike financial advisors, aggregators do not have individual consultations with the policy; instead, they provide options. On the other hand, car insurers offer insurance policies geared towards cars. They provide certain classifications of insurance which reflect your 0possible risks and can give you individual recommendations depending on your needs.
The India Motor Insurance Market has been witnessing robust growth, with its market size expected to grow from USD 11.96 billion in 2024 to USD 19.48 billion by 2029 at a CAGR of 10.25%. This factor is attributed to the growing number of vehicles on the road, a higher standard of living, and legal requirements to obtain motor insurance policies in India.
Businesses are now integrating artificial intelligence, the Internet of Things, machine learning, and telematics into their operations to improve performance and meet customer needs differently. COVID-19 brought even more customers to opt for the insurance-related portal and application usage.
The IRDAI regulators continuously approve and encourage new-age products, distribution modes, and technological solutions for the insurance market. This supports growing insurance startups and fosters an environment for digital-first offerings.
At the same time, the IRDAI spearheads digitalisation, encouraging insurers to leverage AI, blockchain, and telematics for improved customer engagement, effective claims processing, and improved data management.
This administration aims to provide insurance to all citizens by 2047, emphasising the rural and other hard-to-reach populations through increased awareness, policy changes, and coverage points.
As per the Provisional Motor Vehicles Act, 1988, every vehicle on the road needs to be insured for third-party risks, i.e., the vehicle's owner needs to have insurance cover for third-party losses arising out of an accident involving death, injury or damage to property. That's why we suggest to buy third party car insurance online.
Vehicle owners must have an insurance policy and evidence of it in their vehicle, whether in hard copy or electronic format. Here are a few legal things to remember:
Moreover, the Transfer of Property Act 1882 deals with property rights transfer, which is relevant when transferring vehicle ownership and its insurance policy. Other Acts like the Road Goods Movement Act and Road Transport Corporations Act apply to commercial vehicles and public transport services.
The Insurance Regulatory and Development Authority of India (IRDAI) regulates the Indian insurance sector, ensuring transaction fairness and transparency. Let's delve into the recent IRDAI rules for car insurance:
Keep an eye on the following characteristics of an insurance company to understand whether it is ideal for your need:
This is easy to gauge today, thanks to the internet. You can simply conduct an online search of the insurance provider in question and check the public review section. This should help you assess whether existing policyholders are happy with their choice.
The Insurance Regulatory and Development Authority in India or IRDAI is responsible for the supervision and development of the country’s insurance sector. Companies registered with this central body are more likely to follow all the guidelines when dealing with insurance claims. Additionally, opting for a registered company is safer as there are no chances of fraudulent activities.
Even though financial security in case of accidents or theft of your car is important, you can only invest so much on your yearly car insurance premiums. Insurance aggregator portals will allow you to compare pricing between products from various companies, offering you a better idea of the average pricing of such insurance policies.
A general insurance company’s claim settlement ratio reveals the kind the support you can expect from the provider during emergencies. High claim settlement ratio indicates that a company settles a majority of the claims that policyholders raise. Needless to say, a lower claim settlement ratio is undesirable.
Every insurance company allows for cashless repairs at select garages and workshops. A higher number of such network garages ensure that you can always find one nearby. It is thus recommended to pick companies that provide a substantial number of options when it comes to cashless repair outlets.
No one likes to jump through hoops every time they need to file a claim. Therefore, you should choose an insurer whose claim filing and settlement process is simple to follow, in both theory and practice. In this regard, companies offering digital claim settlement processes can be extremely helpful in making the process streamlined.
Regardless of the company you choose, it is integral to buy your insurance policy directly from the company, instead of relying on your car dealership.
Why, you ask?
Most people tend to buy car insurance from their car dealership. However, doing so can set you back financially and prevent you from utilising the full benefits of your insurance policy.
Here are some reasons why purchasing a policy directly from an insurance company is a smarter move:
Car dealers often sell pre-packaged insurance policies, which come with a set of features. Therefore, your ability to customise the policy as per your needs is almost non-existent.
Car dealers generally have collaborations with only a handful of insurance providers. When you buy from them, you are limited to choose a policy from only these companies and not others in the market.
Car dealerships work with insurance companies on a commission basis. This means that when you purchase a policy from them at a certain rate, a portion of that amount is pocketed by the dealership. With a direct purchase from companies, you only pay the actual price of your chosen policy and nothing extra.
Dealerships do not allow you the benefit to compare various policies. Without comparison, you can never acquire the insurance policy with the most value.
You must, thus, read the terms and conditions of every insurance policy you consider while comparing them. The fine print can often help you look beyond just the positives of a policy before you settle for one.
We treat our customers like VIPs, know how…
6000+ Cashless Network Garages for you to choose from across India
Doorstep pickup, repair and drop with 6 months repair warranty - for repairs at our network garages
Just click the damages on your phone and you are done
Smartphone-enabled self-inspection for claims
24*7 call facility even on National Holidays
With us, you can customize your vehicle IDV as per your choice!
Understand the difference between insurance companies, aggregators and brokers.
|
Insurance Company |
Aggregators |
Brokers |
|
Any organisation, which packages and markets the various insurance policies and products to consumers. |
A third-party portal where consumers can compare the various policies from all insurance companies operating in the market. |
Individuals who act as a mediating party between an insurance company and its potential clients. |
|
Employed By - None |
Employed by a third party, which is unrelated to any insurance company |
Individual insurance companies employ brokers. |
|
Role - To provide quality insurance policies, which compensate the policyholder when an insured asset meets with accidents and sustains damages. |
Role - To list and detail all relevant information regarding the various insurance policies available in the market for comparison purposes. |
Role - Brokers sell insurance policies on behalf of their employing insurance provider. |
|
All insurance policy claims are settled by insurance providers or companies. |
NA |
NA |
Please try one more time!
