General Insurance in India is a bit different than insurance in other countries.
The government of India, more or less, took over the insurance industry in 1972 with the General Insurance Business (Nationalisation) Act, 1972 (GIBNA).
As a result, there were only 4 main insurance companies that handled the motor insurance policy India industry. They were...
In 2000, there were some additional changes made to the regulations, and
the field began to open again for additional insurers to rejoin the
As a consumer, I'm always in favor of more competition. In almost any industry, the more competitors there are, the lower the prices will go. It's the simple law of supply and demand coming into play.
Whether you are interested in India Life Insurance, Home Insurance in India, or purchasing a Motor Insurance policy India, you want to be sure you are getting good value for your dollars. That usually comes by shopping around and comparing prices.
When you think of "General Insurance in India," these are the different types of coverage you may want to consider:
Each of those categories for an insurance policy in India will technically fall under the umbrella of General Insurance in India.
These days, it is usually quite easy to get a free online quote from most companies for the type of general insurance you want in India.
Use these services to your advantage. It can save you time as well as money, when you make the effort of getting price quotes. It gives you the opportunity to consider how much you are going to have to pay depending on which India insurance company you deal with.
You will also be able to consider the amount of coverage you need for the type of insurance you are buying. I consider insurance to be "wasted" money in most instances. The majority of people pay far more in insurance premiums than they ever claim.
Because that is an inevitable truth, I try to minimize the expenditure by only purchasing the amount I absolutely must have. I'm sure that the same principle can be applied when purchasing a motor insurance policy in India.