the premium should not be the deciding factor. Verify the feedback online by existing customers. What matters most in time of distress/accident, which insurance company settles your claim with least fuzz, quickly and best value.
I have had experience with my friend's car which when met an accident, the service center completely rejected tie up with the insurance company he had taken insurance from. So instead he had to run along and get the quotation of damages, get it verified, and then when it got approved, the service center started working on it. In my case, since i took insurance through the dealer, in case of settlement, I just had to go and sign. Rest all was taken care by the service assistant and the insurance agent within the service center. They had started with the repairs even before the insurance company had given the cheque. I did have peace of mind in the whole process, and man it was quick.