Top 10 Car Insurance Companies In India

Car Insurance Companies In India

The Indian insurance market is huge and offers a wide range of car insurance plans at economical rates. At present, there are 25 insurance companies that provide reliable car insurance plans. The insurers offer unique features and personalised facilities to cater to different sorts of customer needs.

 

Car insurance helps you get mitigate financial obligations that may arise due to an unfortunate event involving your car such as a road accident, fire, theft, natural calamities, etc. As per the Indian Motor Tariff, every car owner is legally required to have at least a third party car insurance cover for being able to drive their car/vehicle on Indian roads. Currently, there are 25 insurance companies in India that offer car insurance.

Best Car Insurance Companies

Car insurance helps you mitigate financial obligations that may arise due to an unfortunate event involving your car such as a road accident, fire, theft, natural calamities, etc. As per the Indian Motor Tariff, every car/vehicle owner is legally required to have at least a third party car insurance cover for being able to drive their car legally on Indian roads.

21+ Top Car Insurance Companies in India with OD Claim Settlement Ratio & Network Garages: IRDAI Approved

Find below the best four-wheeler insurance companies in India with claim settlement ratio (CSR) & network garages.

Car Insurance CompanyMotor OD Claim Settlement Ratio FY20Network Garages
IFFCO Tokio General Insurance95.30%4,300+
Royal Sundaram General Insurance92.66%4,600+
The Oriental Insurance Company91.76%3,100+
HDFC ERGO General Insurance91.23%6,800+
Universal Sompo General Insurance90.78%3,500+
Tata AIG General Insurance90.49%5,000+
The New India Assurance89.60%3,000+
SBI General Insurance89.51%16,000+
Bajaj Allianz General Insurance88.83%4,000+
Future Generali India Insurance88.69%2,500+
Bharti AXA General Insurance87.99%5,200+
ICICI Lombard General Insurance87.71%5,600+
Liberty General Insurance87.48%4,300+
Cholamandalam MS General Insurance85.89%7,100+
National Insurance Company85.71%3,100+
Edelweiss General Insurance84.52%1,000+
Reliance General Insurance84.26%3,800+
Acko General Insurance83.91%2,000+
United India Insurance Company82.93%3,100+
Kotak Mahindra General Insurance82.81%1,300+
Go Digit General Insurance80.47%1,400+
Magma HDI General Insurance79.60%4,000+
Shriram General Insurance77.26%2,000+
Navi General Insurance76.20%900+

How To Choose The Best Car Insurance Company In India?

The definition of the best car/vehicle insurance company is subjective as it varies from individual to individual depending on their requirements. For some individuals, a car insurance company that has the highest claim settlement ratio is the best, while for others the insurance company which has a wide network of cashless garages is the best. Thus, there are a number of parameters that make an insurance company the best for an individual. One should consider the following factors while choosing a car insurance company.

1. Network of Cashless Garages

There are a number of garages with which a car insurance company partners for the facilitation of cashless insurance claims. While choosing a car insurance company, one must check the strength of the network of cashless garages of the insurance company. One must also see if there are enough cashless garages in the vicinity of his/her locality.

2. Claim Settlement Ratio

Claim Settlement Ratio tells the number of claims settled by a car insurance company out of all the claims received by it during a financial year. It is always good to go with an insurance company with a high claim settlement ratio.

3. Availability of Add-ons

Add-ons refer to extra coverages that can be opted with a standard car insurance policy to extend the coverage. Add-ons are available with own-damage and comprehensive car insurance and can be opted for at the time of policy purchase as well as renewal.

4. Customer Support Service

One must also check the availability and quality of the customer support service offered by an insurance company. While some insurance companies offers 24*7 customer support, some offer 5-day customer assistance services.

 

Buy Best Car Insurance Policy Online With InsuranceDekho

Step 1: Visit InsuranceDekho and click on the ‘car’ tab.

Step 2: Enter your car’s Registration Number. In case you do not remember it, choose ‘Don’t know your car number?’ option. After selecting that, a pop up will open asking you your car’s brand name, model, fuel type, variant, registration year, registration city and RTO.

Step 3: Fill in your personal details like your Name and Mobile Number and click on the ‘Submit and Get Quotes’ button. Confirm the expiry date of your previous car insurance policy and the name of your previous car insurer.

Step 4: All available premium quotes will be displayed to you. You can compare and select the quote which best meets your requirements. You can also opt for add-on covers at this stage to extend the coverage of your basic car insurance plan.

Step 5: Enter your personal details, nominee details and car/vehicle details. Proceed with the payment using your credit/debit card or other net banking facilities.

The policy will be sent instantly to you at your registered email address.

 

Types of Car Insurance Plans Offered By Different Insurance Companies

On the basis of car/vehicle/4 wheeler insurance coverage, there are three types of car insurance plans:

1. Third Party Car Insurance

According to Indian Motor Tariff, every car owner in the country is mandated to have at least a third-party car insurance policy. This plan provides you coverage for all third party liabilities such as third party bodily injuries, disability, death as well as property damage which may occur due to any unfortunate event involving your car. The third party property damage is limited to Rs. 7.5 lakh under this plan.

2.Standalone Own-Damage Car Insurance

This plan provides coverage only for own-damages incurred by your car in any mishap such as road accident, natural calamity, fire, explosion, theft, riot, etc. To remain compliant with the legal requirements, you must purchase a third party car insurance plan with it. A standalone own-damage car insurance plan gives you the flexibility to choose your own-damage cover and third party cover from different insurance companies.

3. Comprehensive Car Insurance

This is a bundled cover that offers you coverage for both third-party liabilities as well as own damages incurred by your car in an unfortunate event. Among all the three types of car insurance plans, a comprehensive cover offers you the maximum coverage. You can further extend the coverage of this plan by opting for add-ons like zero depreciation cover, engine cover, etc.

What Does Your Car Insurance Cover?

The coverages offered in different car insurance plans are as follows:

Car Insurance Coverage

Third Party

Comprehensive

Standalone

Damage/losses caused to your car due to accident

X

Theft of two-wheeler

X

Damage incurred due to fire

X

Damage/losses due to natural calamity

X

Damage to property and third party vehicle

X

Personal Accident Cover (if opted)

Injury/ Death of Third Party due to an accident

X

Which is the best car insurance company in India?

There are various factors that should be considered while choosing the best car insurance company. Some of the factors are Claim Settlement Ratio, Number of Network Garages, IDV (Insured Declared Value) offered Availability of Add-ons, etc. On the basis of claim settlement ratio for the FY 2018-19, the best car insurance companies IFFCO Tokio General Insurance Company (96.44%), Royal Sundaram General Insurance (94.07%), Oriental Insurance Company (93.16%), Universal Sompo General Insurance (92.45%) and New India Assurance (92.23%).

How to switch from one car insurance company to another?

You can switch from one car insurance company to another at the time of renewal of your policy.

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