The Indian insurance market is vast and provides a diverse range of car insurance plans at reasonable prices. There are currently numerous insurance organizations that provide dependable car insurance plans. To meet the diverse needs of their customers, insurers provide key qualities and personalized services.
What do Car Insurance Companies do?
Companies in the insurance sector provide risk mitigation in the form of welfare contracts. The basic idea behind insurance is that one party, the insurer, will guarantee payment for a potentially disastrous future event. Meanwhile, another party, the insured or policyholder, pays a lower premium to the insurance company in exchange for that protection against an unknown future event. Insurance is recognised as a slow-growing, safe industry for investors. This interpretation is not as strong as it was in the 1970s and 1980s, but it remains widespread when compared to other financial sectors.
- Car insurance is a contract between an insurance company and a car owner in which the car owner pays premiums and the insurance company covers loss or damage to the car.
- Car insurance is required in India, regardless of whether the vehicle is commercial or personal. The majority of insurance providers in India have tie-ups with automotive manufacturers and provide car owners with instant quotes.
Car insurance companies in India provide various facilities, features and add-ons depending on the plan selected.
List of Companies that Give Best Car Insurance Plans
Provided below is a list of the best car insurance companies in India
The New India Car Assurance Co. Ltd
New India Assurance Firm Ltd is a public general insurance company based in Mumbai, Maharashtra. It operates in both India and other countries. The company has also collaborated with several of India’s biggest public sector banks and a few financial institutions.
The Oriental Insurance Company Limited
Oriental General Insurance offers two types of car insurance policies: third-party car insurance and comprehensive car insurance.
United India Insurance Company Limited
United India Insurance Company is a well-known name in India’s automobile insurance market. It is a public sector corporation based in Chennai that has been at the forefront of creating and delivering dependable vehicle insurance coverage to a big consumer base.
National Insurance Co.Ltd
National Insurance Company Limited is India’s oldest general insurance company. The company was founded in 1906 with its headquarters in Kolkata with the goal of achieving Swaraj.
Acko General Insurance Limited
Acko General Insurance is an Indian private-sector financial services firm. Acko entered the rat race in November 2016 with the highly novel notion of an online-based approach. In September 2017, the company received its IRDA licence.
Shriram General Insurance
Shriram General Insurance is a division of the Shriram Group, which was founded in 1974. It was a partnership between Shriram Capital Ltd. and Sanlam Limited till September 2012. (South Africa).
Bajaj Allianz General Insurance Co.Ltd
In the country, Bajaj Allianz General Insurance is a well-known private general insurance firm. Bajaj Finserv Limited and Allianz SE have joined forces to form the company.
Cholamandalam General Insurance Co.Ltd
Cholamandalam MS is a general insurance business founded by the Murugappa Group and Mitsui Sumitomo Insurance Company Limited of Japan. It offers a variety of insurance plans, including auto insurance, which protects you from financial liabilities resulting from accidents or catastrophes involving your vehicle.
Future General Insurance Co.Ltd
Future Generali India Insurance Company Limited is a combined venture between Future Group, a game changer and a foremost name in retail trade in India, and Generali, a 187-year-old global insurance group that is proudly listed among the 60 largest firms in the world, according to the 2017 Fortune Global 500 Ranking.
Digit General Insurance Co.Ltd
Digit General Insurance is a private insurance firm based in Bengaluru that was launched in 2016.
ICICI Lombard General Insurance Co.Ltd
ICICI Lombard General Insurance Company Limited is a joint venture of ICICI Bank and Fairfax Financial Holdings Limited. The organisation is involved in a wide range of business operations, from general insurance to investment management.
IFFICO TOKIO General Insurance Co.Ltd
One must have almost likely heard of IFFCO-Tokio General Insurance. The corporation was formed by the Indian Farmers Fertilizer Co-operative (IFFCO) and two other well-known Japanese organisations. Among the sponsors is Tokio-Marine, while the other is Nichido Fire Group. Both firms are listed as large insurance companies in Japan, which may surprise you.
Kotak Mahindra General Insurance Co.Ltd
Kotak Mahindra is a well-known general insurance firm in the industry. The company was formed in December 2014. However, Kotak gained IRDA approval in April 2015. The company provides a wide range of non-life insurance products, including car insurance, two-wheeler insurance, health insurance, and many others.
Liberty General Insurance Co.Ltd
Liberty General Insurance is a partnership formed by Liberty Citystale Holdings PTE Ltd and Industries Limited. The organisation provides a diverse line of insurance products and has established itself in around 20 Indian locations.
Raheja QBE General Insurance Co.Ltd
Raheja QBE is a general insurance firm that specialises in providing unique insurance plans. The company was founded through a joint venture between QBE Holding (AAP) Pty. Ltd and Rajan Raheja Group’s Prism Cement Limited. The combined success of both organisations makes the combination highly rare.
Reliance General Insurance Co.Ltd
Reliance General Insurance Company Limited is a well-known private insurer in India. The company is a subsidiary of the Anil Dhirubhai Ambani Group.
Royal Sundaram General Insurance Co.Ltd
In the world of private sector general insurance firms, Royal Sundaram General Insurance Co. Ltd. is a household name. Sundaram Finance is regarded as one of the non-banking financial institutions’ behemoths.
SBI General Insurance Co.Ltd
SBI General Insurance Company Limited is one of India’s leading insurance firms, providing dependable vehicle insurance coverage. It was founded in 2010 as a partnership between the State Bank of India and the Insurance Australia Group (IAG). The firm employs a multi-channel distribution strategy that includes bancassurance, agency, broking, and retail direct channels.
TATA AIG General Insurance Co.Ltd
TATA AIG General Insurance Company is a well-known name. It is a commercial partnership between both the TATA Group and the American International Group.
Universal Sompo General Insurance Co.Ltd
Universal Sompo General Insurance Company is a public-private partnership. It is the first of its sort, with two nationalised banks, one private bank, and the well-known Japanese insurance business Sompo Japan Nipponkoa Insurance Incorporation participating.
HDFC ERGO General Insurance Co.Ltd
HDFC ERGO is a 51:49 joint venture between HDFC Ltd and ERGO, the principal insurance entity of Germany’s Munich Re Group. HDFC ERGO is the third largest Private General Insurer, accounting for 6.2% of the market.
Edelweiss General Insurance Co.Ltd
Edelweiss General Insurance Company was founded in 2016 to enter the non-life insurance market. It is a part of Edelweiss Financial Services Limited, which entered the insurance industry with the goal of providing consumers with a wide range of insurance products such as vehicle insurance, two-wheeler insurance, and health insurance.
The above-given information is about the top car insurance companies in India.
Insurance Coverage and Other Details (Company Wise)
The car insurance companies have their own facilities and claim ration as per their policy standards. For more details about the insurance look at the data tabulated below
|Car Insurance Company||Facitilities Covered||Network Garages||Incurred Claim Ratio 2021-22 (%)|
|The New India Car Assurance Co. Ltd||Quick SettlementsPaper-less renewalsInbuilt towing facilityAdditional cover for fire and theft5000+ network garages||3000||90|
|The Oriental Insurance Company Limited||Quick SettlementsPaper-less renewalsInbuilt towing facilityAdditional cover for fire and theft3000+ network garages||3100||94|
|United India Insurance Company Limited||Claim settlement within limited hoursInbuilt Roadside assistanceCover for towing the car to a garageAdd-on to other accessoriesCover against natural disasters||3100||95|
|National Insurance Co.Ltd||Claim settlement within limited hoursInbuilt Roadside assistanceCover for towing the car to a garageAdd-on to other accessoriesCover against natural disasters||3100||93|
|Acko General Insurance Limited||Quick SettlementsPaper-less renewalsInbuilt towing facilityAdditional cover for fire and theft3000+ network garages||3000||93|
|Shriram General Insurance||Claim settlement within limited hoursInbuilt Roadside assistanceCover for towing the car to a garageAdd-on to other accessoriesCover against natural disasters||2000||96|
|Bajaj Allianz General Insurance Co.Ltd||Claim Settlement in 20 minutesInbuilt towing facilityOver 4000 network garagesVariety of Add-on covers availableExcellent customer service||4000||98.5|
|Cholamandalam General Insurance Co.Ltd||EMI protectionFree Cover for roadside assistanceDiscounts availableOver 4000 network garages||4636||96|
|Future Generali Insurance Co.Ltd||Claim Settlement in limited time Inbuilt towing facilityOver 4000 network garagesVariety of Add-on covers availableExcellent customer service||3500||96.3|
|Digit General Insurance Co.Ltd||Repair Anywhere||96|
|ICICI Lombard General Insurance Co.Ltd||All time Assistance and Strong customer care5000+ cashless garagesPre-declared depreciation slabsEasy processing of ClaimsMany add-on optionsDiscounts available||5600||87|
|IFFICO TOKIO General Insurance Co.Ltd||Claim settlement within 4 hoursInbuilt Roadside assistanceCover for towing the car to a garageAdd-on to cover car accessories tooCover against natural disasters||4300||95.5|
|Kotak Mahindra General Insurance Co.Ltd||2327||98|
|Liberty General Insurance Co.Ltd||Claim settlement within limited hoursInbuilt Roadside assistanceCover for towing the car to a garageAdd-on to other accessoriesCover against natural disaster||4500||98|
|Magma HDI General Insurance Co.Ltd||Claim Settlement in 20 minutesInbuilt towing facilityOver 4000 network garagesVariety of Add-on covers availableExcellent customer service||4000||97.1|
|Raheja QBE General Insurance Co.Ltd||Claim settlement within limited hoursInbuilt Roadside assistanceCover for towing the car to a garageAdd-on to other accessoriesCover against natural disaster||1000||92|
|Reliance General Insurance Co.Ltd||Easy video claimsEMI protectionFree Cover for roadside assistanceDiscounts availableOver 5000 network garages||8200||98|
|Royal Sundaram General Insurance Co.Ltd||Claim settlement within limited hoursInbuilt Roadside assistanceCover for towing the car to a garageCover against natural disaster||3300||98.6|
|SBI General Insurance Co.Ltd||Full time Assistance and Strong customer care5000+ cashless garagesPre-declared depreciation slabsEasy processing of ClaimsMany add-on optionsDiscounts available||16000||100|
|TATA AIG General Insurance Co.Ltd||24*7 Assistance and Strong customer care5000+ cashless garagesPre-declared depreciation slabsEasy processing of ClaimsMany add-on optionsDiscounts available||7500||90.49|
|Universal Sompo General Insurance Co.Ltd||Claim settlement within limited hoursInbuilt Roadside assistanceCover for towing the car to a garageAdd-on to other accessoriesCover against natural disaster||3500||96|
|HDFC ERGO General Insurance Co.Ltd||Over 6800 network garagesEngine & gear-box protectionEasy to purchase a policy, Minimum DocumentationHigh claim paying abilityWide range of Add-Ons||6800||91.23|
|Edelweiss General Insurance Co.Ltd||Claim settlement within limited hoursInbuilt Roadside assistanceCover for towing the car to a garageCover against natural disasters||1500||98|
One can select the best 10 car insurance companies in India from the total list of car insurance companies in india by verifying the plans and facilities covered.
How To Choose the Best Insurance for a Car?
Choosing the best car insurance companies is much easier said than done. You’ll need a plan that meets your insurance needs, as well as a car insurance company:
Third-Party Car Insurance and Comprehensive Car Insurance are the two categories of car insurance. Third-party automobile insurance is an option if you only need a basic, low-cost plan. However, if you drive a premium automobile or drive frequently, you should invest in comprehensive insurance coverage.
2. Examine the Plans
Once you’ve decided on the type of insurance you want, compare the plans offered by various companies. Compare premium rates and select the plan that provides the most coverage at the lowest cost.
3. Investigating the Add-Ons
Add-ons significantly expands an insurance plan’s coverage scope. Because a basic plan may not contain particular damage coverage, pick add-ons carefully. Keep in mind that you can only choose add-ons with comprehensive vehicle insurance coverage.
4. Examine the Claim Procedure
The primary goal of a vehicle insurance policy is to provide you with instant financial assistance for your vehicle insurance claims. Choose a company with a simple and speedy payment method.
5. Claim Incurred Ratio
The generated claim ratio is crucial to understand since it indicates how many claims were resolved in relation to the total premiums received in that year.
6. Network Garages without Cash
Because the corporation settles the invoices directly in a cashless garage, the process becomes smoother and faster. Consider the number of garages with whom the company has affiliations across the country.
7. Deductions and Other Conditions
Read all of the offer paperwork thoroughly. You should be aware of your auto insurance policy’s permanent exclusions as well as its exclusions. This stage is critical in avoiding legal issues during the course of a claim.
8. Position of the Company
A company’s reputation is extremely significant. You can read user evaluations concerning the claim procedures, customer service, and the company’s ethics. Analyze existing reviews before making a judgement.
Based on your requirement and needs can select which is the best car insurance company in India and opt for that car policy. There are also some government car insurance companies that provide best facilities.
Frequently Asked Questions
How many times can one claim vehicle insurance in a year?
There is no limit to the number of claims that can be filed in a year as long as a car insurance policy is in force. However, the number of claims permitted under add-on covers such as NCB protection, zero depreciation, and so on is restricted. More information about these constraints can be found in the policy documents.
What is third-party insurance?
It is a sort of car insurance that covers financial liabilities resulting from third-party property/vehicle damage or loss, or from the death or injury of a third person who has been involved with the insured vehicle.
Why is a No Claim Bonus called a reward from the insurance company?
The No Claim Bonus, or NCB, is a discount on premium payment granted by the insurance provider if the policyholder has not made any claims in the previous year. The No Claim Bonus is compensation given by the insurance provider to the vehicle owner for driving carefully and safely. Before purchasing a policy, one should determine whether he/she is eligible for the NCB benefit.
How can I obtain a copy of my auto insurance policy online? Will the softcopy printout end up serving as the original document?
Visit the insurance company’s official website and choose the option to download an e-copy of your policy. An OTP will be sent to your registered mobile number after you enter your policy number and enrolled mobile number. Enter the OTP and your registered email address. A PDF copy of your auto insurance policy will be emailed to your email address.
What documents am I required to submit when filing a CLAIM?
To ensure that your claim is resolved, you will need to submit several documents.
Completed and signed claim form
Certificate of registration (Original to be presented for verification)
Insurance policy that is valid
A copy of your driver’s licence (Original to be presented for verification)
Invoice for purchase and delivery challan (in case of the new vehicle)
Original FIR copy in the event of theft, third-party damage, or property damage
Repair bills and payment receipts must be submitted for reimbursement.
What exactly is bumper to bumper auto insurance?
Bumper to bumper is an add-on cover that provides complete coverage for damages to your car’s fibre, metal, and rubber parts in the event of an unfortunate event. This does not, however, cover engine damage, batteries, tyres, or glass. Pay an additional fee to obtain this add-on. It is also known as nil depreciation car insurance or zero depreciation car insurance.
Can I pay my car insurance premiums in instalments?
You cannot pay your auto insurance premium in instalments. Section 64VB states that vehicle insurance coverage cannot be provided, implying that the company cannot take the risk of providing coverage for the car unless the full premium payment is received on or before the policy start date.
What are the advantages of renewing with the same insurer?
You receive a No Claim Bonus if you do not file a claim during the policy period. In addition to a discount on your insurance premium, your insurer is likely to provide additional benefits when you renew your policy. These benefits could include a significant reduction in deductibles or an accident forgiveness option, which indicates no premium increase even after an accident.