Top Car Insurance Companies
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 Company||Motor OD Claim Settlement Ratio FY20||Network Garages|
|IFFCO Tokio General Insurance||95.30%||4,300+|
|Royal Sundaram General Insurance||92.66%||4,600+|
|The Oriental Insurance Company||91.76%||3,100+|
|HDFC ERGO General Insurance||91.23%||6,800+|
|Universal Sompo General Insurance||90.78%||3,500+|
|Tata AIG General Insurance||90.49%||5,000+|
|The New India Assurance||89.60%||3,000+|
|SBI General Insurance||89.51%||16,000+|
|Bajaj Allianz General Insurance||88.83%||4,000+|
|Future Generali India Insurance||88.69%||2,500+|
|Bharti AXA General Insurance||87.99%||5,200+|
|ICICI Lombard General Insurance||87.71%||5,600+|
|Liberty General Insurance||98%||4,300+|
|Cholamandalam MS General Insurance||85.89%||7,100+|
|National Insurance Company||85.71%||3,100+|
|Edelweiss General Insurance||84.52%||1,000+|
|Reliance General Insurance||84.26%||3,800+|
|Acko General Insurance||83.91%||2,000+|
|United India Insurance Company||82.93%||3,100+|
|Kotak Mahindra General Insurance||82.81%||1,300+|
|Go Digit General Insurance||80.47%||1,400+|
|Magma HDI General Insurance||79.60%||4,000+|
|Shriram General Insurance||77.26%||2,000+|
|Navi General Insurance||76.20%||900+|
(Source: IBAI’s General Insurance Claim Insights Handbook – 5th Edition.)
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.
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Step 1: Visit carcostsavings.com and click on the ‘contact us’ tab.
Step 2: Enter your car’s Details and your contact info. In case you do not remember it.
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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|
Car Insurance Companies
|IFFCO Tokio Car Insurance||Bajaj Allianz||Sbi Car Insurance||Liberty|
|IFFCO Tokio||DHFL Car Insurance||Sbi||Magma Car Insurance|
|HDFC ERGO Car Insurance||DHFL||Kotak Car Insurance||Magma|
|HDFC ERGO||TATA AIG Car Insurance||Kotak||Shriram Car Insurance|
|Bharti AXA Car Insurance||TATA AIG||New India Car Insurance||Shriram|
|Bharti AXA||Royal Sundaram Car Insurance||New India||Navi Car Insurance|
|ICICI Lombard Car Insurance||Royal Sundaram||United India Car Insurance||Navi|
|ICICI Lombard||Acko Car Insurance||United India||Universal Sompo Car Insurance|
|Digit Car Insurance||Acko||Cholamandalam Car Insurance||Universal Sompo|
|Digit||National Car Insurance||Cholamandalam||Raheja QBE Car Insurance|
|Reliance General Car Insurance||National||Future Generali Car Insurance||Raheja QBE|
|Reliance||Oriental Car Insurance||Future Generali||Edelweiss Car Insurance|
|Bajaj Allianz Car Insurance||Oriental||Liberty Car Insurance||Edelweiss|
Disclaimer: CarCostSavings.com does not endorse, rate or recommend any particular insurance company or insurance plan.