Best Car Insurance Companies in India
In a country where approximately 1.5 lakh people lose their lives in road accidents, it becomes the responsibility of all the car owners to ensure the safety of the driver, passenger and also the third party. This is where car insurance comes into the picture.
Amid the increasing number of road accidents every year, the Motor Vehicle Act made it mandatory for all the car owners in India to have at least a third party car insurance cover. However, for an enhanced protection, comprehensive car insurance is recommended.
Only 70% of car owners have third-party insurance in India. And due to the negligence of the remaining 30%, a lot of victims do not get compensation for losing a loved one in a car accident. Car Insurance offers financial and legal protection and works in the interest of both the parties if one buys comprehensive car insurance with add-on benefits like roadside assistance, personal accident cover, etc.
Let’s see how important it is to buy a car insurance policy in India.
Benefits of Car Insurance
Have a look at some of the benefits that one can avail with a car insurance policy-
- It offers protection against loss or damage caused to a car due to an accident, theft, and collision
- It covers personal damage as well as third-party death, injuries, vehicle and property damages
- Cashless claim services at network garages
- No Claim Discount for all the claim free years
- Up to Rs. 2 lakhs of Personal accident cover for passengers
- Personal accident cover for the owner/driver and co-passengers
- Easy to purchase and compare car insurance online
- Speedy online renewal procedure
- Seamless claim settlement process
Best Car Insurance Companies in India
A plenty of car insurers have joined the race and are giving tough competitions to each other by offering insurance services at competitive prices. Given that, finding an adequate insurance plan or the best insurer can be quite troublesome. In this regard, the below list of the best car insurance companies in India comes in handy:
Sir Dorabji Tata started the New India Assurance Co. Ltd, in 1919. They have been market leaders in the General Insurance industry for more than 40 years. The company has its presence in more than 28 countries. They have a profitable business in both the Indian market and overseas. New India Assurance has multiple agencies, branches, subsidiaries, and offices in different parts of the world. Moreover, the insurer has been accredited with AAA/Stable rating by CRISIL since 2014.
Tata AIG General Insurance Company commenced its operations in 2001. Since then, they have expanded their business across India. Currently, they have more than 150 branches across the country. The company is known to offer various innovative product offerings to its customers over the years. They provide an extensive range of General Insurance services catering to both the individual and business needs.
3. National Car Insurance
National Insurance Company Limited is one the largest motor insurance providers in India. The company also provides insurance services in Nepal. They have more than 1900 offices across India. National Insurance is also a popular name in the general insurance industry for its health insurance products and services.
Bajaj Allianz is one the renowned names in the insurance industry. The company received its IRDA registration certificate in the year of 2001. It is a joint venture between the Bajaj Finserv Limited Allianz, SE. For its spectacular insurance services, the company has been accredited with iAAA rating from ICRA. The insurer has also launched usage-based insurance through its telematics offering, Drive Smart.
Royal Sundaram General Insurance Company Ltd. was earlier known as Royal Sundaram Alliance Insurance Co. Ltd. It is the first general insurance provider in India to get licensed by the IRDA in 2000. Since 2015, the company has been completely owned by Sundaram Finance and its shareholders. Royal Sundaram offers a wide range of insurance products to the Indian customers.
SBI General Insurance Co. Ltd. started its operations in 2010 as a joint venture between the State Bank of India and Insurance Australia Group with a share of 74% and 26% respectively. SBI General Insurance has its presence in more than 100 cities across India. Through its online medium, the insurer has expanded its reach in more than 350+ locations. SBI General Insurance offers insurance products to its retail customers, corporates, and SMEs.
Bharti AXA General Insurance Co. Limited started its operations in 2008. It is a joint venture between Bharti Enterprises and AXA Group with a stake of 51% and 49% respectively. At present, the company has 87 branches across India and has a customer base in 64 countries. They are one of the most popular insurance providers in India and are globally renowned.
The Oriental Insurance Co. Ltd. started its operations in the year 1947, in Bombay. Earlier it was owned by the Oriental Government Security Life Assurance Company. Till 1973, it was a subsidiary of LIC, India. Later on, all the shares were transferred to the Central Government in 2003. Now, they have their head office in New Delhi and are also present in the other countries like Nepal, Kuwait, and Dubai. Oriental insurance has 1800 offices across India.
HDFC Ergo General Insurance Company Ltd. is a joint collaboration between the HDFC and ERGO International AG with a share of 51% and 49% respectively. HDFC Ergo is the 3rdlargest private General Insurance companies in India. They are present in 106 cities across India. The insurance company offers various general insurance products such as travel, health, personal accident and motor insurance to its customers.
Reliance General Insurance is a part of the Reliance Group and started its operations in the year 2000. It is one of the most popular general insurance companies in India with more than 139 offices across the country. The company offers a wide range of insurance products such as travel, motor, and health insurance etc. to individuals, corporates, and SMEs.
United India Insurance Company Limited commenced its operations in 1938. Their general insurance business kicked off in 1972. The company is a merger of 12 Indian Insurance Providers, Indian operations of 5 Foreign Insurers, General Insurance operations of southern region of LIC of India and 4 Cooperative Insurance Societies. They have 1340 offices catering to a large number of customers in India. Their insurance products range from bullock carts to satellites, including motor insurance.
Iffco Tokio General Insurance Company started its operations in the year 2000. It is a joint venture between Nichido Fire Group of Japan, the Indian Farmers Fertilizer Co-operative Ltd, and IFFCO Tokio Marine. It is one of the most popular general insurance providers in India. They offer a wide range of customized insurance plans to meet the specific needs of its customers.
The Company started its operations as a joint venture between Allahabad Bank, Sompo Japan Insurance Inc, Karnataka Bank, Indian Overseas Bank, and Dabur investment Corporation. Universal Sompo offers a number of car insurance products like health, motor, and commercial insurance. It is a renowned name in the motor insurance industry.
Future Generali India Insurance Co. Ltd. was incorporated in the year 2007. It is a joint venture between Future Group and Generali. Future Generali is considered as a Total Insurance Solutions Company, offering a number of personal, retail, commercial, and rural insurance solutions for individuals and corporates.
Liberty General Insurance Ltd. commenced its insurance services in 2013. It is a joint venture between DP Jindal Group, Liberty Mutual Insurance Group, Liberty City state holdings PTE Limited. and Enam Securities. The company offers a wide range of retail, comprehensive, industrial and commercial insurance solutions. They are present in more than 50 cities across 23 states in India.
The Company is headquartered in Chennai. Cholamandalam MS General Insurance Company is a joint venture between Mitsui Sumitomo Insurance and Murugappa Group. Chola MS is one of the most popular insurance companies in India, offering a wide range of insurance products are it Travel Insurance, Home Insurance, Motor and Personal Accident Insurance.
Shriram General Insurance Co. is a joint venture between Sanlam Limited (South Africa) and Shriram Capital Limited. It is growing as one of the most popular general insurance companies in India. Shriram Car Insurance also has a partnership with the Indian Railway Catering and Tourism Corporation (IRCTC). It makes available a variety of personalized general insurance products like motor, home, travels etc. to meet the needs and preferences of its customers.
18. Raheja QBE Car Insurance
Raheja QBE or RQBE General Insurance Co. Ltd is a joint venture Prism Cement Limited and QBE Holdings (AAP) Pty Limited. It is one of the most respected insurance companies in India. The company offers various insurance services in the personal and corporate insurance sector. The ranger of products includes – health insurance, accidental personal, cattle, domestic property, marine, motor, workers compensation etc.Best Car Insurance Companies in India with Claim Settlement Ratio
*This is a directory and not a chronologically-ordered editorial endorsement. Research all the alternatives before buying
Best Car Insurance Companies in India with Claim Settlement Ratio
|Insurance Provider||Incurred Claim Ratio|
|The Oriental Insurance Company||112.11%|
|Reliance General Insurance||92.23%|
|SBI General Insurance||75.01%|
|Bharti AXA General Insurance||76.88%|
|HDFC ERGO General Insurance||76.90%|
|The New India Insurance||91.26%|
|Shriram General Insurance||102.57%|
|Royal Sundaram Alliance General||82.15%|
|ICICI Lombard General Insurance||78.91%|
|TATA AIG General Insurance||79.31%|
|Bajaj Allianz General Insurance||69.91%|
|Cholamandalam MS General||79.82%|
|Magma HDI General Insurance||78.49%|
|Liberty General Insurance||77.29%|
|IFFCO Tokio General Insurance||81.96%|
|United India Insurance||78.89%|
|Future Generali India Insurance||81.77%|
|Universal Sompo General Insurance||70.91%|
* This is a directory and not a chronologically-ordered editorial endorsement. Research all the alternatives before buying.
Things to Consider While Purchasing Car Insurance
- Know What is Covered- Checkout the inclusions and exclusions of both third party car insurance and comprehensive vehicle insurance policy. Only buy third party insurance if you can bear the own damage expenses or the vehicle is considerably old.
- Compare Online – One should Compare car insurance online and select the one that meets most the financial expectations. One can easily get multiple car insurance quotes online from top car insurance companies in India.
- Claim Incurred Ratio – Higher ICR, indicates satisfied customers and more the chances of insured’s claim being settled.
- Seek add-on Covers – It is always recommended to buy a comprehensive car insurance policy with additional benefits like roadside assistance, zero depreciation, flat tyre assistance etc.