Since finding Best Car Insurance Companies in India is difficult, cars are no longer regarded as a luxury. Today, almost everyone can afford a car because of the lower-priced models available in the market. In order to have a comfortable commute, more and more individuals are purchasing a car for themselves and their families.
The demand for car insurance policies is increasing along with the demand for cars. According to the Motor Vehicles Act, 1988, car owners must have a valid insurance policy. As per the Motor Vehicles Act, 1988, you must get your car insured if you own one.
Types of Car insurance policies in India
There are two types of car insurance policies. The following are among them:
- Liability insurance for third parties
- Comprehensive policy
List of the Best Car Insurance Companies in India
- ICICI Lombard GIC Ltd.
- HDFC ERGO
- TATA AIG GIC Ltd.
- New India Assurance
- United India Insurance Company Ltd
- Bajaj Allianz Car Insurance
- National Insurance Company
- Bharti AXA General Insurance Company
- The Oriental Insurance Co. Ltd.
- Future Generali India Insurance
1. ICICI Lombard GIC Ltd.
ICICI Lombard is one of India’s largest property and casualty insurers. It plays a significant role in the insurance market, especially in the car insurance market.
At the end of the last fiscal year, the company sold more than 17 million policies and processed more than 2 million claims.
Additionally, they offer insurance products tailored to the needs of urban and rural clients. Additionally, they provide insurance solutions for personal, corporate, and project risks. ICICI Lombard’s car insurance covers the following areas:
- Natural disasters may result in the loss or damage of your vehicle.
- Artificially caused damage or loss to your vehicle
- Furthermore, third-party liability.
- Accidents involving personal injury are also included.
- ICICI Lombard’s application process is also smooth.
It is also ranked first in our list of 10 best car insurance companies in India based on the claim settlement ratio.
2. HDFC ERGO
The HDFC ERGO General Insurance Company is one of the leading car insurers in India. This auto insurance company also provides you with the benefits listed below.
- 24/7 claims support is available
- Also, the directive should be approved quickly and published immediately. An application process that is transparent.
- Furthermore, it is highly regarded for its ability to pay claims.
The company has an 85% claim settlement ratio and is ranked 2nd on our list of the 10 best car insurance companies in India
3. TATA AIG GIC Ltd.
TAIG GIC LTD. is a joint venture between American International Group (AIG) and Tata Group. In 2001, the company was established in India to provide insurance products to individuals and businesses.
- Repair warranty
- Settlement in 7 days.
- Free support
- Furthermore, processing without cash in the garages of the network.
- Unique complements
Tata AIG stands in the third position on our list of the top 10 best car insurance companies in India. For their insurance needs, customers can also choose from the above policies.
Claim settlement ratio: 87%
4. New India Assurance
The best government insurance company is New India Assurance. The company operates in 28 countries around the world and is highly rated by an international agency. If you rely on this insurance company to obtain recognition, you can enjoy the following benefits;
- Settlement of claims within 3 days
- There is also a free tow bar up to Rs. 1500 available.
- Appointment of the Surveyor within 48 hours following intimidation.
- Additionally, the claim will be resolved within 3 days of receiving the receipt.
Claim settlement ratio: 93%
5. United India Insurance Company Ltd
Founded in 1938, United India Insurance is an Indian insurance company. More than 1,300 branches offer quality assurance solutions in India, where the company has a strong market position.
With 18,300 employees, the company has a large workforce. One million customers insured by the company, which is one of the most reliable insurance companies in India. Also serving the rural population are their micro offices in more than 200 villages and cities of levels II and III.
*Please note that the top 10 car insurance companies listed above are organized by the number of claims settled and policies sold through 2018.
Claim settlement ratio: 80%
6. Bajaj Allianz Car Insurance
Bajaj Allianz offers car insurance with easy-to-use features. Below are some of the benefits of online car insurance.
- Provide updates by SMS and telephone assistance, as well as assistance in case of damage, during the holidays.
- EMIs are available for rewards
- Assistance is available throughout the day in case of a breakdown.
- Towing services are available
Claim settlement ratio: 95%
7. National Insurance Company
Founded in 1906, the national insurance company became a national corporation in 1972. Automobile owners can contract civil liability insurance or comprehensive insurance with the National Insurance Company. The following are the key characteristics and benefits of the automobile insurance policies offered by the National Insurance Company:
- On the insurer’s website, insureds can purchase or extend their auto liability insurance.
- Taking care of claims without worry
- Customer service is available 24 hours a day.
- Regulatory and development association for insurance in India
Claim settlement ratio: 121.67%
8. Bharti AXA General Insurance
With 79 offices in India, Bharti AXA General Insurance has a large customer base. They issued nearly 9.8 million insurance contracts and resolved more than 1.3 million claims. AXA and Bharti Enterprises are partners in this joint venture. In 2008, it started operating. There are innovative and comprehensive insurance solutions for various sectors, including automotive, home, health, etc. Additionally, the company provides 24/7 support to its customers & it’s rank 8th position on our list of 10 best car insurance companies in India.
Claim settlement ratio: 89%
9. The Oriental Insurance Co. Ltd.
In September 1947, Oriental Insurance Company began operating in Mumbai. It has a large customer base as one of the industry’s pioneers. The government of India manages the company. A variety of insurance products offered by this company to serve the needs of the rural and urban population. In India, there are 31 regional offices and more than 1,800 micro offices under the company’s head office in New Delhi.
Insurance is the only service they provide. With the car package, you can get the benefits of general auto insurance with four unique driver options.
Claim settlement ratio: 70%
10. Future Generali India Insurance
In 2007, Future Group and Assicurazioni General formed a joint venture to form the private general insurer Future Generali.
Future Generali is active in more than 125 cities across the country, with more than 6,000 insurance agents and more than 2,000 corporate customers.
According to insurance company statistics, gross written premiums (GWP) reached Rs.1,842 crores in the 2017-2018 fiscal year, a 16% increase over 2016-2017. Moreover, the company recorded a solvency ratio of 172% during the 2017-2018 fiscal year.
Car insurance products one of the many insurance products offered by Future Generali Insurers in India.