Car Insurance

10 Car Insurance Companies in India

By Admin
May 13, 2021
top 10 best car insurance companies in India

Choosing the right car insurance is often a challenge for most car owners in India. Since it is mandatory as per the Motor Vehicles Act of 1988, most vehicle owners settle for the cheapest plan to save unwanted trouble from the police. More often than not, these plans only offer third-party insurance cover which is inadequate. In order to choose the right car insurance provider, it is important to keep in mind the coverage, benefits, and claim settlement ratio. Although this may sound like a lot, especially for new owners, it is very easy to understand. Knowing the inclusions and exclusions before buying is a good way to avoid shocks in the future. 

To simplify this critical decision, here are the top 10 best car insurance companies in India.

Top 10 Car Insurance Companies in India

Name Of Car Insurance Provider BenefitsIncurred Claim Ratio (in %)
Bajaj Allianz General Insurance 
  • 4,000+ cashless garage network
  • Third-Party Damage Covered
  • No Claim Bonus (NCB) Transfer
  • Personal Accident Cover, in case of death or permanent disability due to an accident
  • Covers loss and/or damage due to natural calamities like floods, earthquakes, etc
  • Customizable Add-ons like Zero Depreciation, Engine Protector, Return to Invoice
69.19
IFFCO Tokio General Insurance 
  • Discount for members of Automobile Association
  • 4300+ network garages
  • 24x7 Roadside Assistance facilities.
  • Multiple online payment options
  • Free servicing at chosen garages across India
  • Losses due to Theft covered
  • Add-ons like Zero Depreciation available
87
HDFC ERGO Insurance 
  • 6800+ cashless garages PAN India
  • Covers loss and/or damage due to natural calamities like floods, earthquakes, etc
  • Free repair and servicing at network garages
  • Hassle-free car insurance claim settlement procedure
  • Instant online renewal
  • No Paperwork
  • Personal Accident Cover
82
Liberty General Insurance
  • 4,300+ cashless garage network
  • Easy No Claim Bonus (NCB)
  • transfer
  • Personal Accident Cover, in case of death or permanent disability due to an accident
  • Customizable Add-ons like Zero Depreciation, Engine Protector, Return to Invoice
  • Losses due to Theft covered
  • Hassle-free car insurance claim settlement procedure

77.29


 

Future Generali India Insurance
  • Own Damages and Third-Party Damages Covered
  • Free repair and servicing at 2500+ garages across India
  • Personal Accident Cover in case of death or permanent disability due to an accident
  • Easy No Claim Bonus (NCB) transfer
  • Covers loss and/or damage due to natural calamities like floods, earthquakes, etc
  • Zero documentation and instant online renewal
  • Add-ons like Zero Depreciation, Engine Protector, Return to Invoice available
69
Bharti AXA General Insurance
  • Covers Third-Party Liability along with Own Damage
  • Cashless servicing at 2,500+ registered garages all over India.
  • Hassle-free car insurance claim settlement procedure.
  • No Claim Bonus (NCB) Transfer
  • Instant online renewal with zero documentation
  • Personal Accident Cover in case of death or permanent disability due to an accident
  • Customizable Add-ons available
75
Tata AIG Car Insurance
  • 6 months of quality assurance on all repairs
  • Cashless repairs for Third-Party Liability as well as with Own Damage
  • Personal Accident Cover in case of death or permanent disability due to an accident
  • Free pick-up, wash benefit and towing facility etc
  • Hassle-free car insurance claim settlement procedure.
70
Reliance General Car insurance
  • Cashless repair at 3700+ network garages.
  • Personal Accident Cover in case of death or permanent disability due to an accident
  • Hassle-free car insurance claim settlement procedure.
  • 24*7 towing facility
  • Covers loss and/or damage due to natural calamities like floods, earthquakes, etc
  • Third-Party Liability covered
  • Instant online renewal
85
Digit Car Insurance
  • 1400+ cashless repair at network garages
  • Availability of optional coverage for paid drivers
  • Customer guidance via the web and SMS services.
  • Instant online renewal
  • No Paperwork
  • Additional add-on covers depending on the needs
  • Personal Accident Cover in case of death or permanent disability due to an accident
  • Easy insurance claim settlement procedure.
76

Let’s take a look at the benefits of these policies in detail - 

1. Bajaj Allianz General Insurance

Bajaj Allianz General Insurance is one of the most trusted private insurance firms in India. It has a stronghold in the insurance marketplace, especially in car insurance. Products offered by Bajaj Allianz are designed to meet the needs of both rural and urban population. 

Here are the benefits and coverage offered under its Comprehensive cover :

  • Third-Party Liability as well as Own Damage Cover
  • Damage caused to the vehicle due to natural calamities
  • 6 months of quality assurance on all repairs
  • Cashless repair throughout a wide network of garages
  • Hassle-free car insurance claim settlement procedure
  • Personal Accident Cover
  • Free pick-up, wash benefit, and towing facility, etc.
  • Claim Settlement Ratio of 69.19%

2. Iffco Tokio General Insurance

Iffco Tokio General Insurance is one of the top 10 highest-rated car insurance companies in India. As an insurance provider, it aims at catering to the needs of every individual. The company has earned the trust of a huge customer base in India, which makes them one of the best car insurance companies in India in 2020.

Here are the benefits and coverage offered under its Comprehensive cover:

  • 24x7 Roadside Assistance facilities
  • Easy transfer of No Claim Bonus (NCB) from any other motor insurer
  • Cashless garage network with 4300+ garages across India
  • Additional Covers like Zero depreciation cover
  • Covers loss or damage due to natural and manmade calamities
  • Towing Facility in case of an accident or vehicle breakdown
  • Personal Accident Cover
  • Claim Settlement Ratio of 87%

3. HDFC ERGO General Insurance

HDFC ERGO General is a joint enterprise between HDFC Ltd and ERGO International. The company provides a wide range of insurance products to customers for business as well as personal needs. Recently, it launched its mobile app to enable customers access to 24*7 support.

Here are the benefits and coverage offered under its Comprehensive cover:

  • 6800+ cashless garages PAN India
  • 24x7 Assistance for car insurance claim settlement procedure
  • Instant online renewal via the smartphone app
  • No Inspection or documentation
  • Covers loss and/or damage due to natural calamities like floods, earthquakes, etc.
  • Additional Covers like Zero depreciation cover, Return to Invoice, etc.
  • Towing Facility in case of an accident or vehicle breakdown
  • Personal Accident Cover
  • Easy transfer of No Claim Bonus (NCB)
  • Claim Settlement Ratio of 82%

4. Liberty General Insurance

Liberty General Insurance is a multinational general insurance company with its head office in Mumbai, India. It is one of the oldest private general insurance companies in India. 

Here are the benefits and coverage offered under its Comprehensive cover:

  • 4,300+ cashless garage network
  • Losses due to Theft covered
  • Personal Accident Cover, in case of death or permanent disability due to an accident
  • Zero Depreciation Add-on Cover available
  • No Claim Bonus (NCB) transfer
  • A hassle-free settlement with a Claim Settlement Ratio of 77.29%

6.  Future Generali India Insurance

Future Generali India Insurance is a private general insurance company in India. The company is a joint venture between the Future Group and Assicurazioni Generali. Since its inception in September 2007 in the insurance sector, the company has developed a firm grasp on its customer base. The insurance products are designed and priced for the mid to lower-income groups. 

Here are the benefits and coverage offered under its Comprehensive cover:

  • Covers loss and/or damage due to natural calamities like floods, earthquakes, etc.
  • Zero documentation and instant online renewal
  • Own Damages and Third-Party Damages Covered
  • Personal Accident Cover in case of death or permanent disability due to an accident
  • Free repair and servicing at 2500+ garages across India
  • Easy No Claim Bonus (NCB) transfer
  • Add-ons like Zero Depreciation, Engine Protector available
  • Claim Settlement Ratio of 69%

7. Bharti AXA General Insurance Company Ltd.

Bharti AXA General Insurance is one of the most common names in the insurance industry. It is a joint business partnership between Bharti Enterprises and AXA. Since the beginning of its operations in 2008, Bharti AXA has provided innovative products for its customers. 

Here are the benefits and coverage offered under its Comprehensive cover:

  • Easy No Claim Bonus (NCB) Transfer
  • Cashless servicing at 2,500+ registered garages all over India
  • Covers Third-Party Liability along with Own Damage
  • Instant online renewal with zero documentation
  • Personal Accident Cover in case of death or permanent disability due to an accident
  • Hassle-free car insurance claim settlement procedure
  • Claim Settlement Ratio of 75%

8. Tata AIG Car Insurance

Tata AIG Car Insurance is one of the oldest and most trusted insurance providers in India. With its presence across the country, Tata AIG provides comprehensive quality insurance solutions for the common man in India. It has various micro offices in tier II and III towns and villages to serve the rural population. 

Here are the benefits and coverage offered under its Comprehensive cover:

  • 6 months of quality assurance on all repairs
  • Free pick-up, wash benefit, and towing facility, etc.
  • Third-Party Liability as well as with Own Damage covered
  • Personal Accident Cover in case of death or permanent disability due to an accident
  • Hassle-free car insurance claim settlement procedure
  • No Claim Bonus (NCB) transfer
  • Claim Settlement Ratio of 70%

9. Reliance General 

Reliance General Insurance Company was the first insurance provider to receive the ISO 9001:2000 certificate. It is well known for providing services targeted at the lower-income and rural population groups across India.

Here are the benefits and coverage offered under its Comprehensive cover:

  • Cashless repair at 3700+ network garages
  • Personal Accident Cover in case of death or permanent disability due to an accident.
  • 24*7 towing facility
  • Third-Party Liability covered
  • Covers loss and/or damage due to natural calamities like floods, earthquakes, etc.
  • Hassle-free car insurance claim settlement procedure
  • Instant online renewal with zero documentation
  • Claim Settlement Ratio of 85%

10. Digit Car Insurance

Digit Insurance is one of the leading General Insurance companies with a mission to make insurance simpler for the Indian population. Although it is very young with a small team, it is growing fast due to its unique product offering in the motor insurance industry. 

  • 1400+ cashless repair at network garages
  • Instant online renewal
  • No inspection or lengthy paperwork
  • Additional add-on covers depending on the needs
  • Personal Accident Cover in case of death or permanent disability due to an accident
  • Easy insurance claim settlement procedure
  • Availability of optional coverage for paid drivers
  • Customer guidance via the web and SMS services

Before Finalising Your Car Insurance Company 

Before choosing your car insurance provider, make sure you understand the terms and conditions of the policy well. It is important to consider the claim settlement ratio, scope of coverage, cashless garage network, and benefits before finalizing. It is also a good practice to go through the social media accounts of your insurers to learn about the quality of service provided.

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