Today, car insurance is not just something you need by law, but it also protects your car from damage or loss. That’s why it’s important to find the best car insurance companies in India to get plans you can trust.
There are many well-known car insurance companies in India. You can easily buy car insurance plans online from different companies that fit your needs. However, picking the right insurance company is important to enjoy better coverage for a longer time. To help you make the right choice, here is a list of the best car insurance companies in India.
Top 10 Car Insurance Companies In India
Here is the updated list of top 10 car insurance companies in india
1. Future Generali Car insurance
- Founded In: 2006
- Claim Settlement Ratio: 94.29%
- Network Garages: 3500
Key Features:
- Cashless Garage Network: Access to a wide network of garages for hassle-free, cashless repairs.
- 24/7 Customer Support: Round-the-clock assistance for claims and queries.
Future Generali is a trusted car insurance company in India, offering a variety of plans to suit different customer needs. They make buying and renewing policies easy with their user-friendly online services.
2. Raheja QBE Car insurnace
- Founded In: 2007
- Claim Settlement Ratio: 92.63%
- Network Garages: 1000+
Key Features:
- Quick Claim Settlement: A speedy and straightforward claims approval process.
- Affordable Premiums: Budget-friendly plans with great coverage options.
Raheja QBE has made a name for giving value for money and flexible car insurance plans. It also ensures great customer service and uncomplicated claims processes to give you that extra advantage.
3. New India Assurance Company Limited (NIA)
- Founded In: 1919
- Claim Settlement Ratio: 92.43%
- Network Garages: 3000+
Key Features:
- Government-Backed Reliability: Trusted and secure, being a public sector company.
- Wide Coverage Options: Offers comprehensive and third-party insurance with add-ons.
NIA is one of the oldest and most reliable car insurance companies in India. It is backed by the Government of India and offers comprehensive coverage for all types of vehicles.
4. Royal Sundaram Car insurance
- Founded In: 2000
- Claim Settlement Ratio: 91.56%
- Network Garages: 3300
Key Features:
- Free Roadside Assistance: Free breakdown assistance with many plans.
- Fast Claim Process: Quick and efficient claim approval with minimal paperwork.
Royal Sundaram is famous for introducing some innovative car insurance products along with fast claim settlements. They offer a wide array of coverage options based on a mix of customer needs.
5. Universal Sompo
- Founded In: 2007
- Claim Settlement Ratio: 90.72%
- Network Garages: 3500
Key Features:
- A Vast Network of Cashless Garages: Hassle-free access to repair services across India.
- Flexible Add-Ons: Optional coverages available, including zero depreciation and engine protection.
Universal Sompo offers custom car insurance plans focused on customer satisfaction. These insurance products offer a wide range of coverage at very competitive pricing.
6. Go Digit
- Founded In: 2016
- Claim Settlement Ratio: 90.72%
- Network Garages: Repair Anywhere
Key Features:
- Instant Digital Policy: Quick online policy issuance with minimal paperwork.
- Customizable Plans: Flexible coverage options tailored to individual needs.
Go Digit is a popular car insurance company known for its simple processes and transparent policies. Their digital-first approach makes buying, renewing, and claiming insurance fast and easy.
7. State Bank of India (SBI)
- Founded In: 2009
- Claim Settlement Ratio: 90.15%
- Network Garages: 16000
Key Features:
- Trusted Brand: Backed by the credibility of the State Bank of India.
- Wide Coverage Options: Comprehensive plans with various add-on covers.
State Bank of India General Insurance offers reliable car insurance backed by one of India’s largest and most trusted banks. They provide comprehensive coverage with a focus on customer satisfaction.
8. IFFCO Tokio
- Founded In: 2000
- Claim Settlement Ratio: 89.09%
- Network Garages: 4300
Key Features:
- Zero Depreciation Cover: Full claim without depreciation deductions.
- 24/7 Claim Assistance: Round-the-clock support for hassle-free claims.
IFFCO Tokio provides affordable car insurance with a focus on customer-friendly services and quick claim settlements. Their wide network of garages ensures convenient, cashless repairs.
9. HDFC ERGO
- Founded In: 2002
- Claim Settlement Ratio: 88.22%
- Network Garages: 8200
Key Features:
- Cashless Repairs: Access to a large network of cashless garages.
- No-Claim Bonus: Attractive discounts for claim-free years.
HDFC ERGO is known for its extensive protection offered through car insurance while providing quick claim processes. Their friendly digital platform offers ease at all stages of the insurance journey.
10. Oriental Insurance Company Limited (OICL)
- Founded In: 1947
- Claim Settlement Ratio: 88.05%
- Network Garages: 3100+
Key Features:
- Government-Backed Security: Trusted public sector insurance company.
- Affordable Premiums: Budget-friendly options with comprehensive coverage.
Oriental Insurance Company Limited (OICL) is a government-owned insurer offering a variety of car insurance plans with reliable coverage and affordable premiums. Their strong market presence makes them a trusted choice.
11. ICICI Lombard
- Founded In: 2001
- Claim Settlement Ratio: 85.45%
- Network Garages: 5900
Key Features:
- Instant Policy Issuance: Quick and easy online policy issuance.
- Wide Network of Garages: Extensive network for convenient, cashless repairs.
ICICI Lombard is a leading car insurance provider known for its wide range of policies and quick, hassle-free claim settlements. Their strong reputation ensures reliable service.
How to Choose best Car Insurance Companies In India?
Before buying car insurance, it’s important to compare different companies online. Here’s what to look for:
1. Know Your Insurance Needs
Think about how much coverage you need and what fits your budget. Decide if you want basic coverage or extra protection, and pick a policy that meets your needs.
2. Check the Company’s Reputation
Make sure the company is registered with IRDAI (Insurance Regulatory and Development Authority of India). Look at their financial health by checking their yearly reports and how quickly they settle claims.
3. Look at Add-On Covers:
Add-ons provide additional coverage beyond what the standard policy covers. Common add-ons are Zero Depreciation, Engine Protection, Roadside Assistance, RSA, etc. Select whatever suits you best.
4. Claim Settlement Ratio (CSR):
The CSR shows how many claims the company successfully settles. A higher CSR means better chances of your claims being approved. Also, check the Incurred Claim Ratio (ICR) to see how well the company handles its premiums.
5. Cashless Garage Network:
Some companies may also have a partnership with garages where you don’t have to pay for the repairs beforehand. A company with cashless garages all around is going to make your service easier and faster.
Therefore, after referring to the above points, you can find the best car insurance company suitable for you and which provides good service.
Conclusion
When buying Insurance online, the best company is the one that matches your needs and what’s important to you. Take time to compare options, choose wisely, and stay connected with your insurance company for a smooth experience. The right insurance will not only protect your car but also give you peace of mind every time you drive in India.
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