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Best Car Insurance Companies
Buying the right four-wheeler insurance policy from the top car insurance companies can get intimidating at times. The availability of several insurers makes it necessary to assess them for their market reputation, Claim Settlement Ratio (CSR), claim process, number of cashless garages, and car insurance add-on covers. Here, we will explain all the crucial parameters that you need to consider to make the best choice. Read on to learn how to compare them online and pick the best car insurance company that suits your vehicle safety requirements and budget.
List of 21 Best Car Insurance Companies in India
Here is a list of 21 best car insurance companies in India approved, including their network garage numbers and key features:
| Public Car Insurance Companies | Network Garages | Highlights |
|---|---|---|
| The New India Assurance Co. Ltd. | 3000 | Self-Video Claims |
| United India Insurance Co. Ltd. | 3100 | Reimbursement within 7 Working Days |
| National Insurance Co. Ltd. | 3100 | Self-Video Claims |
| The Oriental Insurance Co. Ltd. | 3100 | Reimbursement within 7 Working Days |
| Private Car Insurance Companies | Network Garages | Highlights |
|---|---|---|
| ICICI Lombard General Insurance Co. Ltd. | 5900 | Self-Video Claims |
| TATA AIG General Insurance Co. Ltd. | 7500 | Zero Paper Claims |
| Bajaj General Insurance Limited (Formerly known as Bajaj Allianz General Insurance Company Ltd) | 4000 | Repair Anywhere |
| Go Digit General Insurance Limited | Repair Anywhere | 6-month Repair Warranty |
| Cholamandalam MS General Insurance Co. Ltd. | 8300 | Free Pick-up & Drop |
| SBI General Insurance Co. Ltd. | 16000 | 6-month Repair Warranty |
| Reliance General Insurance Co. Ltd. | 8200 | Spot Claims upto Rs. 20,000 |
What is the Car Insurance Claim Settlement Ratio?
In terms of car insurance, the claim settlement ratio is the percentage of the total number of settled claims to the total insurance claims received by a car insurance company. Here is the formula to calculate the car claim settlement ratio (CSR):
CSR = (Total Claims Approved/ Total Claims Received) X 100
For example, let us assume a car insurance company has a CSR of 95%. It means that for every 100 claims received by the insurer, 95 claims are settled and 5 claims are rejected.
Tip: Always provide the correct information to avoid rejection of claims
How to Choose the Best Car Insurance Company?
To ensure that you have a right car insurance policy, there are some factors you should evaluate:
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Right Car Policy Type
When you decide to pick a car insurance company, one of the essential things to check is the type of coverage the insurer is offering. A comprehensive car insurance plan offers a broader coverage than a third party policy by covering both own damages and third party liabilities. Additionally, a comprehensive policy also protects against car theft, fire, and man-made & natural disasters, among others. While the premium for comprehensive car insurance is higher than that of a third-party policy, the benefits it offers make it a worthwhile investment.
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Car Claim Settlement Ratio (CSR)
As mentioned above, CSR is the ratio of the number of settled claims to the total claims received by a car insurance company. It indicates how promptly the insurer will settle a claim. A car insurance company with a claim settlement ratio of more than 90% is considered reliable.
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Cashless Garage Network
This is another crucial point that people often forget. The right car insurance company will have a vast network of cashless garages. Because if your car requires repairs, you would not want to pay for them out of pocket and wait for reimbursement from the insurer. The broader the network, the more likely you are to find a cashless garage near you. Hence, you should verify if the car insurance company has tie-ups with trusted repair garages in your area. It will save you significant hassles and expenses.
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Online Comparisons
Before you zero in on a policy, you must compare car insurance from different car insurance companies. This will help you analyse their scope of coverage, premium rates, and add-ons. The ideal car insurance company will provide you with maximum coverage without making you pay an exceptionally high premium price.
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Insured Declared Value (IDV)
The IDV is the maximum amount that your insurer will pay if your car is stolen or damaged beyond repair. Different car insurance companies may offer you different IDV. Hence, it is essential to evaluate the current market value of your car using an IDV calculator. So, while comparing car insurance online, look for an insurer that offers an IDV that is closest to your car's market value at that time.
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Add-On Options
The add-ons in car insurance are the additional covers that you can opt for with your comprehensive or own damage plans. They provide an enhanced level of protection over the basic coverage. Most car insurance companies in India offer a range of add on covers to suit the varying requirements of vehicle owners. So while you compare car insurance, look for a company that offers the add-ons that fit your requirements.
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Customer Reviews & Service
When looking for the right car insurance for your four-wheeler, you should not just look for the lowest premiums; it is also important to check the reputation of the insurer and the quality of the services offered. A well-reputed car insurance company will ensure 24/7 support and prompt responses to all your queries. One of the effective ways to evaluate the service quality of an insurer is to check the users' reviews.
Must-Have Car Insurance Add-Ons for Enhanced Protection
For a wider protection of your four-wheeler, you can opt for add-ons in car insurance. Here are some of the most valuable add on covers that you can pick with comprehensive or own damage car insurance:
A highly valuable add-on cover that ensures new parts are not depreciated at the time of claims.
With this add on, the car insurance company provides compensation equal to your car's original invoice value in case of total loss or theft.
Offers help in case of a car breakdown by covering services, such as vehicle towing, fuel delivery, and minor repairs, among others.
Covers damages to the engine from waterlogging, oil leaks, etc.
Offers coverage for expenses related to the repair or replacement of items, such as nuts, bolts, lubricants, etc.
Provides financial assistance in case of damage or lost keys/locksets.
Offers compensation in case of an accidental injury or death of the insured car owner.
How to Compare Car Insurance Companies Online?
How to Avoid Hidden Costs While Choosing a Car Insurance Company?
To avoid hidden fees when selecting a car insurance company, you should carefully read the fine print of the insurer's terms & conditions and check for:
- Policy Exclusions- Look for situations where the car insurance company will not provide coverage.
- Deductibles- It is the amount of the claim you have to pay from your pocket before your insurance provider steps in. Hence, always ask the insurer about this amount.
- Claim Procedures- Find out how easy or difficult the claim process of the car insurance company is.
- Add-On Conditions- Look for any limitations that may apply to some add-on covers.
FAQs About Car Insurance Companies in India
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Q1. Which is the best car insurance company in India?
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Q2. Can I change my car insurance company?
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Q3. Do car insurance companies offer compensation for the full IDV of the car?
Ans: Your car insurance company will compensate you for an amount equivalent to the IDV of your car only in case of total loss claims or if the repair costs exceed your car's IDV. -
Q4. How is the third-party car insurance premium calculated?
Ans: Third party car insurance premium prices are set by the IRDAI annually, and are based on the car's engine cubic capacity. -
Q5. What will happen to my NCB if I switch my car insurance company?
Ans: No claim bonus is tied to the policyholder and not the vehicle. So, if you change your car insurance company or buy a new car, your NCB will be transferred to your new policy. -
Q6. What documents are required to buy car insurance online?
Ans: No physical documents are needed when you buy or renew car insurance online. Simply enter your car details, select a plan, pay the premium, and policy will be delivered by email. -
Q7. How is car insurance claim settlement ratio calculated?
Ans: You can calculate the claim settlement ratio by using this formula:
CSR = (Number of Claims Settled / Total Claims Received) X 100
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Q8. Which are the three types of car insurance in India?
Ans: Generally, car insurance companies offer three types of coverage in India. These include: third party insurance, own damage insurance, and comprehensive car insurance. -
Q9. Which is the best car insurance company for my car in November 2025?
Ans: The best car insurance company for your car in November depends on your location and coverage needs, since there is no 'single' best insurer for everyone. -
Q10. Can I buy the best car insurance plan online?
Ans: Yes, you can purchase a car insurance policy online from Policybazaar.com. Compare policies offered by top car insurance companies in India, and choose a plan that best matches your requirements and budget.
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#Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
+Savings are based on the maximum discount on own damage premium as offered by our insurer partners.
^Lowest Price Guaranteed is based on certifications shared by insurers with us. Policybazaar will facilitate price matching subject to the terms and conditions of select insurers.
##Claim Assurance Program: Pick-up and drop facility available in 1400+ select network garages. On-ground workshop team available in select workshops. Repair warranty on parts at the sole discretion of insurance companies. Dedicated Claims Manager. 24x7 Claim Assistance.
