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5 Best Car Insurance Companies in India

Getting a Motor Insurance is essential for all the car/vehicle owners, drivers in India. It is mandatory to have a third-party car insurance under Indian Motor Act. But it is recommended to get comprehensive insurance for your vehicle. A comprehensive car insurance plan covers a vehicle not only on the loss/ damage caused by you to a third party (driver/vehicle/property) but also loss /damage caused to your vehicle by natural/man-made calamities. To top it up, every insurer offers a host of valuable add-ons on the basic plan to make the coverage even more effective.

There are three types of Motor Insurance -

The public sector car insurance companies have always enjoyed the customer’s preference over private sector insurers. Though, the pattern is bending in favour of private insurers for the last few years.

Checkout some of the best car insurance companies in the below table with their Incurred Claim Ratio and number of network garages where you can avail cashless repair facility:

Car Insurance Companies Cashless Garage Incurred Claim Ratio (2017-18)
Bajaj Allianz Car Insurance 4000+ 62%
Tata AIG Car Insurance 3000+ 70%
Oriental Car Insurance 3100+ 68.19%
New India Assurance Car Insurance Yes 79.68%
HDFC ERGO Car Insurance 6800+ 82%

 (The above table does not represent any chronological order)

Overview of Top 5 Car Insurance Companies:

Here is a quick rundown of some of the best car insurance companies that you can consider to secure your vehicle:

Bajaj Allianz Car Insurance Company

Bajaj Allianz is one of the largest car insurance companies in the insurance sector. The company is one of the prefered and leading insurers in terms of customer satisfaction, cashless claim settlement and features rich policies. The brand is also widely recognized as one of the most customer friendly car insurance companies in India.

Along with basic car insurance cover the insurer also offers add-on coverage facilities including car depreciation sheild cover, Engine protector cover, Consumable expenses cover, Key & lock replacement cover, Personal baggage cover, and Conveyance benefit cover. The insurer also provides cashless repair in more than 4000 cashless garages.

Why it rocks?

  • Easy to purchase and renew the motor insurance policy online
  • Zero Depreciation cover is provided
  • Add-on covers are available
  • Cashless settlement at 4000+ network garages
  • Doorstep surveyor facility
  • 24X7 Towing assistance
  • Online purchase on EMIs
  • Instant SMS Updates on Claims

 

Tata AIG Car Insurance Company

Tata AIG Car Insurance company was incepted in 2011. Even being a comparatively younger company, TATA AIG managed to win over a major fraction of motor insurance market owing to its robust channels of distribution and hassle-free claims. Last year, the brand bagged reputed awards for being the best employer and deployment of mobile application in insurance.

The insurer has designed its comprehensive car insurance policy to cover loss or damage caused to your own vehicle, third-party liabilities, and personal accident covers for the owner/driver. moreover, it gives you an option to enhance the coverage with 13 add-on covers.

Why it rocks?

  • Free car pick up
  • Emergency road side assistance
  • NCB Protection Cover
  • Warranty on repairs
  • Cashless settlement at network garages
  • Claim settlement in 7 days

Unique13 add-on Cover Options

Some of the additional car insurance coverage options include:

  • tyre secure
  • engine secure
  • Consumable expenses
  • Key replacement cover
  • Loss of personal belongings
  • Repair of glass, fiber, rubber, and plastic parts
  • No-claim-bonus protection cover
  • Roadside assistance
  • Emergency hotel & transport assistance
  • Return to invoice cover
  • Depreciation reimbursement
  • Courtesy Hire/Car
  • Daily Allowance

 

The Oriental Car Insurance Company

Owned by the Central Government, Oriental Insurance Company Limited is one of the best car insurance companies to get a motor insurance. The brand boasts of winning the most reputed awards in the industry. The latest ones worth mentioning here are - ‘best public general insurance award’ and ‘best bank and financial institution award’. Oriental Car Insurance is one of the few insurance companies in India to get the iAAA rating by ICRA, indicating its strong financial framework.

Oriental Insurance has designed its car insurance policy to cover the loss and damage in a comprehensive manner. There are various discounts that are offered on premium i.e. voluntary deductible, discount on the installation of anti-theft device, No-claim-bonus, and Automobile Association Membership discount.

Why it rocks?

  • Valuable add-ons available: NIL Depreciation cover, alternative car benefit, loss of personal effects
  • Free emergency breakdown cover
  • Discounts on premium offered
  • One of the most reliable names in motor insurance
  • High claim settlement ratio
  • Fast claim settlement

 

The New India Assurance Car Insurance Company

New India Assurance is one of the best auto insurance companies in India that is fully owned by Government of India. The brand has embarked an international presence and is well known for being a pioneer in introducing innovative insurance products.

It has been rated A- (Excellent) by A.M.Best Co., becoming the only Indian insurance company to be rated by an international rating agency.  New India Assurance car insurance policy provides coverage for both own-damage and third-party liabilities. The insurer offers compensation for towing charges up to Rs. 1500 for cars.

Why it rocks?

  • No-claim-discount ranging from 20% to 50%
  • Claim decision taken within 3 days of application
  • Surveyor appointed within 48 hours of claim intimation
  • Claim payment made within 3 days of discharge voucher receipt
  • Grievance acknowledged within 3 days of receipt
  • Grievance resolved within 15 days of receipt

Add-on Covers

By paying an additional premium the coverage can be enhanced further:

  • Car accessories cover such as fans, stereos, and air-conditioners
  • Personal accident covers to passengers, and paid driver
  • Legal liability cover to employees

 

HDFC ERGO Car Insurance Company

Bolstered by a robust channel of distribution and customer-oriented approach, HDFC is the top-notch brand for getting a motor insurance. HDFC boasts of having one of the highest car insurance claim settlement ratios among private motor insurers. HDFC ERGO is ISO 9001:2008 certified for its operations and claim processes and has been rated iAAA by ICRA. It was recognized as the best car insurance company in India by IAIR in 2013.

HDFC Ergo car insurance policy covers loss or damage caused to your vehicle and third-party liabilities arising in case of damage caused to another person or vehicle from your insured car. The insurer also provides cashless repair in more than 6800 network garages. Moreover, the insurer offers the option to choose from Car insurance comprehensive (single year), comprehensive long-term, and third-party liability only.

Why it rocks?

  • Fast claim settlement and initiation facility through QR Code
  • Cashless settlement at 6800+ network garages
  • Overnight car repair services
  • Limitless Claim Facility
  • Age and profession discount
  • Zero documentation

Optional Add-on Covers

  • Emergency Assitance Cover
  • Zero Depreciation
  • No-claim Bonus Protection
  • Return to Invoice
  • Key Replacement Cover
  • Cost of Consumable Items
  • Engine & Gear box protector

Bottom-line

While purchasing a car insurance policy it is important to check the policy features, the number of network garages offering cashless repair, and add-on cover along with the incurred claim ratio. You can select from any of the above-mentioned car insurance companies or check out other options on our site and choose the one that offers maximum coverage benefits at a nominal premium.

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