Hey WalletHubbers! Today, we’re going to be talking about the best car insurance companies. For starters, it’s important to understand that the best car insurance companies tend to vary between states, and the best insurer for one driver might not be the best for another.
If you own a car, then it is mandatory for you to own a motor vehicle insurance policy. There are various general insurance companies in India that offer car insurance schemes to their customers. It is important to know some of the insurance companies who have a reputation for offering suitable insurance policies to their customers.
Car insurance companies present you with an insurance policy that protects & safeguards you & your car against various damages & risks that may result in financial losses. A car insurance policy can also be considered as a contract that is signed between an insurance company & the car owner. As per this contract, the car insurance company provides you & your vehicle protection against various damages or financial losses which may arise due to accidents, 3rd party liabilities, natural disasters, man-made calamities, fire, and thefts.
The best way to protect your car is to look for a comprehensive car insurance plan from the best car insurance company in India to avail of maximum financial protection.
Be it fire, theft, man-made/natural calamities, road accidents, and more, a comprehensive car cover plan will protect you from damages caused by you and the third party as well. Additionally, it is mandatory under the Indian Motor Vehicles Act, 1988, to have a third-party liability car insurance for every vehicle owner. Not having a third-party liability car insurance is an offense as per rules.
While buying car insurance make sure you buy the most comprehensive one. While many car insurance providers offer basic car insurance plans, it is wise to choose car insurance that not only covers the damages made to your vehicle or the damages caused by you to a third party but to choose a car insurance plan that covers the loss or damage caused to your car by natural or man-made calamities. Most of the car insurance plans available in the market can be customized to suit one’s requirements. Choose your add-ons wisely and make sure your set of wheels has the best protection. While you are researching the best cars available in the market, we have listed the top 10 in 2022. In no particular order, take a look at the most reputable car insurance companies:
ICICI Lombard GIC Ltd.
ICICI Lombard is one of the top private general insurance firms in India. A brainchild of ICICI Bank, ICICI Lombard has a stronghold in the insurance market, especially for car insurance. The company has sold more than 17 million policies so far and has settled more than 2 million claims by the end of the last fiscal year. They offer insurance products designed to meet the needs of customers from both urban and rural populations. They provide insurance solutions that cover personal, project and business liabilities. ICICI Lombard Car Insurance covers the following:
- Loss or damage to your vehicle against natural calamities
- Loss or damage to your vehicle against man-made calamities
- Third-Party Legal Liability
- Personal Accident Cover
ICICI Lombard also has a hassle-free claim settlement process.
Bajaj Allianz GIC Ltd.
Bajaj Allianz is a joint venture between Bajaj Finserv Ltd. and Allianz SE. Bajaj Allianz commenced its operations in 2001 and has its offices located in over 200 cities and towns across India. The firm caters to the individual insurance needs of consumers. They offer a number of insurance and have a large customer base in India. They have built technologically advanced platforms like mobile and digital applications to engage the public. The firm takes great pride in delivering high value to its consumers. Their car insurance offers a number of benefits apart from the basic car insurance coverage like:
- 24×7 Roadside Assistance facility
- 50% of No Claim Bonus (NCB) transfer from any other car insurer
- Extensive cashless garage network with over 4000 garages
- The option of availing car monitoring devices through their unique DriveSmart Telematics Service
- Zero depreciation cover is offered as one of the rider options
Bharti AXA General Insurance
Bharti AXA General Insurance has a large customer base with 79 offices situated across India. They have issued close to 9.8 million insurance policies and have settled around 1.3 million claims altogether as of October 2017. This firm is a joint venture between AXA and Bharti Enterprises and started its operations in 2008. They provide innovative and comprehensive insurance solutions for various sectors like motor, home, health, etc. The firm also provides 24X7 claims assistance to its consumers. Key aspects of Bharti AXA car insurance include:
- Extensive cashless garage facility with over 2,500 registered garages.
- Special add-on policies are available like No-Claim Bonus Protector, Depreciation cover, etc.
- Hassle-free and quick claim settlement
The New India Assurance Co. Ltd.
The New India Assurance is a multinational general insurance firm that operates in 28 countries with its head office in Mumbai. They are one of the oldest general insurance firms in India and have been operating for more than 40 years. They have a large customer base and operate from 2,452 offices including 1,339 micro offices situated across India. They have 17,702 dedicated employees serving the public with the best insurance solutions. The company has more than 230 insurance products under its umbrella. The car insurance plans offered by the firm are straight-forward and cover all the general aspects of a motor insurance.
The Oriental Insurance Co. Ltd.
The Oriental Insurance Company commenced their operations in Mumbai in September 1947. Being one of the pioneers in the insurance sector, the firm has a large customer base. The firm is run by the Central Government of India. The insurance products offered by this firm cater to the needs of both rural and urban population. It has its head office in New Delhi with 31 regional offices and more than 1800 micro offices situated across India.
They offer insurance for private cars alone. The private car package offers the general motor insurance benefits with four unique rider options.
HDFC ERGO General Insurance Co. Ltd
HDFC ERGO is a general insurance firm and a joint venture between ERGO International AG and HDFC Ltd. The firm offers a wide range of insurance products like home insurance, motor insurance, travel insurance, etc. that cover both personal and business insurance needs. The firm has an expanding network with 108 branch offices situated across 91 cities in India. They have an employee base of 2000 who serve the public with the best insurance schemes and offers. Besides the employed sales force they have retailers, corporate agents and brokers extending the firm’s services to the public. They have launched a mobile app that helps in faster communication, making it easier for the public to reach them.
The car insurance offered by HDFC ERGO has some key features including:
- Round-the-clock assistance every day of the week
- Paperless/zero documentation when buying car insurance
- Provides cashless claim service at over 4,800 authorised garages
United India Insurance Co. Ltd.
United India Insurance started its operations in India in February 1938. The firm has a stronghold in India with over 1300 offices across the country providing quality insurance solutions. They have a large workforce of 18,300 employees. They are one of the trusted insurance firms with a customer base of 1 Crore policyholders in India. They also have micro offices situated at over 200 tier II and III villages and towns serving the rural population too. Their car insurance scheme has the following key features:
- Car insurance offered is of 2 kinds, package plan, and liability plan
- Hassle-free and easy documentation process
- A number of discounts along with No Claim Bonus are provided
*Please note that the top 10 car insurance companies mentioned above have been ranked based on the number of claim settlements and policies sold till 2017.
National Insurance Company
A state-owned general insurance company, National insurance Company was established in 1906, and was nationalised in 1972. Headquartered in Kolkata, National Insurance Company deals with motor insurance, health insurance, personal insurance, rural insurance, etc. Vehicle owners in the country can choose to buy a third-party liability insurance policy or a comprehensive car insurance policy from National Insurance Company. Listed below are the key features and benefits of car insurance policies offered by National Insurance Company:
- Policyholders can buy or renew their third-party liability car insurance policy online on the website of the insurer.
- Hassle-free claim settlement process.
- Round-the-clock customer care service.
- Choice between a third-party insurance policy and a comprehensive car insurance policy.
- Compensation for the third-party up to Rs.7.5 lakh as per Insurance Regulatory and Development Authority of India regulations.
Future Generali India Insurance
A private general insurer, Future Generali was established in 2007 following a joint venture between Assicurazioni General and Future Group. In 2017, the insurer recorded having more than 12 lakh customers and since their inception have settled over 1.80 lakh claims. Present in over 125 locations across the country, Future Generali has over 6,000 insurance agents and more than 2,000 corporate clients that they actively service. In FY 2017-2018, the insurer reported gross written premiums (GWP) amounting to Rs.1,842 crore, a 16% hike in the premiums collected as compared to FY 2016-2017. In addition, in FY 2017-2018, the company registered a solvency ratio of 172%. Future Generali India Insurance offers a plethora of insurance products including car insurance products. Some of the key benefits of availing a car insurance policy from Future Generali India Insurance are listed as follows:
- Instant claim settlements.
- Round-the-clock customer support and regular policy renewal reminders.
- Claim finalisations in just 7 days.
- 24/7 Towing assistance following an accident.
- Transfer of No Claim Bonus and premium discounts.