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Before you invest your hard-earned money in any car insurance company you need to know the IRDA car insurance claim settlement ratio of the same.
Right now, IRDAI (Insurance Regulatory and Development Authority of India) has authorized around 25 general insurance companies to offer car insurance policies across the country. Since there are so many choices it can get really hard to choose the best from among them. One of the best ways to do so would be to compare the CSR (claim settlement ratio) of the same. The CSR basically tells you about the number of claims that the company in question has settled from the total claims that it has received from its clients.
The higher the claim settlement ratio of car insurance companies in 2022-23, the better it is for you.
The term claim settlement in the context of car insurance signifies the right of every policyholder to be reimbursed for the expenses that they incurred because of mishaps such as accidents that involved their cars. So, as a policyholder, when you file a claim with your insurer the latter pays you for the financial liability that has occurred.
This is however done as per the scope and nature of the policy in question. It is always better to look at the CSR percentage of an insurer before choosing the same.
Also Read: IRDA Claim Settlement Ratio 2022
When it comes to the types of car insurance there are three options – third party car insurance, comprehensive car insurance, and standalone own-damage car insurance.
You must always find out the motor insurance claim settlement ratio 2020-21 before you buy a policy from any such company.
There are basically three types of car insurance policies that a car owner can avail. They are:
Below are the differences between the three policies:
Cover | Third-party | Comprehensive | Standalone |
Third-party vehicle loss and damages | Yes | Yes | No |
Third-party property damages | Yes | Yes | No |
Third-party injury/death/disability | Yes | Yes | No |
Damage of insured car | No | Yes | Yes |
Loss incurred by insured car due to fire | No | Yes | Yes |
Loss incurred by insured car due to natural disaster | No | Yes | Yes |
Cover of Personal Accident (if opted for) | Yes | Yes | Yes |
Compulsory by Law | Yes | No | No |
Add-On coverage | No | Yes | Yes |
Zero-Depreciation | No | Yes | Yes |
Following are the companies with the best CSR for OD policies in 2017-18:
Insurer | CSR expressed in percentage |
IFFCO (Indian Farmers Fertilizer Cooperative Limited) Tokio | 96.52 |
Royal Sundaram | 94.96 |
New India | 93.96 |
Tata AIG (American International Group Inc.) | 91.52 |
Bajaj Allianz | 91.46 |
Also Read: Claim Settlement Ratio of Health Insurance Companies
Following are the companies with the best CSR for TP policies in 2017-18:
Insurer | CSR expressed in percentage |
Oriental Insurance | 40.79 |
New India | 40.08 |
IFFCO Tokio | 36.83 |
Bharti AXA | 36.05 |
Cholamandalam | 33.93 |
So, here you have the best car insurance claim settlement ratio for the TP policies.
Also Read: Process To Claim Car Insurance After an Accident in India
The following table shows the CSR of some of the other top insurers in India when it comes to OD policies for the 2017-18 financial year:
Insurer | CSR expressed in percentage |
Oriental Insurance | 91.34 |
Universal Sompo | 90.63 |
Future Generali | 89.40 |
HDFC (Housing Development Finance Corporation) ERGO | 89.23 |
SBI (State Bank of India) General | 88.76 |
Bharti AXA | 88.54 |
Liberty | 87.96 |
ICICI (Industrial Credit and Investment Corporation of India) Lombard | 87.65 |
United India | 85.73 |
Cholamandalam | 84.75 |
Reliance | 82.93 |
Kotak Mahindra | 80.82 |
Shriram | 78.78 |
Magma HDI (Gerling Industrie Versicherung) | 77.89 |
National Insurance | 71.46 |
So, the above table must have provided you with a decent idea of the car insurance settlement ratio 2022-23 of various companies in India when it comes to the OD policies.
Also Read: Car depreciation calculator
The following table furnishes the CSR of some of the other leading insurers in the country for the TP policies during the 2017-18 financial year:
Insurer | CSR expressed in percentage |
Royal Sundaram | 30.57 |
Magma HDI | 27.56 |
SBI General | 26.99 |
Shriram | 26.90 |
Tata AIG | 26.37 |
United India | 25.24 |
HDFC ERGO | 23.27 |
Universal Sompo | 22.75 |
ICICI Lombard | 20.62 |
Future Generali | 20.04 |
Reliance | 18.32 |
Bajaj Allianz | 18.20 |
National Insurance | 15.44 |
Liberty | 15.44 |
Kotak Mahindra | 10.14 |
So, now it can be assumed that you know the best claim settlement ratio in car insurance when it comes to the TP policies.
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Following are the factors that you need to keep in mind when are looking for the best car insurer in the country:
So, as you can see for yourself, the claim settlement ratio of car insurance companies 2022-23 is not the only reason why you should choose such a company. If you want to choose the best car insurance in India then you must first analyze what you need from the car insurance policy. The best way to verify the authenticity of an insurer is to ask for its IRDAI registration number.The financial liabilities of an insurer provide you with a good indication of whether it would be able to settle your claims or not.
The CSR percentage of your preferred insurer needs to be high – the higher the better it is.
If the insurer has a large network of cashless garages it is better for you as that means you have a higher chance of getting your car repaired and serviced for free. It is always important to check how well the company has been reviewed by its customers – past and present – as that helps you get a good idea of how well it has been performing in all these years.
Also Read: Documents Required for Car Insurance Claim Process
So, along with the motor insurance claim settlement ratio 2022-23, these are the factors in a nutshell that you need to keep in mind when you are trying to select a car insurer for your vehicle. CSR is one of the most important factors in this particular context. In this blog, we have tried to offer you a commendable picture of the best options that you have in this particular context of car insurance. We also suggest that you buy these policies online as that helps you compare better and make the best choice.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
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