10 Best Car Insurance Companies 2023 in India as per Car Insurance Claim Settlement Ratio
.webp "Best Car Insurance Companies")
In India, car insurance policies are offered by general insurance companies and most people buy cars from insurers offering a good CSR or claim settlement ratio. CSR is important along with many other factors when considering car insurance companies. This post will guide you with the best car insurers in India to help you buy the best car insurance policy.
Table of Contents
- What are the Benefits of Having Car Insurance?
- Top 10 Car Insurance Companies in India 2023
- Other Best Car Insurance Companies in India
- Best Car Insurance Companies and their Car Insurance Claim Settlement Ratio 2022
- Difference Between Various Types of Car Insurance Policies in India
- How to Choose the Best Car Insurance Company in India 2023?
- Types of Car Insurance Plans Offered by Different Insurance Companies in India
- What Does Your Car Insurance Cover?
- 8 Important Factors that Affect the Premium of a Car Insurance
What are the Benefits of Having Car Insurance?
Below are some of the benefits of having a car insurance:
- Adequate car insurance allows the insured to get coverage against vehicle loss or damage caused by accidents, riots, theft, fire, acts of terrorism, in-transit damages, natural calamities, and more
- Offer liability coverage against third-party damages including injury/death of a third party or third-party property damages
- Allow coverage against lawsuits and legal hassles that come upon you due to an accident
- NCB or no claim bonus is another key benefit of having car insurance
Don’t feel confused any more. Here are top 10 car insurance company in India 2023 which offer the best car insurance plans:
Top 10 Car Insurance Companies in India 2023
1. Bajaj Allianz General Insurance Co. Ltd.
The company offers some unique services in its car insurance policy including third party car insurance online. Its Drive Smart feature tracks driving in real time and earns you premium discounts. The plan also offers towing facility in case of a breakdown.
Some of the key features are as follows:
- Provides third-party coverage
- Towing facility available 24/7 from roadside
- Cashless claim settlement provided
- Zero depreciation offered
- Several add-on covers can be added for additional benefits
Advantages and Disadvantages of Buying Bajaj Allianz Car Insurance
| Advantages | Disadvantages |
| Provides personal accident cover | Does not cover any claim that may arise due to contractual liability |
| Own damage is covered as well, including that caused by natural sources, such as earthquakes, landslides, and fire, as well as man-made sources like damage caused by riots/terrorist attacks | Any damage/car loss caused outside the geographical boundaries of the claim may not be covered under the plan |
2. Bharti AXA General Insurance Co. Ltd.
Bharti AXA’s car insurance plans offer cashless claims across 3000+ garages in India and 24*7 claim assistance in case of claims.
Some of the key features include:
- Over 2,500 cashless garage networks
- Up to Rs. 75 lakh third-party coverage provided
- Roadside towing assistance and Basic Cover provided under the plan
Advantages and Disadvantages of Buying Bharti AXA Car Insurance
| Advantages | Disadvantages |
| With a limited number of steps involved, buying car insurance from Bharti AXA is fast and easy | It doesn’t cover damages to the car if the driver is caught driving under the influence of alcohol or intoxicating substances while the accident takes place |
| You get 24*7 customer support to take care of all your queries | Staged or deliberately done accidental losses are not covered |
3. HDFC ERGO General Insurance Co. Ltd.
HDFC Ergo offers car insurance policies both for private cars as well as for commercial ones. Its products promise claim approval at the earliest and have comprehensive coverage features.
Some of the key features are as follows:
- Over 6700+ cashless garages in the network of the insurer
- Offer overnight vehicle repairs
- 100% claim settlement ratio
Advantages and Disadvantages of Buying HDFC ERGO Car Insurance
| Advantages | Disadvantages |
| Covers personal accidents, third-party injuries, and third-party property damages | Doesn’t cover illegal driving such as driving without a license, drinking, and driving. |
| Covers expenses for fire and explosion, theft, and calamities | Doesn’t cover damages or expenses caused to the car outside the geographical limitation |
4. ICICI Lombard General Insurance Co. Ltd.
The company has a tie-up with more than 5600 garages across India and has a motor insurance claim settlement ratio of 92.2% within 30 days of claim intimation. These figures make the company a leading name in the car insurance industry.
Some of the key features are as follows:
- Over 12000+ network garages offered by the insurer
- Offers doorstep cashless repairs
- Instant motor claims are available
- NCB up to 50% offered
Advantages and Disadvantages of Buying ICICI Lombard Car Insurance
| Advantages | Disadvantages |
| Covers damages caused by natural disasters such as earthquakes, floods, fires, and storms | Doesn’t cover the wear and tear of cars due to mechanical and electrical breakdown |
| Covers expenses for theft and terrorist activities | Doesn’t cover damages while driving without a license |
5. IFFCO TOKIO General Insurance Co. Ltd.
The company provides a unique Value Auto Coverage Insurance policy which provides a range of add-on coverage benefits. The policy, thus, acts as a supplement to your car insurance policy at very affordable premiums.
Some of the key features are as follows:
- Over 4300+ network garages offered by the insurer
- Offers roadside assistance for damaged car
- Quick claim settlement in 4 hours
Advantages and Disadvantages of Buying
| Advantages | Disadvantages |
| Damages caused by natural calamities, accidental collisions, and fires and explosions are covered | Doesn’t cover general wear and tear as well as any mechanical/electrical breakdown |
| Also covers personal accident-causing death and disability along with third-party losses | Doesn’t cover drunk driving or driving without a licence |
6. New India Assurance Company Ltd.
New India is a leading public sector general insurer which is a trusted brand among millions. Its private car policy provides a range of inbuilt coverage benefits as well as add-ons.
Some of the key features are as follows:
- Add-on covers can be availed under the plan by paying an additional cost
- Third-party coverage includes protection against death or disability of third-party persons and third-party damages.
- Over 3000+ network garages offered by the insurer
Advantages and Disadvantages of Buying
| Advantages | Disadvantages |
| Covers damages caused by fire, self-ignition, lightning, and explosion | Do not cover normal wear and tear and breakdowns |
| Covers damages caused by landslides, rockslides, floods, and hurricanes | Do not cover consequential losses |
7. Oriental Insurance Co. Ltd.
Oriental’s car insurance policy is available online with minimal paperwork and easy application process. You can add various add-ons for an increased coverage and also avail attractive premium discounts.
Some key features are as follows:
- Offers several add-ons that can be availed by paying an extra premium
- The insured can avail of several discounts on premiums like voluntary deductible
- Though the coverage period is one year, the insured can seek short cover durations
Advantages and Disadvantages of Buying
| Advantages | Disadvantages |
| Cover loss and damage to cars caused by burglary, housebreaking, or theft | Doesn’t cover damages if the driver is driving without a valid DL |
| Damages caused during transit by Road, Rail, Inland waterways, air or lift. | Doesn’t cover depreciation or any consequential loss |
8. Royal Sundaram General Insurance
Royal Sundaram has a tie-up with more than 3300 garages in India. The policy offers special add-on covers which also cover damages to the plastic and metal parts of the car as well as the windshield glass.
Some of the key features are as follows:
- Over 3300+ network garages offered by the insurer
- Offers zero depreciation for 7 years
- Allows quick claim settlement
Advantages and Disadvantages of Buying
| Advantages | Disadvantages |
| Allows in-transit cover | breakdown or mechanical damage caused to the car is not covered |
| Offers personal accidental cover for the paid driver and other car occupants | Damages happening beyond geographical boundaries (not mentioned in the policy) are not covered |
9. Tata AIG General Insurance Co. Ltd.
With TATA AIG’s car insurance plans, you can buy either a comprehensive car insurance policy or a liability only one. The company has a range of thirteen add-on coverage benefits that promise customization as well as enhanced coverage.
Some of the key features are as follows:
- Over 5400+ network garages for cashless services
- Provides zero-depreciation cover
- Get a policy in three easy steps
Advantages and Disadvantages of Buying
| Advantages | Disadvantages |
| Reimburses IDV or complete value of the car if the insured car is stolen | Doesn’t cover damages caused to the car while driving under the influence of alcohol and drugs |
| Covers damages due to natural disasters as well as man-made calamities | Costs insured toward general |
10. United India Insurance Co Ltd.
CRISIL has rated the company AAA which shows the stability and trust of its customers. Its car insurance plan is easily available online and you also get a premium discount if you pay the premiums online.
Some of the key features are as follows:
- Over 3100+ network garages for cashless services
- Provides towing assistance for accidents
- Get a quick claim settlement in easy steps
- Offers coverage outside India
Advantages and Disadvantages of Buying
| Advantages | Disadvantages |
| Covers damages caused by theft, riots, accidents, or any other mishaps | If the driver is under the influence of alcohol, the damages caused are not covered |
| Offer coverage for damages caused due to due to fire | Damages such as normal wear and tear of the car are not covered |
Other Best Car Insurance Companies in India
We looked at the 10 best companies offering car insurance in India in 2023. However, in addition to the above, there are some more car insurance companies that are worth considering this year. Let’s look at some of these below:
- Go Digit Car Insurance: Highly popular for its service to customers offering vehicle pick up, repair and drop back, ensuring utmost convenience to the customer. The claim settlement process is also absolutely simple and hassle-free.
- Acko Car Insurance: One of the top go-to choices for most customers for its 8 customized car insurance plans that can be personalized to suit individual needs. Minimum document formalities and paperless insurance process sets it apart from the others in the market.
- Universal SOMPO Car Insurance: With more than 3,500 network garages offering prompt customer service and a couple of unique insurance benefits such as daily hospital cash during accident and engine protection cover benefit, Universal SOMPO stands out as one of the leading companies in the car insurance sector.
Best Car Insurance Companies and their Car Insurance Claim Settlement Ratio 2022
When it comes to finding the best car insurance company in India, there are few primary things that people consider: car insurance price, network garages of the car insurer, and claim settlement ratio of the car insurance company.
| Best Car Insurance Companies India | Network Garages | Claim Settlement Ratio 2022 |
| Bajaj Allianz General Insurance Co. Ltd. | 4,000+ | 88.83% |
| Bharti AXA General Insurance Co. Ltd. | 5,200+ | 97.35% |
| HDFC ERGO General Insurance Co. Ltd. | 6,800+ | 99.80% |
| ICICI Lombard General Insurance Co. Ltd. | 5,600+ | 78.32% |
| IFCCO IFFCO TOKIO General Insurance Co. Ltd. | 4300+ | 95.82% |
| New India Assurance Company Ltd. | 3,000+ | 89.60% |
| Oriental Insurance Co. Ltd. | 3,100+ | 93.96% |
| Royal Sundaram General Insurance | 3,300+ | 85% |
| Tata AIG General Insurance Co. Ltd. | 7,500+ | 96.43% |
| United India Insurance Co Ltd. | 3,100+ | 82.93% |
| Go Digit Car Insurance | 5,800+ | 96% |
| Acko Car Insurance | 2,000+ | 83.91% |
| Universal SOMPO Car Insurance | 3,500+ | 90.78% |
So, these are the top 10 car insurance companies in India according to their car insurance claim settlement ratio in 2022. They promise easy purchase, comprehensive coverage, low premiums and, above all, easy and quick claim settlement process. So, you can pick any of the top 10 car insurance company’s insurance cover for your car to get the best plan.
Difference Between Various Types of Car Insurance Policies in India
| Third-party (liability only) car insurance policy | Comprehensive car insurance policy | Standalone Own-Damage car insurance policy | Pay-as-you-drive car insurance policy | Zero depreciation car insurance |
| The third-party policy is the liability-only policy that covers liabilities of the third party like bodily injuries and/or death of a third-party person. It also covers third-party property damages | Comprehensive car insurance is the dual-benefit car insurance plan that offers coverage against third-party liabilities as well as your standalone car damages | The standalone car insurance plan covers the insured car against damages caused due to accidents, fire, natural calamities, theft, etc If you buy the standalone car insurance, you also must buy the mandatory third-party policy separately |
Pay-as-you-drive car insurance is a new entrant in India and suits those who drive their car not that frequently. Here, the policy charges the premiums depending on the kilometers driven by the insured. So, if you drive within 10,000 – 15,000 km per year, this plan is best for you |
This is a car insurance add-on that suits vehicle owners who do not want insurers to settle claims by taking into consideration the depreciation on the different car parts. Thus, with this add-on, you can increase the claim amount considerably. |
How to Choose the Best Car Insurance Company in India 2023?
As is evident, the choice for a car insurance company in India is quite varied. There is no dearth of options for the customer. Whom to choose in this scenario? How to opt for the best? Some basic considerations should always be taken into account, to simplify choice of best car insurance in India:
- Make sure that your car insurer has a high Claim Settlement Ratio or CSR.
- Check for the number of network garages provided by your insurer; the higher, the better.
- Ensure that your car insurance has the flexibility to include add-on rider benefits as and when the need arises.
Types of Car Insurance Plans Offered by Different Insurance Companies in India
There are essentially three types of car insurance policies that most insurers provide to their customers. A fair knowledge of each of them is helpful to know:
- Third-Party Car Insurance: This is mandated as per the Motor Vehicle Act, 1988 and ensures coverage against all third-party damages that involve your vehicle.
- Comprehensive Car Insurance: This is optional however highly recommended to buy since it provides complete protection against third-party as well as own-damage car expenses that may have to be incurred during a mishap.
- Standalone Own-Damage Car Insurance: This only covers own damages incurred to the car of the owner during an accident or any other natural calamity. However, you would still need to buy third-party insurance in addition to it to comply with the law.
What Does Your Car Insurance Cover?
We looked at the three different types of car insurance policies in the above section. Now let us look in detail at what each of them cover for the car owner:
| Coverage Parameters | Third-Party Car Insurance | Standalone Own-Damage Car Insurance | Comprehensive Car Insurance |
| Natural calamity loss/damage | Does not cover | Covered | Covered |
| Accidental damage | Does not cover | Covered | Covered |
| Injury/death of third party during accident | Covered | Does not cover | Covered |
| Two-wheeler theft | Does not cover | Covered | Covered |
| Personal Accident Cover (Optional) | Covered | Covered | Covered |
| Fire damage | Does not cover | Covered | Covered |
| Property and third-party vehicle damage | Covered | Does not cover | Covered |
8 Important Factors that Affect the Premium of a Car Insurance
- Type of car: The make year, car model and engine capacity of the car influence the premium.
- Age of the car: Older cars generally have a much lower premium compared to new cars.
- Insured Declared Value or IDV: IDV is the current market value of the car, a higher IDV will attract a higher premium.
- Geographical location: Car Insurance premium in India varies from city to city depending on the frequency of theft, accidents and natural calamities.
- Driving history: A person with a good driving record tends to pay a much lower premium compared to some other person with a history of accidents or traffic violations.
- No-Claim Bonus: Accumulated over time, no-claim bonus results in a lower premium for the policyholder.
- Coverage: Comprehensive policies with higher coverage will also attract a higher premium in comparison to third-party car insurance policies.
- Add-ons: Additional coverages like passenger cover, zero depreciation, etc. can increase the car insurance premium.
Frequently Asked Question
Here's a list of top companies for car insurance in India:
1. Acko Car Insurance Policy
2. Go Digit Car Insurance
3. IFFCO TOKIO Car Insurance
4. Reliance General Car Insurance
5. ICICI Lombard Car Insurance
6. SBI General Car Insurance
7. HDFC ERGO Car Insurance
8. Universal SOMPO Car Insurance
9. Magma HDI Car Insurance
10. Royal Sundaram General Finance Car Insurance
Below are some car insurance companies offering best claim settlement ratios:
# Royal Sundaram General Finance Car Insurance
# Universal SOMPO Car Insurance
# Reliance General Car Insurance
# IFFCO TOKIO Car Insurance
# Acko Car Insurance Policy
# Go Digit Car Insurance
Below are the steps to buy car insurance online:
1. Visit the website of the car insurance company you want to buy the policy from
2. Submit your car details such as make and model of car etc.
3. You will see a list of quotes from available plans
4. Compare the quotes and select a plan suiting your requirements
5. Make the payment online
6. You will get the insurance documents emailed on your registered ID
The three main types of car insurance are:
1. Third-Party Liability Only Cover
2. Comprehensive Car Insurance
3. Own Damage (OD) Cover
Cashless garages are the ones which the insurance companies tie-up with. In this case, if a policyholder wants to repair his/her vehicle in a network garage, they can avail the facility of cashless cover. So, the insurer will directly pay for the expenses incurred on your vehicle repair and the insured has to just pay the compulsory deductibles.
If you’re not satisfied with the services or offerings of your current car insurance company, you can always change your insurer by buying a new car insurance policy or renewing an existing one with the new service provider.
This depends on the car insurance plan that you opt for at the time of buying insurance for your vehicle. A basic third-party plan which is mandated by law would only cover third-party liabilities during a mishap. An Own-Damage insurance would cover own damages to the vehicle for the owner while a comprehensive plan is ideal since it would cover both third-party and own damages for the policyholder.
No examination of the vehicle is required in case of a basic third-party car insurance. This is because the plan only covers third-party liabilities. However, if you buy a comprehensive policy, your car insurer would first conduct a thorough inspection of your vehicle.
The current value of the total damaged parts of the vehicle is first computed. The depreciated value is then deducted from the total approximate loss to estimate the car damage.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Other Motor Insurance Products
Latest Post
.png)
A bike RC or registration certificate is a document that serves as proof of ownership of the bike and is required to transfer the registration from one state to another. The bike RC transfer process can be completed online and offline by following simple steps. This post will guide you through the bike RC transfer process and the charges and documents required.
Until recently health insurance has been overlooked by many as not a very significant requirement of life. Although the life insurance of the breadwinner has always been an area of prime importance for many families, the health insurance of the entire family has been neglected. However, things are changing, especially after COVID-19, and family health plans are getting prominence. Moreover, the high cost of medical treatments and the rising number of lethal diseases are other reasons for prioritizing health insurance. In this post, we are discussing the top 10 health insurance companies in India in terms of their claim settlement ratio (CSR).
Health is an important yet unpredictable aspect of life. You may be in the best of your health one day and fall seriously sick the other. This makes the importance of health insurance policies evident. Cashless policies are best in this regard to serve the purpose well.
With each passing year, as people tend to grow older, the constant anxiety of having age-related and other diseases scares them. Further, the increasing cost of medical treatment is another scary situation that most people dread. In such a situation, having a life insurance policy is a must to ensure safety from the frequent costs of medical treatment and hospitalization that an individual or a family might suffer. India has several health insurance providers offering good and comprehensive policies. In this post, let us discuss them to help you buy the best policy.
.webp)
Star Health Insurance and Religare (Care Health Insurance) are two insurance giants in India with a whopping number of clients and loyalists. Both insurance companies are standalone health insurers and both present several benefits and offers to customers. In this post, let us take a close look at the differences in both insurers to find the best one and their plans in India.
Speak to our Advisor
+91
