10 Best Car Insurance Companies 2023 in India as per Car Insurance Claim Settlement Ratio 2022

Are you searching for the best car insurance in india? You are at right place! Lets have a peek into the top 10 car insurance companies in India this year on the basis of their Claim Settlement Ratio (CSR) 2022.

The Indian car insurance market has various players offering a car insurance policy. When you set out to buy car insurance online for your car you would find multiple companies offering their plans. Do you feel confused about choosing the best car insurance company in India? If yes, then you’ve come to the right place since we’ll give you a quick rundown of the best car insurances in India.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Also Read: Car Depreciation Calculator

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.

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.

Also Read: HSRP

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.

Also Read: Vehicle insurance details by registration number

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:

1. 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.
2. 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.
3. 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.

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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:

Also Read: Car Insurance Guide and Glossary

8 Important Factors that Affect the Premium of a Car Insurance

1. Type of car: The make year, car model and engine capacity of the car influence the premium.
2. Age of the car: Older cars generally have a much lower premium compared to new cars.
3. Insured Declared Value or IDV: IDV is the current market value of the car, a higher IDV will attract a higher premium.
4. Geographical location: Car Insurance premium in India varies from city to city depending on the frequency of theft, accidents and natural calamities.
5. 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.
6. No-Claim Bonus: Accumulated over time, no-claim bonus results in a lower premium for the policyholder.
7. Coverage: Comprehensive policies with higher coverage will also attract a higher premium in comparison to third-party car insurance policies.
8. Add-ons: Additional coverages like passenger cover, zero depreciation, etc. can increase the car insurance premium.

Also Read: BH Number Plate

Choose wisely!

Popular Motor Insurance Companies India, 2023

Also Read: 

• Regional Transport Office (RTO)
• Uttar Pradesh (UP) RTO
• Documents required for car insurance policy renewal in India
• Sedan or Hatchback Which is Better for Long Drive
• How Survey is Important Before Repairing Accidental Car?
• Does a Car Insurance Policy Cover Car Suspensions?
• No-Claim Bonus can be transferred from One Car to Another?

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