6 min read
Updated on Dec 02, 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? 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 2022 which offer the best car insurance plans:
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.
Bharti AXA’s car insurance plans offer cashless claims across 3000+ garages in India and 24*7 claim assistance in case of claims.
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.
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.
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.
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.
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.
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.
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.
CRISIL has rated the company AAA which shows 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.
We looked at the 10 best companies offering car insurance in India in 2022. 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:
When it comes to finding the best car insurance company, 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.
|Companies||Network Garages||Claim Settlement Ratio|
|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%|
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:
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:
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|
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.
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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.
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.
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