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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.
Below are some of the benefits of having a 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:
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:
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 |
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:
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 |
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:
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 |
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:
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 |
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:
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 |
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:
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 |
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:
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 |
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:
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 |
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:
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
maintenance of the car is also not covered |
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:
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 |
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:
Also Read: Car Depreciation Calculator
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.
Also Read: HSRP
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. |
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:
Also Read: Vehicle insurance details by registration number
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 |
Also Read: Car Insurance Guide and Glossary
Also Read: BH Number Plate
Choose wisely!
Also Read:
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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.
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