Top 10 General Insurance Companies in India 2022

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Updated on Nov 09, 2022

Best General Insurance Company in India 2022

It is important to have a company name list in India when it comes to car insurance so that you can make the right choice in these cases.

As you would know, car insurance is a form of general insurance that protects you – the policyholder – from the financial liabilities that may arise in case something bad happens to your car or is caused by your vehicle. This includes the likes of road accidents, manmade or natural calamities, theft, and fire, to name a few. It is the IRDAI (Insurance Regulatory and Development Authority of India) that regulates and administers the insurance industry of India.

Also Read: Keyman Insurance Policy – A Detailed Guide

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1. Bajaj Allianz General Insurance Comapny

This is the first name that needs to be taken in this particular context. The company is reputed to keep its customers at the center of all the work that it does as a business organization. It is also active in more than 200 cities across the country. It has a network of 4000 garages as part of its cashless services where you can get cashless claim settlement.       

2. Bharti AXA General Insurance Company

When you think of top vehicle insurance companies list this is one name that comes to mind immediately. The company started to work in 2008 and ever since it has established a firm grip on the general insurance industry as a whole. It is known for selling car insurance plans with a diverse array of add-on covers. It has at least 4500 cashless garages in its network across the country where you get quick cashless claim settlement.

3. Cholamandalam MS General Insurance Company

This is one of the best among all car insurance companies in India for sure. It has 104 branches across the country along with over 8800 advisory networks. It caters to 90 lakh people. When it comes to claim settlement it has an impressive record with two lakh claims settled each year!

4. Future Generali India Insurance Company

It was in 2007 that the organization started its operations. Ever since it has confirmed its position as one of the top car insurance company names in India. It has at least 130 offices across the country and there are over 2500 garages in its cashless network. This has helped it settle at least 16.7 lakh claims to date.

5. HDFC ERGO General Insurance Company 

When you compile a top list of car insurance companies this is one name that you have to put in there for sure. In any case, HDFC ERGO is a name to be reckoned with in the entire general insurance industry as such. It has won several prestigious awards such as ICRA (Investment Information and Credit Rating Agency) and IAAA ratings. It is well known for the high-quality support that it offers to its customers.

Buying a policy from them is absolutely hassle-free and the same goes for renewal as well. Also, it has over 6800 garages in its cashless network.

6. ICICI Lombard General Insurance Company

No best list of car insurance companies in India is complete without this particular insurer. In the 2019 fiscal it settled 93.14% of the claims that came its way. In most of these cases, the claims were settled within 30 days of filing them. In its network, you have over 7800 cashless garages where you can avail of cashless claim settlement services. This is the highest among all car insurers in India.

7. IFFCO TOKIO General Insurance Company

It is hard to imagine a list of the best car insurance companies in India without this name. The company boasts of a huge portfolio of insurance policies and it also offers a high amount of add-on coverage options. It has at least 4300 cashless garages all around the country. Here you can get a cashless claim settlement in a short time.

8. Kotak Mahindra General Insurance Company

The company was incorporated back in 2014 and ever since it has been on the top car insurance company name list in India. It has established itself as a name to be reckoned with in the general insurance industry. It offers all sorts of car insurance policies to its customers along with facilities such as premium protection.

9. Liberty General Insurance Company

This is also there on the top vehicle insurance companies list. It is firmly entrenched across 20 cities in India and also boasts of a huge network of 3500 garages as part of its cashless network. As such, it can be said that it does have a considerable presence in the general insurance sector of the country. You can buy its policies online as well as from the branches.

10. Magma HDI General Insurance Company

If you think of all the car insurance companies in India this one ranks right up there. It was formed in 2009 when Magma Fincorp Limited collaborated with HDI-Gerling Industrie Versicherung AG. It now has five zonal offices as well as 135 branches across the country. Apart from the urban locations, the company also enjoys a considerable presence in the rural areas.

Top 10 General Insurance Companies in India 2022 From Public and Private Sector

Top Public Sector General Insurance Companies Top Private Sector General Insurance Companies
National Insurance Company Limited Bajaj Allianz General Insurance Co.Ltd.
New India Assurance Company Limited Bharti AXA General Insurance Co.Ltd.
Oriental Insurance Company Limited Cholamandalam MS General Insurance Co.Ltd
United India Insurance Company Limited Future Generali India Insurance Co. Ltd.
HDFC ERGO General Insurance Co. Ltd.
ICICI Lombard General Insurance Co. Ltd.
IFFCO TOKIO General Insurance Co. Ltd.
Kotak Mahindra General Insurance Co. Ltd.
Liberty General Insurance Co. Ltd.
Magma HDI General Insurance Co. Ltd.

Conclusion 

In a nutshell, it can be said that the above mentioned list should provide you with a good indication regarding the insurers that you should choose when you are trying to insure your car. When you are buying a car insurance plan make sure that you do so online since you can get the work done in a shorter span. Also, it is easier to compare these policies online and thus make the right decision for yourself in this context. The most important factors, in this case, are the quotes that they would offer and the cashless garages in their network.

These days, you also have tools such as a premium calculator that you can use before you renew your car insurance. You must also remember that there are various types of car insurance policies in India in terms of the coverage that they offer. The most prominent options, in this case, are the third-party, standalone own damage cover, and comprehensive insurance policies.

Also Read: Why Would it be Wrong to Look at Insurance as a Mere Tax Saving Tool?

Found this post informational? 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.

FAQs on Top General Insurance Companies of Public and Private Sector in India 2022

What do you mean by general insurance company?

A General Insurance Company is one that does not come under the domain of life insurance. The different types of general insurances available include, motor, fire, marine, etc. which come under the wing of miscellaneous non-life insurance.

What are the 3 main types of insurance?

The three main types of General Insurance in India are Health Insurance, Motor Insurance and Life Insurance.

What is the difference between life insurance and general insurance?

Life Insurance offers coverage for a person's life, whereas General Insurance allows coverage to other things like assets. For example, health insurance, Motor Insurance, Travel Insurance and Home Insurance etc.

Which are the major general insurance private sector companies in India?

Below are some of the key General Insurance companies in India in the private sector:

Aditya Birla Health Insurance Co. Ltd.
Bajaj Allianz General Insurance Co. Ltd.
Bharti AXA General Insurance Co. Ltd.
Cholamandalam General Insurance Co.
Future Generali India Insurance Co.
HDFC ERGO General Insurance Co.
ICICI Lombard General Insurance Co.
IFFCO-Tokio General Insurance Co.

May 18, 2022
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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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