Motor Insurance Companies

Understand Your Motor Insurance Policy

Understand what your Motor insurance policy has to offer. Read terms and conditions of your insurance policy and discover USPs, Features, Inclusions and Exclusions in the plan.

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Motor Insurance Companies in India

Attractive Add-On coverage
Hassle-Free Claim Settlement
Large Number of Network Garages
Consistent Claim Settlement Ratio

Get all your insurance related queries answered for FREE

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The insurance sector in India is massive with the existence of a large number of insurance companies offering different life and general insurance products. If you talk about car insurance, there are more than 25 car insurance companies in India offering the best and most reliable insurance policies for cars at cost-effective rates. These insurance companies are available with numerous customized features to facilitate policyholders to fulfill all their needs and requirements.

As you already know, having a compulsory third-party car insurance policy is essential for every car owner as per the Motors Act of 1988. However, depending on your personal needs, you can plan to buy a comprehensive car insurance policy along with the third-party insurance plan.

With a comprehensive car insurance policy by your side, a car insurance owner can limit the monetary risks and obligations which might arise because of any unfortunate event such as an accident causing damage to a third-party vehicle as well as to your own car. Further, you can also mitigate other risks like accidents on the road, car theft, fire, or any other damages caused by natural calamities and so on.

Motor Insurance companies
Motor Insurance Companies in India

Features of Car Insurance Companies

It is difficult to term a particular car insurance company as best because the choice of best car insurer might vary as per policyholder and as per their various needs and requirements. Some might look at claim ratio as the best feature of a car insurer, while others might look at cashless garage facilities to term a car insurance company as best. Thus, several parameters as well as individual choices are considered while choosing the best car insurance company.

Below are some parameters that are considered to call a car insurance company as best.

Cashless garage network - cashless garage network means the garages that insurance companies partner with to facilitate car policy owners to avail cashless insurance claims. There are a large number of cashless garages that insurance companies partner with so that the policyholders can avail the best cashless facility at any of the available garages as per their comfort.

Thus, policyholders must check the strength of network garages offered by selected insurance companies before choosing a car insurance plan . Also, it is important to note that there are enough garages in your locality or closed vicinity so that you can avail the network garage facility with ease.

Ratio of Claim Settlement - the ratio of claim settlement confirms the number of claims that a car insurance company settles during a policy year as compared to the total number of claims that the company receives during the year. So, while choosing the best car insurance company it is important to check if the insurer offers a high ratio of claim settlement.

Add-ons available - the add on coverage means the extra cover that can be received by policyholders with a standard car insurance policy. The extra cover helps in extending the coverage of the policy and make your policy all the more worthwhile. Some add on covers include; OD or Own-Damage car insurance coverage, Comprehensive car insurance coverage and so on. These add-ons can be opted at the time of renewal of an existing policy or while purchasing a new policy.

Customer care service - this is another important factor to consider. Having a quality customer care service of the insurer that stays available 24/7 is necessary. This way, it is possible to resolve any issue as per the convenience of the policyholder. There are some companies which offer 24*7 customer care facilities, while there are others that offer customer support only during the weekdays.

List of Best Motor Insurance Companies in India

Compare Car Insurance from top Companies

Insurer Name Features Add-ons
Bharti AXA Car Insurance
  • Easy online policy buying facility
  • 24*7 facility of claim assistance
  • Easy cashless claim facility at network garages
  • Cover on depreciation
  • Cover on consumable
  • Roadside assistance
  • Cover on key replacement
  • Cover on engine and gearbox
  • Personal accident cover (for passenger)
  • Medical expenses cover etc.
Bajaj Allianz Car Insurance
  • Easy online policy buying and renewing facility
  • Cover on zero-depreciation
  • Spot-assistance available for 24*7
  • Instant claim settlement
  • Discount for installing anti-theft device
  • Depreciation cover
  • Replacement cover for lock and key
  • Engine cover
  • Personal baggage cover
  • Convenient benefit cover
Chola MS Car Insurance
  • NCB - No Claim Bonus
  • 24*7 customer assistance
  • Online policy purchase and renewal
  • Discount on deductible
  • Discount on modified car
  • Discount on anti-theft device installation
  • Depreciation waiver
  • Emergency roadside assistance
  • Personal baggage cover
  • RC lost cost cover
  • Cover on consumables
  • Cover on replacement of keys
Digit Car Insurance
  • Easy online policy purchase
  • NCB - No Claim Bonus
  • 24*7 customer support
  • Doorstep car pickup for repairs
  • Cashless repair facility
  • Fast claim settlement
  • Zero depreciation coverage
  • Breakdown assistance
  • Passenger insurance cover
  • Consumable cover
  • Engine and gearbox cover
Future Generali Car Insurance
  • NCB No Claim Bonus
  • Cashless garage service on priority
  • Fast settlement of claims
  • Depreciation coverage
  • Roadside assistance
  • Engine cover
  • Consumable cost cover
  • Personal baggage cover
  • Replacement cover for lock and key
IFFCO Tokio Car Insurance
  • 24*7 roadside assistance
  • NCB
  • Cashless claims at network garage
  • Zero depreciation coverage
  • Roadside assistance
  • Engine cover
  • Return to invoice cover

Buy Car Insurance Policy Online With PayBima

Below are the steps to buy a car insurance policy online with PayBima:

  • Visit PayBima portal and click on the car insurance tab.
  • Enter the Registration Number of your car.
  • Fill in your details such as name, phone number, etc.
  • Now, click on the submit button to see quotes.
  • You can see the various quotes with premium amounts.
  • Now compare and choose the best policy that meets your requirements.
  • If you want, you can pick any add-on cover at this stage.
  • Enter the personal and vehicle details
  • Now make the payment using online payment mode
  • You will receive the policy papers at your registered email id.
Frequently asked questions

Below are some of the common car insurance companies in India:

  • SBI General Insurance
  • Bajaj Allianz General Insurance
  • Future Generali India Insurance
  • Bharti AXA General Insurance

Below are the 3 main types of car insurance policies:

  • Third-Party Liability Only Cover
  • Personal Accident Cover
  • Comprehensive Car Insurance

Below are the 3 different types of car insurance:

  • Third-Party Liability Only Cover
  • Personal Accident Cover
  • Comprehensive Car Insurance

IFFCO Tokio General Insurance company is one of the car insurance providers offering a high claim settlement ratio with 95.30% Own Damage car insurance Claim Settlement Ratio in FY 2019-20.

Below are few other car insurance companies offering high claim settlement ratio:

  • Royal Sundaram General Insurance - 92.66%
  • HDFC ERGO General Insurance - 91.23%
  • Tata AIG General Insurance - 90.49%
  • The Oriental Insurance Company - 91.76%

IDV refers to the maximum claim that an insurer provides or pays in case a car gets damaged beyond repair or if the car is stolen.

Zero depreciation is an add-on cover available with car insurance. With this add on cover, you can expect your insurer to settle the claim amount without considering the depreciation of your car parts. Thus, it enhances the claim amount of the car insurance holder.

Third-party liability is the basic car insurance that is mandatory for every car owner to have.