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Best Car Insurance Companies

Helping you find the best car insurance that fits your requirements.

Car insurance is the most searched word in year 2020 on the search platforms in the insurance industry. This is due to the fact that for every car to ply on public roads a valid insurance is mandatory as per the rule by the Government of India. The third party car insurance is the basic type of car insurance one has to have as per the Government of India’s Motor Vehicles Act. Any person driving without a valid Third party car insurance can be fined up to Rs.5000/- and up to 3 months of imprisonment or both.

The other type of car insurance available in India is the Comprehensive car insurance which consists of both the third party section and the own damage section. Own damage section covers the loss or damage to the insured customer’s own car whereas the third party covers the loss of life or disability of the third parties involved in an accident.

Even though the Own damage section is not compulsory as per the Government rule, many people still opt it to safeguard their car from any accidental damages. There are almost 27 general insurance companies operating in India providing the car insurance. However, not all the car insurance policies are same, as each company offers something unique to its customers when compared with the remaining car insurance companies.

This unique thing may be the customer experience at the time of sales, Claim settlement experience, high discounts compared to the other companies and even the seamless online purchase of car insurance policies.

We have taken the top general insurance companies which have the unique features and based on our findings, understanding and the reviews received from our customers. This article in no way supports the below general insurance companies but is only for understanding and using as a reference while making the purchase.

List of best car insurance companies from our research:

Based on the reviews received from our customers we have selected the top 5 car insurance companies which are offering unique service to its customers. These are the views of our customers who have made a purchase from the below car insurance companies and have availed the unique solutions from them and are highly satisfied with the unique service provided by them.

Insurance Company Famous for
HDFC ERGO Best for Discounts & Rates
BAJAJ ALLIANZ Best for After Sales Service
ACKO Best for end to end digital experience
TATA AIG Best for High End Cars
IFFCO TOKIO Best for Add-on after 5 years
NEW INDIA Best for Third Party Insurance & Old Vehicles

Below is the description of each car insurance company for the coverage provided, unique feature offered, online experience with PolicyBachat, Customer Satisfaction and Our opinion.

Description: hdfc ergo.jpg

HDFC ERGO: Best Rates & Discounts

HDFC ERGO is a 51:49; joint venture between the Indian entity HDFC and the foreign German based ERGO International AG which is one of the entities of the Munich RE Group based in Germany. The Company offers the insurance products in the retail, corporate and rural sectors. The underwriting experience of the Munich RE group has helped the HDFC ERGO in providing the best discounts to its Indian customers while maintaining the loss ratio and at the same time settling the claims of the customers.

Coverage:

HDFC ERGO provides coverage against the below mis happenings:
Own damage to the vehicle caused by:-

  • Accidental external means
  • Burglary, housebreaking or theft
  • Fire, Self ignition, explosion or Lightning
  • Terrorism, Strike, Riot or Malicious act
  • Transit by Road, Rail, Inland waterway, Lift
  • Earthquake, Flood, Storm, Landslide, Rockslide.

Third party section:-

  • Accidental death/injury to any third party.
  • Any damage to the property owned by the third party.
  • Compulsory Personal accident cover for the owner/driver
  • Personal accident covers for passengers as well as paid drivers.

In addition to the car insurance, HDFC ERGO also provides other insurance products such as Health insurance, Personal accident insurance, Home protection insurance, Cyber insurance and other miscellaneous insurance policies.

Discounts:

The biggest strength of HDFC ERGO is the discounts it can offer to its customers. The kind of discounts offered by HDFC ERGO can drive its competitors crazy. The discounts provided to some of the models of the cars are relatively higher compared to its competitors in the market. Apart from the basic discount provided on the own damage section of the car insurance, a customer can avail extra discount if any of the below are present in the car:

  • Anti Theft device installed and operational.
  • Membership from the Automobile Association of India
  • Opting for Voluntary deductible under the own damage section of car insurance
  • Existing No Claim Bonus carried forward from the previous year policy.

HDFC ERGO provides the reimbursement of Towing Charges up to Rs.1500 or actual, whichever is lower in respect of any one accident. The towing charges incurred to move the vehicle from the place of accident to the nearest garage are payable by the HDFC ERGO general insurance company.

Bumper to Bumper Claims:

The HDFC ERGO general insurance company doesn’t have any capping on the number of claims in Zero depreciation claim. This means that the customer can claim any number of times using the zero depreciation cover in a policy year subject to opting for the zero depreciation add-on at the time of taking the car insurance policy copy.

Online Experience with PolicyBachat:

HDFC ERGO general insurance company is one of the listed partners in our portal www.policybachat.com where the company advertises for its products. In addition to the high discounts offered they also have an app to serve their customers. The APP is available on the app store for download and all the HDFC ergo insurance policies can be stored and linked after creating a user id in the app.

Apart from the excellent app and website HDFC ERGO also offers 24/7 service to its customers on their toll free number. They also offer round the clock services for Roadside assistance services. They have associated with more than 6800+ authorized workshops Pan India of which 5800+ of them are Cashless garages where you can get seamless claim settlement experience.

Our Opinion:

If you are looking for the best car insurance company which can offer the best discounts for your car and at the same time settle the claims seamless then we would recommend HDFC ERGO general insurance company. With their authorized garages reaching over 6000, they have a good network of garages all over India to settle the claims of their customers.

Description: bajaj allianz logo.png

BAJAJ ALLIANZ: Best after Sales Service

Bajaj Allianz is the top 2nd private general insurance company in India and is a joint venture between the Bajaj Finserv Limited owned by the BAJAJ group and Allianz SE, a German financial services company. The company was formed in the year 2012 to serve the insurance products in the Indian insurance market when the insurance market was opened for private player’s participation.

Coverage:

Bajaj Allianz provides coverage against the below mis happenings: Own damage to the vehicle caused by:-

  • Fire, Explosion, Self ignition or Lightning. 
  • Riot, Strike, Earthquake (fire and shock)
  • Act of god perils such as Typhoon, Storm, tempest, Floods, Cyclone.
  • Accidental external means
  • Malicious Act
  • Terrorist activity

Personal Accident Cover:

In the unfortunate event of your (owner-driver) death and/or permanent disability arising out of an accident whilst travelling in your car, BAJAJ ALLIANZ general insurance company will pay up to Rs.15 Lacs to your legal heir subject to the terms and conditions mentioned under the policy copy.

After Sales Service:

Insurance is a service offered by the insurance companies and unlike a product the value and need of insurance arises only at the time of claims and endorsements. Bajaj Allianz is a company formed on the pillars of customer satisfaction as the Bajaj group is into many other sectors.

Below are the after sales services provided by the BAJAJ ALLIANZ general insurance company:-

  • Endorsements such as Name change in the policy copy, Address change in the policy copy, Corrections in the contact details etc. These endorsements are done within 24 hours and an endorsed copy is shared with the customer on their registered mail id.
  • Hypothecation changes in the policy copy. Hypothecation is the practice where the car owner pledges the car as collateral in return for availing the loan. The Bank or the financial institution granting loan will have the rights on the car till the loan is repaid and a hypothecation letter is obtained by the customer from the bank stating that the loan is cleared and the Hypothecation can be removed from the insurance policy copy.
  • Policy cancellation if the customer is not satisfied with the terms and conditions mentioned under the policy copy.
  • No claim bonus corrections in the policy copy. No claim bonus is the discount offered by the insurance company on the own damage section of the car insurance policy for not claiming in the previous years.

Bumper to Bumper Claims:

Bajaj Allianz general insurance company provides the benefit of Bumper to bumper claims up to a maximum of TWO times during the policy period. This means that if an own damage claim is made for the third time in a year then the policy is settled under the comprehensive basis factoring depreciation. The point to be noted is that the depreciation claim is payable only if the own damage claim is accepted by the insurance company.

Our Opinion:

If you are looking for the best car insurance company which can offer the best after sales service such as the Endorsements, Hypothecation changes, other changes in the policy copy and excellent Claim settlement service then we recommend you to take car insurance from BAJAJ ALLIANZ general insurance company. The premium charged by the insurance company is reasonable for the services offered by it and the claim settlement ratio is also one of the highest in the insurance industry.


ACKO: Best for End to End Digital Experience

Acko general insurance company is the new age insurance company which adopted a digital way of selling the insurance as well as settling the claims. Acko general insurance company has received funding from the major investors around the world to carry out the operations on the insurance industry. Acko has disturbed the insurance ecosystem by introducing the online experience and thereby forcing the other insurance companies to go digital.

Coverage:

Acko general insurance company is a pioneer in the digital insurance in the Indian insurance market and is offering a special coverage for the customers. Protection worth Rs.10k is provided at just Rs.299 and it includes KEY PROTECTION, Road side assistance and Outstation Emergency. All the basic covers under the car insurance such as Fire, Burglary, and Earthquake cover are included in the basic coverage provided by the ACKO car insurance company.

  • The Outstation emergency cover reimburses the customer up to the amount mentioned in the policy copy subject to the car being immobilized due to a breakdown or an accident outside a 100km radius of the insured’s place of residence at any time during the policy period.
  • The Road side assistance covers the cost of repairing the car if it is immobilized due to any of the mentioned reasons within a 100km radius from the insured’s place. The coverage include replacing the flat tyre, Battery jump start, on spot repair, Spare key retrieval etc.
  • The Key protection covers the loss or damage to the lock or lockset during the policy period. The replacement of key would be done only for Broken or Damaged keys, in case of theft of keys entire set comprising of Key, Lock and Lockset would be replaced.

Bumper to Bumper Claims:

Acko general insurance company provides the benefit of Bumper to bumper claims up to a maximum of TWO times during the policy period. The zero depreciation cover or bumper to bumper cover is also provided to the Commercial vehicles and two wheelers, the maximum claims that can be made using the zero depreciation cover are only TWO. If a third claim is made by the customer, then the insurance company settles the claim under the Comprehensive section factoring for depreciation.

End to End Digital Experience:

Acko is a new generation insurance company in the India market which has introduced the concept of end to end digital experience. This means that the complete process of insurance from policy issuance to claim settlement is done online without much need of paper work and manual visit to the office. Acko has provided customers with the option of having the policy copy and claim settlement from their place of choice.

Acko has tied up with many famous companies to sell the Personal accident insurance apart from the car insurance and other micro insurance products. The famous companies include the ride sharing app OLA, RAPIDO and Hotel booking apps such as OYO, GIBIBO etc. ACKO also provides insurance for a brand new car by noting down the details such as Chassis number, Engine number and the contact details of the customer.

The main concept of ACKO is “Insurance Made Easy” with the digital experience. Buying a policy from ACKO involves Zero paperwork and Zero Commission. The claim settlement done by ACKO is also seamless and the claim is settled directly into the customer’s account. Any request for endorsement from the customer’s end is dealt with an active call centre which serves the needs of customers such as Hypothecation requests, Endorsement requests and Claim settlements.

ACKO has many other add-ons or rider available with the car insurance policy such as the Consumables cover, Engine cover, NCB protection cover, Key protection cover, Loss of licence or RC cover, Invoice cover, and Small repair claim cover etc.

Customer Satisfaction:

Acko is the most advanced insurance company to embrace the changes in the insurance selling by adopting the end to end digital system. Any car can be insured with ACKO just by entering the Registration number of the car and the other details such as usage of car, pin code, Contact details etc. Then the customer has the option to select the coverage based on his/her requirements. The coverage offered include only third party, Comprehensive cover and with Comprehensive with add-ons such as Bumper to bumper car insurance etc.

ACKO has made insurance purchase simple where anyone can get the quote in just 3 simple steps. This has increases the experience of the people and people with less internet experience can also purchase a policy from ACKO. The claim experience with ACKO is also 100% digital where there is no requirement for any paperwork to be submitted in case of car insurance. All the claim related documents can be uploaded online on the company’s website and the claim will be settled within the shortest possible time.

These services from ACKO have created a name for the company in the Indian insurance market amongst the customers. Many customers even took to LinkedIn and other social networking sites to express their experience with the ACKO and many of the customers who have policy with ACKO are satisfied with their services.

ACKO has a dedicated team to assist the customers with their policy corrections such as endorsements, hypothecations etc. The team ensures that customer’s queries are resolved within a very short period of time so that the overall experience with ACKO is satisfactory.

Our Opinion:

If you are looking for a great car insurance company that can provide you with seamless digital experience from the start to end, then we recommend you to go for ACKO as the company is known for its services in the market. They even have a mobile app where the customer can download and save his policy copy for reference. They are investing heavily in the modernisation of their technology and are adapting all the possible ways to reach the customer. They are even sending the policy copies on whatsapp to customer so that the same can be used at any point of time. These features from ACKO really make this company stand out from the rest of the top general insurance companies in the Indian market.

Description: tata aig logo.png

TATA AIG: Best for High End Cars

TATA is the name known to every individual in India; TATA is a conglomerate company that has diversified into many sectors in India. TATA AIG is the joint venture between the TATA group and American International group in which TATA holds 74% stake and the balance 26% is held by AIG. TATA AIG has started its operations in the year 2001 after getting the licence to operated general insurance business in India from the Insurance regulatory and development authority of INDIA.      

Coverage:

TATA AIG provides coverage against the following perils:- Own damage to the vehicle caused by:-

  • Accidental external means
  • Burglary, housebreaking or theft
  • Fire, Self ignition, explosion or Lightning
  • Terrorism, Strike, Riot or Malicious act
  • Transit by Road, Rail, Inland waterway, Lift
  • Earthquake, Flood, Storm, Landslide, Rockslide.

Third party section:-

  • Accidental death/injury to any third party person or the property damage of the third party due the insured’s car.

Personal Accident to Owner/Driver:

  • The accidental death or permanent disability of the owner / driver of the car is covered under this section up to a sum insured of Rs.15 Lacs at the time of driving the car.

Discounts on High End Cars:

TATA AIG carries the legacy of the TATA group in its day to day operations and is known for the discounts offered on the high end cars such as BMW, Benz, AUDI and other models. The discounts are offered keeping in mind the claims to be settled and also the commission to be offered to the intermediary. TATA AIG offers the best discounts on AUDI A4 Car insurance and other models of high end cars.

TATA AIG has a comprehensive package to offer known as Sapphire, Sapphire plus, gold plans etc. where the extra coverage is offered in the form of add-on to the customers. TATA AIG has all the add-ons such as Bumper to bumper cover, Consumables cover, Key protect cover, Road side assistance cover, Baggage cover, Invoice cover etc.

The discounts offered by the TATA AIG for the high end cars is unmatchable and even the discount ranges up to 80% on the own damage premium. This claim experience with TATA AIG is seamless and the brand is also known for its values and trust by a large number of customers.

Bumper to Bumper Claims:

TATA AIG general insurance company provides the benefit of Bumper to bumper claims up to a maximum of TWO claims reported during the policy period. For claims exceeding the TWO depreciation claims, the basis of settlement would be the comprehensive after factoring the depreciation amount. The bumper to bumper claim settlement is available only for those claims which are carried out at the authorised service centres.

Travel & Hotel Expenses:

TATA AIG general insurance company provides travel and hotel expenses to the customers in case if the car is immobilised due to an accident or breakdown from a distance of 100km from the insured’s house. The customer can choose to stay in a hotel in a nearby location of the accident or breakdown and the travel expenses are also paid to the customer. If the car is immobilised on a highway or any other place then the company arranges for a spot survey under the road side assistance coverage available with the own damage section of the car insurance.

Customer Satisfaction:

TATA has a heritage in the Indian market and is known to every Indian. It is not shocking to know that each Indian household might have at least a TATA product without their knowledge. The same legacy is being carried forward by the TATA AIG general insurance company in the car insurance segment. TATA AIG has a dedicated claims team to settle the claims of the car insurance customers in the least possible time. TATA AIG has more than 6000 authorised garages where the repairs due to an accident can be carried out.

The service for Endorsement requests, Hypothecation requests, name change requests are entertained by the company and the requested changes are made in the policy copy and an endorsement copy is shared with the customer for reference purpose. Customers can file the claims online also by sending the required documents to the mentioned address and the claim is settled as per the terms and conditions mentioned in the policy copy. Customers can also avail the road side assistance facility from the TATA AIG by dialling the call centre and requesting the service.

TATA AIG has also provided the customer with an option to download the policy copy from the website by answering a few questions to make sure the customer is real owner of the policy copy. Customer has to login to the website or request support from TARA which is the Chabot provided by TATA AIG on its website. All the endorsement requests and claim related assistance can be availed from TARA which connects the customers with the team of agents from TATA AIG.

Our Opinion:

Are you looking for high discounts on your high end car such as AUDI A4, AUDI Q3 and other models? Then we recommend you to have a look at the TATA AIG prices for the high end cars. The premiums are competitive in the market and the coverage provided by TATA AIG is unmatched with any insurance company. We would highly recommend this company if you are looking for the best car insurance for you high end car, then your search ends with TATA AIG general insurance company. TATA AIG is also into other insurance products such as Personal accident insurance, two wheeler insurance, Engineering insurance and other miscellaneous insurance.

Description: IFFCO LOGO.png

IFFCO TOKIO: Best for Add-ons after 5 years

IFFCO TOKIO general insurance was incorporated in 2000, as a joint venture between the Indian farmers fertilizer co-operative limited (IFFCO), which is the World’s largest fertilizer manufacturer, and Tokio Marine Group, which is one of the largest insurance groups in Japan. IFFCO holds 51% in the company and the remaining 49% is held by the Tokio Marine Group. The company offers a wide range of insurance products such as two wheeler insurance, Car insurance, Health Insurance, Corona Kavach insurance, Cyber insurance and other miscellaneous insurance products.
IFFCO-TOKIO has a wide presence in rural areas and tier 2, 3, and 4 towns too. This is due to the presence of IFFCO centres in these rural areas where the IFFCO Tokio employees work in co-ordination with the IFFCO employees to generate the insurance business. IFFCO TOKIO is the first company to establish Bima Kendras in the rural areas which are single-person operated centres, to increase the insurance penetration in the rural areas.

Coverage:

IFFCO TOKIO has introduced Corona Rakshak Health insurance policy to provide coverage against the ongoing Corona virus pandemic. The policy is designed in accordance to the guidelines specified by the IRDA for the coverage, terms and conditions. The policy is a benefit policy where the entire sum insured is paid to the customer in case if he/she is tested positive for Corona virus. The features of the policy include:-

  • The Corona Rakshak Health insurance plan offers the policyholder a lump sum payment if they require hospitalization after testing positive for COVID-19. The entire sum insured is paid to the policyholder without taking into consideration the actual bill amount.
  • The Sum insured under the Corona Rakshak health insurance policy starts from Rs.50k and goes upwards till Rs.2.5Lacs. The sum insured increases in the intervals of Rs.50k and the premium is also decided based on the sum insured.
  • The Coverage can be availed by anyone from the ages of 18 years to 65 years.
  • The Corona Rakshak health insurance plan is a short term insurance plan. The coverage can be availed for 3.5Months, 6.5months and 9.5 months.
  • The test for Corona virus has to be done in the Government authorised testing centre for the coverage to be applicable.

Add-ons after 5 years age:

IFFCO TOKIO is one of the general insurance companies which are offering the add-ons to the vehicles aged more than 5 years of age. The bumper to bumper coverage and other add-ons such as Consumables, Engine cover, Road side assistance are available for cars aged up to 10 years. The Invoice cover is provided only up to 3 years of vehicle age.

The other insurance companies in the Indian market provide the add-on coverage up to a maximum of 5 years of vehicle age, but IFFCO TOKIO is providing the Nil depreciation or Bumper to bumper cover or Zero depreciation after 5 years age of the car. If in case the customer has not opted for Bumper to bumper cover the previous year and is willing to purchase this year, then a pre inspection will be carried out by the insurance company to assess the risk associated with the car and then issue the policy with bumper to bumper based on the inspection report.

The premium for the add-ons keeps on increasing each year and varies from company to company. Some insurance companies calculate the bumper to bumper premium as a percentage of the insured declared value and the other companies have a flat rate for the coverage. In the first method the IDV decreases each year and hence the bumper to bumper premium also decreases each year but in the second method the bumper to bumper premium may increase each year.

Bumper to Bumper Claims:

IFFCO TOKIO general insurance company provides the benefit of Bumper to bumper claims up to a maximum of TWO claims reported during the policy period. If a claim is made for the third time in the policy period, the claim may or may not be settled on the bumper to bumper basis.

Customer Satisfaction:

IFFCO TOKIO is the one of the best insurance companies and has the appreciation from all the sections of the people. Iffco Tokio is one of the private players which have a good presence in the rural areas apart from the government insurance companies. The customers from the rural areas as well as semi urban areas are also satisfied with the services provided by the IFFCO Tokio insurance company.

Our Opinion:

Are you looking for bumper to bumper coverage for your car after 5 years age? Then IFFCO TOKIO general insurance company is the best company in the Indian insurance market which is offering the bumper to bumper car insurance after 5 years age of the car. The add-on coverage can be availed for a period of 10 years from the registration date of the car.

Description: new india logo.jpg

NEW INDIA ASSURANCE: Best for TP & Old Cars

New India assurance is one of the 4 government general insurance companies operating in the Indian insurance market. The New India assurance was founded in the year 1919 by Dorabji TATA and later was acquired by the Government of India and has a legacy of over 100 years. The New India assurance company is one of the most trusted government insurance companies in India and is even listed in the Stock market.

Best for TP & Old Cars:

The New India Assurance Company is famously known for its Third party coverage to any type of car and commercial vehicle. When most of the private insurance companies are avoiding the Third party business due to the heavy loss ratio associated with it, New India Assurance Company has welcomed all class of vehicles to be insured for third party. The third party premium is decided by the Insurance Regulatory and Development Authority of India and is to be followed by every insurance company. The third party section covers the loss of life or total disability of the third parties in an accident. The property damage to a third party is also settled under the Third party section of car insurance.

In India there are many vintage cars and old cars which are above 15 years of age, while most of the insurance companies restrict themselves from insuring the cars aged above 10 years New India Assurance Company insures every car at any age depending on the fitness certificate and the registration validity obtained from the local RTO office. Car insurance for cars aged above 15 years can be done from the New India Assurance Company by mutually deciding on the IDV, which is the maximum liability of the insurance company in the event of any claim.

Customer Satisfaction:

The NEW INDIA ASSURANCE COMPANY is the oldest insurance company in India and is governed by the Govt of India. The customer satisfaction associated with this company is high and is a trusted brand among the Indian masses. New India Assurance Company has received many awards in the segment of Customer Satisfaction and awards from many media houses. The New India Assurance Company stands comes to the rescue of the customers who cannot insured their cars with the private players and also offers many other insurance products such as Health insurance, Engineering Insurance and miscellaneous insurance products.

Our Opinion:

If you are looking for the Car insurance for your old car or any other old vehicle or only Third party, then we strongly recommend you to check the New India Assurance Company for the model of your car to be insured. Any car at any age can get the third party insurance from the New India assurance company by paying the premium specified by the IRDA.

Disclaimer: This article is not sponsored by any insurance company. We at PolicyBachat have prepared this article based on the views of our existing customers and the reviews given by them. We have not received any payment and this is not a paid article by the above mentioned insurance companies.

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