PolicyBachat cater you the best car insurance companies in India for hassle-free claim settlement. Here is the list of the top car insurance companies that have a reliable claim settlement ratio in less time period.
Car insurance is the most searched word in the 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 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 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 Comprehensive car insurance which consists of both the third party section and the own damage section. The 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 road accident.
Even though the Own damage section is not compulsory as per the Government rule, many people still opt for it to safeguard their car from any accidental damages. There are almost 27 general insurance companies operating in India providing car insurance. However, not all car insurance policies are the same, as insurance companies 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 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 buy car insurance.
HDFC ERGO General Insurance Co. Ltd.
HDFC ERGO is a 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 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 number of claims of the customers.
HDFC ERGO provides coverage against the below mishappenings:
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 and other natural calamities.
- Accidental death/injury to any third party.
- Any damage to the property owned by the third party.
- Compulsory Personal accident cover for the car 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.
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. In-car insurance renewal tips 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's 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.
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 in Pan India of which 5800+ of them are Cashless garages where you can get a seamless insurance claim settlement experience.
HDFC ERGO General Insurance Company is into different verticals to provide insurance service to every branch Car Insurance, Two Wheeler Insurance, Health Insurance, Personal Accident Insurance, Home Insurance, Travel Insurance, Commercial Insurance, and Rural Insurance Read full review
Bajaj Allianz General Insurance Co. Ltd.
Bajaj Allianz is the top 2nd private general insurance company in India. Bajaj Allianz is a joint partnership between the Allianz SE group and Bajaj Finserv Limited to commence its operations in the name of Bajaj Allianz General Insurance Company in 2001 with over 200 branches in India. Bajaj Allianz General Insurance Company provides a wide range of insurance services to customers.
Bajaj Allianz provides coverage against the below mishappenings:
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 typhoons, storms, tempests, floods, cyclones.
- 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 traveling in your car, BAJAJ ALLIANZ general insurance company will pay up to Rs.15 Lacs to your legal heir subject matter to the terms and conditions mentioned under the policy copy.
Insurance is a service offered by the insurance companies and unlike a product, the value and need of insurance arise 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. Read full review
Kotak Mahindra General Insurance Company Limited
Kotak Mahindra General Insurance company is a subsidiary of Kotak Mahindra Bank Ltd started its operations in 2003. Kotak Mahindra general insurance company is a renowned insurance company that caters to the needs of car insurance, health insurance, and two-wheeler insurance.
Features of Kotak Mahindra Car Insurance
- Customized products and services
- High claim ratio settlement
- Digital infrastructure
- Efficient processing of claim settlement
- Customer-centric ratio
- Extensive range of add-on to choose
- The easy and fast documentation process
- Reliable and efficient service
Read full review
The New India Assurance Co. Ltd.
New India Assurance Company is a Mumbai-based company that provides insurance service Globally, founded in Dorabji Tata in 1919 and was nationalized in 1973. New India Assurance Company is the largest General Insurance Company in terms of car insurance premium amount Globally.
The New India Assurance Company is famously known for its Third-party coverage of 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 classes of vehicles to be insured for the 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 ensures every car at any age depending on the fitness certificate and the registration validity obtained from the local RTO office.
New India Assurance 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 third party liabilities of the insurance company in the event of any claim.
Read full review
Bharti AXA General Insurance Company Limited
Bharti AXA General Insurance Company is a joint project between Bharti enterprise an Indian conglomerate and AXA, a leading financial protection group in the world. Registered under IRDA and started its operations in August 2008.
We offer insurance solutions for a wide range of possibilities in distinct verticals motor, two-wheeler, health, life insurance, travel, home, Auto insurance student travel Read full review
Universal Sompo General Insurance Co. Ltd.
Universal Sompo General Insurance Company Limited is a joint venture of two nationalized banks Indian Overseas Bank and Allahabad Bank, a private sector bank Karnataka Bank, FMCG Corp Dabur Investment Group, and a leading General Insurance Company from Japan Sompo Nipponkoa Insurance Inc. formed as a General Insurance Company in partnership with the public sector, headquartered in Mumbai Read full review
Future Generali India Insurance Company Limited
Future Generali India Insurance company is a private insurance company, a joint venture between Future Group and Assicurazioni Generali. Future Generali Group started its operations in Sept 2007 and achieved a breakeven point after 6 years of operations. Read full review