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Top 10 Best Car Insurance Companies in India

The best car insurance companies in 2022 will be those that can offer the best services, have the lowest rates, and have the most customer-friendly policies. A car is a big purchase and should be protected with the right insurance coverage. But with so many options out there, you may not know which company to go with. That's why we've compiled this list of India's top 10 car insurance companies for you to compare.

Best Car Insurance Companies

In 2022, the best car insurance companies will be those that can provide their customers with the best customer service. They will also be able to offer competitive rates. The best car insurance companies in 2022 will have a good understanding of their customer’s needs and make sure that they meet them. They should also offer a variety of services such as roadside assistance and mobile apps for a smoother experience.

Best car insurance companies can be found in this article itself by comparing different insurance companies and selecting the one that fulfills your requirement.           

  1. ICICI Lombard Car Insurance
  2. Bajaj Allianz Car Insurance
  3. HDFC ERGO Car Insurance
  4. Future Generali Car Insurance
  5. IFFCO TOKIO Car Insurance
  6. Royal Sundaram Car Insurance
  7. Raheja QBE Car Insurance
  8. Edelweiss Car Insurance
  9. SBI Car Insurance
  10. Acko Car Insurance.

Steps to find the Best Car Insurance Company:

Finding the best car insurance for you will depend on your priorities. If you want to save money, you might opt for the insurer that gives you the cheapest quote. If you want the security of knowing your insurer will pay your claims timely and efficiently, you might choose the company with the best customer service reputation in your region.

An affordable company with a strong service experience and the coverages you need. You can find the top company for you by taking a few key steps:-

  • Research customer service reputations
  • Compare real quotes from insurers
  • Make sure the company has the coverages you want
  • Double check financial stability ratings.

Top 10 Best Car Insurance Companies in India (According to High Settlement Ratio):

One of the best ways to save on your car insurance bill is to switch providers just be sure to keep in mind your minimum coverage requirements. And while inexpensive car insurance policies exist, it's important to balance cost savings with adequate coverage.

If you get into a car accident, for example, you could end up paying more in damages than you might have with better, more expensive coverage. If you're looking to lower your car insurance costs, here are our picks for the best cheap car insurance providers.

If you want to make sure you have the best car insurance coverage and rates possible, here are our recommendations for the best car insurance companies. Finding the right fit for car insurance is tough. Here are our top 10 picks of car insurance companies in India right now.

Companies Why You Can Trust?
Raheja QBE “Best for High Claim Settlement Ratio” View Rates
Edelweiss “Best for Discounts” View Rates
Universal Sompo “Best for Low Complaints” View Rates
Royal Sundaram “Best for Customer satisfaction” View Rates
SBI “Best for Rates” View Rates
IFFCO TOKIO “Best for highest customer satisfaction” View Rates
Navi “Best for After Sales Services” View Rates
Acko “Best for End to End Digital Experience” View Rates
Oriental“Best for Advanced Digital Options” View Rates
Shriram “Best for Reliable Claim Assistance” View Rates

Finding the best car insurance company, policy and price hinge on a variety of factors and the vehicle you drive and the state you live in also play a role in how much you'll pay for car insurance coverage. The average annual premium for full coverage is Rs. 2000 to Rs.5000, according to PolicyBachat, but most of our top car insurance picks have average premiums that are vary in coverages.

How do you find the Best Car Insurance Company?

When it comes to finding the best car insurance, there are two primary things that people consider: price and claims reputation. You want a car insurance company that has a strong history of handling claims quickly and properly, but you don't want to pay more than you have to. So how do you identify the best coverage?

Companies Solvency Ratio Claims Settled
Raheja QBE 3.66 16 lakhs
Edelweiss 2.09 20 lakhs
Universal Sompo 1.90 1.11 lakhs
Royal Sundaram 1.87 15 lakhs
SBI 2.00 6.23 lakhs
IFFCO TOKIO 1.73 8.61 lakhs
Navi 2.12 12 lakhs
Acko 1.91 10 lakhs
Oriental 1.40 18 lakhs
Shriram 3.63 2.08 lakhs

Top 5 Car Insurance Companies in India:

There are many factors to consider when searching for best car insurance. A few examples of what can affect whether or not you are able to get the best pricing are your age, driving record, gender, credit score, where your car is located, regular mileage, where you live, and more.

Whether or not you bundled your other car insurance policies through the same company can also impact whether or not you are able to get best rates. Below you can find a list of the 10 largest car insurance companies in India. With best rates based on current market.

ICICI Lombard Car Insurance:

ICICI Lombard general insurance company is one of the leading general insurance companies in India offering coverage for Motor, Property, Health, and other classes of general insurance. ICICI Bank is the majority shareholder in the entity until the merger with Bharti AXA general insurance company limited. ICICI Lombard general insurance company offers Motor insurance, Health insurance, Car insurance, Bike insurance, Home insurance, Two wheeler insurance, Engineering insurance, Overseas travel insurance, Weather insurance, Agriculture insurance, etc.

Bajaj Allianz Car Insurance:

Bajaj Allianz general insurance company is a Joint venture between Allianz SE, the World’s leading insurance company, and Bajaj Finserv Limited. Bajaj Allianz is one of the companies to start their general insurance business in India after the privatization of the general insurance business. Bajaj Allianz car insurance policy is an agreement between the insurance company and the customer in which the insurance company settles the loss or damages incurred due to an accident in return for a nominal premium to be paid by the customer to the insurance company. Bajaj Allianz car insurance policies are designed to ensure that your car is protected from the damages caused as a result of the perils mentioned in the policy document.

HDFC ERGO Car Insurance:

HDFC ERGO car insurance is a comprehensive motor insurance plan offered by HDFC ERGO General Insurance Company. The insurance company is a joint venture between HDFC Bank and ERGO of the Munich Re Group. With over 6800+ cashless garages, HDFC ERGO provides a wide range of car insurance plans such as comprehensive car insurance, standalone own damage, long term comprehensive car insurance, and third party liability car insurance. The latest service provided by HDFC ERGO is jumpstarting your car. In case your car has not been utilized due to the lockdown, you can avail of the HDFC ERGO JumpStart service to restart your vehicle.

Future Generali Car Insurance:

Future Generali India Insurance Co. Ltd. is a joint venture between Future Group and Generali Group. Generali Group is the biggest insurance provider across Italy and one of the most trusted insurance companies in entire Europe. Future Generali India Insurance Company offers a plethora of insurance products to its customers across all major kinds of insurance that an individual may need, including car insurance. The car insurance policies also offer various add-ons to allow the customer to opt for extra coverage for his/her car.

IFFCO Tokio Car Insurance:

IFFCO Tokio Car Insurance plan is your one stop 360 protection plan for your car. The insurer, IFFCO-Tokio General Insurance Company Limited, has an extensive product offering in the form of, Two-wheeler Insurance, Health Insurance, Travel Insurance, Credit Insurance, Fine Arts Insurance, P & I Insurance, Errors & Omission Policy, and Home Insurance. In addition, IFFCO Tokio was also the first company in India to offer property and liability insurance. Also, IFFCO Tokio General Insurance was the first to establish Bima Kendras across rural India. In the motor division, the insurer provides car, two-wheeler, commercial vehicle, value auto coverage along with 24x7 on road assistance.

Royal Sundaram Car Insurance:

Royal Sundaram Car Insurance by Royal Sundaram General Insurance Co. is Ltd. a renowned name in the Indian insurance industry and the first private sector general insurance company providing customized insurance solutions to meet divergent needs of the individual, family, business. The promoters of the Royal Sundaram Finance- India’s biggest Non-Banking Financial Company and Royal Sundaram general insurance co ltd, the second largest general insurance company in the UK follows the practice of innovative products, high class service, and ease of claim settlement process. Royal Sundaram General Insurance Co. Ltd. was the first insurance company to introduce concepts like cashless claims processes, and value adds partnerships with top institutions to have extended market research.

Companies Cashless Garages Claim Settlement Ratio IDV Premium
ICICI Lombard 9700 76.53 Rs. 2 lakh 1848
Bajaj Allianz 6000 65.23 Rs. 1.65 lakh 2945
HDFC ERGO 6800 79.21 Rs. 1.64 lakh 2348
IFFCO TOKIO 6757 87.77 Rs. 1.97 lakh 1436
Royal Sundaram 3868 92.23 Rs. 2.54 lakh 1956

*Values are for illustration purposes. Please compare the car insurance quotes above the article*

Conclusion:

Our top car insurance picks for everyone needs are discussed above. Top 10 companies stood out among the competition as the best car insurance providers. High customer satisfaction scores and competitive rates are among the reasons we picked these carriers, but they aren't the only good options out there. While these carriers beat out other picks, depending on where you live and the type of coverage you're interested in, they may be good options.

When ranking these insurers, our team considered state availability, breadth of coverage, Pricing, and customer satisfaction. The first step in the process is to determine your needs. Next, consider your budget. How much are you willing to spend on this service? Is your budget constrained by other factors such as time, resources, and location? Finally, research the companies that fit these criteria and decide which one is best for you.

The best car insurance companies can vary based on your needs and budget. We recommend the above providers based on affordability, strong financial standing, positive customer service ratings, and mainly high claim settlement ratio. It’s always good to compare insurers. Get free car insurance quotes when you shop to find the best coverage and price for your car insurance.

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