Are you searching for the top car insurance companies in India? Look no further! We’ve compiled a detailed guide featuring the highest-rated car insurance providers in the country.
Car insurance safeguards your vehicle against accidents, theft, fire, and natural calamities.
According to the Indian Motor Tariff, all vehicle owners must have at least third-party car insurance to legally operate their vehicles on the road.
We’ll introduce you to the best car insurance companies in India and provide essential information to help you choose the right coverage for your needs.
Top Car Insurance Companies In India
| Company | Renewal Cost (1000-1500cc) | Third-party coverage | Claim Settlement Ratio (CSR) | Pros | Cons |
| Acko Car Insurance Policy | ₹3,416 | Yes | 95.50 percent | 3-Day Doorstep Delivery Outstation Emergency Coverage | Limited number of cashless garages |
| Go Digit Car Insurance | ₹3,416 | Yes | 95 percent | Burglary Damage Coverage Engine and Gearbox Protection: Repairs Available Anywhere | Third-party plans offer limited add-ons. |
| IFFCO TOKIO Car Insurance | ₹3,221 | Yes | 96.80 percent | Zero Depreciation Coverage 24/7 Roadside Assistance | Reduced Google Rating |
| ICICI Lombard Car Insurance | ₹3,221 | Yes | 87.38 percent | Accidental Coverage for Co-Passengers No Claim Bonus (NCB) Benefit | Fewer number of garages |
| SBI General Car Insurance | ₹3,221 (three thousand two hundred twenty-one rupees) | Yes | 89.51 percent | Personal Accident Coverage of up to ₹15 lakh, Invoice Coverage, and ₹2 lakh coverage for a hired rider and co-passengers in the event of an accident. | Fewer number of garages |
| Royal Sundaram General Insurance Car Coverage | ₹3,221 | Yes | 98.60 percent | Transit and Theft Protection Vehicle Replacement Value Coverage | Damage resulting from mechanical breakdown is not included in coverage. |
Acko General Insurance Co. Ltd.
Acko General Insurance, established in 2016, is one of the fastest-growing general insurance companies in India. It offers a wide range of motor policies, including third-party, two-wheeler, commercial vehicle, and comprehensive insurance. The digitized process makes it easy to renew motor policies and file claims efficiently.
Go Digit General Insurance Ltd.
Go Digit is one of the top motor insurance providers in India. It is known for its exceptionally easy claim processes, which can be completed in minutes. As a rising player in the Indian insurance sector, Go Digit has amassed a client base of over 30 million Indians.
The company offers competitive premium quotes, provides ten add-on options to customize your motor vehicle insurance, and ensures an excellent customer service experience.
IFFCO Tokio General Insurance Co. Ltd.
IFFCO Tokio began operations in 2000 as a joint venture between Indian Farmers Fertiliser Co-operative Limited (IFFCO) and Tokio Marine Group. The company provides a wide range of car insurance coverages across India.
IFFCO Tokio allows you to easily purchase new two-wheeler or car insurance within minutes or renew your existing policies. With a presence in tier 2, 3, and 4 towns, IFFCO Tokio ensures that its services are available right at your doorstep.
SBI General Insurance Co. Ltd.
SBI General is one of the fastest-growing private general insurance companies in India. Its advanced motor policy utilizes a multi-distribution model.
Through digital services, the company has successfully extended its reach to even the most remote areas of India, making affordable motor insurance accessible to all. SBI General prioritizes transparency and empathy in its insurance coverage, earning the trust of its customers.
ICICI Lombard General Insurance Co. Ltd.
ICICI Lombard is a prominent motor vehicle insurer in India, recognized for its extensive customer service network. The company operates 265 fully functional branches nationwide, offering immediate chat and call support to enhance customer experience. ICICI Lombard boasts one of the highest claim settlement ratios among all motor insurers in the country.
Royal Sundaram General Insurance Co. Ltd.
Royal Sundaram General Insurance Company offers various innovative policies, including third-party liability, comprehensive coverage, and commercial vehicle insurance.
With exceptional customer care and seamless claims assistance available at 158 locations across India, Royal Sundaram has served nearly 28 million clients.
As one of the leading auto insurers in India, Royal Sundaram holds a significant market share in motor insurance, catering to both urban and rural consumers across the country.
How to Choose the Best Car Insurance Company in India?
Each individual’s perception of the best auto insurance company in India is subjective and based on their specific needs. When choosing the ideal auto insurance provider, preferences vary widely. Some people value insurers with an extensive network of cashless garages, while others prioritize those with the highest claim settlement ratios.
Network of Cashless Garages
An auto insurance company can enable cashless claims by partnering with a network of garages. When choosing an auto insurance provider, it’s essential to consider the strength of their cashless garage network. Additionally, it’s important to verify whether there are sufficient cashless garages in the vicinity of your residence.
Claim Settlement Ratio
A car insurance company’s claim settlement ratio reflects the percentage of total claims resolved during a specific fiscal year. To secure the best claim settlement ratio in auto insurance, it’s advisable to choose an insurance provider with a high settlement rate.
Availability of Add-ons
Add-ons are coverage options that can enhance protection in a basic auto insurance policy. Both own-damage and comprehensive policies offer these add-ons, which can be selected at the time of purchase and during policy renewal. A reputable auto insurance provider should provide a wide range of optional features.
Customer Support Service
Assessing the accessibility and quality of an insurance company’s customer service is essential. While some providers offer 24/7 customer support, others may only assist during business hours on weekdays.
Types of Car Insurance Policies Offered By Different Insurance Companies
There are three distinct types of auto insurance plans based on the coverage offered for two-wheeler and four-wheeler vehicles:
Third-Party Car Insurance
As per the regulations outlined in the Indian Motor Tariff, all car owners are required to obtain a third-party car insurance policy. This policy covers any incidents involving your vehicle that may cause harm to another person’s property or physical well-being, including cases of disability or death. The maximum coverage amount for property damage to third parties is capped at ₹7.5 lakh.
Standalone Own-Damage Car Insurance
This plan exclusively covers damages to your vehicle resulting from incidents such as traffic accidents, natural disasters, fires, explosions, theft, and riots, among others. To comply with legal requirements, you must also obtain a third-party auto insurance policy. The standalone new, own-damage auto insurance plan allows you the flexibility to select your coverage options for both your vehicle’s damages and third-party coverage from various insurance providers.
Comprehensive Car Insurance
If your car is damaged, this bundled coverage will protect you from both liabilities to others and any losses you may face. Among the three types of auto insurance plans, comprehensive coverage provides the highest level of protection. Additionally, you can further enhance this plan’s coverage by opting for add-ons such as engine protection or zero depreciation cover.
ICICI Lombard
Overview
ICICI Lombard General Insurance is a leading player in the Indian car insurance market and is known for its robust offerings and innovative solutions. Established in 2001 as a joint venture between ICICI Bank and Fairfax Financial Holdings, the company has built a strong reputation for reliability and customer-centric services. With a presence in over 500 cities, ICICI Lombard caters to a diverse clientele, providing comprehensive coverage options tailored to individual needs.
Key Features
- Claim Settlement Ratio: ICICI Lombard boasts one of the highest claim settlement ratios in the industry, ensuring prompt and efficient claim handling. This factor significantly enhances customer confidence and satisfaction.
- Customer Service: The company offers 24/7 customer support through various channels, including a user-friendly mobile app, enabling customers to access assistance anytime, anywhere.
- Cashless Garage Network: With an extensive network of over 6,500 cashless garages across India, ICICI Lombard simplifies the claims process, allowing policyholders to receive immediate assistance without upfront payments.
Coverage Options
ICICI Lombard provides a variety of car insurance policies, including:
- Comprehensive Car Insurance: Offers extensive coverage for damages to your vehicle, third-party liabilities, theft, and natural disasters, along with optional add-ons such as zero depreciation cover and personal accident cover.
- Third-Party Liability Insurance: Mandatory as per Indian regulations, this policy covers damages to third-party property or injuries sustained due to your vehicle, ensuring compliance with legal requirements.
- Own Damage Insurance: This standalone policy covers damages to your vehicle, including those caused by accidents, fire, theft, and other unforeseen events. It allows you to choose your coverage with flexibility.
Frequently Asked Question
What are the top car insurance providers in India?
The leading car insurance providers in India include ICICI Lombard, HDFC Ergo, Royal Sundaram, SBI General, and Go Digit. These companies are known for their comprehensive coverage options and excellent customer service.
How can I compare car insurance providers?
You can compare car insurance providers by evaluating their claim settlement ratios, coverage options, premium rates, customer reviews, and additional benefits like cashless garages and add-ons. Online comparison tools can also help streamline this process.
Is it mandatory to have car insurance in India?
Yes, as per the Indian Motor Tariff regulations, all car owners must have at least a third-party car insurance policy to legally drive on Indian roads.
What is a claim settlement ratio, and why is it important?
The claim settlement ratio (CSR) represents the percentage of claims an insurance company settles compared to the total claims received in a given period. A higher CSR indicates a company’s reliability and efficiency in processing claims, making it a crucial factor to consider when choosing a provider.
Can I purchase car insurance online?
Yes, most car insurance providers in India offer the option to purchase policies online through their websites or mobile apps. This process is typically quick and convenient, allowing you to compare options and complete transactions from home.
What are add-ons in car insurance, and should I consider them?
Add-ons are additional coverage options that can enhance your car insurance policy. Common add-ons include zero depreciation cover, personal accident cover, engine protection, and roadside assistance. Depending on your needs, these add-ons can provide extra security and peace of mind.
What should I do if my claim is rejected?
If your claim is rejected, you should first review the reasons for rejection provided by your insurer. You can then appeal the decision by providing additional evidence or clarification. If necessary, consider contacting the Insurance Ombudsman for further assistance.
Conclusion
Choosing the best car insurance provider in India is crucial for safeguarding your vehicle and ensuring peace of mind on the road. With a variety of options available, it’s essential to evaluate each provider based on their claim settlement ratios, coverage options, customer service, and premium rates. Leading companies like ICICI Lombard, HDFC Ergo, Royal Sundaram, SBI General, and Go Digit have established themselves as reliable choices, offering comprehensive policies tailored to meet diverse customer needs.
As you navigate your options, remember to consider your requirements, including the type of coverage you need and any additional benefits that may enhance your policy. Whether you prioritize affordability, extensive coverage, or exceptional customer support, understanding the strengths of different providers will empower you to make an informed decision.
