With road accidents becoming increasingly common day by day, it is very important to have a high quality 4-wheeler insurance with low rates to avoid big financial liabilities. Having a third-party car insurance for your car is a mandate by law in India, hence it is necessary for new drivers to get auto insurance. There are many car insurance companies that offer specialized insurance plans, such as commercial vehicle insurance, car insurance for college students, car insurance for first-time drivers etc. But which companies have the highest ranking in terms of claim settlement ratio and network of cashless garages for car insurance? Let’s see our list of the 10 best car insurance companies in India 2021.
List of Content:
- Bajaj Allianz
- Tata AIG
- HDFC ERGO
- Bharti AXA
- ICICI Lombard
- Reliance General
- IFFCO Tokio
- United India
- New India Assurance
- National Insurance
1. Bajaj Allianz
Bajaj Allianz is a private general insurance company in India. It has one of the highest claim settlement ratios of car insurance companies of 98%. With a presence in 200+ cities and a network of 4000+ cashless garages, it is one of the fastest growing companies in car insurance. It has a 2 crore+ large customer base and is a trusted provider. A standout feature of Bajaj Allianz is its Motor-On-The-Spot app, which allows its policyholders to make claims through their smartphone and settle claims within 20-30 minutes during working hours, making its claim settlement process very fast and efficient.
2. Tata AIG
A joint venture between Tata group and AIG, Tata AIG is a reputed general insurance company that also provides motor insurance. It has 7500+ network garages and supports reimbursement claims, which has resulted in its top 10 ranking. It has a claim settlement ratio above 90%, and 13 different add-ons to choose from. With an efficient customer support team and discounts for installing anti-theft devices, it is a very reliable vehicle insurance provider.
3. HDFC ERGO
HDFC ERGO is a general insurance company in India. It is a joint venture between HDFC and Ergo International, and has a network of 5800+ cashless garages for 4-wheelers. One unique feature of HDFC ERGO that makes it stand out in comparison to other car insurance companies is its overnight car repair service, which provides repairs within a single night and also delivers the car directly to the client’s doorstep. It has a high claim settlement ratio of 90% and easy registrations and claim processing, making it one of the best companies for car insurance.
4. Bharti AXA
Bharti AXA is a private general insurance company, established in 2008. It is a joint venture between Bharti Enterprises and AXA group, and one of the rising players in car insurance. It has a network of 5200+ cashless garages, a claim settlement ratio of 94% and 24/7 customer assistance, making it an excellent choice for car insurance.
5. ICICI Lombard
ICICI Lombard is a leading private general insurance company in India, and has a network of 4300+ cashless garages. When looking at the claim settlement ratio of car insurance companies, ICICI Lombard stands tall with a claim settlement ratio of 93%, of which the majority were settled within 30 minutes through its InstaSpect instant claim processing facility and 24/7 claim assistance. With multiple plans and high utility add-ons, it provides some of the best car insurance plans in the industry.
6. Reliance General
Reliance General is a private general insurance company in India. It has a network of 5000+ cashless garages and 140+ branches in India. What differentiates Reliance General is that it is India’s first company to achieve prestigious ISO 9001:2008 certification, a testament to its high-quality services. It also has over 12000 intermediaries and agencies, and offers 24/7 roadside assistance across India, making it a very accessible car insurance provider.
7. IFFCO Tokio
One of the most prominent names in insurance, IFFCO Tokio is a very strong contender in the motor insurance industry. It is very transparent about its products and services and has a quick claim settlement time of 4 hours, which has helped build its reputation as a reliable insurance company. It has a network of 4300+ cashless garages, and a claim settlement ratio above 92%, making it a very suitable and convenient option for vehicle insurance.
8. United India
One of the oldest insurance companies of India, United India is a leading public sector general insurance company. As a government company, it has immense trust from its customers and has over 200 small offices in tier 2 and 3 cities to increase accessibility for the entire population. It has more than 1 crore insurance holders and 3100+ network garages. With a claim settlement ratio of 91.7%, it is one of the leading public sector insurance companies and a great choice for car insurance.
9. New India Assurance
New India Assurance is the largest public sector insurance company in India, and was founded in 1911 and nationalized in 1973. It has over 1300 offices and 3000+ network garages, with a claim settlement ratio of about 90%. It has a high solvency ratio of 2.1, and is one of the financially strongest insurance companies in India. A unique aspect about New India Assurance is that it is a multinational company and operates in a total of 28 countries, and is an experienced and skilled provider of all insurances.
10. National Insurance
National Insurance India was founded in 1906, and is one of the oldest public sector insurance companies in India. It has over 3100 garages in its network, and has an established presence with 1700+ offices all over India. It offers car insurance for 12 months, as well as bundled policy plans for 3 years. With a claim settlement ratio of 85% and 24/7 emergency assistance, it is one of the top 10 choices for car insurance in India.
That concludes our list of the top car insurance companies in India, in terms of both claim settlement ratio and network of cashless garages. While purchasing car insurance, one must consider many factors such as the claim settlement ratio, company’s presence across India, whether it has the lowest rates/quote and size of the cover. We hope this article has helped you gain more information about the best car insurance companies in India.
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