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Car Insurance Companies

In India, there are many insurance companies that offer car insurance to protect your car from the damages caused by road accidents or any other unfortunate incident. However, with a long list of insurers, it’s quite confusing to trust one among them. For your convenience, we have designed a list of 15 top car insurance companies of 2020 that may be perfect for you.

15 Best Car Insurance Companies In India

Best Car Insurance Companies In India

As per the IRDA's 2018-19 annual report, we have updated the incurred claim ratio of each company. It may help you to make a better decision.

1. Bajaj Allianz General Insurance Company

Bajaj Allianz General Insurance Company Limited is one of the leading general insurance companies in India and is certified by the Insurance Regulatory and Development Authority of India (IRDAI). The company was established in 2001, and now has offices in over 1100 Indian towns and cities. The company offers a wider range of effective and helpful insurance products that can easily go well with your needs.

Know More - Bajaj Allianz Car Insurance

HeadquartersPune
Incurred Claim Ratio62%
Branches in India30
Network Garages4000+

**Last Updated on 20-11-2020

2. Bharti AXA General Insurance Company

Bharti AXA General Insurance Company Limited is one of the leading general insurance companies in India, which is owned by Bharti Enterprises in a combined undertaking with AXA, a global leader in financial protection. Bharti Enterprises holds a 51% stake in this joint venture while AXA Group shares the remaining 49%. The company was founded in 2008 and is providing helpful insurance policies for retail and commercial clients.

Know More - Bharti Axa Car Insurance

HeadquartersMumbai
Incurred Claim Ratio75%
Branches in India104
Network Garages5200+

**Last Updated on 20-11-2020

3. Cholamandalam MS General Insurance Company

Cholamandalam MS General Insurance Company Ltd (Chola MS) is a joint venture between Mitsui Sumitomo Insurance Group (MSIG) & the Murugappa Group. The company is providing a wide range of effective car insurance policies through which you can easily choose the best one for yourself.

Know More - Cholamandalam Ms Car Insurance

HeadquartersChennai
Incurred Claim Ratio84%
Branches in India93
Network Garages7100+

**Last Updated on 20-11-2020

4. Future Generali India Insurance Company

Future Generali India Insurance is a joint venture between the Future Group and the Generali Group. The company was established in 2007 and has acquired certifications in the years 2013 and 2014; viz. ISO 9001:2008 and ISO 27001:2013 respectively. The company's goal is to actively protect and enhance people's lives.

Know More - Future Generali Car Insurance

HeadquartersMumbai
Incurred Claim Ratio69%
Branches in India126+
Network Garages3500+

**Last Updated on 20-11-2020

5. HDFC ERGO General Insurance Company

HDFC ERGO General Insurance Company Ltd. is a joint venture between HDFC Ltd. and ERGO International AG, which is the main insurance body of Munich Re Group. It offers a wide range of effective insurances that include motor, health, travel, etc. The customers can also buy liability, marine, and property insurance products. The company is rated 'AAAA' by ICRA Limited.

Know More - HDFC ERGO Car Insurance

HeadquartersMumbai
Incurred Claim Ratio82%
Branches in India122
Network Garages6800+

**Last Updated on 20-11-2020

6. IFFCO Tokio General Insurance Company

Incorporated in the year 2000, IFFCO Tokio Insurance Company is a joint venture between IFFCO or The Indian Farmers Co-operative, Tokio Marine & Nichido Fire Group. The company offers a wide range of motor insurance solutions to its customers. The company not only caters to every need that may arise when you purchase a vehicle but also promise easy claim settlements so you can get a seamless solution.

Know More - IFFCO Tokio Car Insurance

HeadquartersGurugram
Incurred Claim Ratio87%
Branches in India91
Network Garages4300+

**Last Updated on 20-11-2020

7. National Insurance Company (NIC)

The National Insurance Company is one of the oldest general insurance companies, which was established in December 1906. It is the only PSU non-life insurance company, which is based on the nationalism principles of Swaraj (self-government). The NIC received several awards, including ‘The Economic Times Best Brands Award’.

Know More - National Car Insurance

HeadquartersKolkata
Incurred Claim Ratio127.50%
Branches in India91
Network GaragesAvailable

**Last Updated on 20-11-2020

8. New India Assurance Company

New India Assurance Co. Ltd. was founded in 1919 by Sir Dorabji Tata. The company was nationalized in 1973 with the merger of several Indian companies. NIA is one of the leading insurance companies in India and has its presence in 28 foreign countries like Japan, Australia, etc.

Know More - New India Car Insurance

HeadquartersMumbai
Incurred Claim Ratio87.54%
Branches in India80
Network GaragesAvailable

**Last Updated on 20-11-2020

9. Oriental Insurance Company Limited

Oriental Insurance Company Ltd was established on 12th September 1947. The organization has made a humble start with the first-year premium of Rs.99,946 in 1950. The aim of the corporation is ‘Service to Clients'. The company has 31 regional offices in India.

Know More - Oriental Car Insurance

HeadquartersNew Delhi
Incurred Claim Ratio112.62%
Branches in India96
Network GaragesAvailable

**Last Updated on 20-11-2020

10. Reliance General Insurance Company

Reliance General Insurance Company is a part of the Reliance Group and is one of the best insurance companies in India that caters to almost every general insurance product such as motor, health, travel, and much more. It is the first Indian insurance company that was awarded the company-wide ISO 9001:2008 certification for providing end to end services and products all over India.

Know More - Reliance Car Insurance

HeadquartersMumbai
Incurred Claim Ratio85%
Branches in India128
Network Garages6200+

**Last Updated on 20-11-2020

11. Royal Sundaram General Insurance Company

Royal Sundaram General Insurance Company (formerly known as Royal Sundaram Alliance Insurance Company Limited) is the first general insurance company of the Indian private sector to be licensed in 2000. The company deals in Motor, Health, Personal Accident, Home and Travel Insurance for individual customers.

Know More - Royal Sundaram Car Insurance

HeadquartersChennai
Incurred Claim Ratio89%
Branches in India136
Network Garages4600+

**Last Updated on 20-11-2020

12. SBI General Insurance Company

State Bank of India and Insurance Australia Group (IAG) jointly own SBI General Insurance Company Limited. SBI owns 70% stake in SBI General Insurance while Napean Opportunities LLP (Premji Invest affiliate) owns 16.01%, Honey Wheat Investment Ltd. (an entity forming part of Warburg Pincus Group) owns 9.99%, PI Opportunities Fund-1 owns 2.35% and Axis New Opportunities AIF-I owns 1.65%. SBI General offers a long list of insurance products to match the rising needs of its customers.

Know More - SBI Car Insurance

HeadquartersMumbai
Incurred Claim Ratio87%
Branches in India23000+
Network GaragesAvailable

**Last Updated on 20-11-2020

13. Tata AIG General Insurance Company

Tata AIG Insurance Company is a joint venture between global insurance leader AIG (an American conglomerate) & Tata. Since its foundation, the company has provided innovative insurance products to cover a complete spectrum of insurance services to its customers, under consumer as well as commercial verticals.

Know More - Tata AIG Car Insurance

HeadquartersMumbai
Incurred Claim Ratio70%
Branches in India152
Network Garages5000

**Last Updated on 20-11-2020

14. United India Insurance Company – UIIC

United India Insurance company (UIIC) is a well-known name when it comes to the general insurance industry. The company was established on 18th February 1938. United India has grown by leaps and bounds and has around 14000 workforce and 2280 offices, providing insurance cover to more than 1.74 crore policyholders. The company offers a wide range of effective products to people via online and offline methods.

Know More - United India Car Insurance

HeadquartersChennai
Incurred Claim Ratio120.79%
Branches in India1340
Network GaragesAvailable

**Last Updated on 20-11-2020

15. Universal Sompo General Insurance Company

Universal Sompo General Insurance is a private-public partnership venture in the Indian general insurance industry. The joint venture is between Dabur Investment Corp, Allahabad Bank, Indian Overseas Bank, Karnataka Bank, and Sompo Japan Nipponkoa Insurance Inc. Universal Sompo offers useful insurance solutions (including motor) to meet the requirements of the Indian people.

Know More - Universal Sompo Car Insurance

HeadquartersMumbai
Incurred Claim Ratio88%
Branches in India86
Network Garages3500+

**Last Updated on 20-11-2020

Things to Know While Choosing a Car Insurance Company

You can't afford to choose the wrong insurance plan for your car. It can prove to be costly for you in the future. So, it's better to conduct a deep background check when you go through the above list of companies as your ‘Future Insurance Provider'. To make this possible, you can browse through the below-stated factors that may help you to gain insight into a company's past & future.

  • Understand Your Requirements: It's not possible to choose a product/service without identifying your needs. So, before you start to dig up the financial data of car insurance companies, try to figure out the type of protection you need for your car. For example, a single plan will be enough or you will need additional covers with the same.
  • Authenticity: It is always advisable to check the authenticity of the insurance company. You can take the help of the IRDAI website for the same. You can also check for the company's IRDA registration number through the site.
  • Claim Settlement Ratio: Don't forget to look at the company's CSR. From this, you will get an idea about the claim process. For example, whether the company fulfills its promise to settle the claim on time or not.
  • Online Comparison: Everyone wants a great insurance plan without hurting their budget. The best way to do that is via a comparison. Scroll up to the top of this page, fill in the required information in the form & you will see the list of quotes of different companies flashing on the screen. Choose the one which makes your heart and budget happy.
  • Network Garages: Nowadays, every car insurance provider offers a list of cashless network garages to its customers. They are convenient and most importantly, the company itself handles all the repair negotiations with the garage. The smart play for you here will be to ride with a company that promises to offer an extensive list of network garages. That way, you won't have to travel long distances to select a network garage.

Car insurance is the best partner for your car. Period. You will sleep better at night knowing that your dream car is financially protected. So, what are you waiting for? Select the best insurance provider based on the above factors and make it official.

Car Insurance FAQ's

1. Do all car insurance companies provide towing services?

You need to check this with the respective provider before buying a policy from it.

2. Do I need to inform my car insurance company if I make any changes to my car?

Yes, you need to inform about the changes and modifications made for a smooth claim settlement in the future.

3. How can PolicyX.com help you to choose the best car insurer?

After you provide all the information to us, we’ll share a list of quotes from the top car insurers in the market. You can compare them and choose the best as per your requirements. Also, our customer care team is always available to address your queries.

4. Do car insurance companies check the background of the person before providing car insurance?

Yes, they do. They go through fraud and theft records to make sure that the person is not a criminal.

Last updated on 20-11-2020