Traveling on foot is fun but for long distances, it can be a nightmare. To address the problem, you consider buying a car. As they are not cheap, you work hard and save extra to welcome a car in your home. It's your beauty and even a single scratch on it can get your heart racing. Unfortunately, accidents are unavoidable but you can be prepared for its outcomes. The best protection for your car can be addressed by an insurance policy. Car insurance acts as a financial umbrella for the car & his/her owner. The insurer has to inform the company and it will take care of the repair/loss expenses.
Now, the next obvious question is- which insurance provider will be best for you? Luckily, the market is flooded with several companies who are ready to serve the people. Each company has its own history but the offered benefits are somewhat similar to their competitors. What differentiates them with each other is their on-track performance. Based on that parameter, you can find a list of 15 top car insurance companies of 2020 that may be perfect for you.
Often, we require the help of experts when we are not able to reach a decision. In the insurance sector, Insurance Regulatory & Development Authority Of India (IRDA) has the power. 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.
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, carries a presence in almost 200 Indian towns and cities. The company is offering a wider range of effective and helpful insurance products that can easily go well with your needs. It has also enabled penetration with its advanced digital applications. The company aims is to deliver superior value and excellent experience to its customers.
Know More - Bajaj Allianz Car Insurance
|Incurred Claim Ratio||62%|
|Branches in India||30|
Bharti AXA General Insurance Company Limited is one of the leading general insurance companies which is owned by Bharti Enterprises in a combined undertaking with AXA, a global leader in financial protection. Bharti Enterprises holds around 51% stake in this joint venture while AXA Group, international insurance, and asset management company share the remaining 49%. The company was founded in 2008 and is providing helpful insurance policies for retail and commercial clients. There are multiple products at the company’s disposal such as two-wheeler insurance, car insurance, health insurance, personal accident insurance, critical illness insurance, home insurance, and travel insurance.
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|Incurred Claim Ratio||75%|
|Branches in India||104|
Cholamandalam MS General Insurance Company Ltd (Chola MS) is one of the leading Indian insurance companies which is a joint venture between Mitsui Sumitomo Insurance Group (MSIG) & the Murugappa Group. The company's motto is 'T3- Trust, Technology & Transparency'. The company is providing a wide range of effective car insurance policies through which you can easily choose the best one for yourself.
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|Incurred Claim Ratio||84%|
|Branches in India||93|
Future Generali India Insurance is a joint venture between the Future Group and the Generali Group, which is a 187-year-old global insurer featuring among the world’s 60 largest companies. The company was established in 2007 to serve the company on the verge of explosive expansion. Future Generali India has suitably benefitted from the Indian expertise and network of global insurance insight & Future Group in the diverse product. It 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.
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|Incurred Claim Ratio||69%|
|Branches in India||126+|
HDFC ERGO General Insurance Company Ltd.- one of the leading general insurance companies 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. It also has the ISO certification for its claim services, policy issuance & customer servicing.
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|Incurred Claim Ratio||82%|
|Branches in India||122|
IFFCO Tokio Insurance Company is a joint venture between IFFCO or The Indian Farmers Co-operative, Tokio Marine & Nichido Fire Group. Since its foundation as an insurance giant in India from 4th December 2000, it has been growing rapidly with a wide range of motor insurance solutions & providing easy insurance policies that can cover all requirements of motor insurance. The company not only caters to each and every need that may arise when you purchase a vehicle but also promise easy claim settlements so you can get a seamless solution.
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|Incurred Claim Ratio||87%|
|Branches in India||91|
The National Insurance Company was established in December 1906 and since its foundation, it stands out as the oldest insurance company in India and the only PSU non-life insurance company which is based on the nationalism principles of Swaraj (self-government). NIC has been recognized as 'Best in Service' in the motor and health classes of Business which constitute 63% of the Indian non-life insurance market.
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|Incurred Claim Ratio||127.50%|
|Branches in India||91|
New India Assurance Co. Ltd. was founded on 23rd July 1919, by the House of Tata Founder member- Sir Dorabji Tata. The company was nationalized in 1973 with the merger of Indian companies. NIA is one of the leading insurance companies in India. It is the first Indian non-life company to reach Rs.14,304 crore gross premium. The company also has its presence in foreign countries like Japan and New Zealand. Earlier, it was a subsidiary of the General Insurance Corporation of India (GIC).
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|Incurred Claim Ratio||87.54%|
|Branches in India||80|
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’. Oriental, with its head office in New Delhi & has 31 regional offices. The company has operations in Dubai, Kuwait, and Nepal.
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|Incurred Claim Ratio||112.62%|
|Branches in India||96|
Reliance General insurance company is a part of the Reliance Group and one of the best general insurance companies in India which caters to almost every general insurance products such as motor insurance, health insurance, travel insurance and much more. The company has more than 28900 intermediaries all over India. The company has been awarded for its Quality Management System by well-known Global Quality Standards Auditing Company- Det Norske Veritas (DNV). 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.
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|Incurred Claim Ratio||85%|
|Branches in India||128|
Royal Sundaram Alliance Insurance Company Limited is the first general insurance company of the Indian private sector to be licensed in 2001. The company deals in Motor, Health, Personal Accident, Home and Travel Insurance for individual customers. Royal Sundaram has over 5.20 million customers, over 2000+ employees and its products are distributed across India, through agents, distribution partners, and brokers.
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|Incurred Claim Ratio||89%|
|Branches in India||136|
State Bank of India and Insurance Australia Group (IAG) jointly own SBI General Insurance Company Limited. SBI is the largest banking franchise in India that has over 5500 Regional Rural Banks (RRBs). It holds around 74% control and IAG holds the remaining 26%. SBI serves Motor, Health, Personal Accident, Travel and Home insurance for individuals, fire, marine, package, construction and engineering liability, group health, group personal accident and miscellaneous Insurance for businesses.
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|Incurred Claim Ratio||87%|
|Branches in India||23000+|
This company is a joint venture with global insurance leader AIG (an American conglomerate) & TATA. Since its foundation, the company is providing 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
|Incurred Claim Ratio||70%|
|Branches in India||152|
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. The general insurance business in India was nationalized in 1972. 12 Indian Insurance Companies, Indian operations of 5 foreign insurance companies, and 4 cooperative insurance societies, besides General Insurance operations of the southern region of Life Insurance Corporation of India, were collated with United India Insurance Company Limited. In a few years, United India has grown by leaps and bounds and has around 18300 workforce and 1340 offices providing insurance cover to more than 1 crore policyholders. The company offers a wide range of effective products to consumers via online and offline methods.
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|Incurred Claim Ratio||120.79%|
|Branches in India||1340|
Universal Sompo General Insurance is a private-public partnership venture in the Indian general insurance industry. The joint venture is between two nationalized banks (Allahabad Bank and Indian Overseas Bank). Universal Sompo offers health & critical illness, personal accident & disability, domestic, and motor insurance among other forms of insurance.
Know More - Universal Sompo Car Insurance
|Incurred Claim Ratio||88%|
|Branches in India||86|
You can’t afford to choose the wrong 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’. In order 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. Here, they are:-
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.
It is always advisable to check the authenticity of the insurance company. You can take the help of the IRDA website for the same. You can also check for the company’s IRDA registration number through the site.
Don't forget to look at the company’s financial standing. 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.
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 the required information & you will see the list quotes of different companies flashing on the screen. Choose the one which makes your heart and budget happy.
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. Now, 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.
Yes, you can rely on private companies as well, nowadays, private companies are also maintaining a good claim settlement ratio. The IRDA is also there to oversee all private and government companies as well.
No, LIC does not offer any car insurance to its clients but there are other government options to opt for.
Private health insurance companies provide better service and facilities than the government ones as they have performance incentives.
Yes, car insurance companies do check the background before providing insurance like any fraud, losses or theft before.
The best car insurance company will have a good claim settlement ratio, coverage, crash repair facility, etc. Check the benefits and features provided by the company thoroughly to select the best option available.
PolicyX will help in comparing the different car insurance policies from various companies including top insurers that allow you to check and verify all information regarding the policy in detail. Also, the customer support team will help you in buying, choosing, getting the best deal and claim settlement of an insurance policy.
Yes, greater than 90% CSR implies a good claim settlement ratio of the insurance company, i.e., the ratio of the number of claims settled by the number of claims received by the company.
You need to check whether it is provided by the car insurance company, as many insurance companies have some terms and conditions also to fulfill the services.
Yes, you can buy directly from the car insurance company.
Yes, you can make online claims in national insurance, you will be required to download the claim form and submit online after filling it.
Yes, you need to inform about the changes and modifications made as this might cause an issue while changing the parts of the car in the future for any claim settlement.
Insured Declared Value (IDV) is calculated as the manufacturer's listed selling price minus depreciation. The registration and insurance costs are excluded from IDV.
File an FIR in the police station, send an attested copy of the FIR to the insurance company, and request a duplicate copy of the lost policy.
Yes, you can change your car insurance company.
No, not the full value will be paid but it will be calculated and paid only if the repair costs exceed the actual value of the car.
You can transfer the accumulated NCB o the next insurer but if you change before completion of 1 year you will not be allowed to get the same.
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Last updated on 08-01-2020