Car Insurance Companies in India

Car Insurance Companies

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Car Insurance Companies in India

If you are looking for the best insurance company for yourself then don't worry you are in the right place that will help you in getting the desired one. In India, it is mandatory to have a motor insurance plan if you owned a car, bike or any other vehicle under the Indian Motor Vehicle Act. There are many companies that deal in car insurance plan and choosing the best one that can easily go well with your needs is a daunting task. To understand the same in a more prominent way, we should first understand the car insurance and its importance.

Car insurance is basically a legal contract that is signed by two parties( Insured and Insurer). Under the same, the insurer will provide the needful coverage to the insured and car against losses that occur because of an accident, theft or any other unwanted emergencies. A pre-decided amount is fixed that is completely based on the IDV of the vehicle.

With amazing benefits and uniqueness, car insurance has become a necessity in today's world. But still, people are confused when it comes to real advantages of car insurance. At this page, you will get questions of all answers related to car insurance plans and car insurance companies as well.

Advantages of car insurance

Among all available channels through which you can make a purchase of a car insurance plan, below are a few advantages that you will get for sure.

Sno. Advantages
1 An effective car insurance will be there to provide the needful financial cover to all losses and damage that takes place because of accident, theft, fire, explosion, self ignition, lightning, riots, strikes, Act of terrorism, Transit by Rail, Road, Air & Elevator and natural calamities, (Earthquake, Flood and more).
2 You will also get coverage against financial liability that includes injury or death of a third party or damage to the property
3 Personal accident cover also comes under various car insurance policies.

Best Car Insurance Companies in India

  1. Bajaj Allianz General Insurance Company
    Bajaj Allianz General Insurance Company Limited is one of the leading general insurance companies of India. The company was established in 2001 and now it carries 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 the needs of a person, It has also enabled penetration with its advanced digital applications. The aim of the company is to deliver superior value and excellent experience to its customers.
    Know More - Bajaj Allianz Car Insurance
  2. Bharti AXA Motor Insurance Company
    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, an international insurance, and asset management company share the remaining 49%. The company was founded in 2008 and currently has around 79 branches all over the country. The company is providing helpful insurance policies for the retail and commercial clients. The company has around 79 branches all over the country. There are multiple products that you can avail from this insurer such as two wheeler insurance, car insurance, health insurance, personal accident insurance, critical illness insurance, home insurance and travel insurance. There are many other profitable products that include third-party motor liability insurance, commercial vehicle insurance, commercial line and SME package. The company has issued around 9.8 million policies and has settled 1.3 million claims till date.
    Know More - Bharti Axa Car Insurance
  3. Cholamandalam MS General Insurance Company
    Cholamandalam MS General Insurance Company Ltd (Chola MS) is one of the leading Indian insurance company which is basically a joint venture between the Murugappa Group, an Indian conglomerate, and the Mitsui Sumitomo Insurance Group (MSIG), a Japanese assurance company. The company's motto is 'T3- Trust, Transparency, and Technology'. 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
  4. Future Generali India Insurance
    Future Generali India Insurance is basically a joint venture between the Future Group and the Generali Group, which is a 184-year-old global insurer featuring among the world’s 50 largest companies. The company was established in 2007 with the aim to serve the company on the verge of explosive expansion. Future Generali India has suitably benefitted from the Indian expertise and network of Future Group and the global insurance insight in the diverse product. The company’s goal is to actively protect and enhance people’s lives
    Know More - Future Generali Car Insurance
  5. HDFC ERGO General Insurance Company
    HDFC ERGO General Insurance Company Ltd.- one of the leading general insurance company which is basically 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 products that include motor, health travel insurance products. Customers can also buy liability, marine, and property insurance products. Right now the company has its presence in 71 cities; it has 80 branch offices and around 1,100 staff members. The company is rated 'iAAA' by ICRA Limited. It also has the ISO certification for its claim services, policy issuance & customer servicing.
    Know More - Hdfc Ergo Car Insurance
  6. IFFCO-Tokio Insurance Company
    Info Tokio Insurance Company is basically a joint venture between IFFCO or The Indian Farmers' Co-operative, Nichido Fire Group and Tokio Marine. 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 are able to cover all requirements and facets of motor insurance. The company not only cater to each and every need that may arise when you purchase a vehicle but also promise easy claim settlements so that you can get a seamless solution.
    Know More - Iffco Tokio Car Insurance
  7. L&T Motor Insurance Company
    L&T General Insurance Company Ltd., abbreviated as L&T Insurance, is completely owned by Larsen & Toubro Limited (L&T). L&T has been rated among 50 most reputed companies in the world by ‘The Forbes’.The company’s aim to become the strong insurer who can stand out from all the available options to get effective and helpful insurance policies.
    The L&T Group has experience of around 70 years and the expertise and financial strength that have made it the leaders in the other segments, making the company the most credible and trustworthy insurers from day one. The company is offering a wide range of effective products.
    Know More - L & T Car Insurance
  8. National Insurance Company (NIC)
    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 has its headquartered in the Eastern part of the country. 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.
    Know More - National Car Insurance
  9. New India Assurance
    New India Assurance Co. Ltd. was founded in1919 by the House of Tata founder member- Sir Dorab Tata. The company was nationalized in 1973 with the merger of Indian companies. NIA is one of the leading insurance companies of India. It is the first Indian non-life company to reach Rs14304 Crore gross premium. The company also has its presence in foreign countries like Japan, U.K, Middle East, Fiji, and Australia. Earlier it was a subsidiary of the General Insurance Corporation of India (GIC).
    Know More - New India Car Insurance
  10. The Oriental Insurance Company Ltd
    Oriental Insurance Company Ltd was established on 12th September 1947. The organization has made a humble start with first-year premium of Rs.99.946 in 1950. The aim of the corporation was ‘Service to Clients’. Oriental, with its head office at New Delhi, has 30 Regional Offices and nearly 1800+ operating offices in various cities of the country. The company has operations in Nepal, Kuwait, and Dubai. The company has a total strength of around 14,000+ employees.
    Know More - Oriental Car Insurance
  11. Reliance General Insurance Company
    The Reliance General insurance company is a part of Reliance Group and one of the best general insurance companies of India which caters into almost every general insurance product such as motor insurance, health insurance, travel insurance and much more. The company has around 139 offices and almost 12,000 intermediaries in 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.
    Know More - Reliance Car Insurance
  12. Royal Sundaram Alliance Insurance Company
    Royal Sundaram Alliance Insurance Company Limited is the first general insurance company of private sector in India to be licensed since 2001. The company deals in Motor, Health, Personal Accident, Home and Travel Insurance to individual customers currently, Royal Sundaram has over 5 million customers, over 1700 employees and its products are distributed in over 180 cities across India, through agents, distribution partners, and brokers.
    Know More - Royal Sundaram Car Insurance
  13. SBI Insurance Company
    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 carries 19600 branches across the country, along with its 5 Associate Banks. It holds around 74% and IAG holds the remaining 26%. The company has its presence in 77 cities pan India and has a workforce of 2250 employees. SBI General has a distribution family that has over 14,178 IRDA approved SBI and its associate bank employees and over 6323 agents. 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.
    Know More - Sbi Car Insurance
  14. Shriram General Insurance
    It is basically a group company of Shriram Group. The main aim of the company is to serve the needful and common people of India. This General insurance company aim is to focus on the needs of customers, grooming talent, and bringing a great platform with latest technology and concept so that customers will get the best out of their investment portfolios. This well known general insurance company aims to serve the under-served segment of the economy related to the growth and sustainability for a long time. The company is offering a wide range of effective products.
    Know More - Shriram Car Insurance
  15. Tata AIG Motor Insurance Company
    This company is a joint venture with global insurance leader AIG, an American conglomerate and TATA. Since its foundation, the company is providing innovative insurance products so as to provide a complete spectrum of insurance services to its customers under consumer as well as commercial verticals. Right now, the company has around 152 branches, with a current workforce strength of 2833.
    Know More - Tata Aig Car Insurance
  16. 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. The general insurance business in India was nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations of 5 foreign insurance companies, 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, the well-known company United India has grown by leaps and bounds and has teams of around 18300 people and 1340 offices providing insurance cover to more than 1 crore policyholders. The company offers a wide range of effective products to consumers via the online and offline method.
    Know More - United India Car Insurance
  17. Universal Sompo Insurance Company Ltd
    Universal Sompo General Insurance is a private-public partnership venture in the Indian general insurance industry, The joint venture is between two nationalized banks namely Allahabad bank and Indian Overseas Bank, one private sector bank in Karnataka bank, Dabur Investment Corp- a leading FMCG company and Sompo Japan established in Tokyo which is a Fortune 500 company with a capital of 70 billion Yen. Universal Sompo offers health & critical illness, personal accident & disability, domestic, and motor insurance among other form of insurance.
    Know More - Universal Sompo Car Insurance

Claim Settlemet Ratios of Car Insurance Companies in India

S.no Insurance Company Claim Ratio
1 Bajaj Allianz General Insurance Co Ltd 78.50%
2 Bharti AXA General Insurance Company 76.88%
3 Cholmandalam Insurance Company 40.07%
4 Future Generali Insurance Company 77.31%
5 HDFC ERGO Insurance Company 76.90%
6 Iffco Tokio General Insurance Company 81.96%
7 National Insurance Company 97.25%
8 New India Assurance Company 91.26%
9 Oriental General Insurance Company 112.11%
10 Reliance General Insurance Company 92.23%
11 Royal Sundaram General Insurance Company 78.13%
12 SBI General Insurance Company 75.01%
13 Shriram General Insurance Company 102.57%
14 TATA AIG General Insurance Company 72.32%
15 United India Insurance Company 107.06%
16 Universal Sompo General Insurance Company 70.91%

Things to Know While Choosing a Car Insurance Company

By paying a comparatively cheap premium, you will end up investing in a wrong car insurance plan that will not help you at the time you need it most. When you look for different available options, you will surely get confused to choose the best one for yourself. Below is a checklist that you will keep in mind when you are selecting the right insurance company for yourself.

Authenticity

It is always advisable to check the authenticity of the insurance company. You can take help of IRDA website for the same. You can also check for the company’s IRDA registration number through the site. Once you know about the same through IRDA, then you can relax about the authenticity of the insurance company.

Financial Standing

Don't forget to look for the company’s financial standing. From this, you will get an idea about the claim process like is the company is able to settle the claim on time. You can do the same by having a simple search on the Google search.

Claim-Rejection Ratio

It is very important to check for the claim ratio of the company. You have invested this much so that you can get the required assistance on time. The lower the claim ratio, the better option it is. Simply Google search. Go for a company that carries better claim ratio.

Periodic Check

At the time of renewal it is always advisable to evaluate a few things. Check if you are getting good customer service. Assess how the company treated your claims. Figure out if your coverage is adequate and premium is cost-effective.

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