5 Best Car Insurance Companies In India In 2024

Cars are one of the most unrivalled modes of transport as the comfort that they offer is simply unparalleled. This is why in India, the number of car owners is only increasing with each passing year. While the number of car owners in the city is high, irrespective of the geographical location, it is a must for all to possess car insurance. According to the Motor Vehicles Act, 1988, buying car insurance is an inescapable clause for all car owners in India. 

It is due to the immense significance of car insurance that every other insurance company now provides car insurance policies. Each car insurance plan has its own benefits and thus picking one out of so many often becomes a mammoth task. But, you need not worry, as to help you out, we have compiled a list of the best car insurance companies in India. 

5 Best Car Insurance Companies In India 

Listed below are the top 5 car insurance companies in India along with the benefits of choosing them:

1. IFFCO Tokio General Insurance 

IFFCO Tokio General Insurance is one of the leading car insurance companies in India. The company offers a range of car insurance plans with very affordable premiums. Some of the benefits of IFFCO Tokio car insurance plans include no claim bonus, roadside assistance, and cashless claims at network garages. You can also include add-on covers under your IFFCO Tokio car insurance plans like engine protection, zero depreciation cover, roadside assistance, and return to invoice. 

2. HDFC Ergo

Another trusted name that customers easily rely upon when it comes to car insurance plans is HDFC Ergo. The company is a joint venture of HDFC and ERGO International AG. HDFC Ergo offers numerous car insurance plans and has premiums starting from Rs.2094. HDFC Ergo has the trust of millions of happy customers who rely on the company for their car insurance plans. 

3. TATA AIG

TATA AIG is a joint holding of Tata Group and American International Group. This is a general insurance company that provides amazing car insurance plans for the benefit of car owners in India. The best part about buying car insurance plans with TATA AIG is that you can also take the advantage of customising the plans by including add-ons according to your needs.

4. Acko Car Insurance

Acko Car Insurance is part of ACKO Technology and Services Private Limited, (Acko) which is a digital-first company. Acko operates a direct-to-consumer platform and is trusted by over 6.2 crore customers across India. Acko has issued over 8 crore policies till date and is growing stronger due to its customer centric approach.

5. Cholamandalam MS Car Insurance

Last but not least, Cholamandalam MS is yet another insurance company that you can easily trust for your car insurance needs. This famous insurer is a joint venture of Murugappa Group and Japan-based Mitsui Sumitomo Insurance Company Limited. The car insurance plans are designed by Cholamandalam MS in a way that car owners are protected against any financial burden that may incur as a result of damage to the car. Offering 24*7 customer support, Cholamandalam MS is certainly a go-to insurer for any type of car insurance. 

How Can You Select The Best Car Insurance Plan?

As a car owner, you should be aware of some of the tips that will be helpful in selecting the best car insurance plan. So, go through the list and make an informed decision:

• Claim Settlement Ratio: When it comes to claiming, you can gauge a company’s performance based on its Claim Settlement Ratio (CSR). Go for companies with a CSR over 80% as the higher the CSR, the greater will be the reliability of any car insurance company in getting the claims settled.
• Network Of Cashless Garages: You must check the network of cashless garages offered by an insurance company. The wider the network of garages will be, the easier it will be for you to get cashless settlements of your car insurance claims in case of any damage or loss.

• Third-party Liability: It is very important that your car insurance company provides you with third-party liability and it is also mandatory to take third-party coverage. With third-party liability coverage in your car insurance plan, you can easily cope or compensate for the financial loss that can occur to a third party. 

• Customer Service: As a customer, you should always purchase a plan that offers effortless and 24*7 customer service. Dedicated and prompt customer service is something that can help you during the claim settlement process, renewal process, or at any other point of your car insurance policy term. Also, choose an insurance company that provides both online and offline customer service.

Conclusion

Thus, as you all know car insurance acts as the best buddy to car owners, so compare the different car insurance plans available and make an informed decision. To buy the best car insurance plans online, you can fill in quotes at InsuranceDekho or get in touch with the customer care experts on the toll-free number 7551196989 and share your requirements. 

FAQs

Which car insurance company is best in India as per CSR?

Ans. Based on the claim settlement ratio (CSR), HDFC Ergo Car Insurance is the best car insurance company in India with a CSR of 100%

What is the meaning of claim settlement?

Ans. Claim Settlement Ratio or CSR is the percentage of claims an insurance company or insurer has settled in a financial year against the total number of claims raised in that year. 

How to calculate settlement ratio?

Ans. There is a simple formula for calculating CSR or claim settlement ratio is Total Number of Claim Settled in a Year/ Total Number of Claim Requests Raised in a Year x 100

Which car insurance cover is best?

Ans. Buying a comprehensive car insurance type is best since it gives a complete coverage for both third party and stand alone own damage.

Is PPF coating good or bad?

Ans. PPF coating is good for your car as it prevents your car from getting damaged due to scratches, UV rays, minor aberrations and keeps the car’s shine intact.

Also Read: 

Things Covered In An Own-Damage Car Insurance Policy

Benefits of Buying Standalone Own-Damage Car Insurance 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.