Best Car Insurance Companies in India 2021
Car insurance allows you to alleviate financial obligations which might result from an adverse incident affecting your vehicle, such as a traffic accident, robbery, natural calamities, etc. In India, there are presently 25 insurance firms that sell car insurance. Read on to know the best ones.
It is not a smart choice to pick a car insurance policy purely based on the lowest premium. The one that offers full protection at a reasonable premium is the safest car insurance policy. Also, one must consider the claim-settlement ratio when choosing a car insurance company. It is possible to tailor any of the car insurance policies offered on the market to meet one's needs.
Best Car Insurance Companies in India 2021
Here is a list of top car insurance companies in India
|
Rank |
Car Insurance Companies |
ClaimSettlement Ratio (2019-20) |
No of Claims Available for Processing (2019-2020) |
|
1 |
95.30% |
546175 |
|
|
2 |
92.66% |
335119 |
|
|
3 |
91.6% |
454044 |
|
|
4 |
90.78% |
128873 |
|
|
5 |
90.49% |
989258 |
|
|
6 |
89.60% |
1172158 |
|
|
7 |
85.71% |
934875 |
|
|
8 |
84.52% |
4850 |
|
|
9 |
83.91% |
47665 |
|
|
10 |
82.93% |
502578 |
(Source: IBAI’s Claim Insights Handbook, Edition-5th)
1. IFFCO Tokio: They have an extensive product offering in the form of car insurance. They offer cover for own damage and third-party liability insurance that assists policyholders in case of any mishaps/accidents.
2. Royal Sundaram: Their expansive car insurance gives you full peace of mind by providing compensation for all losses due to natural and man-made disasters. By opting for add-ons by paying an extra premium, you can even enhance your base comprehensive policy.
3. Oriental Insurance Company: They have comprehensive insurance intended to compensate vehicle accidental damage/loss, third-party liability, as well as loss/damage incurred by burglary, natural hazards, fire/explosion/lightning/self-ignition, or during travel. Moreover, it also provides the owner-driver with personal injury protection, in addition to providing many discounts and add-on covers.
4. Universal Sompo: The insurer sells private and commercial insurance. The private vehicle package includes damages stemming from man-made and natural disasters, civil liability for personal injuries and property harm incurred by third parties, and mandatory personal accident protection for owner-drivers.
5. TATA AIG: They offer a car own damage policy, third-party liability insurance, motor floater insurance, commercial car, and taxi insurance, and long-term car insurance.
6. New India Assurance Company: They are one of India's biggest and oldest general insurers in the public sector. They provide tailor-made insurance plans for any private car. Own damage car insurance and third-party liability insurance are protected under their policy.
7. National: They are one of India's top car insurance companies. They offer insurance against liabilities of third parties, loss/damage to the vehicle due to natural events, burglary, and disasters caused by man. They also cover towing charges, quick renewals, NBCs, and add-on covers.
8. Edelweiss: They offer third-party liability as well as any loss/damage to your vehicle incurred. By opting for personal injury protection for passengers and civil responsibility cover for paying drivers, Edelweiss car insurance allows you to expand your coverage. In India, they have the highest claim ratios amongst car insurers.
9. Acko: It is one of the newest general insurance companies in the private sector in India. They practice a full online-led model of offering insurance products.
10. United India Assurance: It is a public sector insurer and offers its own damage coverage, third-party liability cover, as well as owner-driver personal accident cover. Any damage to your vehicle due to accidents/collisions, burglary, manmade and natural calamities as well as loss/damage to car accessories.
Also, Read
What To Do If your Car Catches Fire?
Benefits of Multi-Year Car Insurance in the Long Run
Conclusion
The above-mentioned insurance providers are well known for their reputable services. However, you cannot call anyone an insurance company or policy the ‘best’. The best insurance policy for your car or two-wheeler is one that is best suited to your needs. The best way to understand what type of insurance policy you should select is by doing your research to understand the basics of insurance and then comparing. Make sure to compare the different insurance companies, the specific policies for their terms and conditions especially their exclusions, their network of cashless garages and the reviews of their customer service. An efficient insurance provider is crucial as it can be extremely frustrating to deal with slow and inefficient services during a time of crisis.
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.
