Here is a Complete List of All Car Insurance Companies in India

Car insurance is a tool that keeps you safe against unforeseen happenings. In simple terms, it is a sort of general insurance that protects policyholders from financial obligations that can result from an unexpected incident involving the insured's vehicle, such as a traffic accident, theft, natural or man-made disaster, fire, and more. 

In India, there are 32 non-life insurance companies that provide motor insurance. These insurance companies are regulated by the Insurance Regulatory Development Authority of India (IRDAI). Remember that tough choice you had to make while choosing your party outfits? Similarly, when buying a car insurance policy, it is necessary to compare the companies on the basis of their claim settlement ratio. The higher the company's ratio, the better the insurance provider is. Continue reading to find out a list of all the top insurance companies in 2022. 

Factors To Keep In Mind While Choosing The Best Car Insurance Company In India

There are innumerable factors that everyone should consider while purchasing car insurance. These factors may vary as per the unique requirements of an individual. For example- a person who travels frequently would look for a wide network of cashless garages whereas an individual who is not familiar with the digital world would look for the best customer service to help themselves. Below mentioned are some of the factors that you should consider while choosing a car insurance policy. 

• Network Of Cashless Garages:

A car insurance company may collaborate with a number of garages to facilitate cashless insurance claims. When selecting a car insurance provider, one must consider the network of cashless garages of the insurance company. Moreover, you should also check to discover whether there are any cashless garages nearby.

• Claim Settlement Ratio:

The Claim Settlement Ratio shows the number of claims settled by a car insurance company as a percentage of all claims received within a fiscal year. It is always preferable to deal with an insurance provider that has a high claim settlement ratio.

• Add-ons Available:

In order to increase the coverage of a normal car insurance policy, additional coverages are provided, generally referred to as add-ons. Own-damage and comprehensive car insurance both offer add-ons that can be selected at the time of policy purchase or renewal.

• Customer Support Service:

The accessibility and efficiency of an insurance company's customer support service must also be verified. While some insurance firms provide customer care around the clock, others only provide it five days a week. Therefore, you must go through the existing customer reviews of the company and buy from the best company according to your preference. 

Conclusion

With a rise in the ratio of accidents, it has become enormous to have a valid car insurance policy from the top insurance provider. You can check your options from the above-given list by comparing the claim settlement ratios of the companies.

Also Read: 

Easy Steps For Renewing Expired Car Insurance Policy

Detailed Guide On How To Claim A Car Insurance Online