Best Car Insurance Companies in India 2022
- Bajaj Allianz General Insurance Co. Ltd.
- Bharti AXA General Insurance Co. Ltd.
- HDFC ERGO General Insurance Co. Ltd.
- ICICI Lombard General Insurance Co. Ltd.
- IFCCO TOKIO General Insurance Co. Ltd.
- New India Assurance Company Ltd.
- Oriental Insurance Co. Ltd.
- Royal Sundaram General Insurance
- Tata AIG General Insurance Co. Ltd.
- United India Insurance Co Ltd.
A peek into the top 10 car insurance companies in India this year on the basis of their Claim Settlement Ratio (CSR).
The Indian car insurance market has various players offering a car insurance policy. When you set out to buy car insurance online for your car you would find multiple companies offering their plans. Do you feel confused about choosing the best car insurance company? If yes, then you’ve come to the right place since we’ll give you a quick rundown of the best car insurances in India.
Don’t feel confused any more. Here are top 10 car insurance company in India 2022 which offer the best car insurance plans:
Top 10 Car Insurance Companies in India 2022
1. Bajaj Allianz General Insurance Co. Ltd.
The company offers some unique services in its car insurance policy including third party car insurance online. Its Drive Smart feature tracks driving in real time and earns you premium discounts. The plan also offers towing facility in case of a breakdown.
2. Bharti AXA General Insurance Co. Ltd.
Bharti AXA’s car insurance plans offer cashless claims across 3000+ garages in India and 24*7 claim assistance in case of claims.
3. HDFC ERGO General Insurance Co. Ltd.
HDFC Ergo offers car insurance policies both for private cars as well as for commercial ones. Its products promise claim approval at the earliest and have comprehensive coverage features.
4. ICICI Lombard General Insurance Co. Ltd.
The company has a tie-up with more than 5600 garages across India and has a motor insurance claim settlement ratio of 92.2% within 30 days of claim intimation. These figures make the company a leading name in the car insurance industry.
5. IFFCO TOKIO General Insurance Co. Ltd.
The company provides a unique Value Auto Coverage Insurance policy which provides a range of add-on coverage benefits. The policy, thus, acts as a supplement to your car insurance policy at very affordable premiums.
6. New India Assurance Company Ltd.
New India is a leading public sector general insurer which is a trusted brand among millions. Its private car policy provides a range of inbuilt coverage benefits as well as add-ons.
7. Oriental Insurance Co. Ltd.
Oriental’s car insurance policy is available online with minimal paperwork and easy application process. You can add various add-ons for an increased coverage and also avail attractive premium discounts.
8. Royal Sundaram General Insurance
Royal Sundaram has a tie-up with more than 3300 garages in India. The policy offers special add-on covers which also cover damages to the plastic and metal parts of the car as well as the windshield glass.
9. Tata AIG General Insurance Co. Ltd.
With TATA AIG’s car insurance plans, you can buy either a comprehensive car insurance policy or a liability only one. The company has a range of thirteen add-on coverage benefits that promise customization as well as enhanced coverage.
10. United India Insurance Co Ltd.
CRISIL has rated the company AAA which shows stability and trust of its customers. Its car insurance plan is easily available online and you also get a premium discount if you pay the premiums online.
More Top Car Insurance Companies in India
We looked at the 10 best companies offering car insurance in India in 2022. However, in addition to the above, there are some more car insurance companies that are worth considering this year. Let’s look at some of these below:
- Go Digit Insurance: Highly popular for its service to customers offering vehicle pick up, repair and drop back, ensuring utmost convenience to the customer. The claim settlement process is also absolutely simple and hassle-free.
- Acko Car Insurance: One of the top go-to choices for most customers for its 8 customized car insurance plans that can be personalized to suit individual needs. Minimum document formalities and paperless insurance process sets it apart from the others in the market.
- Universal SOMPO Insurance: With more than 3,500 network garages offering prompt customer service and a couple of unique insurance benefits such as daily hospital cash during accident and engine protection cover benefit, Universal SOMPO stands out as one of the leading companies in the car insurance sector.
Claim Settlement Ratio of Best Car Insurance Companies 2022
When it comes to finding the best car insurance company, there are few primary things that people consider: car insurance price, network garages of the car insurer, and claim settlement ratio of the car insurance company.
|Companies||Network Garages||Claim Settlement Ratio|
|Bajaj Allianz General Insurance Co. Ltd.||4,000+||88.83%|
|Bharti AXA General Insurance Co. Ltd.||5,200+||97.35%|
|HDFC ERGO General Insurance Co. Ltd.||6,800+||99.80%|
|ICICI Lombard General Insurance Co. Ltd.||5,600+||78.32%|
|IFCCO IFFCO TOKIO General Insurance Co. Ltd.||4300+||95.82%|
|New India Assurance Company Ltd.||3,000+||89.60%|
|Oriental Insurance Co. Ltd.||3,100+||93.96%|
|Royal Sundaram General Insurance||3,300+||85%|
|Tata AIG General Insurance Co. Ltd.||7,500+||96.43%|
|United India Insurance Co Ltd.||3,100+||82.93%|
|Go Digit Car Insurance||5,800+||96%|
|Acko Car Insurance||2,000+||83.91%|
|Universal SOMPO Car Insurance||3,500+||90.78%|
How to Choose the Best Car Insurance Company in India?
As is evident, the choice for a car insurance company in India is quite varied. There is no dearth of options for the customer. Whom to choose in this scenario? How to opt for the best? Some basic considerations should always be taken into account, to simplify choice:
- Make sure that your car insurer has a high Claim Settlement Ratio or CSR.
- Check for the number of network garages provided by your insurer; the higher, the better.
- Ensure that your car insurance has the flexibility to include add-on rider benefits as and when the need arises.
Types of Car Insurance Plans Offered by Different Insurance Companies
There are essentially three types of car insurance policies that most insurers provide to their customers. A fair knowledge of each of them is helpful to know:
- Third-Party Car Insurance: This is mandated as per the Motor Vehicle Act, 1988 and ensures coverage against all third-party damages that involve your vehicle.
- Comprehensive Car Insurance: This is optional however highly recommended to buy since it provides complete protection against third-party as well as own-damage car expenses that may have to be incurred during a mishap.
- Standalone Own-Damage Car Insurance: This only covers own damages incurred to the car of the owner during an accident or any other natural calamity. However, you would still need to buy third-party insurance in addition to it to comply with the law.
What Does Your Car Insurance Cover?
We looked at the three different types of car insurance policies in the above section. Now let us look in detail at what each of them cover for the car owner:
|Coverage Parameters||Third-Party Car Insurance||Standalone Own-Damage Car Insurance||Comprehensive Car Insurance|
|Natural calamity loss/damage||Does not cover||Covered||Covered|
|Accidental damage||Does not cover||Covered||Covered|
|Injury/death of third party during accident||Covered||Does not cover||Covered|
|Two-wheeler theft||Does not cover||Covered||Covered|
|Personal Accident Cover (Optional)||Covered||Covered||Covered|
|Fire damage||Does not cover||Covered||Covered|
|Property and third-party vehicle damage||Covered||Does not cover||Covered|
So, these are the top 10 car insurance companies in India according to their car insurance claim settlement ratio in 2022. They promise easy purchase, comprehensive coverage, low premiums and, above all, easy and quick claim settlement process. So, you can pick any of the top 10 car insurance company’s insurance cover for your car to get the best plan.