Car insurance is a necessity for every vehicle owner in India. It not only provides financial protection against accidents, theft, and natural calamities but is also mandatory by law. With numerous car insurance companies in the market, choosing the right one can be a daunting task. To help you make an informed decision, here is a list of the top 10 car insurance companies in India based on various factors such as customer satisfaction, claim settlement ratio, and coverage options.
Top 10 Car Insurance Companies in India
Imagine you are going for a long drive and suddenly you meet with a minor accident which led to the damages to your car as well as the other person’s car. The first thing which will happen is that the third person will ask for their compensation as well as your car damages will drain you financially as you have to pay for these expenses from your own pocket.
Here, the importance of a car insurance policy comes, as when you have a proper policy in place for your car, all such expenses and repair costs to be taken care of by the insurance company and not you.
Most drivers in India have insurance as it is mandatory by the law, but that doesn’t mean one should only buy the minimum required coverage. As only a proper and adequate coverage can protect you, your family members, co- passengers and other drivers financially from such incidents. Moreover, the fallout from a car accident can be super time-consuming and tedious.
Therefore, it is important for you to invest in the right kind of car insurance policy which helps you with towing, repairs and replacements and also covers the costs of damages to other drivers.
List of Top Car Insurance Companies
Below we have enlisted the top car insurance companies in India in 2024
| Name of Company | CSR (Claim Settlement Ratio) |
| HDFC Ergo | 91.23% |
| Tata AIG | 90.49% |
| SBI | 89.51% |
| Bajaj Allianz | 88.83% |
| Acko | 83.91% |
| Kotak Mahindra | 82.81% |
| Bharti AXA | 87.99% |
| Future Generali | 88.69% |
| Liberty General | 98% |
| IFFCO Tokio | 95.30% |
Top Companies for Car Insurance in India
India is a country with a population of over 1.3 billion people and growing. With this population comes an increase in the number of cars on the roads, which means more accidents and more insurance claims. To help make sure that you’re getting the best car insurance coverage possible, here are five of India’s top car insurance companies:
- TATA AIG General Insurance Company: They offer comprehensive car insurance policies for both personal vehicles and commercial vehicles.
- ICICI Lombard General Insurance Company: It provides comprehensive car insurance policies for personal vehicles, motorcycles, scooters, and cars with drivers and passengers. ICICI Lombard is one of the leading car insurance companies in India. They offer a wide range of products and services, including personal accident, home insurance, and motorbike insurance. Their rates are very competitive and they have a good reputation for being reliable.
- HDFC General Insurance Company: This insurer offers comprehensive car insurance policies for personal vehicles, commercial vehicles, motorcycles, scooters, cars with driver only, and boats/motorcycles/autos (with two or more riders). HDFC General Insurance Co., Ltd. this company is known for its competitive rates and excellent customer service.
- State Bank of India: The State Bank of India (SBI) is another popular option when it comes to car insurance in India. They offer a wide range of products and services, including personal accident, home insurance, motorbike insurance, and vehicle financing options.
- Bajaj Allianz General Insurance Co. Ltd.: This company offers comprehensive coverage for both personal and commercial vehicles. It also has a wide range of benefits, including roadside assistance and theft protection.
How to Get the Best Car Insurance Company?
When it comes to choosing the best car insurance companies in India, there are a few things to keep in mind. Choosing the right car insurance company can seem daunting if you’re not familiar with the different types of coverage and how they work. Here are some tips to help you make a smart decision when picking a car insurance company:
- Do your research. Compare rates and reviews from multiple companies to find the best deal.
- Choose a company with a good history. They should have been in business for at least five years and have a good track record of customer service.
- Consider coverage options. Some car insurance companies offer extra features, like theft protection or roadside assistance, that could be worth paying for.
- Make sure you understand your policy’s limits. Know what is covered under each type of coverage and what is not. This will help you know if there is anything that needs to be added to your policy.
- Check your policy expiry date to ensure you renew the policy on time.
Top 10 Car Insurance Companies in India
HDFC Ergo Car Insurance:
Description
HDFC ERGO Auto Insurance is one of the most preferred auto insurance partners for commercial as well as individual customers. It is a collaboration among the 2 companies namely ERGO International & HDFC Limited. The company has a great variety of products to choose from as it also has health insurance, motor insurance, life insurance, etc. It also is known for the Gramin Suraksha Bima and property insurance, engineering insurance property insurance, liability insurance, etc. There is one of the biggest names in the auto insurance sector. It has a presence in over 100 cities and operates with 120+ branches.
Present stats
- Over +6500 cashless garages for automobile service
- 95% settlement for claims
- Honored with IAAA by ICRA
- Assured 24*7 service.
IFFCO Tokio Car Insurance – Top 10 Car Insurance Companies in India
Description
IFFCO TOKIO Auto Insurance is a private insurance company and quite a massive entity in the insurance sector as it has been one of the major players for years now. The company was founded in the year 2000. The motto of the company was clear, to offer the best insurance policy which offers the best benefits to the buyer. Transparency among the buyer and the company & fair policies which is a must for an insurance company are just a few features of the IFFCO TOKIO Auto Insurance. It has got an aide range of products and services to choose from as it offers various insurance such as health, life, motor, wealth insurances, etc. Apart from such products and services the company also offers insurance such as cyber insurance and credit insurance too. The different policies of the company are designed with the intention of serving both corporate and individual customers.
Present stats
- Over +4250 cashless garages for automobile service
- 91% settlement for claims
- Insurance can be Renewed in just a few minutes
- Zero dep policy.
Royal Sundaram Car Insurance – Top 10 Car Insurance Companies in India
Description
Founded in the year 2000 & one of the biggest insurance organizations known for the best insurance benefits offered. The company in its initial period was known to be dealing only with general insurances. But at the moment IRDA gave the company approval, it started its operation in various insurance sectors in October 2000. It stands as one of the most preferred companies to opt for car insurance and quite a trusted name in the auto insurance sector. The company has a national presence with +138 branches in India with +1975 associates in total. The numerous products are offered with a huge distribution network such as brokers, affinity partners, and agents.
Present stats
- More than 3290 office locations across the country.
- 95% claim settlement ratio
- Quickest claim time, 4 hours.
- 24*7 services.
Bajaj Allianz Car Insurance – Top 10 Car Insurance Companies in India
Description
Bajaj Allianz is quite a name to which the majority of the Indian masses are familiar across the country. The company is a collaboration among Allianz SE and Bajaj Finserv Ltd. The firm was established in the year 2001. The other thing is that Bajaj Finserv was a part of Bajaj Auto Ltd which belongs to the Bajaj Group of companies & Allianz SE is a German company specializing in financial services.
When the company began its business operations it was just having a hundred employees and a presence in over 36 locations and had a capital valuation of Rs 1 Billion. But as of now, Bajaj Allianz Auto Insurance Ltd has an array of over 90 products of which over 20 products belong to the Insurance sector. The company now has a strong presence in over 200 major cities and a workforce of 3000+ employees. The headquarter of the company is in Pune. The company is a market leader in offering the best insurance policies to its customers
Present stats
- Over 3800 cashless garages for automobile service
- 96% settlement for claims
- Assured 24*7 service.
- Complete DriveSmart service offered.
ICICI Lombard Auto Insurance
Description
The list of the best insurance companies in India is incomplete without ICICI Lombard Auto Insurance. Founded in 2001 is a conjoined effort by 2 companies Fairfax Financial Holdings Limited and ICICI Bank. IN accordance with the numbers of the year 2018. It is not just the auto insurance ICICI Lombard Auto Insurance is involved in, but a whole lot of other insurances and banking services are offered to the customers. When it comes to the shareholdings the ICICI holds 64% while the remaining 26% belongs to Fairfax Ltd. And without any doubt, it is one of the greatest insurance companies of India.
Present stats
- Over +5990 cashless garages for automobile service
- 98% settlement for claims
- As mentioned above it is one of the most popular insurance companies in India.
- Assured 24*7 service.
Oriental Insurance Company Auto Insurance
Description
A very well known face to the insurance sector. It is an auto insurance company that has +150 products and services to choose from. The company was inaugurated in 1947 and its main operations are managed from Delhi. The firm is said to be having +30 regional offices and 1700+ branches working across the nation for the best services to be offered. The firm has 13900+ employees and a number of insurance products for commercial as well as personal insurances. The company was started with small paid-up capital in 1-Lakh. At present, the company is said to have a valuation of +7000 crore and also has been operating in countries like Kuwait, Nepal, and Dubai.
Present stats
- A great network of +30 regional office and 1700+ branches
- A workforce of 13900 employees
- Huge number of cashless garages.
- Operates overseas in countries like Kuwait, Nepal, and Dubai.
TATA AIG Car Insurance
Description
Whenever the discussion is about insurance the name TATA AIG Car Insurance is sure to come up. It is a company that came into existence when the Indian Group of companies TATA joined hands with American MNC AIG. The collaboration came into the picture as TATA is a trusted name in India and AIG is known for the wide range of extensive services offered across the globe. The foundation stone of the company was laid in January 2001. A huge range of additional services other than auto/car insurance is automobiles, travel, property, personal accident, marine, energy, etc. The collaboration among the 2 companies was fruitful to companies as well as customers. The company through its agents, brokers, and banks makes sure that the best car/auto insurance and great services are offered to the customers.
Present stats
- More than 5800 office locations across the country.
- 98% claim settlement ratio
- The quickest claim offered.
- 24*7 services.
Bharti Axa Car Insurance
Description
Bharti Axa Insurance Ltd is one of the most trusted names in the insurance sector in India. It is a collaboration among the 2 companies namely Axa Business Group & Bharti Enterprises. The Bharti Axa Insurance is a company with a wide range of products and services to be offered for both commercial and individual customers. Bharti Axa Auto Insurance has over 40 different products and services. The company is having a presence throughout the country and is headquartered in Mumbai. And additionally, the best part is that the Bharti Axa Auto Insurance is the one and only company that is certified ISO 9001:2008 and ISO 27001:2005. The company forever has tried hard to bring a whole lot of options to offer to their customers when they need the best auto insurance policies.
Present stats
- Over +3500 cashless garages for automobile service
- 98% settlement for claims
- The only company certified with ISO 9001:2008 and ISO 27001:2005.
- Assured 24*7 service.
The New India Assurance Auto Insurance – Top 10 Car Insurance Companies in India
Description
The company was founded by Sir Dorabji Tata in 1919 and by legalized in 1973. India Auto Insurance is an insurance company that is very much popular in the insurance sector as it is one of the oldest insurance firms in India. The main operations of the company are headquartered in Mumbai. It does have a presence in other countries such as Mauritius, Thailand, UK & the Philippines. The company in its history has worked and collaborated with a number of other leading companies. It has a number of financial services to offer including insurances for a vehicle, home, health, life insurances, etc. At present, the company has +15,000 associates and 60,000+ agents and is ready to serve all kinds of customers with +200 products. It has a number of options when it comes to auto insurance with different prices and different benefits.
Present stats
- More than 2300 office locations across the country.
- The one and only independent insurer since 2007.
- One of the eminent players in the non-life insurance sector for over 4 decades.
- 24*7 services.
United India Auto Insurance – Top 10 Car Insurance Companies in India
Description
United India insurance owned and operated by the Indian government and has the main office in Chennai. The company was started in the year 1938 and ever since has been the personal preference of Indian masses. The company with its efforts was successful in convincing the people to take insurance. As back then people were very little informed of what is insurance and how it benefits the buyers. The company, however, has +28 regional offices, 430+ divisional offices, 1030+ micro offices, and 65+ service hubs. The Domestic premium collection of the company for the third quarter is +16,300 Cr. In 2018, the Indian government declared the merger of the company with National Insurance Company and Oriental Insurance.
Prest stats
- More than 30 Regional offices
- Employee workforce is +17000
- More than 2200 corporate locations.
- The overall premium collection is approx Rs +16,300 Cr.
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In conclusion, choosing the right car insurance company is crucial for your financial security and peace of mind. Consider factors like claim settlement ratio, coverage options, and customer service before making a decision. The above list of the top 10 car insurance companies in India can help you narrow down your options and find the best insurance provider for your needs.
