Choosing the right car insurance is a concern for every car owner in India. According to the Motor Vehicles Act, every car in use should be insured with at least a third-party liability cover. When it comes to buying a car insurance people get confused and sometimes end up buying the one that least favours their insurance needs.
It is always a good idea to make yourself familiar with the different car insurance schemes available in the market, compare the ones you think will serve your purpose and choose the most suitable one that satisfies your insurance requirements. To make your work a little bit easier, here are the top 10 car insurance firms for the year 2020
ICICI Lombard is one of the top private general insurance firms in India. A brainchild of ICICI Bank, ICICI Lombard has a stronghold in the insurance market, especially for car insurance. The company has sold more than 17 million policies so far and has settled more than 2 million claims by the end of the last fiscal year. They offer insurance products designed to meet the needs of customers from both urban and rural population. They provide insurance solutions that cover personal, project and business liabilities. ICICI Lombard Car Insurance covers the following:
- Loss or damage to your vehicle against natural calamities
- Loss or damage to your vehicle against man-made calamities
- Third Party Legal Liability
- Personal Accident Cover
- ICICI Lombard also has a hassle-free claim settlement process.
Bajaj Allianz is a joint venture between Bajaj Finserv Ltd. and Allianz SE. Bajaj Allianz commenced its operations in 2001 and has their offices located in over 200 cities and towns across India. The firm caters to the individual insurance needs of consumers. They offer a number of insurance and have a large customer base in India. They have built technologically advanced platforms like mobile and digital applications to engage the public. The firm takes great pride in delivering high value to their consumers. Their car insurance offers a number of benefits apart from the basic car insurance coverage like
- 24×7 Roadside Assistance facility
- 50% of No Claim Bonus (NCB) transfer from any other car insurer
- Extensive cashless garage network with over 4000 garages
- The option of availing car monitoring devices through their unique Drive Smart Mathematics Service
- Zero depreciation cover is offered as one of the rider options
Bharat TAXA General Insurance has a large customer base with 79 offices situated across India. They have issued close to 9.8 million insurance policies and have settled around 1.3 million claims altogether as of October 2017. This firm is a joint venture between AXA and Bharti Enterprises and started its operations in 2008. They provide innovative and comprehensive insurance solutions for various sectors like motor, home, health, etc. The firm also provides 24X7 claims assistance to their consumers. Key aspects of Bharti AX car insurance include
- Extensive cashless garage facility with over 2,500 registered garages.
- Special add-on policies available like No-Claim Bonus Protector, Depreciation cover, etc.
- Hassle-free and quick claim settlement
The New India Assurance is a multinational general insurance firm that operates in 28 countries with its head office in Mumbai. They are one of the oldest general insurance firms in India and have been operating for more than 40 years. They have a large customer base and operate from 2,452 offices including 1,339 micro offices situated across India. They have 17,702 dedicated employees serving the public with the best insurance solutions. The company has more than 230 insurance products under its umbrella. The car insurance plans offered by the firm are straight-forward and cover all the general aspects of a motor insurance.
The Oriental Insurance Company commenced their operations in Mumbai in September 1947. Being one of the pioneers in the insurance sector, the firm has a large customer base. The firm is run by the Central Government of India. The insurance products offered by this firm cater to the needs of both rural and urban population. It has its head office in New Delhi with 31 regional offices and more than 1800 micro offices situated across India.
They offer insurance for private cars alone. The private car package offers the general motor insurance benefits with four unique rider options.
HDD ERGO is a general insurance firm and a joint venture between ERGO International AG and HDFC Ltd. The firm offers a wide range of insurance products like home insurance, motor insurance, travel insurance, etc. that cover both personal and business insurance needs. The firm has an expanding network with 108 branch offices situated across 91 cities in India. They have an employee base of 2000 who serve the public with the best insurance schemes and offers. Besides the employed sales force they have retailers, corporate agents and brokers extending the firm’s services to the public. They have launched a mobile app that helps in faster communication, making it easier for the public to reach them.
- Round-the-clock assistance every day of the week
- Paperless/zero documentation when buying car insurance
- Provides cashless claim service at over 4800 authorized garages
United India Insurance started its operations in India in February 1938. The firm has a stronghold in India with over 1300 offices across the country providing quality insurance solutions. They have a large workforce of 18,300 employees. They are one of the trusted insurance firms with a customer base of 1 Crore policyholders in India. They also have micro offices situated at over 200 tier II and III villages and towns serving the rural population too. Their car insurance scheme has the following key features:
- Car insurance offered is of 2 kinds, package plan, and liability plan
- Hassle-free and easy documentation process
- A number of discounts along with No Claim Bonus are provided
- *Please note that the top 10 car insurance companies mentioned above have been ranked based
- on the number of claim settlements and policies sold till 2017.
A state-owned general insurance company, National insurance Company was established in 1906, and was nationalist in 1972. Headquartered in Katakana, National Insurance Company deals with motor insurance, health insurance, personal insurance, rural insurance, etc. Vehicle owners in the country can choose to buy a third-party liability insurance policy or a comprehensive car insurance policy from National Insurance Company. Listed below are the key features and benefits of car insurance policies offered by National Insurance Company:
- Hassle-free claim settlement process.
- Round-the-clock customer care service.
- Choice between a third-party insurance policy and a comprehensive car insurance policy.
- Compensation for the third-party up to Rs.7.5 lake as per Insurance Regulatory and Development
- Authority of India regulations.
A private general insurer, Future General was established in 2007 following a joint venture between Assassination General and Future Group. In 2017, the insurer recorded having more than 12 lake customers and since their inception have settled over 1.80 lake claims. Present in over 125 locations across the country, Future General has over 6,000 insurance agents and more than 2,000 corporate clients that they actively service.
In FY 2017-2018, the insurer reported gross written premiums (GAWP) amounting to Rs.1,842 crore, a 16% hike in the premiums collected as compared to FY 2016-2017. In addition, in FY 2017-2018, the company registered a solvency ratio of 172%. Future General India Insurance offers a plethora of insurance products including car insurance products. Some of the key benefits of availing a car insurance policy from Future General India Insurance are listed as follows:
- Instant claim settlements.
- Round-the-clock customer support and regular policy renewal reminders.
- Claim finalization in just 7 days.
- 24/7 Towing assistance following an accident.
- Transfer of No Claim Bonus and premium discounts.