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Car Insurance Plans
List Of Top Car Insurance Companies 2023
Getting car insurance on your vehicle offers not only financial security against unforeseen damages and losses but also saves you from any legal liabilities that may arise because of damages to any third party and their property. As per the Indian Motor Vehicles Act, 1988, car insurance is compulsory by the law for any vehicles that ply on Indian roads. You will find below the top IRDAI-approved car insurance companies in 2021.
How To Pick The Best Car Insurance Company For You?
Choosing the best car insurance company among a multitude of insurers can be a tough choice. Here are some factors you should consider before picking the one that’s best suited for you:
- Check the reputation of the brand in terms of various aspects like customer service, claim processing procedure, flexibility, etc. to make an informed decision
- Your car insurance company must be IRDAI approved. This ensures that the company complies with the rules and regulations set by the Insurance Regulatory and Development Authority in India.
- Ensure you compare plans from different insurers to learn the various offerings each of them have to offer.
- Don’t forget to ask insurers about the add-ons that come along with the plans they offer. This way you and your vehicle will get all-around enhanced protection.
- Understanding the claim process and procedures is extremely crucial. It’s a handy step if and when the time approaches.
- Most insurers have an extensive network of cashless garages where you can get your repair work done for your vehicle. This is a huge plus point as a majority of the expenses will be borne by the insurer. So ensure you check up on this.
- Compare the claim settlement ratio of each insurer. A higher ratio indicates the insurer has a better track record of fulfilling claims.
- Always provide correct details of yourself to the insurer. The insurer will calculate your premium amount based on several factors and information provided by you like age, salary, etc. Also, if your insurer gets to know that you have given false information, they can cancel your insurance.
- It is always better to opt for an insurer that has a functional office in your city or town. Alternatively, pick an organization that is transparent and offers round-the-clock customer service. It will certainly come in handy.
- It’s essential for you to read the policy terms and conditions of each insurer carefully before making your choice.
- Check for discounts and deals offered by insurers to get yourself the best premium amount.
Why You Must Check The Claim Settlement Ratio Before Purchasing Car Insurance
The Claim Settlement Ratio of an insurance company refers to the total number of claims settled as a percentage of the total number of claims received. If your insurance company has a higher claim settlement ratio, it indicates that they are genuine and are more likely to settle their claims. A lower ratio means they are more stringent in their claims processing and that getting your due amount could be more difficult.
Associated Risks With IRDAI Unregistered Insurance Companies
The Insurance Regulatory and Development Authority in India is a government organization that supervises the implementation of rules and regulations by insurance companies in India. It also handles the overall development of and policies followed by the insurance sector in India.
If your insurance company is unregistered with the IRDAI, you may expose yourself to the following risks:
- Fraud or non-payment of claims by the insurance company
- Non-adherence to terms and conditions mentioned in the policy documents
- Insurance companies may indulge in other illegal activities with your money
- It May not have a good network of garages.
Car Insurance Companies In India
|Name of the company||Headquarters||Network Garages (approximately)||Incurred Claim Ratio (2019-2020)|
|Royal Sundaram General Insurance Co. Ltd.||Chennai||3300+||92.23%|
|Cholamandalam MS General Insurance||Chennai||8600+||82.95%|
|National Insurance Co. Ltd.||Kolkata||3100+||116.44%|
|Bajaj Allianz General Insurance Co. Ltd.||Pune||4000+||65.83%|
|Bharti AXA General Insurance Co. Ltd.||Mumbai||5200+||81.91%|
|HDFC ERGO General Insurance Co. Ltd.||Mumbai||6800+||79.21%|
|Reliance General Insurance Co. Ltd.||Mumbai||6200+||84.63%|
|Shriram General Insurance Co. Ltd.||Chennai||2000+||65.43%|
|ICICI Lombard General Insurance Co. Ltd.||Mumbai||8800+||76.53%|
|Edelweiss General Insurance Co. Ltd.||Mumbai||1500+||116.31%|
|Kotak Mahindra General Insurance Co. Ltd.||Mumbai||1300+||75.66%|
|The Oriental Insurance Co. Ltd.||New Delhi||3100+||101.63%|
|SBI General Insurance Co. Ltd.||Mumbai||16000+||92.05%|
|The New India Assurance Co. Ltd.||Mumbai||3000+||85.35%|
|Future Generali India Insurance Co. Ltd.||Mumbai||3500+||57.67%|
|Go Digit General Insurance Ltd.||Bengaluru||1000+||74.82%|
|Iffco Tokio General Insurance Co. Ltd.||Gurugram||3300+||87.77%|
|Tata AIG General Insurance Co. Ltd.||Mumbai||5000+||80.29%|
|Navi General Insurance Ltd.||Mumbai||1100+||150.69%|
|Liberty General Insurance Ltd.||Mumbai||4300+||70.95%|
|Magma HDI General Insurance Co. Ltd.||Kolkata||4000+||85.13%|
|Raheja QBE General Insurance Co. Ltd.||Mumbai||1300+||103.90%|
|United India Insurance Co. Ltd.||Chennai||3100+||96.45%|
|Universal Sompo General Insurance Co. Ltd.||Mumbai||3500+||89.54%|
*Note – Source of the ICR is from IRDA Annual Report 2019-20.
Details About Car Insurance Providers
If you’re looking to make a choice between some of the top car insurers in the country, here are a few mentioned below, along with their headquarters and average claim settlement ratio. Hope this helps your decision-making.
1. Royal Sundaram General Insurance Co. Ltd.
Founded in 2001, Royal Sundaram General Insurance Co. Ltd. is a subsidiary of Sundaram Finance Group. It was the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India.
2. Cholamandalam MS General Insurance
Founded in 2001, Cholamandalam MS General Insurance Company Ltd is an Indian insurance firm started as a joint venture between Mitsui Sumitomo Insurance Group, a Japanese insurance company, and the Murugappa Group, an Indian conglomerate. The insurance firm offers a range of products like an accident, engineering, health, liability, marine, motor, property, travel, and rural insurance.
3. National Insurance Co. Ltd.
The National Insurance Co. Ltd., founded in 1906, is a general insurance company owned by the Government of India. It falls under the management and supervision of the Ministry of Finance, Government of India. Set up by Gordhandas Dutia and Jeevan Das Dutia, the National Insurance Co. Ltd. still follows its tagline for more than a hundred years, “Trusted Since 1906”.
4. Bajaj Allianz General Insurance Co. Ltd.
Bajaj Allianz General Insurance is an Indian private general insurance company in India that started in the year 2001. The insurance firm is a joint venture between Bajaj Finserv Limited (74% ownership) owned by the Bajaj Group of India and Allianz SE (26% ownership), a German financial services company. Out of the 97 filed and approved products listed by the firm, 27 products belong to the healthcare sector.
5. Bharti AXA General Insurance Co. Ltd.
An insurance firm set up in 2007, Bharti AXA General Insurance Company Limited is a joint venture between Bharti Enterprises and AXA, with 51% and 49% ownership stakes, respectively. The firm is popular for its insurance products and services, offering health, personal accident, two-wheeler and commercial vehicle, travel, and other insurance products.
6. HDFC ERGO General Insurance Co. Ltd.
Founded in 2002, HDFC ERGO is a joint venture firm between HDFC (51% ownership) and ERGO International AG (49% ownership), one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The company offers several products across different sectors like retail, corporate, rural, etc. Some of its retail offerings include health, travel, home, personal accident, etc.
7. Reliance General Insurance Co. Ltd.
Started in the year 2000 by the Indian conglomerate, Reliance Anil Dhirubhai Ambani Group, Reliance General Insurance Company Limited is a private insurance company offering various insurance services and products across sectors. Some product offerings include travel, health, home, motor, etc.
8. Shriram General Insurance Co. Ltd.
With an objective to reach out to the “common man” of India, Shriram General Insurance Co. Ltd. was set up in Chennai in the year 1974 by Padma Bhushan Shri. R. Thyagarajan. It is a joint venture between Shriram Capital Ltd. (India) and Sanlam Limited (South Africa). Shriram General Insurance Co. Ltd. is licensed by IRDAI and the preferred partner of the IRCTC.
9. ICICI Lombard General Insurance Co. Ltd.
One of the biggest and most recognized insurance providers in India, ICICI Lombard General Insurance Co. Ltd. is a general insurance company that was founded in 2001 in Mumbai, India. The firm’s key product and service offerings include general insurance, reinsurance, insurance claims management, and investment management.
10. Edelweiss General Insurance Co. Ltd.
Edelweiss General Insurance Co. Ltd. is an insurance firm owned by the multinational corporation, the Edelweiss Group, and has been engaged in enriching the lives of millions of people for more than two decades. It is IRDAI registered and offers insurance products and services across various sectors like health, travel, motor, etc.
11. Kotak Mahindra General Insurance Co. Ltd.
A 100%-owned subsidiary of Kotak Mahindra Bank Ltd., Kotak Mahindra General Insurance Co. Ltd. was set up in Mumbai in the year 2015. Its main objective was to serve the growing non-life insurance needs of emerging India like Motor, Health, etc., through superlative customer service, quality, and innovation.
12. The Oriental Insurance Co. Ltd.
The Oriental Insurance Company Ltd. was set up soon after the Indian independence in September 1947 by the Government of India. The firm comes under the complete management and supervision of the Ministry of Finance, with its headquarters in New Delhi. Oriental Insurance Co. Ltd. has 31 regional offices and more than 1800 active branches across the country, with overseas branches in Nepal, Kuwait, and Dubai as well.
13. SBI General Insurance Co. Ltd.
Founded in 2009, SBI General Insurance is a joint venture general insurance company, with the State Bank of India holding a 70% stake in the firm. Other partners include Axis Bank Asset Management Co. Ltd, Premji Invest & Warburg Pincus Group. SBI General Insurance Co. Ltd. received an iAAA rating by the ICRA in 2009. Its major offerings include SBI General health insurance policy, Group Health Insurance Policy (for Individuals & Family) Simple Home Insurance Policy, Long Term two Wheeler Insurance policy, and Cyber Defence Insurance for businesses.
14. The New India Assurance Co. Ltd.
New Indian Assurance Co. Ltd. is another Indian government-owned general insurance company managed by the Ministry of Finance, Government of India. The firm is based in Mumbai, Maharashtra, and was founded by Sir Dorabji Tata in 1919. It was founded initially as a subsidiary of General Insurance Corporation of India (GIC) but became autonomous in the year 1999.
15. Future Generali India Insurance Co. Ltd.
Future Generali India Insurance Co. Ltd. is a joint venture between three leading groups:-
Future Group – A leading retailer in India
Generali Group – One of the smartest global insurance companies in the world.
Industrial Investment Trust Limited (IITL) – A leading investment company
The company operates from over 136 branch offices across the country, offering simplified insurance solutions to enrich and enhance the lives of individuals and businesses in India.
16. Go Digit General Insurance Ltd.
Incorporated in 2016, Go Digit General Insurance Ltd. is a non-Government company whose primary objective is to make insurance simple and easy for the common man. It was started by Kamlesh Goyal and backed by the Fairfax Group. The product offerings include car insurance, travel insurance, home insurance, commercial vehicle insurance, and shop insurance.
17. Iffco Tokio General Insurance Co. Ltd.
Iffco Tokio General Insurance Co. Ltd. is a joint venture insurance company between the Indian Farmers Fertilizer Co-operative (IFFCO) (51%) and the Tokio Marine Group (49%), one of the largest listed insurance groups in Japan. The company offers a comprehensive product bouquet of all lines of business such as Car Insurance, Two-wheeler Insurance, Health Insurance, Travel Insurance, and Home Insurance, including corporate policies such as property insurance and liability insurance
18. Tata AIG General Insurance Co. Ltd.
Tata AIG General Insurance Company Limited is a general insurance company that was set up as a joint venture between the Tata Group and American International Group in the year 2001. The Tata Group holds a 74% stake in the venture, while AIG holds a balance of 26%. It offers a range of general insurance products including insurance for automobile, home, personal accident, travel, energy, marine, property, and casualty as well as specialized financial lines.
19. Navi General Insurance Ltd.
Incorporated in 2016, Navi General Insurance Ltd. is a wholly-owned subsidiary of Navi Technologies. Though it was incorporated in 2016, it began operations only in November 2017. With a database of more than 1 million customers, it offers a variety of insurance solutions like health, motor, travel, property, commercial, etc.
20. Liberty General Insurance Ltd.
Liberty General Insurance Limited was incorporated in 2013 as a private general insurance company with its headquarters in Mumbai, Maharashtra. The joint venture firm is owned by US property-casualty insurer Liberty Mutual Insurance Group, the Indian private investment fund, Enam Securities, and the Indian industrial conglomerate, DP Jindal Group. Its insurance offerings include two-wheeler insurance, health insurance, car insurance, etc.
21. Magma HDI General Insurance Co. Ltd.
Established in 2009 as a joint venture between Magma Fincorp Limited and HDI-Gerling Industrie Versicherung AG, Magma HDI General Insurance Co. Ltd. received its license for carrying out General Insurance business issued by IRDA in May 2012 and commenced operations in October 2012. The company offers motor insurance, health insurance, liability insurance, fire insurance, engineering insurance, marine insurance, and burglary and risk insurance.
22. Raheja QBE General Insurance Co. Ltd.
Raheja QBE is a non-government company and a joint venture between Rajan Raheja Group and QBE Insurance, Australia’s second-largest global insurer. The company was set up in the year 2007 to create the most conducive environment for its customers and partners in the insurance segment.
23. United India Insurance Co. Ltd.
United India Insurance Co. Ltd. is one of the leading government-owned insurance organizations in India. It was set up in the year 1938 and nationalized in the year 1972. The insurance firm is headquartered in Chennai and comes under the complete management and control of the Ministry of Finance, Government of India. Twelve Indian insurance companies, four co-operative insurance societies, five foreign insurers with Indian operations, and the general insurance operations of the southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited to form the company.
24. Universal Sompo General Insurance Co. Ltd.
Established in the year 2007 as a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank Ltd, Dabur Investment Corporation and a leading general insurer from Japan, Sompo Japan Insurance Inc., the Universal Sompo General Insurance Co. Ltd. is one of the leading insurers of the country. It has over 17 Zonal Offices, 86 Branch Offices, and a 1500 strong workforce, offering several products to its Retail, Rural, SME & Corporate customer segments.
Given the information above, you must choose wisely who you want your car insurance partner to be. The above-mentioned tips can help you make a safe and sound decision.