The question of the best car insurance companies in India is difficult to answer. The simple reason is that there are so many different types of insurance companies, and each has its unique selling points. Also, over time, cars have become such an integral part of human life that it is now tough to find a single person who does not have at least one car. The prominence of this vehicle needs no explanation, but one primary concern worth mentioning is good car insurance.
Moreover, having car insurance is not just a matter of personal precaution. Instead, it is a rule stated by the higher authorities. According to the Indian Motor Vehicles Act, 1988, it is mandatory to have third-party liability car insurance for every vehicle owner. Not having a third-party liability car insurance is an offense as per the rules. Therefore, this article will comprehensively examine different car insurance companies in India.
All About Car Insurance Companies
The car insurance companies present you with an insurance policy that protects and safeguards you and your car against special damages that might result in a financial loss. A car insurance policy is a contract signed between an insurance company and the car owner. According to the agreement, the car insurance company protects you and your vehicle against various damages or financial losses. These damages may be due to accidents, third-party liabilities, natural disasters, man-made calamities, fire, thefts, etc.
Hence the best way to protect your car is to seek a comprehensive car insurance plan. There are various car insurance companies in India that will help you avail maximum financial protection. Keep reading to explore and avail yourself of the best.
Factors to Consider in a Car Insurance Company
Choosing one company from a list of distinct companies can be very difficult. Therefore, we have simplified a way to help you select the best car insurance company in India. The list below will help you discover the five essential things you need to consider before choosing a company.
- Good Customer Service: The quality of customer service says a lot about the insurance company and its services. Therefore, look for existing customers and their reviews or experiences with the company.
- The Online Availability and Facility: Have a thorough check whether the insurer provides an online facility for claim settlement or not. The reason is that the online mode can save a lot of time, effort, and money.
- Having the Cashless Garage Option: A thorough look at the cashless garages near your location would be helpful. Furthermore, check if your car insurance plan is covered in the list of network garages. This will provide an insight into whether the company falls into the list of the best insurance companies in India.
- The Claim Settlement Ratio of the Company: Another essential factor you should consider is the company’s claim settlement ratio. This is the total number or percentage of claims settled to the number of claims received by the company. And after getting an idea, choose a company with a higher claim settlement ratio.
- The Value-Added Services: You need to focus on various value-added services. Always look for rider options such as zero depreciation, engine protection cover, roadside assistance key replacement, and more.
Now that you know the important aspects to consider, let us jump into exploring the best car insurance companies in India.
HDFC ERGO Car Insurance
The HDFC ERGO Car Insurance is one of India’s largest car insurance companies that is currently conducting insurance business. The company is a joint venture between HDFC Bank and ERGO International. Both the powerful enterprises make this car insurance to be highly promising. The insurance has more than 1.5 crore plus customers and has been providing its services for a long time. Moreover, it has one of the most extensive lists of more than 7400 plus network garages across the country.
Check the additional features of HDFC ERGO have been below:
- The Rider Options: Here, you will get the benefits of Zero Depreciation, Key Replacement, and Consumables Expenses. Also, you will be receiving Roadside Assistance, Personal Accident Cover, and Downtime Protection.
- The Type of Plans: This company provides three types of plans, like Liability Cover, Comprehensive and Standalone Cover.
- The Value-Added Services: There are various value-added services like Overnight Car Repair Service, Unlimited Claims Service, 20 Minute Claim Approval Process, etc.
IFFCO Tokio Car Insurance
The IFFCO Tokio is a joint venture of the Indian Farmers Fertiliser Cooperative Limited and Tokio Marine Group. The company or the insurer has over 4300 plus cashless network garages across the nation. Moreover, there are 20000 agents and branches across India. This company is undoubtedly a great car insurance company in India. Learn some of the intriguing aspects of this company below.
- The Rider Options: There are a lot of rider options offered here, such as Zero Depreciation, Key Replacement, Consumables Cover, and Roadside Assistance. You will also get Personal Accident Cover and Engine Protection Cover.
- The Types of Plans: The company offers two types of plans: Car Insurance by IFFCO Tokio and a Private Two-Wheeler Policy.
- The Value-Added Services: The company also offers various value-added services. Online Buying and Renewal, Quick Claim Settlement, Garage and Branch Locator, AI-Based Claim Assessment for Damaged Vehicles, etc., are some of the perks here.
Edelweiss Car Insurance – Among Best Car Insurance Companies in India
The Edelweiss General Insurance Company Limited is a part of Edelweiss Group, which is a multinational corporation in India. This is one of India’s leading car insurance companies that provides a type of comprehensive car cover plan. Moreover, the company offers an exclusive range of private car insurance packages. A few of the insurance packages are as follows:
- The Rider Options: You can avail all the perks of Zero Depreciation, Key Replacement, and Consumables Expenses. There are Roadside Assistance and NCB Protection plans as well.
- The Type of Plans: You can benefit from distinct plans like the Edelweiss Private Car Only Liability Insurance and the Edelweiss Private Car Package Insurance.
- The Value-Added Services: There are specific value-added services under this insurance company. There is an online Policy Buying and Renewal, 24×7 Assistance, Cashless Claims Settlement Process, and Network Garages.
Reliance Car Insurance
Reliance car insurance is one of the most popular car insurance plans offered by Reliance General Insurance Company Limited. It is also one of the oldest insurance companies in India. Furthermore, the insurer has a list of more than 5000 cashless garage networks. The cashless garage networks’ volume is an answer to its popularity. Have a look at the related features of this company below.
- The Rider Options: The company provides Zero Depreciation, Key Replacement, Consumables Cover, and Roadside Assistance. Additionally, you will also receive Personal Accident Cover and Engine Protection Cover here.
- The Types of Plans: The company provides four types of plans: Comprehensive Car Insurance, Own Damage Car Insurance, Third-Party Car Insurance, and Commercial Car Insurance.
- Value-Added Services: The value-added services of this company are NCB, Voluntary Discount, Personal Accident Cover of Rs. 15 lakhs, Security Device Installation, and Instant Renewal.
Digit Car Insurance
Digit car insurance is one of the latest car insurance companies to enter the car insurance market in India. Although it entered late in the market, it has successfully made a mark in India’s Unicorn Club, with a valuation of 1 billion USD. Besides this, the company offers a wide range of motor and health insurance products that holds a huge prominence. On top of that, it also ranked as the Top Indian Start-Up for 2019. And also received the award of being Asia’s General Insurance Company of the Year for 2020-2021. There are various other perks that the company offers. Let us check them.
- The Rider Options: The Company offers various services such as Zero Depreciation, Passenger Cover, Consumable Cover, and Return to Invoice Cover. Further, the company also provides Tyre and Engine Protection, Breakdown Assistance, and Gearbox Protection.
- The Types of Plans: The company provides two types of plans, namely the Comprehensive and Third-Party Liability Cover.
- The Value-Added Services: The value-added services of this company include Online Policy Buying, Cashless Service, Doorstep Service, and Cashless Claims.
Bharti AXA Car Insurance- One of the Best Car Insurance Companies in India
The Bharti AXA General Insurance Company is yet another notable insurance company. This company is a joint venture between Bharti Enterprises and AXA. Further, Bharti Enterprises is one of the leading financial conglomerates in India. Also, the company offers the best and a wide range of car insurance plans. Besides this, the customer care services of this company have always been prominent. Check the related features of the company below.
- The Rider Options: The rider options of this company include Depreciation Shield, Key Replacement, Consumables Expenses, and Personal Baggage. Additionally, you will also get the benefits of Ambulance Charges. Invoice Cover Medical Expenses Cover and more.
- The Types of Plans: The company is known for providing the Comprehensive and Third-Party Liability Cover as well as a Standalone Damage Plan.
- The Value-Added Services: The value-added services of this company include online policy buying and renewal coupled with 24×7 assistance. You will also get a cashless claims settlement process and network garages.
Bajaj Allianz Car Insurance
The Bajaj Allianz Car Insurance is one of India’s foremost car insurance companies that offers unique products. The company is mainly a joint venture between Allianz SE and Bajaj Finserv Limited. Moreover, the company is quite famous, its services make it one of the best car insurance companies in India. Hence, the company offers a massive range of two-wheelers, cars, CNG Kit, and various commercial motor insurance products. Check out the other features of this insurance company below.
- The Rider Options: The rider options provided by the company include Depreciation Shield, Key Replacement, Personal Baggage, Consumables Expenses, and Engine Protection.
- The Types of Plans: Comprehensive and Third-Party Liability Cover, Commercial Vehicle Third Party insurance are the plans offered by the company.
- The Value-Added Services: The distinct value-added services of this company are Online Policy Buying and Renewal, 24×7 Assistance, and Voluntary Excess Discount.
Kotak Mahindra Car Insurance – Out of the Best Car Insurance Companies in India
The Kotak Mahindra Group is known as one of the leading financial service providers in India. At the same time, Kotak Mahindra Car Insurance is offered by Kotak General Insurance and is serving the best in the country. Further, the company is a wholly owned subsidiary of Kotak Mahindra Bank, and it is apparent that the bank is one of the renowned private banks in the country.
Kotak also offers various plans if you also want an insurance plan for your bike. Read the article to learn about Kotak Bike Insurance – Plans, Features & Prices. Watch out for the features that make this company one of India’s best car insurance companies below:
- The Rider Options: The rider options available are Zero Depreciation, Key Replacement, Consumables Cover, and Roadside Assistance. You will also get benefits like Personal Accident Cover and Engine Protection Cover.
- The Types of Plans: There are two types of plans available here: Liability Cover and the Comprehensive Private Two-wheeler Package.
- The Value-Added Services: The company offers various intriguing value-added services. The services include 20 Minute Claim Approval Process, AAI Members Discount, NCB/Premium Discounts, Cashless Servicing, etc.
We know that the Indian insurance market is vast and provides a wide range of car insurance plans at economical and convenient rates. Hence it is crucial to be sceptical and choose one company that gives you a complete package of services. We have selected the best car insurance companies in India based on their history of services and customer satisfaction. Besides this, we have also mentioned the features that you need to consider before settling down for a company. Therefore, compare and see which one suits you best based on those points.