The Indian insurance market is huge and offers a wide range of car insurance plans at affordable rates. Currently, there are 25 insurance companies that offer reliable car insurance plans. Insurers offer unique features and personalized features to meet the diverse needs of the customers.
Best Car Insurance Companies
Car insurance helps you in reducing the financial obligations that may arise due to an unfortunate event involving your car like road accident, fire, theft, natural calamity etc. As per the Indian Motor Tariff, every car/vehicle owner is legally required to have at least one third party car insurance cover to be able to legally drive their car on Indian roads.
| Car Insurance Company | Motor OD Claim Settlement Ratio FY20 | Network Garages |
| IFFCO Tokio General Insurance | 95.30% | 4,300+ |
| Royal Sundaram General Insurance | 92.66% | 4,600+ |
| The Oriental Insurance Company | 91.76% | 3,100+ |
| HDFC ERGO General Insurance | 91.23% | 6,800+ |
| Universal Sompo General Insurance | 90.78% | 3,500+ |
| Tata AIG General Insurance | 90.49% | 5,000+ |
| The New India Assurance | 89.60% | 3,000+ |
| SBI General Insurance | 89.51% | 16,000+ |
| Bajaj Allianz General Insurance | 88.83% | 4,000+ |
| Future Generali India Insurance | 88.69% | 2,500+ |
How to choose the best car insurance company in India?
The definition of the best car/vehicle insurance company is subjective as it varies based on the needs of each individual. For some individuals, a car insurance company with the highest claim settlement ratio is best, while for others, an insurance company with a wide network of cashless garages is best. Thus, there are several criteria that make an insurance company best for an individual. The following factors should be considered while choosing a car insurance company.
- Network of Cashless Garages
There are many garages with which a car insurance company partners to facilitate cashless insurance claims. While choosing a car insurance company, one should check the strength of the insurance company’s network of cashless garages. One should also check whether there are enough cashless garages around his locality.
- Claim Settlement Ratio
The claim settlement ratio measures the number of claims settled by a car insurance company out of all the claims received during a financial year. It is always good to go with an insurance company with a high claim settlement ratio.
- Availability of Add-ons
Add-on refers to the additional coverage that can be opted for with a standard car insurance policy to increase the coverage. Add-ons are available with own damage and comprehensive car insurance and can be opted for at the time of policy purchase as well as renewal.
- Customer Support Service
One should also check the availability and quality of customer support service offered by the insurance company. While some insurance companies provide 24*7 customer support, some provide 5-day customer support services.
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