Last Updated on 29/12/2020 by Deepak Singla
Car insurance is a type of vehicle insurance meant to provide cover for your car in case of any accidental damage. Besides, it also covers any loss caused to your car due to theft, fire, natural calamity, and more. A four wheeler insurance will also cover for any third-party financial liabilities you face in an accident. Hence, it must be clear that buying car insurance from a good car insurance company is of utmost importance.
Moreover, buying a car insurance policy is a must for all car owners. As per the Motor Vehicle Act, 1988, every car owner needs to purchase at least a valid third-party liability insurance. Otherwise, you might have to face strict legal punishments.
Choosing from a long list of car insurance must be troublesome. Not to worry because you will find the details about the best car insurance companies in India listed in this article.
Top 10 Best Car Insurance Companies In India 2021
Here is the Analytics comparison of the top 10 best car insurance companies in India with insured claim ration and network garages and policy features. So, that you can choose the best car insurance policy from the best Car insurance company with maximum features as per your needs
|Sl. No.||Car Insurance Companies||Incurred Claim Ratio||Network Garages||Policy Features|
|1.||New India Car Insurance||87.54%||1100+||· No Claim Bonus|
· Towing assistance
· Cashless Claims
|2.||TATA AIG Car Insurance||70%||N/A||· No Claim Bonus|
· Roadside Assistance
· Anti-theft device installation
· Daily allowance cover
|3.||Bajaj Allianz Car Insurance||62%||4000+||· Cover for key and lock replacement|
· Depreciation shield
· Engine Protector
· 24×7 roadside assistance
|4.||HDFC ERGO Car Insurance||82%||6800+||· Overnight car repair|
· Quick claim approval
· Unlimited claims allowed
· Cashless claims
|5.||The Oriental Car Insurance||112.62%||N/A||· Nil depreciation cover|
· Anti-theft device discount
· No Claim Bonus
· Online Policy Renewal
|6.||SBI Car Insurance||87%||5400+||· No Claim Bonus|
· Excess Discount
· Fast claim settlement
|7.||Shriram Car insurance||69%||1500+||· Instant Policy purchase|
· No Claim Bonus
· Voluntary discount
· Anti-theft Device installation discount
|8.||Bharti AXA Car Insurance||75%||5200+||· Quick purchase|
· 24×7 customer service
· Roadside assistance
· Engine cover
· Ambulance charges covered
|9.||IFFCO Tokio Car Insurance||87%||4300+||· Zero Depreciation Cover|
· Engine Cover
· No Claim Bonus
· 24×7 Roadside Assistance
|10.||Chola MS Car Insurance||84%||6900+||· No Claim Bonus|
· 24×7 customer service
· Roadside assistance
· Discount for Anti-theft device installation
1. New India Car Insurance
The New India Assurance Co. Ltd is one of the top car insurance companies in India. They protect you against personal accidents, third-party damage, liabilities, etc. Moreover, they cover for the damage caused to your insured car in case of accidents, natural cause, theft, etc. They also cover a maximum of INR 1500 for towing charges.
|Incurred Claim Ratio||87.54%|
2. TATA AIG Car Insurance
TATA AIG Car Insurance is one of the most favored car insurance companies in India. It provides you with the promise to protect your car from all kinds of damage. It also has an auto secure private car package that will protect your car against any loss or damage due to theft, calamities, or other causes.
It also provides a personal accident coverage of up to INR 15 lakhs to the owner/ driver.
|Incurred Claim Ratio||70%|
3. Bajaj Allianz Car Insurance
Bajaj Allianz Car Insurance is undoubtedly one of the top car insurance companies we have in India. In fact, it was also awarded to be the best motor insurance by Money Today in 2021. You will get both third-party car insurance and comprehensive car insurance policies here.
Besides being extremely affordable, these plans are flexible too. It provides you with a PA cover of up to INR 15 lakhs.
|Incurred Claim Ratio||62%|
4. HDFC ERGO Car Insurance
HDFC ERGO Car Insurance is one of the top-notch car insurance companies in India. Their policy provides coverage for the damage caused to your car due to some mishap or natural calamity.
You will also receive a personal accident cover if you are the owner/ driver of the car.
|Incurred Claim Ratio||82%|
5. The Oriental Car Insurance
Oriental Car Insurance is one of the best public four wheeler insurance companies in India. Their policy has been structured well to provide the maximum coverage to your car. It also provides personal accident cover along with the extensive damage coverage.
|Incurred Claim Ratio||112.62%|
6. SBI Car Insurance
SBI Car Insurance is a well-known car insurance provider. It offers nice and extensive policies that you can take up to protect your car. It provides a personal accident cover of up to INR 15 lakhs. This policy has got your car covered for all kinds of mishaps, be it an accident, fire, theft, etc.
|Incurred Claim Ratio||87%|
7. Shriram Car Insurance
Shriram Car Insurance Company will give you a convenient insurance experience. It covers third party liability and damage caused to your car as well. You can also take up several add-ons such as theft, accidents, natural calamities, etc.
|Incurred Claim Ratio||69%|
8. Bharti AXA Car Insurance
Bharti AXA Car Insurance is a popular name in India. You will get coverage for damage/ loss caused to your car in case of accidents, natural disasters, and so on. In addition, it will also cover third-party liabilities and personal accident cover of INR 15 lakhs.
|Incurred Claim Ratio||75%|
9. IFFCO Tokio Car Insurance
IFFCO Tokio Car Insurance is one of the best car insurance providers in India. It provides extensive coverage to your car. It covers all kinds of loss or damage caused to the car due to an accident, disaster, fire, theft, etc. The personal accident cover provided can also be extended to protect the passengers as well.
|Incurred Claim Ratio||87%|
10. Chola MS Car Insurance
Chola MS Car Insurance is a well-reputed car insurance provider in our country. It provides you with cover against third-party liabilities and property damage. Moreover, it provides a personal accident cover of INR 15 lakh for the owner/ driver.
|Incurred Claim Ratio||84%|
Top 10 Car Insurance Price List in India 2021
|Sl. No.||Car Insurance Companies||Personal Accident Cover|
|1.||New India Car Insurance||N/A|
|2.||TATA AIG Car Insurance||Up to INR 15 lakhs|
|3.||Bajaj Allianz Car Insurance||N/A|
|4.||HDFC ERGO Car Insurance||Up to INR 2 lakhs|
|5.||Oriental Car Insurance||Sum Insured|
|6.||SBI Car Insurance||Up to INR 15 lakhs|
|7.||Shriram Car insurance||Up to INR 15 lakhs|
|8.||Bharti AXA Car Insurance||Up to INR 15 lakhs|
|9.||IFFCO Tokio Car Insurance||Up to INR 15 lakhs|
|10.||Chola MS Car Insurance||N/A|
How to Choose the Best Car Insurance Company?
The best car insurance company in India might not be that easy to find. You need to keep the following key points in mind while choosing a car insurance policy:
1. Compare the Features Online
Nowadays, you will be able to find all the information you need about a car insurance company online. Besides, online comparisons are the most efficient way to find the best car insurance companies. You will be able to analyze and compare their features side by side along with the riders provided.
Make sure, you research well enough to find the insurance provider that gives you the maximum protection at a reasonable premium price.
2. Review the Add-on Covers
Pay a good amount of attention to the add-on riders provided by various car insurance companies. Check the extra cost required to take up those riders. Finally, pick out the top car insurance policy with essential riders.
3. Go through the Reviews
This point is extremely important as well. Every insurer will claim to be the best car insurance company in India. However, that is hardly the case ever.
Check the reviews of the motor insurance companies left by their previous and current customers. This will give you an idea of the type of insurance experience you will receive. The thumb rule says that you should always consider the company with more positive reviews than the negative ones.
4. Compare the Premiums
You wouldn’t want to pay more for the same coverage. Make sure you compare the benefits provided and the premium the companies charge for them. Also, the entire procedure becomes easier since all the information is available online.
You may like to read: 10 TIPS TO SAVE MONEY ON CAR INSURANCE
5. Check the Authenticity of the Car Insurer
Find an authentic car insurance provider in the market. Checking the authenticity of a motor insurer is easy. You just need to check the IRDA Registration Number of the company.
You might already know that IRDA is the regulatory body of insurance companies and it won’t grant the registration number to any non-genuine provider.
You may like to read: 7 things all New Car Buyers should keep in mind while buying Insurance
6. Analyze the Financial Stability of the Car Insurance Provider
After checking the authenticity of the car insurance provider, make sure to check its financial ability. This will give you an idea about the financial stability of the insurer. In turn, you will be able to analyze if it will be able to pay you the claim amount or not.
Go through the annual financial records of the company or check out its solvency ratio. This will provide you with an idea of the company’s financial standing.
7. Check out the Claim Settlement Ratio
Checking the Claim Settlement Ratio (CSR) and the Incurred Claim Ratio (ICR) of the company is a must before buying any sort of insurance. CSR is the total percentage of claims the car insurance company settled in the last year.
On the other hand, ICR is the total percentage of premiums used by the company as compared to the total premiums collected. As a thumb rule, you should always go for a company with a higher ICR and CSR.
This will maximize the chances of your car insurance claim being approved.
8. Cashless Network Garages
Cashless garages are the garages approved by the insurance provider. Here, you can have your car repaired in a cashless way when you apply for a claim. A company with a greater network of cashless garages ensures that you will have a better chance of finding such a garage in your area.
There’s no point in buying car insurance if you can’t find a network garage of the car insurance company in your city.
9. Customer Service
The efficiency of the customer service will let you know how easy it would be to get in touch with the insurer. While filing an accident claim, own damage claim, or third-party liability claim, you need to be able to contact the insurer quickly.
Any delay could lead to further damage or even loss of life. So, make sure you chose a car insurance provider that gives 24×7 customer service.
How to Buy the Best Car Insurance Policy?
Don’t worry if you have never purchased a car insurance policy online. You are not the first person to make an online purchase from a car insurance company. Surely, with the given surge in digitization, you won’t be the last as well.
Given below are the steps you need to follow to buy a car insurance policy online:
1. Understand your requirements
Make sure that you do know what you need from the insurance. Decide if you want affordability, or extensive coverage, you need to be clear about that. You could also include add-on covers to enhance the protection provided by your car insurance.
2. Compare Insurances online
The best thing about buying insurance online is that you can compare the key features provided by car insurance companies. Review add-ons, premium price, cover provided, etc. by the insurances you have shortlisted. Then, choose the one that suits your needs the best.
3. Get Instant Quotes
If you do not get the exact requirements, then you might want to modify things a bit and check with a car insurance calculator. You just need to provide some basic details like add-ons you want, IDV, and other things. Based on this information, the calculator will give you some quotes.
4. Fill in your details
Once you have decided which plan to buy, visit the website of the insurer whose policy you want to purchase. You need to fill up a form with your details in it. You would be required to provide the car details as well along with some documentation.
5. Make the premium payment
Once you have filled in your details, you need to make the payment with any online payment method.
6. Receive the car insurance policy document
Lastly, you will receive the policy document emailed to you in a matter of minutes. With that, you will have officially insured your car.
FAQs Car Insurance Companies
Q1. Which company is the best for car insurance in India?
Ans. The best car insurance company might be different for every person as per their needs. A car insurance company is said to be the best if it is good in terms of ICR, repair facility, coverage, etc. The top car insurance companies in India for 2021 are given below:
- New India Car Insurance
- Tata AIG Car Insurance
- Bajaj Allianz Car Insurance
- HDFC Ergo Car Insurance
- Oriental Car Insurance
Q2. Is a private car insurance company better than a government car insurance company?
Ans. Private Car Insurance companies are better in terms of customer service and assistance provided. This is because these have performance incentives.
Q3. Do all car insurance companies provide towing services?
Ans. All car insurance companies might not provide towing services. You need to check the features, terms, and conditions of the car insurance company to be sure.
Q4. How to get a duplicate car insurance policy if I lose my policy?
Ans. You can request your insurer for a duplicate copy. Else, you can also visit the company’s website and login into your account. Then you just need to download and print the car insurance policy document. In some cases, you might also be needed to file an FIR and send its attested copy to the insurance company before requesting a duplicate policy.
Q5. How is the Insured Declared Value (IDV) calculated by the car insurance companies?
Ans. Car insurance companies utilize the given formula to calculate the IDV of a car: Manufacture’s listed price of the car – depreciation.
We have compiled a list consisting of the best car insurance companies in India as per our opinion. Hopefully, you will find the best insurance that will suit your needs. Choosing a car insurance policy could be a daunting task.
By considering a few factors like ICR, add-ons, premium price, etc. while selecting car insurance, you will be able to make the right choice. Let us know your thoughts below!