Best Car Insurance Companies in India 2024

By Okbima 16 Jun 2023
best-car-insurance-company-in-india

 

When you are looking for car insurance, several best car insurance companies in India offer reliable and comprehensive coverage. We will explore the top car insurance companies in India based on their claim settlement ratio (CSR) in 2023 and will recommend the best one for you in 2024.

 

List of the Best Car Insurance Companies As Per (CSR)

Here is the list of the top 5 car insurance companies in India based on their claim settlement ratio, network garages, and customer satisfaction in 2023. We are mentioning the best one that you can consider in 2024. 

 

Car Insurance Companies

Network Garages

Claim Settlement Ratio

Buy Car Insurance

SBI Car Insurance

16000+

100%

Get a Quote

HDFC ERGO Car Insurance

8200+

99%

Get a Quote

Royal Sundaram Car Insurance

3300+

98.6%

Get a Quote

Bajaj Allianz Car Insurance

4000+

98.5%

Get a Quote

Reliance Car Insurance

8200+

98%

Get a Quote

 

Top 20 Car Insurance Companies in India

Here is the list of the top 20 car insurance companies in India based on their claim settlement ratio, network garages, customer satisfaction, and customer support in 2023. We are mentioning the best one that you can consider in 2024. 

 

Car Insurance Companies

Network Garages

Claim Settlement Ratio

Buy Car Insurance

SBI Car Insurance

16000+

100%

Get a Quote

HDFC ERGO Car Insurance

8200+

99%

Get a Quote

Royal Sundaram Car Insurance

3300+

98.6%

Get a Quote

Bajaj Allianz Car Insurance

4000+

98.5%

Get a Quote

Reliance Car Insurance

8200+

98%

Get a Quote

Kotak Mahindra Car Insurance

2327+

98%

Get a Quote

Liberty Car Insurance

4500+

98%

Get a Quote

Zuno Car Insurance

1500+

98%

Get a Quote

Magma HDI

4000+

97.1%

Get a Quote

Future Generali Car Insurance

3500+

96.3%

Get a Quote

Chola MS Car Insurance

4636+

96%

Get a Quote

Digit Car Insurance

2,500+

96%

Get a Quote

Shriram Car Insurance

2000+

96%

Get a Quote

Universal Sompo Car Insurance

3500+

96%

Get a Quote

IFFCO Tokio Car Insurance

4300+

95.8%

Get a Quote

United India Car Insurance

3100+

95%

Get a Quote

Oriental Car Insurance

3100+

94%

Get a Quote

National Car Insurance

3100+

93%

Get a Quote

Raheja QBE Car Insurance

1000+

92%

Get a Quote

New India Assurance Car Insurance

3000+

90%

Get a Quote

 

1. SBI Car Insurance

SBI Car Insurance has a huge network of 16,000+ garages with a claim settlement ratio of 100%. SBI's car insurance policies cover third-party liabilities, own damage, and personal accidents, providing comprehensive protection. With competitive pricing, SBI maintains a customer satisfaction rate of 90%, highlighting the trust in policyholders. Continuous innovation and customer-centric services contribute to SBI's strong presence in the car insurance sector.

 

2. HDFC ERGO Car Insurance

HDFC ERGO Car Insurance is a prominent player with a wide network of 8,200+ garages, ensuring accessibility for policyholders, and has a claim settlement ratio of 99%. HDFC ERGO's car insurance policies offer comprehensive coverage, including third-party liabilities, own damage, and personal accident benefits. With a customer satisfaction rate of 90%, the company reflects its commitment to customer-centric services, positioning HDFC ERGO as a reliable choice in the competitive car insurance sector.

 

3. Royal Sundaram Car Insurance

Royal Sundaram Car Insurance has a network of 3300+ garages with an impressive claim settlement ratio of 98.6%. Offering comprehensive coverage, including third-party liabilities, own damage, and personal accident benefits, Royal Sundaram stands out in the market. The company's customer satisfaction rate of 89% reflects the trust among policyholders, maintaining Royal Sundaram's position in the competitive car insurance sector.

 

4. Bajaj Allianz Car Insurance

Bajaj Allianz Car Insurance offers comprehensive coverage, ensuring financial protection for vehicles. With a wide network of over 4,000 garages, having a claim settlement ratio of 98.5%, it provides cashless claim settlement. The policy includes third-party liability, personal accident cover, and damage to the insured car. Additionally, Bajaj Allianz offers add-ons like zero depreciation and 24x7 roadside assistance with a customer satisfaction rate of 92%.

 

5. Reliance Car Insurance

Reliance Car Insurance is a significant player in the market, having a network of over 8,200 garages for easy access to services with a claim settlement ratio of 98%. Reliance's car insurance policies provide third-party liability, own damage, and personal accident coverage, providing comprehensive protection. With a competitive pricing strategy, Reliance maintains a customer satisfaction rate of 88%, reflecting the trust and reliability of policyholders.

 

6. Kotak Mahindra Car Insurance

Kotak Mahindra Car Insurance stands out with a network of over 2,327 garages, offering accessible services for policyholders with a claim settlement ratio of 98%. Kotak Mahindra's car insurance policies cover third-party liabilities, own damage, and personal accidents, providing comprehensive protection. With a competitive pricing strategy and a customer satisfaction rate of 89%, Kotak Mahindra reflects its commitment to customer-centric services, maintaining its presence in the dynamic car insurance sector.

 

7. Liberty Car Insurance

Liberty General Insurance has a wide network of 4,500+ garages for convenient service accessibility with a claim settlement ratio of 98%, showcasing their commitment to efficient and transparent claims resolution. Liberty's car insurance policies cover third-party liabilities, own damage, and personal accidents, providing comprehensive coverage. With a customer satisfaction rate of 88%, Liberty General Insurance reflects its success in delivering reliable and customer-friendly services, establishing itself as a competitive player in the car insurance market.

 

8. Zuno Car Insurance

Zuno Car Insurance offers a competitive pricing strategy, with a network of 1,500+ garages, and a claim settlement ratio of 98%, improving confidence among policyholders. Zuno's customer-centric approach is shown in its 24/7 customer support services, contributing to a customer satisfaction rate of 87%. Continuous innovation and affordable premiums characterize Zuno's position in the evolving car insurance market.

 

9. Magma HDI

Magma HDI Car Insurance has a claim settlement ratio of 97.1% and offers comprehensive coverage, it includes third-party liability and own damage. Magma HDI's network has over 4000+ garages for cashless settlements. The policy also provides add-ons like engine protection and return to the invoice. With a 24x7 helpline and a 92% customer satisfaction rate, Magma HDI stands out as a reliable choice for car insurance, addressing diverse needs in the evolving insurance sector.

 

10. Future Generali Car Insurance

Future Generali Car Insurance has a network of 3,500+ garages, ensuring convenient service for policyholders, and a claim settlement ratio of 96.3%. Future Generali's car insurance policies cover third-party liabilities, own damage, and personal accidents, offering comprehensive coverage. With a customer satisfaction rate of 89%, Future Generali reflects its success in providing reliable and customer-friendly services. 

 

11. Chola MS Car Insurance

Chola MS Car Insurance stands out with a claim settlement ratio of 96%, and their policies cover third-party liability, own damage, and personal accident benefits. With a widespread network of more than 4,636 garages, they ensure hassle-free cashless claim settlements. Chola MS has a customer satisfaction rate of 88%, reflecting their commitment to excellent service, and introduced innovative add-ons like engine protectors and consumable expenses coverage, enhancing their policy offerings.

 

12. Digit Car Insurance

Digit Car Insurance has a network of 2,500+ garages, ensuring widespread service accessibility. Digit has an impressive claim settlement ratio of 96%, highlighting its commitment to efficient and transparent claims processing. The policies cover third-party liabilities, own damage, and personal accidents, providing comprehensive protection. With a customer satisfaction rate of 93%, Digit Car Insurance reflects its success in meeting customer needs and expectations, positioning itself as a reliable and customer-centric option in the car insurance sector.

 

13. Shriram Car Insurance

Shriram Car Insurance has positioned itself as a key player in the market, offering comprehensive coverage and a huge network of 2,000+ garages with a claim settlement ratio of 96%. Their policies offer third-party liability, own damage, and personal accident coverage. Shriram stands out with a competitive pricing strategy, attracting customers, and maintaining a customer satisfaction rate of 88%. With innovative add-ons like engine protectors, Shriram Car Insurance remains a reliable choice in the industry.

 

14. Universal Sompo Car Insurance

Universal Sompo Car Insurance covers over 3,500 garages across India. Their policies cover third-party liability, own damage, and personal accident benefits with a claim settlement ratio of 96%. The company introduced unique add-ons such as key replacement and roadside assistance, enhancing their policy offerings. With a customer satisfaction rate of 89%, Universal Sompo remains a reliable choice in the dynamic car insurance market.

 

15. IFFCO Tokio Car Insurance

IFFCO Tokio Car Insurance has established itself as a reliable choice, having a network of 4,300+ garages for widespread service access with a claim settlement ratio of 95.8%. IFFCO Tokio's car insurance policies provide comprehensive coverage, including third-party liabilities, own damage, and personal accident benefits. With a customer satisfaction rate of 92%, IFFCO Tokio reflects its success in delivering customer-centric services, maintaining its position in the competitive car insurance market.

16. United India Car Insurance

United India Car Insurance has a network of 3,100+ garages with an impressive claim settlement ratio of 95%. Their policies cover third-party liabilities, own damage, and personal accidents. United India stands out with a customer satisfaction rate of 91%, indicating high levels of service approval. With affordable premiums and a wide range of add-ons, United India remains a strong player in the car insurance sector.

 

17. Oriental Car Insurance

Oriental Insurance Company Limited has an extensive network of over 3,100 garages for widespread service accessibility with a claim settlement ratio of 94%. Oriental's car insurance policies cover third-party liabilities, own damage, and personal accidents, offering comprehensive protection. With competitive premiums and a customer satisfaction rate of 89%, Oriental Insurance continues to be a reliable and customer-friendly choice in the competitive car insurance sector.

 

18. National Car Insurance

National Insurance Company Limited, a prominent player in the car insurance sector, offers a huge network of 3,100+ garages, ensuring widespread service access with a claim settlement ratio of 93%. National Insurance's car insurance policies cover third-party liabilities, own damage, and personal accidents, providing comprehensive protection. With competitive premiums and a customer satisfaction rate of 90%, National Insurance solidifies its position as a reliable choice in the competitive car insurance sector.

 

19. Raheja QBE Car Insurance

Raheja QBE General Insurance Company has a network of 1,000+ garages with an impressive claim settlement ratio of 92%. Raheja QBE's car insurance policies cover third-party liabilities, own damage, and personal accidents, ensuring comprehensive coverage. With a customer satisfaction rate of 88%, Raheja QBE General Insurance stands as a reliable and customer-centric choice in the competitive car insurance market.

 

20. New India Assurance Car Insurance

The New India Assurance Company Limited has a huge network of 3,000+ garages for convenient service access with a claim settlement ratio of 90%. New India Assurance's car insurance policies provide extensive coverage, third-party liabilities, own damage, and personal accident benefits. With competitive premiums and a customer satisfaction rate of 91%, New India Assurance remains a trusted and reliable choice in the dynamic car insurance sector.

 

Conclusion

In conclusion, several best car insurance companies in India offer competitive rates and comprehensive coverage. Companies like ICICI Lombard, HDFC ERGO, and Bajaj Allianz are among the top choices for customers looking for reliable car insurance. It is important for individuals to carefully consider their needs and research various companies before deciding to ensure they choose the best insurance provider for their car. You can also contact Okbima Experts to choose the best car insurance company to buy car insurance.

 

FAQs

Which is the best online car insurance company in India?

In India, consider online car insurance options like ICICI Lombard, HDFC ERGO, or Reliance General Insurance.

 

Which car insurance company has the highest claim settlement ratio in India?

Look for high claim settlement ratios; HDFC ERGO, ICICI Lombard, and Bajaj Allianz are reputed choices.

 

Do I need to inform my car insurance company if I change the CNG in my car to LPG?

Yes, inform your car insurer about any fuel system changes for policy accuracy.

 

Is it possible to change my car insurance company?

Changing car insurance companies is possible; compare, choose, and follow the switch procedure.

 

Will my car insurance company pay me compensation equal to the IDV of the car?

Compensation depends on your policy; some insurers offer the Insured Declared Value (IDV) for car damage.

 

What will happen to my NCB if I switch my car insurance company?

No-Claim Bonus (NCB) can be transferred to your new insurer upon switching.

 

What are the top 3 car insurance companies?

The top 3 car insurance companies in India are SBI Car Insurance, HDFC ERGO Car Insurance, and Royal Sundaram Car Insurance.

 

Who is the biggest insurance company in India?

The LIC (Life Insurance Corporation of India) is the biggest insurance company in India.

 

How do car insurance companies comparison?

Car insurance companies compare rates, coverage options, customer reviews, and claim handling efficiency when determining the best car insurance policies for their customers.

 

Why check car insurance companies ratings?

It is important to check car insurance companies' ratings to ensure that you are getting a reliable and reputable provider that meets your coverage needs.

 

Which is the best cheap car insurance companies in India?

The best cheap car insurance companies in India are HDFC ERGO, TATA AIG, Royal Sundaram, and ICICI Lombard.

 

How to check car insurance companies claim settlement ratio?

To check a car insurance company's claim settlement ratio, one should contact the insurance regulatory authority or visit their official website to obtain the necessary information.

 

Which are the top 5 car insurance companies in India?

The top 5 car insurance companies in India are Acko General Insurance, Go Digit Insurance, IFFCO-TOKIO General Insurance Company, Tata AIG Insurance, and HDFC Ergo Car Insurance.

 

Which are the top ten car insurance companies in India?

The top ten car insurance companies in India are SBI Car Insurance, HDFC ERGO Car Insurance, Royal Sundaram Car Insurance, Bajaj Allianz Car Insurance, Reliance Car Insurance, Kotak Mahindra Car Insurance, Liberty Car Insurance, Zuno Car Insurance, Magma HDI, and Future Generali Car Insurance.

 

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