Top 10 Car Insurance Companies in India 2024By Okbima 19 Jan 2024
In India, car insurance is a necessity to protect one's vehicle from unforeseen circumstances. We highlighted the top 10 car insurance companies in India, taking factors such as affordability, customer satisfaction, and claim settlement ratio.
List Of Top 10 Car Insurance Companies according to CSR
The list of top 10 car insurance companies in India are Acko, HDFC ERGO, Digit, ICICI Lombard, IFFCO-TOKIO, Reliance, SBI General, and many more.
Car Insurance Compaies
Claim Settlement Ratio
Acko General Insurance Company
ICICI Lombard Insurance Company
Digit Insurance Company
Royal Sundaram General Insurance Company
HDFC ERGO General Insurance Company
IFFCO-TOKIO General Insurance Company
Universal SOMPO General Insurance Company
SBI General Insurance Company
Reliance General Insurance Company
Magma HDI General Insurance Company
1. Acko General Insurance Company
Acko, a car insurance provider in India, is known for its digital approach and convenience. They offer affordable insurance plans that ensure hassle-free coverage and claim settlement. In addition to benefits such as 0% depreciation and roadside assistance, Acko car insurance protects policyholders against damages, theft, and third-party liabilities.
• 93% of users save at least ?1,200 on car insurance
• 3-day doorstep delivery; 1-hour pickup
• Outstation emergency cover
• Rs. 2,094 Min. Plan starting rang
• Lesser cashless garages
• No depreciation of tyre cover
2. ICICI Lombard Insurance Company
ICICI Lombard, a known name in the insurance sector, has gained widespread recognition and brand value. As a result of its association with ICICI Bank Limited and Fairfax Financial Holdings Ltd., this insurance company is well-known for its online car insurance services and affordable options. Therefore, ICICI Lombard has become a preferred choice for those seeking low-cost car insurance.
• Accidental coverage for co-passengers, if any
• NCB benefit
• Doorstep inspection facility
• iAAA Rating by ICRA
• Comparatively lower number of garages
3. Digit Insurance Company
Digit Insurance Company, also referred to as Go Digit provides a range of car insurance policies to enhance customer satisfaction. With their pick-up-repair-drop service and easy-to-use claim feature, customers can depend on this insurance firm for efficient handling of claims and complaints related to car damages.
• Burglary damages covered
• Engine and gear-box covered
• Repair anywhere
• Rs. 1,994 Min. Plan starting range
• Third-party plans have fewer add-ons
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4. Royal Sundaram General Insurance Company
Royal Sundaram General Insurance Company offers flexible and personalized insurance choices that cater to the unique requirements of clients. As a result, this company deserves a spot on the list of the best car insurance providers in India. They offer coverage for a wide range of issues, including windshield damage and lost luggage.
• In-transit cover
• Theft coverage
• Vehicle replacement value cover
• Voluntary premium-deductible cover
• Damage incurred by breakdown is not covered
5. HDFC ERGO General Insurance Company
HDFC ERGO Comprehensive Car Insurance is highly regarded as one of the most trustworthy car insurance providers in India. They offer a range of 12 add-on covers for customers to choose from, along with personal accident coverage of up to Rs. 15 lakh. Furthermore, the policy allows for a 50% reduction in renewal premiums under the NCB scheme and includes zero depreciation coverage. The claim process is hassle-free, requiring only simple and minimal documentation.
• 6,800+ garages
• Paperless insurance procedure facility
• Down-time rider add-on
• Policy renewal without inspection
• Car depreciation damages are not covered
6. IFFCO-TOKIO General Insurance Company
IFFCO-TOKIO is a known player in the Indian insurance industry, known for its impressive claim settlement ratio of 95%. Their insurance policy provides customers with the flexibility to choose from a range of eight customizable add-ons, offering coverage for various damages, personal accidents, and third-party insurance. Additionally, their policy extends full coverage to metal parts and fiber, while also providing zero depreciation for these components.
• Zero depreciation cover
• Electrical/Non-Electrical damages covered
• 24x7 road assistance
• CNG/LPG fuel kit covered
• Lower Google rating
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7. Universal SOMPO General Insurance Company
One of the top car insurance companies in India, it is a collaboration between the Indian Overseas Bank, Karnataka Bank, Indian Bank, Dabur Investment Corporation, and Sompo Japan Nipponkoa Insurance Inc. With over 3500 garages and exclusive benefits such as engine protection coverage and "hospital daily cash," this insurance company has become one of the best insurance companies in the industry.
• Daily cash allowance benefit
• Depreciation waiver cover
• Accidental hospital clause and loss of personal belongings in case of accident
• Rs.1,994 Min. Plan starting range
• Has a compulsory deductible amount
8. SBI General Insurance Company
SBI General Insurance Company stands out as a top insurance provider in India for car insurance policies. They offer online car insurance with a no-claim bonus, reducing the rate for each claim-free year.
• Personal Accident Cover of up to Rs. 15 lakh
• Invoice cover
• Cover of Rs. 2 lakh for a hired rider and co-passengers in case of an accident.
• iAAA Rating by ICRA
• Comparatively lower number of garages
9. Reliance General Insurance Company
By offering add-on covers and long-term savings options, Reliance General Insurance Company sets itself apart as the go-to choice for car insurance in the market. Known for its add-ons and beneficiary offers, the company consistently raises the standards and remains a trusted source for car insurance
• NCB retention cover
• Daily allowance benefit
• AAI benefit
• Rs.2,094 Min. Plan starting rang
• Mechanical and electrical incurred damages not covered
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10. Magma HDI General Insurance Company
Magma HDI Insurance Company has received a CRISIL A1+ rating for its exceptional performance. The company offers a range of insurance options, such as private car insurance, comprehensive commercial insurance, motor act-only policies, and rider choices. Positioning itself as a budget-friendly car insurance provider, Magma HDI also provides a Voluntary Excess plan that allows customers to avail additional discounts.
• LPG/CNG coverage provided
• Tyre damage is covered if beyond repair
• Personal accident cover
• 4,000+ garages
• Comparatively lower claim settlement ratio (CSR)
How to Choose the Best Car Insurance Company In India?
Choosing the best car insurance company in India is essential to ensure that you have the right coverage and value for your money.
• Research and compare: Start by researching different car insurance companies in India. Look for their reputation, customer reviews, and ratings online.
• Financial stability: Consider the financial stability of the insurance company. Check their claim settlement ratio, which indicates the percentage of claims settled by the company.
• Types of coverage: Understand the different types of coverage offered by insurance companies. Find the coverage options based on your requirements.
• Network of garages: Examine the insurance company's network of garages. Ensure that they have a wide network of authorized garages in your area for hassle-free cashless claim settlements.
• Premiums and deductibles: Compare premiums and deductibles offered by different insurance companies. While a lower premium might seem attractive, also evaluate the deductible and its impact on your claims.
• Claim settlement process: Understand the claim settlement process of the insurance company. Check if they have a quick and hassle-free claim settlement process.
In conclusion, choosing the top 10 car insurance companies in India is crucial in ensuring that you receive the best coverage and customer service. The best car insurance companies in India, offer a wide range of policies with competitive premiums and comprehensive coverage. Contact Okbima to Buy the Best Car Insurance Policy.
Which are the biggest car insurance companies in India?
The biggest car insurance companies in India are LIC, HDFC ERGO General Insurance, Bajaj Allianz General Insurance, ICICI Lombard General Insurance, and Future Generali India Insurance Company Ltd.
How to switch from one car insurance company to another?
To switch insurers, compare quotes, choose a new policy, inform your current provider, and follow their cancellation process to seamlessly transition to your new car insurance company.
How do insurance companies estimate car damage?
Insurers assess car damage using expert evaluations, repair estimates, and industry standards. They consider factors like repair costs, parts, and labor to determine accurate damage estimates.
Will insurance companies pay for all the damage by accident?
Insurance coverage varies. Full coverage might cover all accident-related damage, but policies differ. Review your terms, deductibles, and limits to understand what expenses your insurer will pay.