Almost all governments around the world makes insurance for cars a mandatory policy, India is no different. Even if it’s not about the policies, every vehicle owner should have one just in case things go south while you drive your beloved vehicle. Any financial loss that you might encounter would be covered up by an insurance coverage, and the covered amount would depend on what policy you have signed up for with an insurance company.
There are quite a good number of insurance companies in India, and the top listed ones have a good track record of providing good coverage to their customers. We have sorted out 10 of India’s best car insurance companies for you.
10. Bajaj Allianz General Insurance Company Limited
This private insurance company has affiliations with Bajaj, and there are few special policies for vehicles with different monthly premium range depending on your vehicle’s value estimation and your comfortable payable range. ICRA has awarded Bajaj Allianz for outstanding customer support across India through their 1500 outlets, they have an iAAA rating.
9. Tata AIG General Insurance
Tata is affiliated with American International Group (AIG) to conduct their business in the Indian regions. If you can remember Alico which used to be a subsidiary of AIG, later on it was acquired by Metlife. However, AIG has some quite impressive car insurance coverage policies and they are very fast in serving any claims after verifying its authenticity, typically takes 7 days at max.
8. Bharti-Axa General Insurance
Bharti-Axa has been serving in India since 2006 and apart from few excellent automotive insurance plans, they have health plans, investment plans and protection plans. For vehicle owners, Bharti-Axa doesn’t only offer insurance services but also offer repair services like flat tire repair, lost key assistance, service for minor vehicle trouble in the midst of the road etc. Just dial their hotline number if you are their customer, and they’ll arrive.
7. Royal Sundaram General Insurance
Since 2000, Royal Sundaram General Insurance is providing their service in Indian states. They specialize in settling claims within 2 business days, which is apparently one of the fastest in the Indian automotive insurance industry. And for minor and even some major repair cases, Royal Sundaram would offer a cashless garage out of their 3300 to repair your vehicle; if you prefer having the vehicle repaired over financial assistance.
6. Oriental Insurance Company
Previously mentioned companies were mostly private, but Oriental Insurance Company is a government-run company with around 1800 outlets across all states of India and they even operate overseas. International offices are located at Dubai, Kuwait and Nepal. In vehicle insurance claim settlement, Oriental Insurance Company has excellent track records.
5. New India Assurance
No private shareholders have any involvement in New India Assurance company’s operations, it’s a completely government owned company operating in India since 1919. Of course there had been major changes through all these years, but the services were never compromised in nature. New India Assurance tops the list of highest gross premium collection among the Indian insurance companies.
4. United India Insurance Company
United India Insurance Company is operating in India since 1938, however the nationalization took place in 1972. United India Insurance Company operates in a pretty large scale with 18,300 active employees and they have 1,340 outlets all over India. According to the records, United India Insurance Company has settled the highest monetary amount of claims which shows their dedication in providing quality service.
3. HDFC Ergo Motor Insurance
Although HDFC Ergo Motor Insurance started operating in 2002, still they have incorporated few very impressive motor insurance policies. Apart from that, this company has insurance for disable persons, personal insurances, health insurance, life insurance etc. ICRA has rated HDFC Ergo Motor Insurance Company with iAAA ratings.
2. ICICI Lombard Car Insurance Company Limited
ICICI Lombard is a private insurance company, but highly trusted among the car owners in India. This company operates in joint venture with Fairfax Financial Holdings Limited situated in Canada, and a lot of their services are incorporated in India as well. Apart from motor insurance, they have health insurance, two-wheeler insurance, travel insurance etc.
1. National Insurance Company Limited (NICL)
NICL is one of the first insurance companies to start operating in India, since 1906. Number of NICL offices is 1000 across different Indian states, and a total of 16,000 employees work for NICL ini these offices. NICL has different insurance policies aside from motor insurance. NICL received the award of being the top financial company in 2013-2014 fiscal year.
Depending on your insurance budget and vehicle value approximation, you might choose any company among the ones we have mentioned.