In today’s lifestyle, almost everyone owns a car. People nowadays also opt for various types of insurance to secure their lives. Along with safeguarding your life, car insurance has become extremely essential these days. The best car insurance plan provides coverage for incidents like accidents, theft, fire, natural disasters, self-accidents, and third-party damages, offering comprehensive protection to your vehicle.
Car insurance, also known as motor insurance, auto insurance, vehicle insurance, or car insurance, is a vital aspect of the Indian insurance market. India boasts a vast insurance market, presenting a wide range of affordable car insurance plans. Currently, there are 10 insurance companies offering reliable car insurance plans.
Insurance providers offer unique features and personalized benefits to fulfill various needs of their customers. Car insurance helps reduce financial liabilities that may arise from unfortunate events related to your car, such as road accidents, fire, theft, natural calamities, etc.
In today’s world, various accidents involving vehicles are common. Knowing about the best vehicle insurance company in India can provide you with peace of mind. When you purchase a car today, it comes with car insurance for several years. Different companies provide different types of security through their car insurance policies.
In this article, we’ll delve into the best car insurance companies in India for 2024. We will provide information about the top 10 car insurance companies in India, factors affecting insurance premiums, and how to choose the best car insurance company in India. The best car insurance companies in 2024 are those that offer the best services, lowest rates, and most customer-friendly policies. Buying a car is a significant investment, and it should be protected with the right insurance coverage. However, with so many insurance options available in the market, you may not know which company to go with. Therefore, I have compiled a list of the top 10 car insurance companies in India to help you compare insurance providers.
National Insurance Company Limited (NIC)
National Insurance Company Limited ranks at the top among India’s best car insurance companies. Headquartered in Kolkata, it is a state-owned general insurance company. Nationalized in 1972, NIC has become one of the most reliable and trusted car insurance providers for your vehicle.
The company offers up to INR 7.5 lakhs for third-party property damage. It boasts an expenditure claim ratio of 69.35% and primarily serves the South Asian region.
Tata AIG General Insurance
Established in 2001, Tata AIG General Insurance Company Limited is one of India’s finest car insurance companies, headquartered in Mumbai. Known for its swift settlement of car insurance claims, TATA AIG has earned popularity for its efficiency. The company’s Customer Support Group is highly responsive, meriting its inclusion in the Best Car Insurance India Hindi list.
Tata AIG offers comprehensive car insurance policies with various Add-ons. The company provides a fast and hassle-free claim settlement process and offers 12 unique Add-on covers for enhanced insurance protection. Tata Sons hold 74% of this company, with the remaining 26% owned by the American International Group. Nilesh Garg serves as the CEO.
ICICI Lombard Motor Insurance
ICICI Lombard Motor Insurance, established in 2001, is a prestigious and leading auto insurance company in India. The company’s CEOs are Mr. Bhargav Dasgupta and Executive Director Mr. Sanjeev Mantri.
The company maintains a strong relationship with ICICI Bank, India’s second-largest bank. Additionally, it is reported to have over 100 billion US dollars in assets.
ICICI Lombard’s insurance claim process is straightforward and quick. Its car insurance policy comes with multiple Add-on covers. The company has over 3.3k branches across India and provides 24-hour active customer support. Moreover, you can easily register or renew your policy online.
Bajaj Allianz General Insurance
Bajaj Allianz offers a variety of car insurance policies to its customers. It stands as one of the most trustworthy insurance companies in India, providing highly flexible policies. Consequently, it earns its place in our Best Car Insurance India Hindi list.
Customers can purchase car insurance policies from this company in just 3 minutes. The company settles small claims ranging from 20 to 30 within a short span. Bajaj Allianz offers on-the-spot motor services to its customers, boasting a claim settlement ratio of 98%.
Reliance General Insurance Company
Established in August 2000 after obtaining a license from IRDA, Reliance General Insurance Company is a renowned insurance company. You can find approximately 139 offices of this company across India. It offers affordable car insurance policies for car owners. The company was founded by Mr. Dhirubhai Ambani.
Customers can easily purchase their insurance policies through various payment options like net banking, Paytm, or debit/credit cards. You can avail of discounts up to 60% on car insurance policies. The company doesn’t levy any hidden charges on policyholders.
HDFC ERGO General Insurance Company
HDFC ERGO is one of India’s largest car insurance companies, offering almost all types of insurance currently available. HDFC ERGO Company Limited is a joint venture between HDFC Bank and ERGO International.
With over 1.5 crore customers and the largest network of over 7400 garages nationwide, HDFC ERGO provides round-the-clock car repair services under car insurance. Additionally, the company approves customer claims through QR codes online within just 30 minutes, making claim settlements remarkably easy.
United India Car Insurance
United India Insurance Company, a venerable organization, was nationalized in 1972. Founded on February 18, 1938, it stands as one of the major insurance companies in the Asian continent.
Headquartered in Chennai, the company reported a net profit of approximately 528 crores in the financial year 2013-14. Operating across various states in India, it offers 24X7 customer support. Customers benefit from instant insurance coverage and cashless claim facilities.
Oriental Insurance Company Limited
Oriental Insurance Company Limited is one of the finest public sector insurance companies in India. Established on September 12, 1947, its headquarters are located in Delhi. According to records, the company earned a premium of 7282.54 crores in the financial year 2013-14. It is a renowned car insurance company in India, employing over 14,000 staff and nearly 1,800 offices nationwide.
Royal Sundaram General Insurance
Royal Sundaram General Insurance Company emerged in 2000 as the first insurance company under IRDA. Known for being a popular and trustworthy car insurance provider, it has strong ties with numerous banks for better insurance services. Headquartered in Chennai, Mr. M S Sridhar serves as the MD of this esteemed insurance company.
Policyholders benefit from a 24×7 helpline for insurance claims and round-the-clock roadside assistance in emergencies, enabling immediate claims in case of road accidents.
Universal Sompo General Insurance
Universal Sompo General Insurance is among the trusted car insurance companies in India. With its headquarters in Mumbai, the company received its license from IRDA in November 2007. Mr. Rajiv Kumar is the Managing Director and CEO.
This company is one of the first in the Indian general insurance industry to be a public-private partnership. It offers a comprehensive roadside assistance program under its insurance contract agreements, providing significant benefits to its clients.
Current Figures of the Top 10 Insurance Companies in India
| Car Insurance Company | Cashless Garages | Claim Settlement Ratio | Recognition | 24×7 Service |
|---|---|---|---|---|
| HDFC Ergo Car Insurance | 6,500+ | 95% | ICRA IAAA | Assured |
| Oriental Insurance Auto Insurance | 30 Regional Offices, 1700+ Branches | Not provided | Operates in Kuwait, Nepal, Dubai | Available |
| New India Assurance Auto Insurance | 2300+ Offices | Not provided | Leading player in non-life insurance for over 4 decades | Available |
| ICICI Lombard Auto Insurance | 5,990+ | 98% | Among the most popular insurance companies in India | Assured |
| Bharti Axa Car Insurance | 3,500+ | 98% | ISO 9001:2008 and ISO 27001:2005 certified company | Assured |
| United India Auto Insurance | 30+ Regional Offices, 17,000+ Employees, 2200+ Corporate Locations | Total Premium Collection of approx. 16,300 Crores | Not provided | Available |
| Bajaj Allianz Car Insurance | 3,800+ | 96% | Full DriveSmart service offered | Assured |
| Royal Sundaram Car Insurance | 3,290+ | 95% | Fastest claim time, 4 hours | Available |
| TATA AIG Car Insurance | 5,800+ | 98% | Fastest claim processing time, 24×7 service | Available |
| IFFCO Tokio Car Insurance | 4,250+ | 91% | Instant policy renewal, Zero Dep Policy | Not provided |
When purchasing car insurance coverage, it’s important to keep the following points in mind:
- Ensure legal protection.
- Consider terms that provide relief from stress.
- Check if the policy includes maintenance conditions or allows for alterations.
- Verify the availability of 24×7 full roadside assistance.
- Always remember to read all the terms and conditions of the insurance policy.
- Look for all available discount offers and choose the best one according to your needs.