Best Car Insurance Companies In India

Best Car Insurance Companies in India

Review

Top Car Insurance Companies in India

There are many car insurance companies around us which try to coax the customers into buying their insurance plan with the help of attractive marketing strategies. The customers, at times, become a victim of such persuasion and are stuck with such companies till the end of the insurance plan, making them miss the best of plans in the market for car insurance.

This makes us ask, which car insurance company is best for someone?

Customers have different types of needs and they choose a company on different factors but there is one component which customers would not sacrifice upon. It is the Claim Settlement Ratio.

A Claim Settlement Ratio is the number of claims paid to consumers to the total number of claims received by the company. This is a ratio which does not go unnoticed by most of the customers, as they look for their chances of getting their claim. This ratio plays a pivotal role in selection of a Car Insurance for most of the customers.

By keeping this factor in mind, we will list down the best car insurance companies in India.

Top 5 Car Insurance Companies in India

  • IFFCO TOKIO GENERAL INSURANCE

    • It has the highest Claim Settlement ratio of 95.3% in the market with above 4,300 network garages which are evenly spread across India.
    • The company was incorporated in 2000 and is a joint venture between Indian Farmers Fertiliser Cooperative Ltd. and Tokio Marine Group. Some of the features which they provide are:
      • Coverage against man made causes like burglary, theft, accidental external damage
      • Coverage against natural causes like storm, lightning, earthquake, landslide, etc
      • Coverage for LPG and CNG fuel kit
      • Easy renewal and no claim bonus which can be as high as 50%.

 

  • ROYAL SUNDARAM GENERAL INSURANCE

    • With a Claim Settlement Ratio of 92.66% it stands second overall in the list with above 4,600 network garages in India.
    • It is one of the first private sector insurance companies to get license in October, 2000 by IRDAI and it has over 158 branches across India. Some of the many features provided by them are:
      • If the customer has moved to Royal Sundaram they will be able to transfer their No Claim Bonus which would grow just like it did previously
      • In case of theft or total damage of the car, the customer would get the full reimbursement on the invoice amount, road tax amount, registration charges and insurance cost
      • Just one car insurance policy document will be issued in the entire policy period due to which the customer would not have to carry many documents
      • Quick Claim Settlement which will be processed within 10 working days.

 

  • THE ORIENTAL INSURANCE COMPANY

    • This insurance company has a claim settlement ratio of 91.76% and it has around 3,100 network garages in India.
    • The company was incorporated in Mumbai at 12th September, 1947. It has over 29 regional offices in Delhi and more than 1800 offices in various cities of the country. Some of the notable features it provides to its customers are-
        • The Loss of Personal Effects to a maximum of ₹ 10,000/-
        • Alternative Car Benefit where a car is provided to the customer for a limited period of time when the customer is deprived of use of the insured vehicle due to accident/theft.
        • It provides free emergency services in case of a breakdown

 

  • HDFC GENERAL ERGO INSURANCE

    • The company has recorded a claim settlement ratio of 91.23% and it has over 6,800 network garages across India.
    • It is a joint venture firm between HDFC and ERGO International AG and it was incorporated in the year 2002. Some of the features provided by them are-
      • Zero Depreciation cover- As the depreciation is not covered in the insurance claim, the customer incurs out of pocket expenses but with zero depreciation cover, you get full value of the parts repaired or replaced.
      • No Claim Bonus Protection- This add-on covers your No Claim Bonus earned so far but it also takes you to the next No Claim Bonus slab earning.
      • Emergency Assistance Cover- In this facility there is round the clock assistance to deal with any mechanical or technical breakdown issues of the insured car.
      • Return to Invoice- In this the customer can Invoice value back in case of theft or total damage to the insured car
      • Downtime protection- This will cover the expenses incurred on cabs for the customers daily commute while the car is getting repaired.

 

  • UNIVERSAL SOMPO GENERAL INSURANCE

    • The company has a claim settlement ratio of 90.78% with 3,500 plus network garages across India.
    • The company is a joint venture Indian Bank, Indian Overseas Bank, Karnataka Bank Ltd., Dabur Investment Corporation and a leading general insurer from Japan, Sompo Japan Insurance Inc. It was incorporated in January,2007. The features provided by the company are-
      • Depreciation Waiver for the insured car
      • In case of a major damage or theft to the insured car, the customer can invoice value back.
      • There is a cover for loss of personal belongings
      • It provides a safe and secure towing of the car

There are other companies with high claim settlement ratio which are listed be

 

Sl. No Company Claim Settlement Ratio
1IFFCO Tokio 95.32%
2Royal Sundaram General Insurance92.66%
3The Oriental Insurance Company101.63%
4HDFC ERGO91.23%
5Universal Sompo General Insurance90.78%

Source: https://www.coverfox.com/car-insurance/companies/

These are the Best Car Insurance companies in India which would be preferred by most of the Indians out there because of their promising Claim Settlement Ratio and other numerous features which would make them glued to a particular company, making it the best company for them to get a car insurance from.

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