Which are the popular motor car insurance companies in India? This is a common question mostly asked by car new car buyers? Are you planning to invest in Motor car Insurance? Within India, personal car insurance is the quickest cultivator to the extent that the auto insurance region is concerned. Car Insurance is also recognised as Auto Insurance or Motor Insurance, otherwise Vehicle Insurance. This is nothing but the insurance purchase for motor cars and other vehicles to offer protection alongside losses sustain consequently of accident, theft, fire, and alongside liability which could be acquired in an accident. Therefore, it is compulsory to have motor car insurance in India as it is a legal compulsion.
In Insurance, there is a defence alongside the financial loss that takes place on the occurrence of a surprising event. Moreover, an individual can benefit from this resistance by paying a payment to an insurance company. And the primary motive of Car Insurance is to give a monetary defence to the policyholder adjacent to losses that happen down to any physical injury to their motor vehicle. Car Insurance is a type of Motor Insurance or Vehicle Insurance. But sometimes, they all can be used interchangeably.
There are many Motor car insurances companies in India, and you have to know that the premium generally depends on the value with the structure of the car, the day while it was made, plus the region wherever the car has been registered. So, it is compulsory to include third-party motor insurance in Indian Motor Act.
Best Motor Car Insurance Companies in India:
1. United India Car Insurance:
It is a Government Company that involves extremely high claim paying ability, which is observed in their high solvency margin ratio plus the highest rating agreed by ICRA. This company also offers two special packages meant for cover, specifically Liability Only Cover (which face 3rd party legal liability cover) plus the Own Damage package. Also, Many features like discounts on use of vehicles in Insured’s premises or sites, discount permissible for Automobile Association Member, Anti-theft device or Vintage car and No Claim Bonus range from 20% toward 50% depending on the digit of claim-free years.
2. National Car Insurance:
NIC or National Insurance Company is the Government of India responsibility. This company is established in the year 1906 plus this company is working from its register office in the town of Kolkata. This is the oldest insurance company in India plus the simply PSU non-life insurance company. The company provides car insurance coverage in the name of motor policy for private car moreover this policy cover up the car by danger. According to certain research, NIC position highest in client satisfaction by auto insurance providers.
Furthermore, it is also identified as “BEST IN SERVICE” in the MOTOR and HEALTH classes of Business, which constitute 63% of the Indian Non-Life Insurance Market. Extensive Strategic Alliance with India’s largest automobile majors Maruti, Tata Motors, Nissan, Honda etc. and Efficient Service Delivery
3. New India Car Insurance:
Nowadays, the New India Assurance Co Ltd is a 100 % Govt. hold international universal insurance company working in 22 countries along with headquartered by Mumbai, India. It is the foremost auto insurance corporation in India. This company is the best and excellent Indian insurance company rated by AM, which is an international rating agency because of a direct insurer in India. This company is started in 1919 by House of Tata Founder associate – Sir Dorab Tata. This insurance claim decision in use in 3 days of application and payment was completed in 3 days of discharge voucher receipt. Grievance resolved in 15 days of delivery.
Read: Types of Cars
4. ICICI Lombard Car Insurance:
According to some specific researches, ICICI Lombard is ranked number 1 in customer satisfaction amongst the private auto insurance providers. ICICI Lombard is a combined venture linking ICICI Bank Limited plus Fairfax Financial Holdings Limited of Canada. The ICICI Lombard GIC Ltd. is the biggest private sector general insurance company in India plus established the maximum ranking in conditions of overall customer fulfilment and known as ‘The most Recommended Company’. The insurance involves the following features;
- Doorstep surveyor
- Accidental cover facility
- Immediate policy
- No Claim Bonus
- 3100+ network garages
- Zero Depreciation Cover
- Garage Cash Cover
- Damage to the car by a natural or man-made disaster
5. Bharti AXA General Insurance Car:
It covers theft, accidental plus damages persistent in the fire, overflow, along with another form of enclosed dangers, harm to others’ property plus cars by shielding the policyholder beside the legal issues which may occur due to unplanned damages caused by the policy owner’s car. In this, Bharti grasps 74% stakes, while AXA covers the rest of 26%. It offers cover to Ambulance Charges, depreciation, Invoice Price, Personal Accident for Family or Passenger, Hospital Cash, and Roadside Assistance.
6. HDFC ERGO Car Insurance:
This is also another major private sector general insurance company in India. Strengthen by a robust channel of sharing plus sloping customer approach. HDFC contains uppermost claim settlement ratios between private motor insurers. This is ISO 9001:2008 licensed for its process with claim method moreover rated iAAA via ICRA. It holds cashless resolution at 1600+ network garages, age plus occupation discount, zero documentation, dedicated team.
7. Oriental Car Insurance:
This company is owned by Central Government and won nearly all presumed awards in the industry, such as‘ best bank and financial institution award’ and best public general insurance award’. It also gets the iAAA score via ICRA, representing its tough financial support. Company present car insurance policy in the forename of private car package policy along with the coverage involves damage due to malicious acts, accidents, theft and natural calamities.
8. Tata AIG General Insurance Co. Ltd.:
It is created by the combined partnership of Tata group plus American international insurance. It offers Motor Insurance policies which give additional protection for the vehicle you adore. Policies contain private car insurance, commercial vehicle insurance and two-wheeler insurance. In condition, damage to your vehicle or theft then, they offer protection. There are many features like Claim settlement in 7 days, Free car pick up, Unique add-ons, Warranty on repairs.
9. Bajaj Allianz Car Insurance:
Bajaj Allianz is a united corporation of Allianz AG with Bajaj Auto. This possesses 1200 branches crosswise country. This is rated iAAA through ICRA for its capability to pay claims. The company helps 24 x 7 claim supports for the car via SMS plus call centres. It also gives free services at 1500 garages, Towing facility, additional coverage of 1 Lakh in accidents, and 0% interest EMI is paid as payment by Citibank Credit Card.
10. ICICI Bank Car Insurance Policy:
You will get the benefit because it offers a plan rapidly on ICICI Bank’s website. It covers discount for members of Automobile Associations plus anti-theft devices accepted by ARAI, Free support of claims in 2700 network garages in India, instalment payment, Third-party legal liability, NCB benefit, personal accident cover and for co-passengers, doorstep investigation and towing charges.
11. Chola MS Car Insurance:
Chola is another of India’s developing insurance companies, moreover it is identified for consistent service. The corporation has a very accessible site as well as insurance expenses are inexpensive. The web portal also presents quotes along with renewal choice. They arranged a toll-free no. for your queries. It covers the damage of third party property and your vehicle, 24/7 help in accidents, free claim, damage from natural calamities and theft. You can easily purchase and renovate car insurance online.
12. Reliance General Car Insurance:
Reliance is one more giant name in the motor insurance industry. This is a branch of Reliance Group that is India’s major private sector financial services corporation. RLIC offer Individual plus Group Insurance Plans and contains 7 Million Policy Holders. It covers free services at 2,100 garages in the country, Discount for old customers, No claim bonuses, immediate issuance of the plan on the internet, return for towing charges, No documentation, and direct survey in 48 hours along with devoted helpline to contract by emergency services.
Read: Types of Life Insurance
13. Iffco-Tokio General Insurance Co. Ltd.:
The Iffco-Tokio system matches with the principles of the extra major insurance companies. It also offers the alternative to call on toll-free no. for help and get information if necessary. The expert also claims Iffco-Tokio contains hassle-free claims settlement process, IFFCO TOKIO Motor Private Car insurance and Motor Cycle or Scooter insurance.
14. Royal Sundaram Car Insurance:
This is the first personal insurer in India to join banks as affinity associates for advertising retail products from side to side of its customer network. It covers unlimited claims for zero-depreciation cover, Basic Cover with optional add-ons, Free Road-side assistance kit, Up to 50% No Claim Bonus transfer, 1800+ cashless garages across India, 24 X 7 Claims Helpline, damage plus theft, accountability to the third party, Passengers and paid driver, Towing charges.
15. Shriram General Insurance Car:
This company specialises in auto insurance other than the relatively new business is at rest in the procedure of adding up features to its website. You can directly buy, assert or renovate your insurance through the agents as the payment gateway is quite beneath construction via a web portal site.