Top 10 Car Insurance Companies In India

When you buy your dream car, you should always purchase insurance from a trustworthy and reputable car insurance provider. It offers you complete protection for your car that will give you mental peace. Car insurance will help you to manage the financial responsibility that can occur because of any unfortunate accident with your car like any road accident, natural disaster, fire hazard, theft, etc.

According to Indian law, it’s mandatory to purchase insurance for your car. But before doing it, you need to think carefully about which plan to buy. Best vehicle insurance plans are those that provide you with extensive coverage, hassle-free claims, and outstanding customer service. The Indian car insurance market is huge and provides a variety of insurance plans at reasonable prices.

Car insurance has become very popular and mandatory due to the increase in vehicles on the roads. today mainly we will discuss the top 10 Car Insurance Companies In India.

Insurance companies offer personalized benefits and special features to meet the needs of different customers. We are here to help in selecting the best car insurance company according to your requirements. We have covered a list of the top and best 10 car insurance companies in India. We will talk in detail about every insurance provider so that you can make a wise decision.

Top 10 car insurance companies in India:

No.	Car Insurance Company	Founded Year	Headquarter
1	Acko Car Insurance	2016	Mumbai
2	Bajaj Allianz General Insurance	2001	Pune
3	Go Digit Insurance	2016	Pune
4	IFFCO-TOKIO General Company	2000	Gurugram
5	Reliance General Insurance	2000	Mumbai
6	ICICI Lombard Insurance	2000	Mumbai
7	SBI General Insurance	2009	Mumbai
8	HDFC ERGO Insurance	2002	Mumbai
9	Universal SOMPO Insurance	2007	Mumbai
10	Royal Sundaram General Finance	2000	Chennai

1. Acko Car Insurance

Acko Car Insurance was founded in 2016 and its headquarters is located in Mumbai, Maharashtra. Customers may choose from eight auto insurance plans offered by Acko General Insurance Company to suit their various demands. This is the greatest option for the finest online vehicle insurance policy as it encourages a paperless insurance process with the fewest documentation requirements.

The Claim settlement ratio of this company is around 95.50%. Acko Car Insurance is one of the top-performing and newest general insurance companies. They have the quickest settlement time and The customer support crew responds well.

Advantages:

Third Party coverage.
On vehicle insurance, 93% of consumers save at least ₹1,200.
Delivery to doorsteps in 3 days; pick up in 1 hour.
Emergency coverage away from the station.

Disadvantages:

Less cashless garages.
No tire cover depreciation.

2. Bajaj Allianz General Insurance:

Bajaj Allianz General Insurance was founded in 2001 And its headquarters is in Pune, Maharashtra. One of the top car insurance providers in India with distinctive offerings is Bajaj Allianz General Insurance. It has a partnership between Allianz SE and Bajaj Finserv Limited. The company provides a large selection of commercial auto insurance, vehicle, two-wheeler, and CNG kit items.

Bajaj Allianz car insurance is very popular for offering Customizable insurance plans to meet different car owners’ needs. It has a claim settlement ratio of around 98.54%.

Advantages:

Third-party coverage.
Covered personal accidents.
Roadside assistance 24×7 hours.
Vehicle tracking and monitoring.
Benefits of conveyance.
Zero depreciation coverage.

Disadvantage:

High premium rates.

3. Go Digit Insurance:

Go Digit Insurance company was founded in 2016 and Its headquarters is located in Pune, Maharashtra. The Easy-to-use pick-up, repair, and drop services of Go Digit car insurance are impressive.

Their user-friendly claim tool for claims and complaints regarding vehicle damage makes them a reliable vehicle insurance provider. The Claim settlement ratio of this car insurance company is around 96%.

Advantages:

Third Party coverage.
Covered for burglary damages.
Covered gearbox and engine.
Anywhere repaired.

Disadvantage:

Few add-ons in third-party plans.

4. IFFCO-TOKIO General Company:

The company was founded in 2000 and Its headquarters is located in Gurugram. In the insurance industry, IFFCO-TOKIO is a very well-known company. Since 2011, the company has received recognition for its customer-friendly insurance products and has drawn a large number of clients.

Its reputation as a vehicle insurance provider has been solidified by its track record of achievement in the insurance sector. The Claim settlement ratio of this company is around 95.80%.

Advantages:

Third Party coverage.
Depreciation-free cover.
Covered damages, including electrical and non-electric.
24-hour emergency help.
Covered CNG/LPG fuel kit.

Disadvantage:

Google’s rating is low.

5. Reliance General Insurance:

The Reliance General Car Insurance was established in 2000 and the headquarters is located in Mumbai. Reliance General Insurance business sets the standard by providing tailored add-on covers and long-term discounts, fulfilling the function of also being a vehicle insurance business in the market.

Reliance General Insurance Company is well-known for its add-ons and beneficiary offers in all of its enterprises. It has a Claim settlement ratio of around 98%.

Advantages:

Third Party coverage.
NCB retention protection.
Daily advantage of allowance.
AAI advantage.

Disadvantage:

Damages from mechanical and electrical sources are not covered.

6. ICICI Lombard Insurance:

The company was established in 2000 and its headquarters is in Mumbai. Supported by Fairfax Financial Holdings Ltd. and ICICI Bank Limited, the insurance firm has validated testimonials on their provision of low-cost services and online vehicle insurance, therefore turning into a low-cost auto insurance provider.

There are a good number of garages that offer excellent services. The claims also include the fiber and interior components. The policy offers inexpensive rates and 80% coverage. The Claim settlement ratio is around 97.9%.

Advantages:

Third Party coverage.
Co-passenger accidental insurance, if any.
NCB Advantage.
Inspection facility at the doorstep.
ICRA’s iAAA Rating.

Disadvantage:

Reduced quantity of garages in comparison.

7. SBI General Insurance:

The SBI General Car Insurance Company was established in 2009. The headquarters is located in Mumbai. SBI General Insurance Company, one of the top vehicle insurance providers in India, boasts about 16,000 garages and offers online auto insurance with a no-claim bonus applied to the price for the next policy duration for years without a claim.

The user-friendly interface expedites the completion of the transaction. The Claim settlement ratio of this company is around 92%.

Advantages:

Third Party coverage.
Personal Injury Protection up to Rs. 15 lakh.
Cover of invoice.
Coverage of Rs. 2 lakh in the event of an accident for a hired rider and additional passengers.
ICRA’s iAAA rating.

Disadvantage:

Less number of garages.

8. HDFC ERGO Insurance:

The company was established in 2002 with its headquarters located in Mumbai. As a result of the collaboration between Munich Re Group’s ERGO and HDFC Bank, this package is among the best vehicle insurance providers with emergency assistance and consumables coverage. Among India’s vehicle insurance providers, this organization, which operates in over 106 cities, provides appealing extras.

It has a Claim settlement ratio of around 99%. With the insurance business, HDFC ERGO has successfully carved out a place for itself. It has been able to establish itself as one of the top non-life insurance providers in the private insurance market.

Advantages:

Third Party coverage.
Over 6800 garages are available.
A facility for paperless insurance procedures.
Add-on for downtime riders.
Renewal of policy without inspection.

Disadvantage:

Damages for car depreciation are not covered.

9. Universal SOMPO Insurance:

The Universal SOMPO Car Insurance company was established in 2007 and its main office is located in Mumbai. The partnership of Indian Bank, Karnataka Bank, Indian Overseas Bank, Dabur Investment Corporation, and a top-tier Japanese insurance provider, Sompo

Japan Nipponkoa Insurance Inc., has become a prosperous player in the Indian auto insurance market.

Their auto insurance business has grown to be among the top in India because of its 3500+ garages and benefits like hospital daily cash and engine protection cover. The Claim settlement ratio is around 91%.

Advantages:

Third Party coverage.
The benefit of daily cash allowance.
Coverage for depreciation waiver.
Personal property loss in the event of an accident and the provision of accidental hospitals.
Engine protection cover.

Disadvantages:

Has a mandatory deductible amount.
Comparatively reduced percentage of claim settlement (CSR).

10. Royal Sundaram General Finance:

Royal Sundaram Car Insurance was founded in 2000 and its headquarters is in Chennai, Tamil Nadu. Of all the auto insurance companies covered in this article, this one is especially noteworthy for providing flexible, customized insurance options while meeting client needs.

This company seems to be a reliable choice for the selection of the top auto insurance providers in India, offering coverage for anything from windshield damage to lost luggage. The Claim settlement ratio of this company is around 98.6%.

Advantages:

Third Party coverage.
During transit coverage.
Theft coverage.
Replacement value coverage for vehicles
Optional premium-deductible insurance.

Disadvantage:

Breakdown-related damage is not covered.

This is the details of Top 10 Car Insurance Companies In India, so you take insurance services from anyone as per there services and your budget.

Conclusion:

Every car owner wants to go for the best car insurance company for their dream car. The best car insurance company is the one that meets your unique requirements and targets. A safe and secure car insurance experience is possible by doing thorough research, doing homework, and making wise decisions. After doing all the research, we covered all the top 10 best car insurance companies.

So, the top car insurance provider companies in India are Acko Car Insurance, Bajaj Allianz General Insurance, Go Digit Insurance, IFFCO-TOKIO General Company, Reliance General Insurance, ICICI Lombard Insurance, SBI General Insurance, HDFC ERGO Insurance, Universal SOMPO Insurance and Royal Sundaram General Finance.

Hope this article helped you a lot to make a wise decision. Good luck with your car insurance.

Faq related to car insurance companies

Q.1 What is the best car insurance in India?

Answer: Some of the best car insurance companies in India are Acko Car Insurance, Bajaj Allianz Car Insurance, IFFCO-TOKIO General Company, Reliance General Insurance, HDFC ERGO Insurance, ICICI Lombard Insurance, etc.

Q.2 What are the Advantages of Car insurance?

Answer: Car insurance helps you to manage the financial responsibility of any unfortunate accident with your car like any road accident, natural disaster, fire hazard, hijacking, theft, etc.

Q.3 When was Acko Car Insurance founded?

Answer: The Acko car insurance company was founded in 2016. The headquarters is in Mumbai, Maharashtra.

Q.4 What are the advantages of IFFCO-TOKIO General Company?

Answer: Some advantages of the IFFCO Tokio car insurance company are Depreciation-free cover, covered damages, including electrical and non-electric, 24-hour emergency help, Covered CNG/LPG fuel kit, etc.