Vehicle protection assists you with getting moderate monetary commitments that might emerge because of a tragic event, including your car, like a street mishap, fire, robbery, cataclysms, and so forth. According to the Indian Motor Tariff, every vehicle owner legally needs to have a third-party car insurance cover to drive their car on Indian streets and roads. At present, 25 insurance agencies in India offer vehicle protection. So today, we have come up with the top 10 best car insurance companies.
Here is the list of India’s top 10 car insurance companies with OD claim settlement ratio and network garages, and IRDAI approved.
1. IFFCO Tokio General Insurance
You all have heard about this well-known company. A considerable renowned name for car insurance, the organisation has been operating for quite a long time. This company focuses on two approaches, straightforwardness between the safety net provider and its clients and quick help. The organisation is a coordinated effort between The Indian Farmers Fertilizer Co-operative (IFFCO) and two other notable collaborations from Japan. One is Tokio-Marine and Nichido Fire Group. The two organisations are recorded as goliath insurance agencies in Japan.
Car Insurance
Regarding vehicle protection, the IFFCO Tokio General Insurance offers broad inclusion to its policyholders to empower them and protect their vehicles against mishaps, fire, burglary, normal cataclysms, man-made catastrophes, and other unanticipated activities events which could damage your vehicle. They give two kinds of vehicle protection plans which involve a third party car insurance policy and comprehensive car insurance policy at reasonable charges.
Additionally, they offer various kinds of extra covers like zero depreciation and emergency aides, inclusion for CNG or LPG fuel unit, inclusion for misfortune or harm to electrical or non-electrical embellishments, motor and engine assurance, No Claim Bonus (NCB) security, etc. with independent own-harm vehicle protection plans and comprehensive car insurance plans. An individual’s mishap or accident are given compensation for the loss and death of the owner.
Suppose you own an IFFCO Tokio vehicle protection strategy. In that case, you can be benefited from different elements of the insurance agency, for example, application-based claim settlement within 4 hours, NCB advantage and cashless repair services in more than 4300 network garages.
Features
- Third-Party Property Damage – Up to Rs. 7.5 Lakh.
- Personal Damage – Coverage for Own Car for Its Loss and Damage.
- Personal Accident Cover-Up to – Rs. 15 Lakh
- Add-on Covers – 11 add on.
Website
2. Reliance General Insurance
Reliance General Insurance Company Limited is a well-known private insurance agency in India. The organisation is a part of the Reliance Anil Dhirubhai Ambani Group. The organisation accepted its legitimate permit to direct business on October 23rd, 2000. It obliges an enormous portion of the market, including SMEs, corporates, and people. They stand out as India’s first organisation to have accomplished the ISO 9001:2008 confirmation for offering quality services.
Car Insurance
Reliance General Insurance offers various plans for vehicle protection that incorporate a third-party car insurance protection strategy, personal damage policy, and vehicle protection arrangements to protect you against harms and misfortunes caused if your vehicle gets damaged due to mishap burglary, natural disasters, calamity etc.
When you are interested in Reliance car insurance, you get a few advantages like No Claim Bonus, 5,000+ cashless garages and simple to make claims through video recording via the app and secure payment options. Likewise, the insurance agency offers add-on covers that one can purchase, like a standalone own-damage insurance plan or comprehensive car insurance plan.
The extra covers provided by the organisation are NCB Protection, Return to Invoice Cover, Personal Accident Cover and Engine Protection Cover etc. With everything taken into account, Reliance General Insurance offers fast and compelling answers for all the vehicle protection needs of clients.
Features
- Third-Party Property Damage – Up to Rs. 7.5 Lakh.
- Own damage cover – Coverage for Own Car for its loss.
- Personal Accident Cover-Up to – Rs. 15 Lakh.
- Add-on Covers – 9 Add-on Covers.
- Claim Assistance – 24/7.
Website
3. Bajaj Allianz General Insurance
Bajaj Allianz General Insurance is a notable private general insurance agency in the country. The organisation is a coalition between Bajaj Finserv Limited and Allianz SE. Bajaj Finserv Limited has 74% of the possessions in the partnership, and Allianz SE claims 26%. Bajaj Finserv was first a section of Bajaj Auto Limited, claimed by the Bajaj Group of India. At the same time, Allianz SE stands to be a mainstream German organisation for monetary administrations. in the partnership.
Car Insurance
They offer a wide range of car insurance policy approaches that incorporate third party insurance policies and own-damage car protection policies. These vehicle protection strategies provide different advantages and are availed at a reasonable price. There are more benefits like zero depreciation, engine breakdown assistance. Consumables cover advantage. Different advantages of purchasing Bajaj Allianz vehicle protection are that they offer 24×7 help and have over 4,000 cashless garages.
To have a Bajaj Allianz vehicle protection means driving your vehicle with a lifeguard. This vehicle protection additionally remunerates extremely durable incapacity because of an auto collision with an individual mishap cover. Other than these advantages, it also offers add-on advantages, such as zero depreciation cover, consumables cover, and breakdown help.
Features
- Third-Party Property Damage – Up to Rs. 7.5 Lakh.
- Own Damage Cover – Coverage for Own Car for Its Loss.
- Personal Accident Cover-Up to – Rs. 15 Lakh.
- Add-on Covers – 10 Add-on Covers.
- Claim Assistance – 24/7 Claim Assistance.
Website
4. TATA AIG General Insurance
When discussing Indian general insurance agencies, TATA AIG General Insurance Company is a famous name. It is a business coordinated effort between the TATA bunch and the American International Group. TATA Group builds up solid traction in the country; AIG is a leading insurance and finance institution globally.
Car Insurance
Regarding vehicle protection strategies, Tata AIG offers third party insurance, personal damage vehicle protection, which are all accessible at reasonable expenses. These vehicle protection strategies can be bought online with no issue through a moment and fast cycle. To get extra inclusion, one can likewise buy the add-on.
The Tata AIG General Insurance offers 13 vehicle protection add-on covers to browse, including emergency aides, roadside assistance, tyre secure, consumable costs, return to invoice, zero depreciation cover, etc. Furthermore, the insurance agency likewise gives you individual mishap cover to proprietor driver where it offers you remuneration if there should be an occurrence of an actual physical issue while getting on or off from the guaranteed vehicle or while riding as a co-driver or while driving and so forth, which resulted in death, loss of eyesight, or any disability.
The Tata AIG General Insurance permits its policyholders to get a vehicle protection strategy in three simple steps: fixing and repairing your vehicle at cashless garages and service centres, registering your case, and tracking it.
Features
- Third-party property damage – up to Rs. 7.5 Lakh.
- Own damage cover-not found.
- Personal accident cover-up to – Rs.15 Lakh.
- Add-on covers – 13 add-on covers.
- Claim Assistance – 24/7.
Website
5. Digit General Insurance
Digit General Insurance is a private insurance agency that was established in 2016 and is settled in Bengaluru. Its unique name was Oden which in German signifies ‘at the top’. It has two enlisted workplaces, one in Bengaluru and the other in Pune. This is a prestigious online stage giving a broad scope of non-life general protection insurance.
Car Insurance
Digit General Insurance offers a wide range of vehicle protection policies that incorporate third party car insurance policy vehicles, standalone own damage policies, and comprehensive car insurance policies. They provide safeguards like cashless repair and fix, 24×7 customer care, rapid case settlement, no claim bonus, customisation of IDV, etc.
Aside from these plans, the guarantor likewise offers individual mishap cover to reimburse their policyholders on the off chance that they face a fender bender which prompts demise. To improve the inclusion, the backup plan gives a broad scope of extra covers to its policyholders, which incorporate zero depreciation cover, return to invoice, traveller cover, breakdown help, consumable cover, motor and gearbox security cover. In addition, the overall insurance agency plans to make it convenient and hassle-free.
Features
- Third-Party Property Damage – Up to Rs. 7.5 Lakh.
- Own Damage Cover – Coverage for Own Car for Its Loss.
- Personal Accident Cover-Up to – Rs. 15 Lakh.
- Add-on Covers – 7 Add-on Covers.
- Claim Assistance – 24/7 Claim Assistance.
Website
6. Royal Sundaram Insurance
Royal Sundaram General Insurance Co. Ltd. is a well-known name among private general insurance agencies. Sundaram Finance is figured as one of the goliaths among non-banking monetary foundations. The organisation was quick to launch general protection in India. Accomplishing a permit to work by the IRDA in October 2000, it has been quite possibly the most liked non-banking monetary organisation in the nation and Indian Shareholders.
Car Insurance
Imperial Sundaram offers an explicitly planned vehicle protection policy for its policyholders. The car insurance given by the guarantor incorporates third party vehicle protection arrangements, personal damage policy and comprehensive car policy. These vehicle protection plans offer general assurance to vehicles where the third party insurance covers and repays the monetary liabilities. They also cover the personal accident for up to Rs. 2 lakhs.
Vehicle protection arrangements offered by the insurance agency accompany a broad scope of components, which incorporate 4,600+ cashless service centres and garages, free emergency aides, quick case settlement.
Features
- Third-party Property Damage – Up to Rs. 7.5 Lakh.
- Own Damage Cover – Coverage for Own Car for Its Loss.
- Personal Accident Cover-Up to – Rs. 2 Lakh
- Add-on Covers – 13 Add-on Covers.
- Claim Assistance – 24/7.
Website
7. Mahindra Insurance Brokers Ltd.
Mahindra & Mahindra is an Indian manufacturing car company. It was set up in 1945 and was subsequently renamed to its current title. It is one of the top vehicle producers in India and the most significant farm truck manufacturer. Mahindra offers a broad assortment of SUVs, MUVs and CUVs in the Indian market right now.
Car Insurance
If you are purchasing a car, then the company also offers you an insurance policy. Your Mahindra vehicle can be shielded from mishaps, accidents, and natural calamities with an own-damage protection cover. With the protection, the policyholder will enjoy more benefits.
A third-party car insurance policy is important. Without it, you can be fined Rs. 2,000 or potentially be detained for as long as 90 days. The protection cover will deal with liabilities. Moreover, they will provide you with assistance cover, passenger cover, roadside, and zero depreciation cover.
Features
Different cars have different insurance premiums and change periodically.
Website
https://www.mahindrainsurance.com/
8. The New India Assurance
The New India Assurance Company Ltd is a public area general insurance agency settled in Mumbai, Maharashtra. It works both in India and unfamiliar domains like the UK, Mauritius, New Zealand, Thailand, the Philippines, etc. The organisation has also worked in a joint effort with India’s main public area banks and a couple of Financial Institutions to grow the organisation.
Car Insurance
The New India General Insurance Company offers a wide range of vehicle protection approaches, specifically outsider vehicle protection arrangements, personal damage policy, just as complete vehicle protection arrangements. With these approaches, responsibility is covered for a sum concerning death or injury and harm to the third party and inclusion is offered for misfortune or harm like fire, blast, robbery, and accidents.
Features
- Third-Party Property Damage – Up to Rs. 7.5 Lakh.
- Own Damage Cover – Coverage for Own Car for Its Loss and Damage.
- Personal Accident Cover-Up to – Rs. 15 Lakh.
- Add-on Covers- 6 Add-on Covers.
- Claim Assistance – 24/7 Claim Assistance.
Website
9. Oriental Insurance
Oriental Insurance Company Ltd. is one of the best-renowned insurance companies. It is a public insurance agency and offers more than 170 general protection items, including dependable vehicle protection strategies. The organisation was set up in September 1947 and is settled in New Delhi.
Car Insurance
In a bid to give security to policyholders, Oriental General Insurance offers two types of insurance, a third party car insurance policy and a comprehensive car insurance policy. The first is the essential and obligatory vehicle protection strategy, which covers your monetary liabilities towards an outsider emerging after a mishap. At the same time, the other is an approach that is intended to secure from monetary liabilities and after a mishap or any setback like robbery, fire, normal cataclysm or man-made fiasco.
In any case, to grow the vehicle protection plan inclusion, one can purchase add-on covers by paying some additional measure of expense offered by the insurance agency to provide security when taking off. The extra covers given by the backup plan are Nil Depreciation Cover, Loss of Personal Effects, Alternative Car Benefit, Free Benefit of Emergency Service, and so on. The insurance agency additionally offers a No Claim Bonus for personal damages.
Features
- Third-Party Property Damage – Up to Rs. 7.5 Lakh.
- Own Damage Cover – Coverage for Own Car for Its damage.
- Personal Accident Cover-Up to – Rs. 15 Lakhs
- Add-on Covers – 4 Add-on Covers.
- Claim Assistance – 24/7 Claim Assistance.
Website
https://orientalinsurance.org.in/
10. United India Insurance
United India Insurance Company is a popular name in the car insurance agency of India. It is a public organisation settled in Chennai and known for its pioneering work for car insurance to serve its clients.
Car Insurance
Regarding vehicle protection plans, United India presents third party car insurance just as a comprehensive vehicle protection strategy to its policyholders at the most reasonable expense rates. This policy can be easily purchased online through the insurance agency’s site. To get this policy, one can buy add-on covers. To make individuals contact cost-productive protection and the safety net provider offers different limits like Automobile Association Membership Discount, No Claim Bonus, Discount for Anti-Theft Devices, and so on.
The insurance agency has 8 vehicle protection add-on covers to look over, for example, nil depreciation cover, return to invoice, motor and gearbox cover, clinical costs cover, technical fittings cover, and CNG/LPG bi-fuel pack cover.
Features
- Third-Party Property Damage – Up to Rs. 7.5 Lakh.
- Own Damage Cover – Coverage for Own Car for Its damage.
- Personal Accident Cover-Up to – Rs. 15 Lakh.
- Add-on Covers – 8 Add-on Covers.
- Claim Assistance – 24/7 Claim Assistance.
Website
FAQs Regarding Car Insurance Companies in India
Factors to look upon are cashless garage, the claim settlement ratio, availability of ad on and customer support services.
There are three types of policy- third party car insurance, standalone own-damage car insurance and comprehensive car insurance.
Car insurance covers factors like damage caused due to accident, theft, loss due to natural calamity, personal damage, death of the third party due to accident.
You can switch to another company at the time of renewal of the policy.
Insurance companies check the present value of the car’s damaged parts after that depreciated value is deducted from the total estimated damage and loss.
Go to the official website of the company and select the option of renewal of the policy. Enter your previous car insurance details and other details.
IFFCO General Insurance, Reliance General Insurance and TATA AIG are the best company for comprehensive car insurance.
No, it doesn’t affect your credit. But it’s necessary to ask your insurer you want to cancel and pay admin fees.
