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Top 7 Car Insurance Companies in India

top 7 car insurance companies

Choosing the right insurance company has always been a matter of grave concern for car owners in India. The Motor Vehicles Act 1988 has now made it a compulsion for every motor vehicle owner to have a third-party motor insurance cover alongside other necessary documents.

You will find a plethora of motor insurance companies around you. Choosing the best car insurance is equally confusing and stressful as buying a perfect car for the first time. Buying car insurance from an insurer without any prior knowledge may result in a severe problem.

To help you out, we’ve listed the top 7 car insurance companies in 2020 based on numerous factors, including coverage, benefits, claim settlement ratio, cashless garage network, and much more.

The top 7 car insurance companies in India:

1. THE NEW INDIA ASSURANCE COMPANY LTD.

The New India Assurance Company Ltd, founded by Sir Dorabji Tata in 1919, is one of the famous multinational general insurance company in India. The company is headquartered at Mumbai and operates in 28 different countries. 

Being the market leader in the Non-Life business for 40+ years, it is one of the oldest general insurance companies owned and operated by the government of India. Moreover, this public sector general insurance company is the largest general insurance company of the nation based on the gross premium collection, all-encompassing foreign operations. 

The New India Assurance Company has over 230 products to meet the client’s requirements. Its private car insurance plan covers loss or damage to the vehicle insured besides the coverage under the liability-only policy. It covers loss occurred because of:

  • Malicious act
  • Burglary, theft or housebreaking
  • Riot or strike
  • Terrorist act
  • Fire, self-ignition, lightning, or explosion
  • Accidental external means
  • Earthquake 
  • Landslide or rockslide
  • Cyclone, flood, hurricane, storm, typhoon, tempest, inundation, and hailstorm
  • While in transit by lift, elevator, road, inland waterway, or air

Add-On Covers:
The policy is also extended to cover the following risks on payment of additional premium:

  • Loss of damage to vehicle accessories, including stereos, air-conditioners, fans, etc.
  • Personal accident cover that comes under private car policies for paid drivers and passengers.
  • Legal liability to staffs
  • Legal obligation to non-fare paying commuters in commercial vehicles.

2.  TATA AIG GENERAL INSURANCE COMPANY LTD

TATA AIG General Insurance Company Limited, headquartered in Mumbai, is a joint venture between Tata Group and American International Group (AIG). The company has an asset base of around INR 8,035 Crores. It offers a varied range of general insurance covers for corporations and individuals, where each product offering is supported by professional expertise. It also has a comprehensive range of general insurance products for Personal Accident, Rural-Agriculture Insurance, Travel, Liability, Marine Cargo, Extended Warranty, etc.

The Auto Secure Private Car Package Policy by TATA AIG is comprehensive car insurance that takes care of you and your vehicle. 

Features of this policy include:

  • Personal accident cover for owner/driver
  • Loss of/damage to the vehicle 
  • Liability to third parties

Add-On Covers:

    • Daily allowance
    • Roadside assistance
    • Depreciation compensation
    • No claim bonus protection cover
    • Loss of personal possessions
    • Return to invoice
    • Key replacement cover
    • Consumable expenditures
    • Courtesy/hire car
    • Engine secure
    • Emergency transport and hotel expenses
    • Tyre secure
    • Repair of fiber, glass, plastic and rubber parts

3. BAJAJ ALLIANZ GENERAL INSURANCE

Bajaj Allianz General Insurance Company Ltd is a product of a joint business enterprise between Bajaj Finserv Limited and Allianz SE. Began in 2001, the company has a pan-India presence in 800+ towns and cities today. It caters to individuals across various demographics and the corporate sector by offering a wide range of products and services that go beyond any coverage policy. 

Bajaj Allianz has consistently bagged the IAAA rating from ICRA for eleven successive years for its claim and brilliant customer service. It has also received many awards owing to its service excellence. 

Features of Policy:

    • Personal accident cover
    • Loss of damage due to human-made calamities
    • Loss or damage against natural calamities
    • Third-party legal liability

Add-On Covers:

    • Lock and key replacement cover
    • Conveyance benefit
    • Accident shield
    • Consumable expenses
    • 24×7 spot assistance
    • Personal baggage

4. HDFC ERGO GENERAL INSURANCE COMPANY LTD

HDFC ERGO General Insurance Company Ltd. is a 51:49 joint venture between HDFC Ltd. and ERGO International AG, which is the primary insurance entity of Munich Re Group in Germany. HDFC ERGO offers a broad range of general insurance products such as Motor, Travel, Home, Personal Accident in the retail space, and specially customized products like Marine, Property, and Liability Insurance in the corporate sector. 

With a strong customer base of more than 1 Crore clients, the company has received a multitude of awards for its credibility and highest claim paying capabilities.

At present, the HDFC ERGO General Insurance Company offers three car insurance plans: 

    • Single Year Comprehensive Car Insurance 
    • Long Term Comprehensive Car Insurance
    • Third-Party Liability Car Insurance

Add-On Covers:

    • Emergency Assistance Cover
    • Zero Depreciation Cover
    • No Claim Bonus Protection
    • Engine & Gear Box Protector
    • Return to Invoice
    • Loss of Use 
    • Key Replacement Cover
    • Cost of Consumable Items

5. ORIENTAL INSURANCE COMPANY LIMITED

Oriental Insurance Company, owned by the Central Government, is one of the pioneers in the insurance sector. It began its operation at Mumbai on 12th September 1947 and known as the pioneer in forming systems for the smooth and methodical demeanour of the business. At present, it has its head office at New Delhi with 30 regional offices and closely 1800+ operating Offices in other cities.

The company offers various insurance covers to cater to the needs of the rural and urban population of India. 

Its private car package policy includes:

    • Liability to third parties
    • Personal accident cover to owner/driver
    • Accidental loss of/damage to the vehicle

The losses covered by this policy include:

    • Fire, self-ignition, lightning, or explosion
    • Burglary, theft, or housebreaking
    • While in transit by road, lift, rail, inland waterways, or air
    • Earthquake, storm, landslide, rockslide, flood, inundation
    • Riots or strikes
    • Malicious acts
    • Terrorism

6. UNIVERSAL SOMPO GENERAL INSURANCE COMPANY LIMITED

Universal Sompo General Insurance Company is primarily a joint venture between the Indian banks, namely, Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and the Sompo Japan Insurance Company. Headquartered at Mumbai, it is India’s first Public-Private Partnership in General Insurance Industry. The company has about 135 IRDA approved products and is operating through 86 Branches and 17 different Zonal Offices.

Its car insurance package covers the loss/damage arising out of:

    • Fire, self-ignition, explosion, lightning
    • Burglary, theft
    • Riot or strike
    • Malicious act
    • Terrorism
    • Earthquake, typhoon, flood, landslide or rockslide
    • While in transit road, lift, rail, air, or inland waterway

Features of Policy:

    • The Policy further provides for compulsory personal accident cover for owner/driver.
    • Availability of elective coverage for the paid drivers.
    • Availability of elective coverage for personal accident to the occupants of the vehicle, accessories loss, and more.
    • It has a network of garages across India where you can avail cashless claim settlements.
    • It offers 24×7 customer support and offers customer guidance via SMS and web services.

7. RELIANCE GENERAL INSURANCE COMPANY

Reliance General Insurance Company is the very first insurer in India to receive the ISO 9001:2000 certificate for offering end-to-end services of various general insurance products across the nation. Incorporated in 2000, the firm is a part of Reliance Anil Dhirubhai Ambani Group. Reliance General Insurance provides insurance services across the various domains of motor, travel, health, and home. Their commercial insurance services include commercial vehicle, office as well as marine.

Features offered with Reliance General Car insurance plans include:

    • Owns a network of 3800+ cashless garages all over India
    • Offers instant renewal of motor insurance with no paperwork
    • Offers 24×7 roadside assistance 

Add-On Covers:

    • Nil depreciation
    • NCB retention cover
    • Consumables cover
    • Engine protector cover
    • Key protect cover​
    • Daily allowance benefit​​​​​
    • EMI protection​

These are the best car insurance policies available in the Indian market. Check your requirements and purchase the one that secures your car as well as your life.

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