Insurance of any motor vehicle is not optional, but a mandatory legal obligation of any automobile owner in India. It is compulsory to get third party insurance as per the Indian Motor Act. But, while opting for an insurance policy, users should choose the one most comprehensive one.
All the Motor Insurance Companies are registered and approved with the Insurance Regulatory and Development Authority of India (IRDA).Both Public sector and Private sector companies are at it. But aggressive marketing by some and nonchalant attitude of others makes it difficult to zero in on the right one. We have compiled a list of the top 10 Auto Insurance Companies in India, assessing them based on customer satisfaction, renewal/purchase policy, claims, service support, special offers, payment options and number of garages/outlets. Broadly, there are two types of auto insurance — comprehensive policy and third party insurance.
Here is the list of top 10 best motor car insurance companies in India:
10. Chola MS Car Insurance
The Cholamandalam MS General Insurance company is the joint venture of one of the leading company Murugappa Group from India and Mitsui Sumitomo Group a well known Japanese assurance company. The company has its headquarter in Chennai with offering insurances mainly as Motor Insurance, Health Insurance, Personal Accident Insurance and Home Insurance.
9. IFFCO Tokio Car Insurance
IFFCO-Tokio General Insurance company offers its services in the field since 4th December 2000. The Company works as the joint venture of Indian Farmers Fertilizers Co-Operative company and its association with Tokio Marine and Nichido Fire Group that is boast to be the largest listed insurance group in Japan. The general insurance offers its services ranging mainly in Motor Insurance, Health Insurance, Travel Insurance and Home Insurance.
8. Future Genrali Car Insurance
Future Generali is one of the leading company with motor car insurance offered as commercial and self-owned insurances. The facility of car renewal policy is available with the online-based feature with just one click option. The joint venture company is the combination of an Indian company called as Future Group Industries and the other Generali Group Italy based company. A wide spectrum of general insurance is offered as Motor Insurance, Health Insurance, Travel Insurance and Home Insurance.
7. Bharati AXA General Insurance Co. Ltd
It is a private faction and offers one of the best insurance covers for your automobile in terms of claims and settlements. It covers comprehensive car insurance (stolen or damaged), and personal accident. Also, maximum roadside assistance for minor breakdowns like car repair, or accidental lock-out /lost key, emergency fuel refill, free services from approved garages, etc. You can get a discount on applying online. Alongside, on paying a little extra, you can get cover in case of an accident, for hospital cash, ambulance charges, and medical expenses for whole family members.
6. United India Car Insurance
The state-owned General insurance company has great regards and name in the non-life insurance based business with a dominant and huge stake in the sector that deals mainly with car insurance in India. Some of the features that lead the company to the top position are renewed policy feature with easy steps mark with the help of an easy mobile app, there are two types forms of policy offered by the company deals as package policy and liability policy. The profit for the company in last financial year was 9709 crores with net worth 5407 crores.
5. HDFC ERGO General Insurance Co.
This too is a private player. It boasts of the highest claim settlement ratio. It’s an ISO 9000-2008 certified insurance Co. It has been rated the best in 2013 by IAIR (an international rating agency), and iAAA by ICRA (an Indian credit and investment rating agency). It offers age and profession based discounts on certain policies. The claims are processed promptly and there’s option for cashless settlement as well.
4. The New India Assurance Co.
It is the largest general Insurance Company owned by the Central Government, based on the gross premium collection. It’s an ‘A’ rated company by A.M. Best Company (an international rating agency).It’s an instigator in introducing innovative insurance policies. It’s a leading company providing quick processing for claims on attractive packages like; claims addressed within 3 days of filing and in all 15 days of problem resolving.
3. The Oriental Insurance Co.
This is definitely the leading player in India in terms of brand value, since it’s fully owned by the Central govt. It’s been the winner of the most reputed awards over the years, including: Best Public General Insurance award and Best Bank and Financial Institution Award, apart from iAAA rating by ICRA. It has the highest claim settlement ratio, the quickest claim settlement, offers various value added services like paying premiums online, renewing/purchasing policies, free benefits of emergency services at various outlets/offices.
2. ICICI Lombard General Insurance Co.
It is the largest Private sector player. It offers some of the best and easiest premium paying options. There is zero depreciation up to two policy covers. You can pay EMIs online, take advantage of having digitally signed policy, request a cashless settlement at 2900 garages, varied forms of road side assistance, etc. It has earned the reputation of being the most Customer Responsive Insurance Companies.
1. National Insurance Company Ltd. (NIC)
Amongst the vast number of cat insurance company in India, the national insurance company has its reach over the rural and urban regions of India with grass root level informing other people as well as shares enviable track record of offering products to its customer. According to the company, there are in total 1000+ offices in India with 16,000+ working employees to offer best of deals. A special range of car and motor insurance as two wheelers and four wheelers are available with a separate section of commercial vehicle insurance.