If you have bought a car for yourself then you would know what is car insurance? If you are thinking of buying a new car, then you must know about car insurance. Car insurance helps you financially in case your car meets with an accident.
Most of the roads in India are thin and narrow. Due to high traffic, there is always a risk of accidents on them. Due to accidents, economic and life uncertainty remains. Insurance is very important to reduce the economic cost of future events.
If your car gets into an accident in an accident, then the insurance company compensates for its repairs and financial loss. If your car is insured, then you do not have to worry about the damages caused at the time of any accident.
Because it is compensated by the insurance company. In today’s article, we will talk about the top 10 car insurance companies in India and know which 10 car insurance companies in India are providing car insurance facilities to the customers.
What is Car Insurance?
Car insurance provides financial assistance to you against the damages caused to your car in an accident. This type of insurance is also known as package motor insurance.
It covers if your car is stolen and causes damage to the insured, insured car and third person or their property in an accident and the insurance company provides financial assistance.
How does car insurance work?
Car insurance is a contract between the insurance company and the car owner. Under which the car owner pays the premium (as per the plan of the insurance company) to the insurance company.
In which the insurance company provides you financial assistance in case of loss or damage to the insured car.
Most of the insurance companies in India have partnerships with car companies. And when a person buys a new car, he is given car insurance under some offers.
Types of car insurance
There are mainly two types of car insurance available in India. Let us know in detail about these car insurance-
Third party car insurance
Third party car insurance covers damages caused to a third party person and his property. For example, an accident involves injury to a third party person, his death and damage to the property of a third party person.
Third party insurance is mandatory for all types of road vehicles in India under the Motor Vehicles Act. As a car owner, you must also have third party insurance.
Comprehensive Car Insurance
Comprehensive car insurance covers death/injury to the driver, passengers of the car and damage caused by the car to a third party vehicle, property.
This insurance covers the insured car as well as the third party cover. It covers the expenses of both the insured car and third party damages.
Best Car Insurance Companies in India 2023
There are four types of car insurance, insurance cover is given according to each type. Mainly under the insurance cover if your car meets with an accident. So in this situation the damage caused to your car is compensated by the company. If during this time you have suffered physical injury. Or the driver dies. So insurance cover is given in the form of a claim.
In third party insurance, if any other person is injured or dies due to your vehicle. So he is also given a claim on this insurance. In the event of a car being lost or damaged due to any natural event, a claim is provided to you by the insurance company on the basis of your policy.
1. HDFC ERGO General Insurance Company
HDFC ERGO General Insurance Company is a joint venture between two companies HDFC Limited and ERGO. Through which different types of traffic related insurance are made available in India. The AAAA rank given to this company by ICRI Ltd.
HDFC ERGO General Insurance Company has 122 branches in India besides their garages spread across the country. More than 6800 garages are providing the services of HDFC ERGO General Insurance Company in India. The headquarter of the company is in Mumbai. Read full story
2. Bajaj Allianz General Insurance Company
The name of Bajaj Alliance General Insurance Company is taken prominently in the companies providing any type of insurance. Through Bajaj Allianz general insurance company, Bajaj Allianz General Insurance Company provides all types of insurance to its customers. Bajaj Alliance General Insurance Company is certified by the Insurance Regulatory and Development Authority of India (IRDAI).
Bajaj Allianz offers various types of insurance to its customers. Terms and conditions being beneficial to customers is the formula of this company’s popularity. People give special attention to Bajaj Allianz General Insurance Company while buying car insurance.
The head quarter of Bajaj General Insurance Company is in Pune. It has more than 30 branches in India. More than 4000 garages are providing facilities to the people in different cities of India.
3. Bharti General AXA Insurance Company
When it comes to car insurance companies in India, the name of General Insurance Company of India comes prominently. Because the insurance claim ratio offered by the General Insurance Company of India is very high. And proves beneficial to the customers. Indian General Map Indian General AXA Company is a combination of Indian and AXA Company.
The head quarter of Bharti General Insurance Company is in Mumbai. Its about 104 branches are working in India. And currently 5200 plus garages are providing car repairing facilities to Indians under car insurance. Insurance offered by General AXA Insurance Company of India has an insurance claim ratio of more than 75%.
4. Oriental Insurance Company Limited
Established in the year 1947, Oriental Insurance Company is primarily involved in providing transport insurance companies in India. The settlement ratio of the company is good. Due to which customers are attracted to buy insurance. The headquarter of Oriental Insurance Company Limited is located in New Delhi.
Presently 91 branches of the company are working in India. The Incred Claim Ratio of the company stands at 112.62%. Oriental Insurance Company has been awarded with various books. Even today people in India prefer to buy transport insurance from Oriental Insurance Company Limited.
5. ICICI Lombard GIC Ltd
ICICI Lombard GIC Limited Insurance Company is a formation of ICI Bank Limited and Fairfax Financial Holding Limited Companies. The credit goes to ICICI Lombard GIC Limited for providing various types of transport insurance in India. This company has more than 35 hundred garages in India.
ICICI Loanbord GIC Limited offers all types of cover insurance in case your car meets with an accident.
All types of benefits are available such as insurance cover is provided in case of car being damaged in an accident, loss of car, wear and tear or in case of any kind of injury to the car driver.
In the year 2019, ICICI Lombard GIC Limited was one of the major insurance providers. “Best Top 10 Car Insurance Policy Companies Apps in India 2023”
6. National Insurance Company (NIC)
One of the oldest insurance companies in India, NIC Company was established in 1996. Since then providing insurance facility to its customers. Being able to survive in the insurance market for such a long time testifies that this insurance company is 100% more. And its terms and conditions are customer friendly.
National Insurance Company is the only PSU non life insurance company in India. The headquarter of National Insurance Company is located in Kolkata. It has 91 branches working in India. And garages are available in different parts of the country. From where you can get compensation for the financial loss under the insurance of your car. The Claim Settlement Ratio of National Insurance Company is 127.50%.
7. New India Assurance Company
The New India Assurance Company was established in 1919 and was nationalized in 1973. This is a very old insurance company. Which is providing various types of transport insurance to all Indians. The popularity of this company has not diminished with the passage of time as the claim settlement ratios are in favor of the customers.
The company has updated itself with time and provided facilities to the customers as per their needs. That’s why New India Assurance Company started in 1919 and is one of the top 10 companies in India even in 2021.
Presently New India Assurance Company has 80 branches working in India. The Claim Settlement Ratio of New India Assurance Company is 87.54%. The terms and conditions of the company are favorable towards the customers. That’s why people prefer New India Assurance Company. “Best Top 10 Car Insurance Policy Companies Apps in India 2023”
8. United India Insurance Company Ltd.
United India Insurance Company Limited was established in the year 1938. This is an insurance company controlled by the Government of India.
This company has also been nationalized. Various types of transport insurance are provided by United India Insurance Company to its customers. The plans of United India Insurance Company are designed in such a way that it is easy for the customers to buy and the terms and conditions of the insurance are customer friendly. have been kept.
So that customers can buy more and more insurance, all types of car related damages are covered under insurance. At present, United India Insurance Company Limited is working in many garages in India. Many of its branches are working in India.
Customers can also claim a No Claim Bonus from the insurance company ranging from 20% to 50% depending on the number of claim-free years. Apart from this, customers are also provided with automobile association membership discount, discount for anti-theft devices and discount on use of vehicles within the premises of the insured.
9. Royal Sundaram Car Insurance
Various types of car insurance are made available to the customers by Royal Sundaram Car Insurance. Royal Sundaram Car Insurance has more than 3300 garages operating in India. The Claim Settlement Ratio of Royal Sundaram Car Insurance is 84.99%. Read full story
10. IFFCO Tokio General Insurance
The name of IFFCO Tokio General Insurance is also included in the major insurance companies of India. The Claim Settlement Ratio of IFFCO Tokio General Insurance is 95.30%. IFFCO Tokio General Insurance Company has around 4,300+ garages working all over India.
Due to higher claim settlement ratios and also having more garages, this insurance becomes more beneficial for us. We can get the car repaired in case of an accident in our vicinity.
Bottom Line on (Best Car Insurance Policy in India)
Friends, many companies sell car insurance policies. You can easily buy insurance from any company online or offline. But you should be careful while buying insurance. Because some companies are reluctant to give you insurance cover. In such a situation, there is no use of buying insurance from these companies.
That’s why you are advised to buy this type of insurance policy. Whose claim settlement ratio is high. Who has been working in the insurance market for a long time. On whom people have more trust. Along with this, you should also take care of the garage of the company. The more garages available. That much you will find it easier to get your car repaired.
In today’s article, we talked about “Best Top 10 Car Insurance Policy Companies Apps in India 2023”. Today we got to know about 10 car insurance companies operating in India.
Hope you have liked the given information. You can visit our website to read similar insurance related posts. If any of your friends is planning to get car insurance, then you must send this article to him. So that it can be easy for him to choose the best car insurance company.