Which Insurance is best for Cars: Car Insurance helps you get mitigate financial obligations that may arise due to an unfortunate event involving your car such as a road accident, fire, theft, natural calamities, etc. As per the India Motor Tariff, every car owner is legally required to have at least a third-party car insurance cove for being able to drive their car/vehicle on Indian roads. Currently, there are 25 insurance companies in India that offer car insurance.
IRDAI Approved: Top car Insurance Companies in India
Find below the best four-wheeler insurance companies in India with claim settlement ratio(CSR) & network garages.
|Car insurance company||Moter Od Claim Settlement Ratio Fy20||Network Garages|
|IFFCO Tokia General Insurance||95.30%||4,300+|
|Royal Sundaram General||92.66%||4,600+|
|The Oriental Insurance Company||91.76%||3,100+|
|HDFC ERGO General Insurance||91.23%||6,800+|
|Universal Sompo General Insurance||90.78%||3,500+|
|Tata AIG General Insurance||90.49%||5,000+|
|The New India Assurance||89.60%||3,000+|
|SBI General Insurance||89.51%||16,000+|
|Bajaj Allianz General Insurance||88.83%||4,000+|
|Future Generali India Insurance||88.69%||2,500+|
|Bharti AXA General Insurance||87.99%||5,200+|
|ICICI Lombard General Insurance||87.71%||5,600+|
|Liberty General Insurance||87.48%||4,300+|
|Cholamandalam MS General Insurance||85.89%||7,100+|
|National Insurance Company||85.71%||3,100+|
|Edelweiss General Insurance||84.52%||1,000+|
|Reliance General Insurance||84.26%||3,800+|
|Acko General Insurance||83.91%||2,000+|
|United India Insurance Company||82.93%||3,100+|
|Kotak Mahindra General||82.81%||1,300+|
|Go Digit General Insurance||80.47%||1,400+|
|Magma HDI General Insurance||79.60%||4,000+|
|Shriram General Insurance||77.26%||2,000+|
|Navi General Insurance||76.20%||900+|
(Source: IBAI’S General Insurance Claim Insights Handbook-5th Edition.)
Which Insurance is best for Cars : Choose The Best Car Insurance Company In India!
The definition of the best car/ vehicle insurance company is Subjective as it varies from individual to individual depending on their requirements. For some individuals, a car insurance company that has the highest claim settlement ratio is the best, while for others the insurance company which has a wide network of cashless garages is the best. Thus, there are a number of parameters that make an insurance company the best for an individual. One should consider the following factors while choosing a car insurance company.
1.Network of Cashless Garages
2. Claim Settlement Ratio
3. Availability of Add-ons
4. Customer Support Service
1. Network of Cashless Garages
There are a number of garages with which a car insurance company partners for the facilitation of cashless insurance claims. While choosing a car insurance company, one must check the strength of the network of cashless garages of the insurance company. One must also see if there are enough cashless garages in the vicinity of his/ her locality.
2. Claim Settlement Ratio
Claim Settlement Ratio tells the number of claims settled by a car insurance company out the all the claims received by it during a financial year. it is always good to go with an insurance company with a high claim settlement ratio.
3. Availability of Add-ons
ADD-ons refer to extra coverages that can be opted with a standard car insurance policy to extend the coverage. Add-ons are available with their own- damage and comprehensive car insurance and can be opted for at the time of policy purchase as well as renewal.
4. Customer Supports Service
One must also check the availability and quality of the customer support service offered by an insurance company. while some insurance companies offer 24*7 customer support, some offer 5-day customer assistance services.
Types of Car Insurance Policies in India
1. Comprehensive Car Insurance
2. Third Party Liability Car Insurance
3. Standalone Own Damage Car Insurance
Comprehensive Car Insurance
A comprehensive car insurance policy provides complete protection to the insured car. It protects the car from all kinds of unforeseen risks resulting from fire, accident, theft, vandalism, natural disasters, and manmade disasters. it also covers any third-party accidental liabilities that the policyholder is legally bound to pay. Moreover, this type of insurance also provides personal accident cover to the owner-driver of the insured car.
Third-Party Liability Car Insurance
A third-party liability car insurance policy provides protection against any third-party liabilities of the policyholder arising out of causing accidental bodily injuries, death, or property damages to a third party. This type of insurance does not cover any loss or damages suffered by the insured car or its driver.
Standalone Own Damage Car Insurance
A standalone own-damage car insurance policy provides coverage for only the own damages sustained by the insured car. it covers any loss or damages caused to the insured four-wheeler due to uncontrollable events, such as fire, natural disasters, theft, accidents, and manmade calamities. This type of car insurance plan is available only if the car owner already has a third-party car insurance policy for the insured vehicle.