Top 10 Best Car Insurance Companies in India
Car Insurance is a mandatory protection policy that must be applied by every Car buyers along with the purchase of car. This helps to cover the financial loss which comes through any Physical damage of car due to accidents, theft or any other unexpected instances.
Let us check few important Car insurance companies in India that may provide best car insurance policies.
1. National Insurance company Limited: (NICL)
This is a State owned General Insurance Company which was established in the year 1906 and has a successful track record for several years having around 1000 offices and 16,000 employees serving huge number of clients across India and Nepal. This company was awarded second rank among all top insurance companies in India for the financial year of 2013-2014.
2. ICICI Lombard Car Insurance Company Limited
This is a Private General Insurance Company which was established in the year 2001 and it is joint venture between the ICICI Bank and Fairfax Financial Holdings limited of Canada. ICICI Lombard deals not only with car insurance but also with Travel Insurance, Health Insurance, Two wheeler insurance, and House insurance and so on. This is a very successful Insurance company in India which has its branches spread across 221 branches and has a GWP (Gross Written Premium) of Rs.71.34 Billion with simple and easy claim procedures.
3. United India Insurance Company
This company was incorporated in the year 1938 and was nationalized in the year 1972. This has become a successful insurance company which satisfies more than 1 crore customers with the help of 18, 300 employees in its 1340 offices across India. This company is the latest choice of the customers since it has highest claim paying capacity.
4. HDFC Ergo Motor Insurance
This insurance company was established in the year 2002 and offers different types of insurance policies such as health insurance, two wheeler insurance and personal insurance along with Car insurance policies. HDFC ERGO has highest claim settlement ratios which are designed in the views of expert support. This company is rated as “IAAA” on its rating scale by ICRA limited for its excellent customer friendly support and its simple procedures.
5. Oriental Insurance Company
This is Government owned Insurance Company which enjoys huge fan followers for its simple policies, maximum coverage amount across several parameters and excellent customer support. This company has more than 1800 offices in India, Nepal, Kuwait and Dubai with more than 14,000 employees. This company has proven excellent claim settlement record for past several years.
6. New India Assurance
This company is a wholly Government owned Insurance company which was established in the year 1919 and was nationalized in the year 1973. This is a largest Insurance company in India having highest Gross Premium Collection including its foreign operations. This company has increased its network by collaborating with several Public bank sectors such as State Bank of India, Central Bank of India and United Western Bank.
7. Bharti-Axa General Insurance
This company was established in the year 2006 and has several insurance plans along with the motor insurance such as Health plans, investment plans and protection plans.
The special thing in this company is, it offers services like road side assistance such as on road repair of vehicle, changing flat tyre, lost key assistance and repair minor breakdowns along with the other general services offered for car insurance.
8. Royal Sundaram General Insurance:
This is a Private General insurance company which is a subsidiary of Sundaram Finance and was licensed in the year 2000. This offers easy car insurance policies like easy claim settlement policies within 2 business days, 3300 cashless garage services across India, and free vehicle inspection.
9. Bajaj Allianz General Insurance Company Limited:
This is a private General Insurance company which offers special policies with customer friendly support. It has been awarded the rating of “iAAA” rating by ICRA for is highest claim paying capacity. It offers special services like 24/7 customer support, cashless repair over 1500 outlets and special discounts where cashless repair does not apply.
10. Tata AIG General Insurance:
This is an Indian General Insurance company which is a joint venture between Tata group and American International Group (AIG). This company offers best car insurance policies such as direct settlement facility, seven days claim settlement, six month of warranty repairs, replacement of quality spares and materials.