Best Car Insurance Plans- You Must Know

Best Car Insurance Plans You Must Know

Car insurance is the best way to protect yourself and your car. If you are the owner of a car, then car insurance is very important for your safety and security because today there are so many vehicles on the roads. That’s why insurance is very important for security.

Although all the companies provide insurance for a few years with the car, but there are different insurances and everyone gets different types of security and all the company plans are also available with different benefits, in this article we will tell you. We have told about the Best Car Insurance Plans from which you can take insurance for your car.

Top 21 Car Insurance Companies in India

Car Insurance Companies Motor OD Claim Settlement Ratio FY20 Network Garages
IFFCO Tokio General Insurance 95.30% 4,300+
Royal Sundaram General Insurance 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 Insurance 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+

How to Choose the best Car Insurance Company ?

The definition of the best car/vehicle insurance company is subjective as it varies based on the needs of each individual. For some individuals, a car insurance company with the highest claim settlement ratio is best, while for others, an insurance company with a wide network of cashless garages is best. Thus, there are several criteria that make an insurance company best for an individual. The following factors should be considered while choosing a car insurance company.

Network of Cashless Garages

There are many garages with which a car insurance company partners to facilitate cashless insurance claims. While choosing a car insurance company, one should check the strength of the insurance company’s network of cashless garages. One should also check whether there are enough cashless garages around his locality.

Claim Settlement Ratio

The claim settlement ratio measures the number of claims settled by a car insurance company out of all the claims received during a financial year. It is always good to go with an insurance company with a high claim settlement ratio.

Availability of Add-ons

Add-on refers to the additional coverage that can be opted for with a standard car insurance policy to increase the coverage. Add-ons are available with own damage and comprehensive car insurance and can be opted for at the time of policy purchase as well as renewal.

Customer Support Service

One should also check the availability and quality of customer support service offered by the insurance company. While some insurance companies provide 24*7 customer support, some provide 5-day customer support services.

Types of Car Insurance Plans Offered by Different Insurance Companies

Based on the car/vehicle/4 wheeler insurance coverage, there are three types of car insurance plans:-

Third Party Car Insurance

As per the Indian Motor Tariff, it is mandatory for every car owner in the country to have at least a third party car insurance policy. This plan provides you coverage for all third party liabilities such as third party bodily injuries, disability, death as well as property damage that may occur due to any unfortunate event involving your car. Damage to third party property is limited to Rs. 7.5 lakhs under this scheme. best car insurance India

Standalone Own Damage Car Insurance

This plan provides only coverage for self damage caused by your car in any accident like road accident, natural calamity, fire, explosion, theft, riot etc. To comply with the legal requirements, you need to buy a third party car insurance plan with it. A standalone own damage car insurance plan lets you choose your own damage cover and third party cover from various insurance companies.

Comprehensive Car Insurance

It is a bundled cover that provides you coverage for both third party liabilities as well as damages yourself caused by your car in an unfortunate event. Among all the three types of car insurance plans, a comprehensive cover gives you maximum coverage. You can further enhance the coverage of this plan by opting for add-ons like zero depreciation cover, engine cover etc.

Top 10 Car Insurance Companies

HDFC ERGO Car Insurance

HDFC ERGO is one of the largest car insurance companies in India currently doing insurance business. It is a joint venture between HDFC Bank and ERGO International. The insurer has over 1.5 crore customers. It also has one of the largest list of network garages across the country – 7400+.

Rider Options:- Zero Depreciation, Key Replacement, Consumables Expenses, Roadside Assistance, Personal Accident Cover and Downtime Protection

Type of Plans:- Liability Cover, Comprehensive and Standalone Cover

Value-Added Services:- Overnight Car Repair Service, Unlimited Claims Service, 20 Minute Claim Approval Process

Edelweiss Car Insurance

Edelweiss General Insurance Company Limited is one of the leading car insurance companies doing business in India. Edelweiss Car Insurance Plan is a comprehensive car cover plan offered by Edelweiss General Insurance Company Limited. Edelweiss General Insurance is a part of the Edelweiss Group, a multinational corporation in India. The company offers a wide range of personal car insurance packages.

Rider Options:- Zero Depreciation, Key Replacement, Consumables Expenses, Roadside Assistance and NCB Protection

Type of Plans:- Edelweiss Private Car Only Liability Insurance, Edelweiss Private Car Package Insurance

Value-Added Services:- No Claim Bonus, Priority Service, Cashless Claims Settlement Process/Network Garages

Bharti AXA Car Insurance

Bharti AXA General Insurance Company is another notable car insurance company in India. It is a joint venture between Bharti Enterprises and AXA. Bharti Enterprises is one of the leading financial conglomerates in India. The company offers a variety of plans like third party, comprehensive and stand-alone damage cover.

Rider Options:- Depreciation Shield, Key Replacement, Consumables Expenses, Personal Baggage, Ambulance Charges, Invoice Cover and Medical Expense Cover

Type of Plans:- Comprehensive and Third Party Liability Cover, Standalone Damage Plan

Value-Added Services:- Online Policy Buying/Renewal, 24×7 Assistance, Cashless Claims Settlement Process/Network Garages

Digit Car Insurance

The latest car insurance company to enter the car insurance market in India. Being a start-up car insurance company, it has successfully entered the Unicorn Club of India (worth over USD 1 billion). The company offers a wide range of motor and health insurance products. It was ranked as the top Indian start-up for 2019 and awarded for being Asia’s General Insurance Company of the Year for 2020-2021. best car insurance india

Rider Options:- Zero Depreciation, Passenger Cover, Consumable Cover, Return to Invoice Cover, Tire and Engine Protection, Breakdown Assistance and Gearbox Protection

Type of Plans:- Comprehensive and Third Party Liability Cover

Value-Added Services:- Online Policy Buying, Cashless Service, Doorstep Service, Cashless Claims

Future Generali Car Insurance

Future Generali General Insurance Company Limited is a joint venture between Future Group and Generali Group. The insurer has sold over 8.2 million policies in India with a strong corporate clientele of over 3000.

Rider Options:- Zero Depreciation, Key Replacement, Consumables Expenses, Roadside Assistance, Personal Accident Cover and NCB Protection

Type of Plans:- Comprehensive Cover, Liability Only

Value-Added Services:- No Claim Bonus, Priority Service, Cashless Claims Settlement Process/Network Garages

Future Generali Car Insurance

Future Generali General Insurance Company Limited is a joint venture between Future Group and Generali Group. The insurer has sold over 8.2 million policies in India with a strong corporate clientele of over 3000.

Rider Options:- Zero Depreciation, Key Replacement, Consumables Expenses, Roadside Assistance, Personal Accident Cover and NCB Protection

Type of Plans:- Comprehensive Cover, Liability Only

Value-Added Services:- No Claim Bonus, Priority Service, Cashless Claims Settlement Process/Network Garages

Reliance Car Insurance

Reliance Car Insurance is one of the most popular car insurance plans offered by Reliance General Insurance Company Limited. The insurer has a list of more than 5000 cashless garage networks.

Rider Options:- Zero Depreciation, Key Replacement, Consumables Cover, Roadside Assistance, Personal Accident Cover and Engine Protection Cover

Type of Plans:- Comprehensive Car Insurance, Own Damage Car Insurance, Third-Party Car Insurance, Commercial Car Insurance

Value-Added Services:- NCB, Voluntary Discount, Personal Accident Cover of Rs. 15 lakhs, Security Device Installation, Instant Renewal

Bajaj Allianz Car Insurance 

Bajaj Allianz General Insurance is one of the leading car insurance companies in India offering unique products. It is a joint venture between Allianz SE and Bajaj Finserv Limited. The company offers a wide range of two wheelers, cars, CNG kits and commercial motor insurance products.

Rider Options:- Depreciation Shield, Key Replacement, Consumables Expenses, Personal Baggage and Engine Protection

Type of Plans:- Comprehensive and Third Party Liability Cover, Commercial Vehicle Third Party insurance

Value-Added Services:- Online Policy Buying/Renewal, Voluntary Excess Discount, 24×7 Assistance

IFFCO Tokio Car Insurance 

IFFCO Tokio is a joint venture between Indian Farmers Fertilizer Cooperative Limited and Tokio Marine Group. The insurer has more than 4300 network cashless garages across India with 20000 agents and branches across India.

Kotak Mahindra Car Insurance

Kotak Mahindra Car Insurance is offered by Kotak General Insurance. It is a wholly owned subsidiary of Kotak Mahindra Bank, one of the most popular private sector banks in India. Kotak Mahindra Group is one of the leading financial services providers in India.

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