Unlike other insurance policies, motor insurance is mandatory to have. Under the Indian Motor Act it is compulsory to have a third-party motor insurance. However, it is recommended to have a comprehensive insurance for your proud possession, your vehicle. A comprehensive plan for your vehicle will cover the loss/ damage caused by you to a third party (driver/vehicle/property) , loss /damage caused to your vehicle by natural/man made calamities as well as damage caused to you in the event of an accident. Apart from this, the insurance companies provide many other benefits to attract vehicle owners. Here is our take on the best insurance companies in India.
Top 5 Car Insurance Companies in India
1) ICICI Lombard General Insurance Co. Ltd.
ICICI Lombard GIC Ltd. can be safely called the largest general insurance company in India. According to a survey conducted by J.D. Power Asia Pacific, ICICI Lombard Auto Insurance tops the chart in terms of customer satisfaction among auto insurance players. It has also been received several awards for the most Customer Responsive insurance company.
- Digitally signed online policy
- Cashless settlement at 2900+ network garages
- Doorstep surveyor facility
- Towing assistance
- Online purchase on EMIs
2) Tata AIG General Insurance Co. Ltd.
Tata AIG General Insurance started its operations in 2011. Despite being a younge company, TATA AIG has managed to establish itself as a top motor insurance company. This has happened primarily because of the company’s robust channels of distribution and hassle-free claims. The company has received several reputed awards for being the best employer as well as for deployment of mobile application in insurance.
- Free car pick up
- Claim settlement in 7 days
- Unique add-ons
- Warranty on repairs
- Cashless settlement at network garages
3) The Oriental Insurance Co. Ltd.
Oriental Insurance Company is owned by the central government and is one of the best companies to get a vehicle insured. It has also won many reputed awards in the industry. The latest ones include – ‘best bank and financial institution award’ and ‘best public general insurance award’. It is one of the few companies in the insurance sector to get the iAAA rating by ICRA.
- Fast claim settlement
- Valuable add-ons
- One of the most reliable names in motor insurance
- High claim settlement ratio
4) The New India Assurance Co. Ltd.
New India Assurance Co. Ltd. is fully owned by the Indian government. It is backed up by a great infrastructure, strong capital and human resource which makes it one of the best auto insurance companies in India. A.M.Best Co. has rated it A- (Excellent). This makes it the only Indian insurance company to be given a rating by an international rating agency.
- Grievance acknowledged within 3 days of receipt
- Claim decision taken within 3 days of application
- Claim payment made within 3 days of discharge voucher receipt
- Grievance resolved within 15 days of receipt
- Surveyor appointed within 48 hours of claim intimation
5) HDFC ERGO General Insurance Co. Ltd
HDFC ERGO General Insurance Co. Ltd has a robust distribution channel and a great customer oriented approach. It is one of the top companies in India for getting a motor insurance. The company is well know for having one of the highest claim settlement ratios among the private motor insurance companies. The company is also ISO 9001:2008.
- Zero documentation
- Fast claim settlement
- Age and profession discount