Car Insurance Companies in India

When it comes to buying car insurance, there are so many insurers out there that it might get intimidating for a lot of us to pick the right insurer that suits our needs the best. Hence, in this article, we talk about the different car insurance companies out there and how you can pick the right insurer for you.

List of Car Insurance Companies in India

Here is a list of all the IRDAI-approved car insurance companies in India:

Car Insurance Company Name

Number of Network Garages

Claim Settlement Ratio

ACKO General Insurance Ltd.

3500+

96.27%

Bajaj Allianz General Insurance Co. Ltd.



4000

98.5%

Cholamandalam MS General Insurance Co. Ltd.

4636

96%

Future Generali India Insurance Co. Ltd.

3500

96.3%

Go Digit General Insurance Ltd.

3036

96%

HDFC ERGO General Insurance Co. Ltd.

8200

99%

ICICI LOMBARD General Insurance Co. Ltd.

5600

93.4%

IFFCO TOKIO General Insurance Co. Ltd.

4300

95.8%

Kotak Mahindra General Insurance Co. Ltd.

2327

98%

Liberty General Insurance Ltd.

4500

98%

Magma HDI General Insurance Co. Ltd.

4000

97.1%

National Insurance Co. Ltd.

3100

93%

Navi General Insurance Ltd.

1100

76%

Raheja QBE General Insurance Co. Ltd.

1000

92%

Reliance General Insurance Co. Ltd.

8200

98%

Royal Sundaram General Insurance Co. Ltd.

3300

98.6%

SBI General Insurance Co. Ltd.

16000

100%

Shriram General Insurance Co. Ltd.

2000

96%

Tata AIG General Insurance Co. Ltd.

7500

99%

The New India Assurance Co. Ltd.

3000

90%

The Oriental Insurance Co. Ltd.

3100

94%

United India Insurance Co. Ltd.

3100

95%

Universal Sompo General Insurance Co. Ltd.

3500

96%

Zuno General Insurance Limited (Formerly Edelweiss General Insurance Co. Ltd.)

1500

98%

In the list, we have also mentioned their claim settlement ratio and the number of network garages they have, as these can be important criteria to keep in mind while choosing an insurer for yourself. 

How to Choose Best Car Insurance Policy for Yourself?

Choosing a car insurance company and the correct policy for your car can be difficult.  Therefore, it is important to keep the following points in mind to choose the best car insurance company for yourself:

  1. Identify your Car Insurance Needs: Before you decide which insurance company you want to buy your insurance from, it is important to understand what your needs are in terms of coverage, add-ons and the amount of premium you can pay for insurance. Whether you live in a theft-prone region or a safe locality also plays an important role. Hence, consider all external and internal factors to gauge your insurance needs.
  2. Financial Health of the Insurance Company: By going through the financial records and the solvency ratio of an insurer, you can understand how stable the company is financially. The more stable the company is, the better the chances of the company paying you the claim when you file for one. 
  3. Authenticity of the Company: It is very important to check if the insurance company is genuine or not. You can do so by checking whether it is IRDAI approved or not, by going through the company website, and by talking to the customer care representatives. For your ease, we have already provided a list of IRDAI-approved insurance companies. 
  4. Variety of Add-Ons Provided: It's important to note that not every insurance company offers the complete range of add-ons available in the market. Therefore, carefully review all the available add-on options to select those that align most effectively with your requirements and provide you with the highest level of coverage.
  5. CSR and ICR: Two important numbers to look at before you buy insurance from a company are its Claim Settlement Ratio (CSR) and Incurred Claim Ratio (ICR). CSR is the percentage of the total claims settled by the company against the total claims received. ICR is the total premium utilised by the company against the total premium collected by it. A wise choice would be to opt for a company with higher CSR and ICR, as it increases the chances of getting claims settled. 
  6. Cashless Garage Network: These are garages that are approved by the insurance companies and where you can get your car repaired without paying any amount from your pocket. The insurance company will directly deal with the garage to settle your repair bills. You should go for a company with a wider and larger network of cashless garages, as it increases your chances of getting one close to your neighbourhood.
  7. Customer Opinions: Always go through the customer reviews to know what other users of the policies are saying about the service provided. Ensure you read through genuine customer reviews. Consider reaching out to a friend or colleague who has previously purchased insurance from the same company you're thinking of for your purchase. 

Types of Car Insurance Policies in India

In India, three types of car insurance are available. Let us briefly discuss each one of them:

  1. Third-Party Car Insurance: In India, this insurance is mandatory under the Motor Vehicles Act 1988. It provides coverage against only third-party liabilities like injury, death or third-party property damage. It does not provide protection against any damages incurred by the policyholder.
  2. Own Damage Insurance: This four-wheeler insurance policy provides protection against potential damages or losses incurred by your car. Its coverage includes theft, damages from collisions, and losses resulting from both natural and man-made disasters. It's important to note that this policy does not include mandatory third-party coverage. 
  3. Comprehensive Car Insurance: This insurance policy includes both third-party and own damage components in the policy. Because this policy offers the most extensive coverage among the three options, it is strongly recommended for your car.

Wrapping Up!

To wrap it up, it is important to understand all three types of coverage provided and consider the pros and cons of each insurer to decide which one is best for you and meets your needs. Take sufficient time to go through different terminologies online and compare different options. Never hesitate in this decision and ensure you understand and have gone through the policy wordings thoroughly. You can easily buy insurance online or go to a broker who might recommend different insurance options. 

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