Cars are no longer considered a luxury item. In today's world, almost anyone can afford a car thanks to the lower-cost car models available on the market. The importance of a pleasant commute has grown, and as a result, an increasing number of people are purchasing cars for themselves and their families.
When the market for vehicles increases, so does the demand for car insurance policies. Car owners are expected to have a valid car insurance policy under the Motor Vehicles Act of 1988. According to the Motor Vehicles Act of 1988, if you own a car, you must have it insured.
Here is the list of the top 10 best car insurance companies in India 2021 that qualify on all the below-mentioned parameters:
HDFC Ergo General Insurance Company Limited
The features and benefits of HDFC Ergo car insurance company are:
- HDFC ERGO has a strong customer base of over one crore policyholders, indicating that it is well-respected.
- The company provides overnight auto repair services, in which the repairs are completed over the course of one night and the vehicle is delivered to your house.
- The company expedites claim approvals by 30 minutes using online authentication of QR codes, making claim settlements more convenient.
- HDFC ERGO has a vast network of 6,800 garages that provide cashless service to make maintenance work more convenient. HDFC ERGO is an alluring car insurance choice due to its clear application process and various coverage choices.
TATA AIG General Insurance Company Limited
The features and benefits of TATA AIG car insurance company are following:
- Through its robust motor insurance plans, the company provides a variety of add-ons that help you expand the reach of coverage.
- The company's claim settlement process is simple and painless.
- TATA AIG car insurance is known for its fast application process, attentive customer support team, and incentives for installing anti-theft devices in your vehicle.
ICICI Lombard General Insurance Company Limited
The features and benefits of ICICI Lombard car insurance company are following:
- The company's Claim Settlement Ratio (CSR) is very high. 93.14 percent of the company's car insurance claims were settled during the fiscal year 2019.
- The claims are resolved in the shortest amount of time available. In 2019, 93.14% of claims were settled within 30 minutes of notification.
- Indian Insurance Award presented ICICI Lombard General Insurance with the ‘Claim Leader – General Insurance' award.
- ICICI Lombard car insurance provides a variety of incentives to policyholders, including roadside assistance in the event of an accident. In India, it is one of the most well-known insurance brands.
Royal Sundaram General Insurance Company Limited
The features and benefits of Royal Sundaram car insurance company are following:
- In the event of complete loss or theft, the company's auto insurance policy guarantees a 100 percent refund of the car's invoice amount.
- Its car insurance policies provide free coverage for flat tyres and emergency fuel delivery.
- A variety of wide-ranging add-ons are available to expand the reach of your car insurance policy's coverage.
Reliance General Insurance Company Limited
The features and benefits of Reliance car insurance company are following:
- Reliance General guarantees simple transactions because the policy is distributed in less than ten seconds.
- The company provides car insurance policy with free roadside assistance coverage worth up to INR 500.
- The company is ISO 9001:2015 certified, indicating that it is reliable.
Bharti AXA General Insurance Company Limited
The features and benefits of Bharti AXA car insurance company are following:
- Since its inception, Bharti AXA General Insurance has released more than 27 million policies.
- There have been over 1.3 million claims settled.
- Your car insurance policy is sponsored by the insurer 24 hours a day, seven days a week.
- Bharti AXA car insurance is a great choice because of the great no-claim benefits that are passed on to policyholders for every year of no claims. Bharti AXA is particularly a right choice when considering the network of 5000+ cashless garages across the country that make car repairs easy.
Bajaj Allianz General Insurance Company Limited
The features and benefits of Bajaj Allianz car insurance company are following:
- The company's car insurance policy can be purchased in just three minutes.
- The company's car insurance policies have a feature called Motor On-The-Spot, which allows you to make instant claims using your smartphone. As a result, small claims can be resolved in 20-30 minutes.
- The company has a 98 percent claim settlement ratio.
- For car insurance, Bajaj Allianz provides a range of choices. It is one of India's most trusted brands, and its insurance plans are extremely flexible.
IFFCO Tokio General Insurance Company Limited
The features and benefits of IFFCO Tokio car insurance company are following:
- The company offers policies and services that are fully transparent, so you know exactly what you're getting.
- The company's claim settlement process is fast and effective, ensuring that your claims are resolved within 4 hours.
- The company has won several awards, establishing its reputation.
- IFFCO Tokio car insurance protects against losses caused by injuries and robberies. The company has a claim settlement ratio of about 79.19 percent and is known for issuing policies quickly and with minimal paperwork.
The New India Assurance Company Limited
The features and benefits of New India Assurance car insurance company are following:
- The company has a good financial position, with a net worth of INR 37,483 crores for the quarter ended 30th June 2019.
- The company's solvency ratio is 2.13, demonstrating the company's strong financial stability.
- New India Assurance specializes in non-life insurance and has a long background in the Indian insurance industry. New India Assurance Company provides extensive auto insurance policies that provide a range of benefits as well as protection against accidental and theft-related financial threats.
United India Insurance Company Limited
The features and benefits of United India car insurance company are following:
- United India Insurance Company Limited is a public limited company owned by the Indian government, and policyholders have a high level of confidence in it.
- Till date, the company has more than 1 crore policyholders.
- United India car insurance has a claim settlement ratio of approximately 91.72 percent, and its plans also provide incentives to businesses that mount anti-theft systems on their vehicles.
So these were the top 10 car insurance companies in India 2021. Meanwhile, you can click here to check out the best deals on car insurance plans from the top insurance providers.