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Best Car Insurance with Third Party Liability Cover

Car insurance is a concord between an insurance company and the policyholder where the insurance provider promises to cover the loss caused due to accident or theft of the vehicle. Whenever such an event occurs, the car owner raises a claim, which is then paid by the car insurance company. This payment is called settlement. Every company has its own set of rules and regulations according to which the settlement is provided.

The car insurance plans are divided into three parts, comprehensive car insurance, standalone own damage plan and third party car insurance policy. A third party car insurance policy is a mandatory requirement for all car owners in India as per the Indian Motor Tariff, 2002. It is specially designed to provide cover to the damage or mishap caused to the third party in an event where the insured vehicle is responsible. It helps to reduce the financial and legal burden of the car owner by settling up against the bodily injuries, death or property damage. While the damage cover for third party property damage is limited to Rs. 7,50,000, the settlement amount for death or injury incurred by a third party is decided by a court of law.

Since there are so many policy providers in the market that it becomes difficult to choose an insurance company which best suits your requirements. Therefore, considering the Claim Settlement Ratio (CSR) as a key parameter helps in choosing the right car insurance policy. The claim settlement ratio is a mathematical representation of the claims paid by the insurance companies to their customers out of total claims received.

Top 7 Car Insurance Companies For Third Party Car Insurance As Per Third Party Claim Settlement Ratio

S.no

Insurance Company

Claim Settlement Ratio (FY 2017-18)

1.

Oriental

40.79%

2.

New India

40.08%

3.

IFFCO Tokio

36.83%

4.

Bharti AXA

36.05%

5.

Cholamandalam

33.93%

6.

Royal Sundaram

30.57%

7.

Magma HDI

27.56%

(Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 3rd Edition)

According to the third party claim settlement ratio of FY 2017-18, these seven insurance companies are best for purchasing a third party car insurance plan.

1. Oriental Car Insurance

93 reviews
Know more about Oriental Car Insurance
  • Highlights

    Network of 31 regional offices and more than 1,800 active branches
    Check in your City
    A huge number of network garages, which offer direct cashless claim
    Total strength of 14,000+ employees and well established in the rural parts of the country.
    Overseas operations in countries like Nepal, Kuwait and Dubai
  • Oriental Insurance Company

    Oriental Insurance Company Ltd. is a public sector unit established in 1947 in Bombay, India. It is considered as a pioneer in the insurance industry due to its wide customer base and excellent claim settlement service. According to the IRDA report of FY 2017-18, the company has the highest third party claim settlement ratio of 40.79%.

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2. New India Car Insurance

423 reviews
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  • Highlights

    Only direct insurer in India to be rated A-(Excellent) by AM BEST Company since 2007
    Check in your City
    Pan India operation with 2452 offices
    Pioneer in the non-life insurance segment for more than 40 years
    Round the clock support
  • New India Assurance Company

    New India Assurance Company Limited is a general insurance company based in Mumbai, India. It holds a sturdy position in the market through its astonishing reach in neighbouring countries. It is one of the largest Insurance companies in India with a third party claim settlement ratio of 40.08%.

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3. IFFCO TOKIO Car Insurance

379 reviews
Know more about IFFCO TOKIO Car Insurance
  • Highlights

    Enjoy seamless free service at 4300+ garages
    Check in your City
    Avail perks of zero dep without any limits
    1,00,000+ happy customers and counting
    Renew your car insurance policy in minutes
    95.30% Claim settlement ratio
  • IFFCO Tokio General Insurance

    IFFCO Tokio is a joint venture formed by the collaboration of IFFCO (The Indian Farmers Co-operative) and Tokio Marine and Nichido Fire Group in December 2000. It stands at the third position with a third party claim settlement ratio of 36.83%.

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4. Bharti AXA Car Insurance

393 reviews
Know more about Bharti AXA Car Insurance
  • Highlights

    3700+ Avail services at authorized cashless garages in India
    Check in your City
    98.5% Impressive claim settlement ratio
    A reckoned brand achieving dual certifications of ISO 9001:2008 and ISO 27002:2005
    24*7 Emergency assistance
  • Bharti AXA General Insurance

    Bharti AXA General Insurance Company Ltd. is a joint venture between Bharti Enterprises and AXA business Group of India. It provides a great coverage with a plethora of benefits including unparalleled services. It registered a third party claim settlement ratio of 36.05% in FY 2017-18.

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5. Cholamandalam Car Insurance

96 reviews
Know more about Cholamandalam Car Insurance
  • Highlights

    90 lakh strong customer base
    Check in your City
    Robust and round the clock customer support
    Record of settling over 2 lakh claims per year
    Great assistance services
  • Cholamandalam MS General Insurance

    Cholamandalam MS General Insurance Company is a joint venture of Murugappa Group and Mitsui Sumitomo Insurance Company. It is one of the fastest-growing insurance providers in India. It provides third party property coverage of a total amount of up to Rs. 7,50,000 for damage caused. Also, it has a claim settlement ratio of 33.93%.

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6. Royal Sundaram Car Insurance

393 reviews
Know more about Royal Sundaram Car Insurance
  • Highlights

    3300+ Avail prompt services at authorized cashless garages
    Check in your City
    4 working hours Claim Survey is done
    92.66% Recorded claim settlement ratio
    Round the clock assistance and emergency services provided
  • Royal Sundaram General Insurance

    Royal Sundaram General Insurance Co. Limited is the first private general insurance company in India. It got licensed by IRDAI in October 2000. It is famous for its innovative general insurance plans. It has an excellent Claim settlement ratio of 30.57% which makes it popular among the insurance holders.

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7. Magma Car Insurance

91 reviews
Know more about Magma Car Insurance
  • Highlights

    Round the clock 24*7 customer support from the toll-free helpline
    Check in your City
    Cashless claim services in over 4,000 authorised workshops
    Online renewal process and easy claim initiation
    Online service to locate nearest a cashless garage
  • Magma HDI General Insurance

    Magma HDI General Insurance is formed by a joint venture of Magma Fincorp Limited and HDI-Gerling Industrie Versicherung AG.It provides third party cover of an amount up to Rs. 7.5 lakhs. With an ample of benefits provided to the customers, it is one of the most preferred insurance companies.

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