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

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Highlights

Network of 31 regional offices and more than 1,800 active branches
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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

500 reviews

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Highlights

Only direct insurer in India to be rated A-(Excellent) by AM BEST Company since 2007
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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

458 reviews

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Highlights

Enjoy seamless free service at 4300+ garages
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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

401 reviews

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Highlights

3700+ Avail services at authorized cashless garages in India
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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

167 reviews

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Highlights

90 lakh strong customer base
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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

467 reviews

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Highlights

3300+ Avail prompt services at authorized cashless garages
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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

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Highlights

Round the clock 24*7 customer support from the toll-free helpline
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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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