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Best Car Insurance Companies in India 2024

The Indian insurance market is vast and offers a wide range of car insurance plans at economical rates. There are 20+ best car insurance companies in India that offers unique features and personalised facilities to cater to different customer needs.

Motor Dots
Car Insurance starting from ₹6/day*
Car Insurance starting from ₹6/day*
  • Save upto 75%*
    Lowest Car Premiums
  • 45 Lakh+
    Happy Customers
  • Claim Support
    7 days a week

*TP price for less than 1000cc four wheeler. All savings/offers are provided by the Insurers which are subject to modification. Terms and conditions apply

Top Car Insurance Plans

Comprehensive
Third Party
Own Damage
  • CASHLESS GARAGES 6,800
  • CLAIMS SETTLED 89%
  • ZERO DEP. CLAIMS UNLIMITED
Starting From 2881
Key Features:
  • Right Green Tick Maximum Cashless Garages
  • Right Green Tick Over Night Vehicle Repairs
  • Right Green Tick 24x7 Roadside Assistance
  • Right Green Tick Quick Claim Settlement
  • CASHLESS GARAGES 3,100
  • CLAIMS SETTLED 95%
  • COMPREHENSIVE CLAIMS UNLIMITED
Starting From 2396
Key Features:
  • Right Green Tick Towing Assistance (For Accidents)
  • Right Green Tick Coverage Outside India
  • Right Green Tick PSU Provider
  • Right Green Tick Quick Claim Settlement
See More Plans

List of Top Car Insurance Companies in India 2024 [IRDAI Certified]

Car insurance helps you get mitigate financial obligations that may arise due to an unfortunate event involving your car such as a road accident, fire, theft, natural calamities, etc. As per the Indian Motor Tariff, every car owner is legally required to have at least a third party car insurance cover for being able to drive their car/vehicle on Indian roads. Currently, there are 25 insurance companies in India that offer car insurance.

20+ Top Car Insurance Companies in India with OD Claim Settlement Ratio & Network Garages: IRDAI Approved

Find below the best car insurance companies in India with claim settlement ratio (CSR) & network garages.

Car Insurance Company

Motor OD Claim Settlement Ratio FY23

Network Garages


HDFC ERGO Car Insurances

89.48%

6,800+

ICICI Lombard Car Insurance

94.84%

5,600+

United India Car Insurance

95.00%

3,100+

New India Car Insurance

92.23%

3,000+

Royal Sundaram Car Insurance

98.60%

3,300+

Reliance Car Insurance

98.00%

8,200+

SBI Car Insurance

100.00%

16,000+

Future Generali Car Insurance

96.30%

3,500+

Liberty Car Insurance

98.00%

4,500+

IFFCO Tokio Car Insurance

95.80%

4,300+

Digit Car Insurance

96.00%

Repair anywhere

Bajaj Allianz Car Insurance

98.50%

4,000+

Kotak Mahindra Car Insurance

98.00%

2,327+

Zuno Car Insurance

98.00%

1,500+

Bharti AXA Car Insurance

94.84%

5,200+

Chola MS Car Insurance

96.00%

4,636+

Oriental Car Insurance

94.00%

3,100+

Universal Sompo Car Insurance

96.00%

3,500+

Magma HDI Car Insurance

97.10%

4,000+

Raheja QBE Car Insurance

92.00%

1,000+

Tata AIG Car Insurance

91.80%

7,500+

National Car Insurance

93.00%

3,100+

Shriram Car Insurance

96.00%

2,000+

Acko Car Insurance

72.68%

2,000+

(Source: IBAI’s General Insurance Claim Insights Handbook - 5th Edition.)


How to Choose the Best Car Insurance Company in India?

The definition of the best vehicle insurance company in India is subjective as it varies from individual to individual, depending on their requirements. Preferences vary among individuals when choosing the best car insurance company. While some prioritise the highest claim settlement ratio, others find value in insurers with an extensive network of cashless garages.

1. Network of Cashless Garages

There are a number of garages with which a car insurance company partners for the facilitation of cashless insurance claims. While choosing a car insurance company, one must check the strength of the network of cashless garages of the insurance company. One must also see if there are enough cashless garages in the vicinity of his/her locality.

2. Claim Settlement Ratio

Claim Settlement Ratio tells the number of claims settled by a car insurance company out of all the claims received by it during a financial year. Opting for an insurance company with a high claim settlement ratio is a wise choice for securing the best claim settlement ratio car insurance.

3. Availability of Add-ons

Add-ons refer to extra coverages that can be opted with a standard car insurance policy to extend the coverage. Add-ons are available with own-damage and comprehensive car insurance and can be opted for at the time of policy purchase as well as at the time of car insurance renewal. A best car insurance companies should have wide options of availability of add-ons.

4. Customer Support Service

One must also check the availability and quality of the customer support service offered by an insurance company. While some insurance companies offers 24*7 customer support, some offer 5-day customer assistance services.

Types of Car Insurance Policies Offered By Different Insurance Companies

On the basis of car/vehicle/4 wheeler insurance coverage, there are three types of car insurance plans:

1. Third Party Car Insurance

According to Indian Motor Tariff, every car owner in the country is mandated to have at least a third-party car insurance policy. This plan provides you coverage for all third party liabilities such as third party bodily injuries, disability, death as well as property damage which may occur due to any unfortunate event involving your car. The third party property damage is limited to Rs. 7.5 lakh under this plan.

2.Standalone Own-Damage Car Insurance

This plan provides coverage only for own-damages incurred by your car in any mishap such as road accident, natural calamity, fire, explosion, theft, riot, etc. To remain compliant with the legal requirements, you must purchase a third party car insurance plan with it. A standalone own-damage car insurance plan gives you the flexibility to choose your own-damage cover and third party cover from different insurance companies.

3. Comprehensive Car Insurance

This is a bundled cover that offers you coverage for both third-party liabilities as well as own damages incurred by your car in an unfortunate event. Among all the three types of car insurance plans, a comprehensive cover offers you the maximum coverage. You can further extend the coverage of this plan by opting for add-ons like zero depreciation cover, engine cover, etc.

What is Covered under Car Insurance?

Explore the comprehensive protection provided by car insurance, which covers a range of scenarios to ensure your peace of mind on the road:

  • Accidents: Unforeseen accidents resulting in damage to your car are covered by car insurance, providing you with financial relief.
  • Theft: If your vehicle is stolen, your car insurance offers coverage up to the insured declared value mentioned in the policy.
  • Natural and Man-made Calamities: Your car is shielded from natural disasters like fire and earthquake and man-made events such as vandalism, terrorism, and more.
  • Personal Accident: In case of owner-driver accidents, coverage of up to Rs. 15 lakh is provided for disability or death resulting from the accident.
  • Third-Party Liability: Car insurance safeguards you against third-party claims for injuries, disabilities, or deaths caused by your vehicle.

What is Not Covered under Car Insurance?

While car insurance offers a wide range of protection, it's essential to know what is not covered. Some exclusions include:

  • Electrical Breakdown and Mechanical Breakdown: Coverage typically doesn't extend to electrical or mechanical failures.
  • Normal Wear and Tear: Regular wear and tear of your car's components is not covered.
  • Driving without a Valid License: Accidents are excluded while driving without a valid license.
  • Consequential Loss of Car: Losses indirectly caused by an event, like a breakdown, may not be covered.
  • Driving Under the Influence: Accidents occurring while driving under the influence of drugs or alcohol are excluded.
  • Illegal Use of Car: Any damage caused while using the car for illegal activities is not covered.
  • Commercial Use of Private Car: Using your private car for commercial purposes may not be covered.
  • Depreciation of Car Parts: Depreciation of car parts over time is typically not covered.
  • Contributory Negligence: Damages resulting from your negligence while driving may be excluded.

How to Buy the Best Car Insurance Policy from InsuranceDekho?

Step 1: Visit InsuranceDekho and click on the ‘car’ tab.

Step 2: Enter your car’s Registration Number. In case you do not remember it, choose ‘Don't know your car number?’ option. After selecting that, a pop up will open asking you your car’s brand name, model, fuel type, variant, registration year, registration city and RTO.

Step 3: Fill in your personal details like your Name and Mobile Number and click on the ‘Submit and Get Quotes’ button. Confirm the expiry date of your previous car insurance policy and the name of your previous car insurer.

Step 4: All available premium quotes will be displayed to you. You can compare and select the quote which best meets your requirements. You can also opt for add-on covers at this stage to extend the coverage of your basic car insurance plan.

Step 5: Enter your personal details, nominee details and car/vehicle details. Proceed with the payment using your credit/debit card or other net banking facilities.

The policy will be sent instantly to you at your registered email address.

How to make a Car Insurance Claim?

When it comes to claiming your car insurance, following these steps ensures a smooth process:

  • Prompt Contact: Reach out to your insurance company within 48 hours of the accident or theft to initiate the claim.
  • Third-Party Damage or Theft: If third-party damage or theft is involved, file a First Information Report (FIR) with the police.
  • Document Submission: Provide the necessary documents, including a copy of the FIR, claim form, and policy details.
  • Assessment by Surveyor: The insurance company will appoint a surveyor to assess the extent of damages and validate the claim.
  • Repair Process: If required, your car will be sent to a garage for repairs. Cashless service may be offered if the garage is within the network.
  • Cashless Service: Cashless service will be provided if your car is being repaired at a network garage.
  • Theft Scenario: In case of theft, the insured declared value will be given to you after the police provide a non-traceable report.

Comparison of Different Types of Car Insurance in India

The coverages offered in different car insurance plans are as follows:

Car Insurance Coverage

Third Party

Comprehensive

Standalone

Damage/losses caused to your car due to accident

X

Theft of two-wheeler

X

Damage incurred due to fire

X

Damage/losses due to natural calamity

X

Damage to property and third party vehicle

X

Personal Accident Cover (if opted)

Injury/ Death of Third Party due to an accident

X

Conclusion

As you embark on your car insurance journey, remember that the "best" company is the one that aligns with your specific needs and priorities. Thorough research, informed decision-making, and proactive engagement with your insurer pave the way for a secure and satisfying car insurance experience. By securing appropriate coverage, you're protecting your vehicle and investing in your peace of mind on the roads of India.

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    Learn about Best Car Insurance Companies in India 2024

    Car Insurance Companies Reviews & Ratings

    What users are saying
    • Hassle-free experience

      InsuranceDekho helped me a lot in selecting the best plan. I had never purchased insurance, so I was very picky with my choices and the quotes provided by InsuranceDekho. I chose to go with Acko comprehensive motor insurance and had a smooth and easygoing experience with the process.

      F
      Acko car Insurance
      By Faisal Rizvi
      On: 19th June, 2024
    • Customised Plan

      Thanks to InsuranceDekho for helping me find the perfect insurer. HDFC Ergo's comprehensive plan fits all my needs. This plan is perfect for every season's needs and makes me secure on the roads. The add-ons are like a cherry on the cake. Kudos to the whole team.

      A
      Hdfc Ergo car Insurance
      By Agathiyan
      On: 19th June, 2024
    • Claim Assistance

      I live outside India and my parents were facing problems while contacting ICICI Lombard customer support during the claim settlement process of my car insurance. Thanks to InsuranceDekho, a relationship manager assisted my parents with the claim process and everything went smoothly then. Thanks to InsuranceDekho!

      S
      Icici Lombard car Insurance
      By Simran Kaur
      On: 19th June, 2024
    • Got IDV in case of theft

      I had always suspected if the zero depreciation add-on was worth the extra pennies but since I had got the first car from my own money, I wanted to take full precautions and Im so thankful I did that. Couple of months ago I had a horrible car accident on the Yamuna Expressway and my car got damaged beyond repair. Thanks to the customer support of BAJAJ ALLIANZ, they helped me a lot through the process and I received the IDV with zero dep which saved me from a big financial trouble. I thank InsuranceDekho at times as their articles motivated me to get the add-ons.

      S
      Bajaj Allianz car Insurance
      By Samarth Gupta
      On: 18th June, 2024
    • Amazing user interface

      InsuranceDekho provided me with various options on insurance policies to choose my deal from. I chose GoDogit and I am thankful for it. One of the coolest thing about Digit is the mobile App UI which makes the operations very easy for the user to use. I had to make some changes to my policy document and I could do it without any guidance on how to use the app.

      M
      Digit car Insurance
      By Madhav Shankar
      On: 17th June, 2024

    Car Insurance Companies FAQs

    • Which is the best car insurance company in India?

      There are various factors that should be considered while choosing the best car insurance company. Some of the factors are Claim Settlement Ratio, Number of Network Garages, IDV (Insured Declared Value) offered Availability of Add-ons, etc. On the basis of claim settlement ratio for the FY 2023-24, the top car insurance companies in India are IFFCO Tokio General Insurance Company (96.44%), Royal Sundaram General Insurance (94.07%), Oriental Insurance Company (93.16%), Universal Sompo General Insurance (92.45%) and New India Assurance (92.23%).

    • How to switch from one car insurance company to another?

      You can switch from one car insurance company to another at the time of renewal of your policy.

    • Which are the top 10 car insurance companies in India?

      The top 10 car insurance companies in India for the year 2023-24 on the basis of claim settlement ratio are IFFCO Tokio General Insurance Company (96.44%), Royal Sundaram General Insurance (94.07%), Oriental Insurance Company (93.16%), Universal Sompo General Insurance (92.45%), New India Assurance (92.23%), Tata AIG General Insurance (91.80%), SBI General Insurance (91.74%), Bajaj Allianz General Insurance (91.23%), HDFC Ergo General Insurance (89.48%), Future Generali India (88.56%).

    • Will car insurance companies pay for all the damages in a car accident?

      The coverage provided under a car insurance plan will depend on the type of plan purchased. A third party car insurance plan will provide coverage for third party liabilities, a standalone own-damage car insurance plan will provide coverage for own-damages of the car, and a comprehensive car insurance policy will provide coverage for both third party liabilities as well as own-damages of the car.

    • How does a car insurance company provide coverage without checking the condition of the car in India?

      For a third party car insurance, no car inspection is required by the insurance company as only third party liabilities are covered under this plan. However, whenever you move to an advanced car insurance policy for instance from the third party to a comprehensive cover, your insurance company will do an inspection of your car. Also, when you opt for a zero depreciation cover or renew your car insurance policy during the break-in period (within 90 days from the policy expiry date), an insection of your car by the insurance company is required.

    View More Questions

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    #Applicable on non-inspection cases i.e. existing policy has not expired or when buying a policy for a new vehicle.