Car Insurance Companies List In India 2020

A car insurance helps you get mitigate financial obligations which 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 on Indian roads. Currently, there are 25 insurance companies in India which offer car insurance.

5 Best Car Insurance Companies In OD Claim Settlement

Insurance Company

Claim Settlement Ratio for FY 2018-19

IFFCO Tokio General Insurance

96.44%

Royal Sundaram General Insurance

94.07%

Oriental Insurance Company

93.16%

Universal Sompo General Insurance

92.45%

New India Assurance General Insurance

92.23%

Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition.

5 Best Car Insurance Companies In TP Claim Settlement

Insurance Company

Claim Settlement Ratio for FY 2018-19

Oriental Insurance Company

47.67%

IFFCO Tokio General Insurance

42.83%

Acko General Insurance

40.00%

New India Assurance General Insurance

34.78%

Future Generali General Insurance

32.64%

Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition.

OD Claim Settlement Ratios of Other Insurers

Insurance Company

CSR: Motor OD Policy for FY 2018-19

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 General Insurance

88.56%

Bharti AXA General Insurance

88.49%

ICICI Lombard General Insurance

87.84%

Liberty General Insurance

87.48%

Cholamandalam MS General Insurance

85.86%

Digit General Insurance

85.76%

United India General Insurance

84.17%

Reliance General Insurance

83.81%

Kotak Mahindra General Insurance

81.70%

National Insurance Company

80.50%

Magma HDI General Insurance

75.66%

Acko General Insurance

72.68%

Edelweiss General Insurance

70.59%

Shriram General Insurance

62.84%

DHFL General Insurance

53.10%

Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition.

TP Claim Settlement Ratios of Other Insurers

Insurance Company

CSR: Motor TP Policy for FY 2018-19

Cholamandalam MS General Insurance

31.93%

Digit General Insurance

28.57%

Royal Sundaram General Insurance

28.12%

National Insurance Company

27.46%

Magma HDI General Insurance

27.24%

Bharti AXA General Insurance

26.64%

Tata AIG General Insurance

24.58%

SBI General Insurance

23.20%

Shriram General Insurance

22.65%

United India General Insurance

22.02%

ICICI Lombard General Insurance

21.85%

HDFC ERGO General Insurance

21.32%

Bajaj Allianz General Insurance

19.07%

Reliance General Insurance

18.18%

Liberty General Insurance

15.62%

Universal Sompo General Insurance

14.89%

Kotak Mahindra General Insurance

9.79%

DHFL General Insurance

0.00%

Edelweiss General Insurance

0.00%

Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition.

Find Right Car Insurance Quotes by Cars Body Type

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Car Companies User Reviews

What users are saying
  • Rapid quote generation

    I checked out InsuranceDekho to buy a policy for my Tata Aria. I entered my registration number and clicked on...

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    Raheja Qbe
    By Kalpana Sanyal
    On: 27th November, 2020
  • Availability of an online calc...

    The online premium calculator of InsuranceDekho is a unique feature. I would not have been able to buy the Ede...

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    S
    Edelweiss
    By Suparna Jana
    On: 27th November, 2020
  • No hidden charges

    InsuranceDekho is the most genuine website I have ever come across. I purchased the ACKO policy from the websi...

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    A
    Acko
    By Anirban Sanyal
    On: 27th November, 2020
  • Ease of online payment

    I am a digital shopper and thus wanted to buy the Universal Sompo policy for my Chevrolet Beat online. I learn...

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    S
    Universal Sompo
    By Sripurna Barman
    On: 27th November, 2020
  • No paperwork needed

    InuranceDekho’s best feature is its no paperless scheme. I could purchase the Shriram policy for my Mahindra R...

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    Shriram
    By Tirthankar Ghosh
    On: 27th November, 2020

Car Insurance Companies FAQ

  • 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 2018-19, the best car insurance companies 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 for the year 2018-19 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.

  • How do insurance companies estimate car damage?

    Insurance companies analyze the present value of the total damaged parts of the car. After this depreciated value is deducted from the total estimated loss.

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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.