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Complete List of All Car Insurance Companies in India

Written by Sharad Bajaj
Updated On Jan 16, 20242 min read
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We bring to you to a list of all car insurance companies registered with the Insurance Regulatory and Development Authority of India (IRDAI).

Car insurance is a tool that keeps you safe against unforeseen happenings. In simple terms, it is a sort of general insurance that protects policyholders from financial obligations that can result from an unexpected incident involving the insured's vehicle, such as a traffic accident, theft, natural or man-made disaster, fire, and more. 

In India, there are 32 non-life insurance companies that provide motor insurance. These insurance companies are regulated by the Insurance Regulatory Development Authority of India (IRDAI). Remember that tough choice you had to make while choosing your party outfits? Similarly, when buying a car insurance policy, it is necessary to compare the companies on the basis of their claim settlement ratio. The higher the company's ratio, the better the insurance provider is. Continue reading to find out a list of all the top insurance companies in 2022. 

Insurance Company

Year Of Establishment

Network Garages

Claim Settlement Ratio (FY 2020)

Bajaj Allianz General Insurance Co. Ltd. 

2001

6500+

98%

Bharati AXA General Insurance Co. Ltd. 

2008

4,500

87.99%

Cholamandalam MS General Insurance Co. Ltd. 

2001

8,800

85.89%

Future Generali India Insurance Co. Ltd. 

2007

2,500

88.69%

HDFC Ergo General Insurance Co. Ltd

2002

6,800

91.23%

ICICI Lombard General Insurance Co. Ltd

2001

7,800

87.71%

IFFCO Tokio General Insurance Co. Ltd

2000

4,300+

95.30%

Kotak Mahindra General Insurance Co.Ltd. 

2015

2000+

82.81%

Liberty General Insurance Ltd. 

2013

3,500

87.48%

Magma HDI General Insurance Ltd. 

2009

4,000+

79.60%

Reliance General Insurance Co. Ltd. 

2000

3,800+

84.26%

Royal Sundaram General Insurance Co. Ltd. 

2000

4,600

92.66%

SBI General Insurance Co. Ltd. 

2010

2,500+

89.51%

Shriram General Insurance Co. Ltd

2008

2,000

77.26%

Tata AIG General Insurance Co. Ltd

2001

5,900

90.49%

The New India Assurance Co. Ltd

1919

3,000+

89.60%

The Oriental Insurance Co. Ltd.

1947

3,100+

91.76%

United India Insurance Co. Ltd.

1938

3,100+

82.93%

Universal Sompo General Insurance Co. Ltd

2007

3,500+

90.78%

Factors To Keep In Mind While Choosing The Best Car Insurance Company In India

There are innumerable factors that everyone should consider while purchasing car insurance. These factors may vary as per the unique requirements of an individual. For example- a person who travels frequently would look for a wide network of cashless garages whereas an individual who is not familiar with the digital world would look for the best customer service to help themselves. Below mentioned are some of the factors that you should consider while choosing a car insurance policy. 

  • Network Of Cashless Garages:

A car insurance company may collaborate with a number of garages to facilitate cashless insurance claims. When selecting a car insurance provider, one must consider the network of cashless garages of the insurance company. Moreover, you should also check to discover whether there are any cashless garages nearby.

  • Claim Settlement Ratio:

The Claim Settlement Ratio shows the number of claims settled by a car insurance company as a percentage of all claims received within a fiscal year. It is always preferable to deal with an insurance provider that has a high claim settlement ratio.

  • Add-ons Available:

In order to increase the coverage of a normal car insurance policy, additional coverages are provided, generally referred to as add-ons. Own-damage and comprehensive car insurance both offer add-ons that can be selected at the time of policy purchase or renewal.

  • Customer Support Service:

The accessibility and efficiency of an insurance company's customer support service must also be verified. While some insurance firms provide customer care around the clock, others only provide it five days a week. Therefore, you must go through the existing customer reviews of the company and buy from the best company according to your preference. 

Conclusion

With a rise in the ratio of accidents, it has become enormous to have a valid car insurance policy from the top insurance provider. You can check your options from the above-given list by comparing the claim settlement ratios of the companies.

Also Read: 

Easy Steps For Renewing Expired Car Insurance Policy

Detailed Guide On How To Claim A Car Insurance Online

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
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Written by Sharad Bajaj
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 Sharad is an insurance industry veteran who has managed motor insurance products for over a decade. He helped set up and scale the motor insurance vertical for a leading insurance company in his previous stint. In his spare time, Sharad likes to read and be in tune with nature.

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