Know Which Are the Best Car Insurance Companies in Claim Settlement In India

Car Insurance Companies in Claim Settlement Ratio - Currently, there are as many as 25 general insurance companies authorised by the Insurance Regulatory and Development Authority of India (IRDAI). Considering the wide array of available car insurance policies, it is often a challenging task to choose the best car insurance policy.

One good parameter to compare different insurance policies is the car insurance Claim Settlement Ratio (CSR). The CSR tells the percentage of claims settled out of the total number of claims received by an insurer in a financial year. The higher the CSR, the better it is.

What is Claim in Car Insurance?

Claim refers to the right of the policyholders that allows them to get reimbursement for the expenses incurred by them due to an accident or any other mishap involving the insured's vehicle. When a policyholder files a claim with an insurer, the latter indemnifies the former for the occurred financial liability as per the nature and scope of the insurance policy.

Types of Car Insurance

There are three types of car insurance plans - third party car insurance plan, standalone own-damage car insurance plan, and comprehensive car insurance plan.

A third party car insurance insures you against third party (TP) liabilities only and a standalone own-damage (OD) policy insures you against own damages of your car only. Whereas, a comprehensive car insurance policy insures you against both third party liabilities and own damages of your car.

5 Best Car Insurance Companies In OD Claim Settlement

Insurance company

Claim Settlement Ratio for FY 2017-18

IFFCO Tokio

96.52%

Royal Sundaram

94.96%

New India

93.96%

Tata AIG

91.52%

Bajaj Allianz

91.46%

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

5 Best Car Insurance Companies In TP Claim Settlement

Insurance company

Claim Settlement Ratio for FY 2017-18

Oriental Insurance

40.79%

New India

40.08%

IFFCO Tokio

36.83%

Bharti AXA

36.05%

Cholamandalam

33.93%

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

OD Claim Settlement Ratios of Other Insurers

Insurance company

CSR: Motor OD Policy for FY 2017-18

Oriental Insurance

91.34%

Universal Sompo

90.63%

Future Generali

89.40%

HDFC ERGO

89.23%

SBI General

88.76%

Bharti AXA

88.54%

Liberty

87.96%

ICICI Lombard

87.65%

United India

85.37%

Cholamandalam

84.75%

Reliance

82.93%

Kotak Mahindra

80.82%

Shriram

78.78%

Magma HDI

77.89%

National Insurance

71.46%

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

TP Claim Settlement Ratios of Other Insurers

Insurance company

CSR: Motor OD Policy for FY 2017-18

Royal Sundaram

30.57%

Magma HDI

27.56%

SBI General

26.99%

Shriram

26.90%

Tata AIG

26.37%

United India

25.24%

HDFC ERGO

23.27%

Universal Sompo

22.75%

ICICI Lombard

20.82%

Future Generali

20.04%

Reliance

18.32%

Bajaj Allianz

18.20%

National Insurance

15.44%

Liberty

15.44%

Kotak Mahindra

10.14%

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

For further reading:

How To Make A Hassle-Free Car Insurance Policy Claim?

How to Claim Car Insurance After Meeting an Accident in India


Disclaimer: This article is issued in 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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