List of Top 10 Car Insurance Companies In India [2024]

If you are looking for a reliable and affordable car insurance company, you should consider availing coverage from one of the top car insurance companies in India. These companies have a long history of providing quality services to their customers.  Some of the top car insurance companies in India include AIG General Insurance Company, ICICI Lombard General Insurance Company, HDFC General Insurance Company, and AXA General Insurance Company.

If you're looking for a good car insurance company in India, there are a few to choose from. Below, we've compiled a list of the top 10 car insurance companies in India according to our research. Regardless of which company you choose, be sure to read the policy documents carefully to understand what is covered and what is not.

List of Top 10 Car Insurance Companies in India in 2024

Based on their claim settlement ratio (CSR), below is the list of top 10 car insurance companies in India in 2024: 

Top 5 Car Insurance Companies in India

Based on the table mentioned earlier, here are the top 5 Car Insurance Companies in India in 2024 and their highlights:

HDFC Ergo Car Insurance

One of the best car insurance companies in India, HDFC Ergo is a joint venture between HDFC Bank and ERGO International. The company has a claim settlement ratio of 99.48% and provides third party, own damage as well as comprehensive car insurance coverage. 

HDFC Ergo offers the following add ons:

• Return to Invoice: This add on helps recover your car’s invoice value in case your car gets stolen or damaged beyond repair.
• Zero Dep Cover: Your car’s entire amount will be intact when you buy a zero dep coverage.
• No Claim Bonus (NCB) Protect: With this add on, even if you make a claim your no claim bonus will remain intact.
• Cost of Consumables Cover: The repair and replacement cost of brake oil, lubricant etc are all covered by your insurer when you take this add on.
• Emergency Assistance Cover: Get round the clock emergency assistance in case of car breakdown with this cover.
• Personal Accident Cover: While having a personal accident cover is mandatory by law, you have to buy this as an add on. This cover protects the driver of the car and gives medical expense coverage if injured and death benefits if required.

Royal Sundaram Car Insurance

Formerly known as Royal Sundaram Alliance Insurance Company Limited, Royal Sundaram Car Insurance has a claim settlement ratio of 98.60%. With 28 million customers, the company has over 160 branches across India. They offer all three types of car insurance in India namely third party liability, stand alone own damage as well as comprehensive car insurance.

Apart from No Claim Bonus Protection, Zero Depreciation Cover, Return to Invoice (Vehicle Replacement Value Plus) Cover, and Roadside Emergency Assistance, Royal Sundaram Car Insurance offers the following add ons:

• Windshield Glass Cover: If your windshield gets damaged by accident, your insurer will reimburse you for the windshield replacement or repair cost without this having an impact on your no claim bonus. This is only when you make the claim just for windshield glass repair or replacement.
• Voluntary Deductible Cover: With this add on you can save up to 35% on your car insurance premium by agreeing to pay for a specific agreed upon price of each of your claims while Royal Sundaram Car Insurance takes care of the remaining amount.
• Loss of Baggage Cover: With this cover if your items kept in the car like documents, bag, wallet, laptop, etc gets lost or damaged, your insurer will reimburse the same.
• Spare Car Clause: With this add on, Royal Sundaram will give you daily cash benefit to cover your commute when your car is in the garage.
• Key Replacement Cover: With this cover, when you lose your car keys or it gets damaged, your insurer will cover the cost for the same including labour cost.
• Tyre Cover: This add on protects your tyre and tube even when it has not met with an accident as usually tyres and tubes are only covered when damaged due to or needs repair after an accident.
• Aggravation Damage Cover Cost: When driving in the rain, your car can get impacted badly and can damage engine, gear box, transmission or differentials or power steering and internal parts due to leakage of lubricant or oil coolant. This cover will protect your car from any such damage and their cost of repair or replacement.
• Enhanced Personal Accident Cover: While taking this cover is mandatory as per the Motor Vehicle Act of 1988, Royal Sundaram offers an enhanced personal accident cover of maximum up to 50 lakhs capital sum insured. It is offered in multiples of INR 1 lakh.

Bajaj Allianz Car Insurance

One of the largest private insurers in India, Bajaj Allianz Car Insurance has a claim settlement ratio of 98.50%. It is a joint venture between Allianz SE and Bajaj Finserv Limited. Bajaj Allianz Car Insurance has over 7200 cashless network garages expanding to all major Indian cities and towns. 

Apart from add ons like Zero Dep, Engine Protect, 24*7 Roadside Assistance, Key Protect, Personal Baggage, Consumable Protect and Conveyance Cover, Bajaj Allianz Car Insurance offers a unique industry-first add on:

• VPAY: VPAY is an industry game changer add on that offers 360 degree coverage and protection to your car for stand alone own damage needs. This means if you take this cover, you will not have to worry about any specific questions for which you can’t remember the answer. It offers coverage for conventional as well as emerging risks related to your car damage. There are two different plans under this add on - Elite Cover and Classic Cover.

Reliance General Car Insurance

With 127 offices and 90000+ intermediaries across India, Reliance General Car Insurance has its presence felt throughout the country. It has a claim settlement ratio of 98% and has over 10000 network garages nationwide. 

Apart from the add ons like zero dep, 24*7 roadside assistance, return to invoice, engine protect, no claim bonus cover, key replacement, tyre and consumables protection, loss of personal belongings cover Reliance General Car Insurance provides the following add ons as options to choose from:

• Pay As You Drive Cover: If you take this add on, you only pay the premium price depending on the total distance you have travelled in a year. 
• EMI Protection Cover: When your car is under extended repair period, this add on provides coverage for your car loan EMIs.
• RIM Protection: In case you need to repair or replace your car’s rim, this cover will take care of that.
• Geo Extension: If you are someone who frequently likes to travel abroad and you wish to take your car or usually drive to other countries by your car, you get the protection even outside your geographical boundaries with this add on.
• Electrical Accessories Protection: With this add on be stress free about your electrical gadgets installed in the car as this is covered by your insurer in case a repair or replacement is required. This also covers theft related expenses of your electrical accessories.
• Non Electrical Accessories: With this cover you get repair and replacement cost for non-electrical accessories of your car.
• Emergency Hotel Accommodation: In case your vehicle has a breakdown in the middle of the night or while travelling longer distances, this add on gives you emergency hotel accommodation cover.
• Electric Vehicle Battery Protection: This add on gives your EV vehicle’s battery full protection if you have an electric car.
• Electric Motor Protect: If you have an EV, this add on covers the electric motor of your car.
• Electric Vehicle Charger: In case your EV’s charging unit gets damaged or stolen, this add on will provide protection against that.

Liberty General Car Insurance

With a claim settlement ratio of 98% Liberty General Car Insurance is a joint venture between Liberty Citystate holdings PTE Ltd, and Liberty Industries Limited. Started in the year 2013, the company has its presence across 29 states in India covering 95 cities and 110 offices. 

Apart from zero dep, consumables cover, roadside assistance cover, engine and key loss covers, roadside assistance cover, Liberty General Insurance offers:

• Gap Value Cover: When you take this cover, you can claim the difference in cost between what you have received under your claim of own damage cover and the price mentioned on your purchase invoice. This cover also takes care of your road tax, and first time registration charges if you have specifically declared them and paid additional premium.

How to Choose the Best Car Insurance Company?

When it comes to choosing the best car insurance companies in India, there are a few things to keep in mind. Choosing the right car insurance company can seem daunting if you're not familiar with the different types of coverage and how they work. Here are some tips to help you make a smart decision when picking a car insurance company: 

• Do your research. Compare rates and reviews from multiple companies to find the best deal.
• Choose a company with a good history. They should have been in business for at least five years and have a good track record of customer service.
• Consider coverage options. Some car insurance companies offer extra features, like theft protection or roadside assistance, that could be worth paying for.
• Make sure you understand your policy's limits. Know what is covered under each type of coverage and what is not. This will help you know if there is anything that needs to be added to your policy.
• Check your policy expiry date to ensure your car insurance renewal happens on time

Conclusion

Now that you know things to look for in a car insurance company and top car insurers you can make a choice. Get car insurance fast for the safety of your family and your vehicle as well. Consider buying car insurance from one of the insurers above to get the appropriate coverage on time.

FAQs

Which insurance cover is the best for cars?

Ans. Taking a comprehensive car insurance is best for your car. However, it may also depend on your other requirements like what price you are willing to pay, if you already have a third party insurance (then SAOD insurance should be taken). Number of add ons you want, car type, etc.

What is the most basic car insurance?

Ans. Having a third party liability car insurance is the most basic one as it is mandatory by law as per the Motor Vehicle Act of 1988.

Which insurance is best for a car after 5 years?

Ans. When your car is 5 years or more in age, it is recommended that you buy a comprehensive car insurance plan. Additionally, you should also take the following add ons: zero dep, consumables protect, roadside assistance and engine protect.

Can a 15 year old vehicle be insured?

Ans. Yes, even if your car is 15 years old, you can insure your vehicle. Note that you can only take a third party car insurance plan and not comprehensive or stand alone own damage insurance.

What is OD in car insurance?

Ans, OD means own damage in car insurance. You get own damage coverage which means coverage for your car when you buy a stand alone own damage car insurance (SAOD) or a comprehensive car insurance plan.

Which company is the best for car insurance?

Ans. Based on the latest list by IRDAI as per their claim settlement ratio (CSR), HDFC Ergo with a 100% CSR is the best car insurance company in India right now.

What is PA Coverage?

Ans. PA coverage or personal accident coverage is a mandatory add on which provides coverage to the driver/ owner of the vehicle in case they get injured during a car accident or if they die, their family gets compensation with this coverage.

What is policy add ons?

Ans. Add ons or policy add ons are additional features of benefits that you opt for along with your car insurance by paying additional premium along with your car insurance annual premium. These add ons are of various kinds and covers repair and damage cost for the car parts. Some top add ons that are usually taken by car owners are zero dep add on, consumables protect, engine protect, and roadside assistance.

Which add on is best for car insurance?

Ans. Depending on the age of your car here is what we recommend as the best add ons to take: 0 Years (New Vehicle) - RTI + Zero Depreciation, Consumable Protection, Roadside Assistance, Engine Protect, Key Protection | 1-3 Years - Zero Depreciation, Consumable Protection, Roadside Assistance, Engine Protect, Key Protection | 4-5 Years - Zero Depreciation, Consumable Protection, Roadside Assistance, Engine Protect | 6-7 Years - Zero Depreciation, Consumable Protection, Roadside Assistance | 8 years and above - basic plan or no add ons.

Does zero dep cover tyres?

Ans. No, a zero dep add on does not cover tyres. You will have to take a tyre protect add on to get coverage for tyres and tube replacement or repair.

Also read:

All You Need To Know About The Risks Covered By The Comprehensive Car Insurance