Top Car Insurance Companies in Terms of Claim Settlement in India (2021)

With the increase in demand for cars, the demand for car insurance policies has also increased over the years. According to the Indian Motor Tariff, it is mandatory for car owners to have a valid car insurance policy. So, if you own a car, you must have a car insurance policy.

Types of Car Insurance in India

There are three types of car insurance policies in India. To understand them in detail, kindly read further.

1. Third Party Car Insurance Policy: Third-party car insurance policy is the most basic type of car insurance policy that financially protects you against third-party legal liabilities due to an accident that involves your car. It provides coverage against any physical injuries, property damage, or death of third parties in case you, as a car owner, are at fault.
2. Standalone Own-Damage Car Insurance Policy: As the name suggests, this policy shields you against expenses arising due to damages caused to your own car due to theft, accidents, natural calamities, etc. It is not mandatory to have, as third-party insurance cover is, but it can prove to be more beneficial to you in case of a mishap.
3. Comprehensive Car Insurance Policy: A comprehensive car insurance policy offers you the benefits of both, a third-party car insurance policy as well a comprehensive car insurance policy. It covers you against third-party liabilities as well as the own damages sustained by your car.

To opt from any of these car insurance policies online, you must choose a reliable car insurance company. There is a pool of car insurance companies in India that may make it confusing for you to choose one, when planning to buy a valid car insurance policy online. To make it easy for you, we have compiled a list of top car insurance policies on the basis of Claim Settlement Ratio.

Best Car insurance Companies in India in 2021

To know best car insurance companies in India in 2021, refer to the table below:

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

How to Choose the Best Car Insurance Companies in India?

To choose the best car insurance company online, you must consider the following parameters:

1. Authenticity of the Car Insurance Company: The first thing to check is the authenticity of the insurance company. Every insurance company is registered with the Insurance Regulatory and Development Authority of India (IRDA) and has a valid IRDA license. To check a company’s authenticity, you can check its IRDA license number. A company that is regulated by IRDA cannot cheat its customers.

1. Financial Standing: After establishing the financial standing of a car insurance company, you must look at its financial standing. Make sure to check the solvency ratio of a company to assess if the insurance company is financially stable or not. You can check the financial records of the company on its official website as it is mandatory for all the insurance companies to publish their financial reports online.

1. Claim Turn-Around-Time (TAT): It is important to consider the claim turn-around-time of an insurance company when choosing the best car insurance policy online. It is better to choose from insurance companies that settle the claims at the earliest. Companies that take the minimum time to settle claims offer you peace of mind and hence you must go for them.

1. Network Garages: At the network garages, it would be easier for you to get cashless settlements for your car insurance claims. So, when choosing a car insurance company, you should check the list of its network garages. The higher the number of network garages, the easier it would be for you to get cashless settlements.

How to Buy Car Insurance Policy Online At InsuranceDekho?

InsuranceDekho has a smooth, transparent, and quick process when it comes to buying best car insurance plans online. To own one, you are required to follow the simple steps given below:

1. Visit InsuranceDekho and click on the ‘Car’ tab.
2. Enter the registration number of your car. If you do not remember it, then you may also enter other details such as its make, model, variant, registration year, registration city, and RTo, etc, after choosing ‘Don’t know your car number option?’.
3. Enter your personal details such as Name and Mobile number. Then click on the ‘Submit and get Quotes’ button. Enter the expiry date of your previous car insurance policy as well as your previous insurer.
4. You will see several suitable car insurance quotes displayed on your screen. Kindly select the most suitable one from them, for your car. You can also choose add-on cover if you want to get any, along with a base car insurance policy. Then enter details of the nominee, personal details, and the details of your car.
5. Proceed to pay the premium for the shortlisted car insurance policy. You can pay the premium via credit card/debit card or other net banking facilities. You will receive the policy document via Email on the registered ID.

Conclusion

With the new information provided in the article, you should now be able to compare and buy the most suitable car insurance policies from top car insurance companies in India in 2021. Apart from Claim Settlement Ratio, other factors that you should consider when buying car insurance online are type of policy, policy terms, add-on covers, IDV, personal accident cover, claim procedure, etc. In order to make the best buying decision, you should know your requirements and compare insurance quotes online at InsuranceDekho. You can also connect to the customer care executives at InsuranceDekho on the toll-free number 755-119-6989.

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.