For every vehicle owner in India, it is compulsory to have a third-party liability car insurance policy. If you are the owner of a brand new or second-hand four-wheeler, you can also buy a comprehensive car insurance plan. But before you buy a car insurance policy, it is necessary that you choose the insurer vigilantly.
There are so many car insurance companies in India. Choosing any one of them can be a confusing and strenuous task. There are way too many things you need to focus on before you invest in a car insurance plan.
This blog covers detailed information about the top 5 car insurance companies in India. Go through this blog before you get yourself a car insurance plan.
- HDFC Ergo Car Insurance Company Limited: With over 7900 network garages across India, HDFC Ergo grabs first place in this list. In 2018-19, the incurred claim ratio was about 76%, thus making it the best car insurance company in India. It offers three different types of car insurance plans, namely- a single year comprehensive car insurance plan, standalone own damage cover for private cars, and a third-party liability car insurance plan.
Top features which make HDFC Ergo car insurance the best:
- Overnight car repair facility
- 7900 network garages that offer cashless repair
- Premium as low as INR 2072
- 80% claim settlement per day
- Happy community of 1.5 crore customers
- Hassle-free online purchasing in mere 3 minutes
- Bharti AXA Car Insurance Company Limited: Bharti AXA car insurance company has more than 4500 network garages all over India. With a claim settlement ratio of about 77%, Bharti AXA is the second favourite choice of Indian customers. You can buy either a third-party liability car insurance plan or a comprehensive car insurance policy at Bharti AXA. It has the below-mentioned features, which make it a popular car insurer in India:
- 24/7 claim assistance service available
- Swift, easy and convenient settlement offer
- Different types of add-ons are available
- Instant purchase of policy online
- 4500+ cashless network garages
- Bajaj Allianz Motor Insurance Company Limited: You can opt for Bajaj Allianz car insurance as well. It offers a 69% claim settlement ratio, and this makes it a great choice for buying car insurance. It has 4000+ network garages all across India. It offers both third party car insurance as well comprehensive car insurance plans.
Check out its best features!
- Award-winning insurance company
- On the spot claim settlement facility
- Round-the-clock road assistance support
- Self-survey facility for easy claim settlement
- Reliance Car Insurance Company Limited: An ISO 9001:2015 certified car insurance company, Reliance car insurance company is another renowned and trustworthy insurer for your four-wheeler. The claim settlement ratio is about 86%. You can get your car repaired at over 4450 cashless network garages. Their premiums start at only INR 2072.
- Certified car insurer
- Easy and swift car insurance online purchase in just 10 seconds
- Free of cost roadside assistance
- IFFCO Tokio Motor Insurance Company limited: They have more than 4300 network garages all around India and offer 88% claim settlement ratio. This insurance company is popular for a higher degree of transparent services. Also, they have record claim settlement instances in just 4 hours. Go through the features of IFFCO Tokio motor insurance company and make a smart decision:
- Require minimal document work
- Swift turnaround time
- Award-winning motor insurance company
Q1. I have bought a 4 years old car. Do I need to buy car insurance for my second-hand car?
Ans: Yes, car insurance plans are compulsory, even for second-hand vehicles.
Q2. I have an electric rickshaw. Do I need to get a motor insurance plan for that electric vehicle?
Ans: Yes, every electric vehicle owner needs to buy a motor insurance policy.
Q3. I am paying expensive premiums for my four-wheeler. Can I pay it in parts?
Ans: Unfortunately, no! It is not legally allowed to pay premiums in instalments.
Q4. What are the different factors that I should consider so as to determine the right premium for my car insurance plan?
Ans: Keep in mind factors like the type of policy, location of car registration, car models, add-on covers and so on. They will help you determine the premium charges that you need to pay.