Best Car Insurance Company in India - Top 3 car insurance

In this article titled "Best Car Insurance Company in India," we are going to discuss why car insurance is needed. We will also see the best motor insurance company in India based on several parameters like "claims settlement ratio", consumer reviews, the online application process, etc. 

After reading this blog, you can clearly select the car insurance which is best for you

Why is car insurance needed?

Mandatory by the Indian law: Having car insurance is mandatory as per the Motor Vehicles Act of India. The act makes it compulsory for all running vehicles on the road to be insured. It also mandates that a car owner must have third party liability coverage.

Provides Personal Accident Coverage: Buying a car insurance safeguards the registered car owners family with compensation benefits in case of sudden death from an accident

Protects against traffic fine: The new Motor Vehicle Act 2019, states a penalty of Rs. 2000 when caught driving without insurance for the first time. The penalty amount doubles to Rs. 4000 if caught for the second and third time

Provides own damage coverage: Pays for the damages of your car after an accident

Caution: Please read all scheme related documents carefully before purchasing a car insurance

Also read: CBI vs. State Police - Who is more powerful

Best Car Insurance Company in India - Top vehicle insurance companies in India

Tata AIG General Insurance Company Ltd.

Tata AIG is one of the best car insurance companies since it provides affordable car insurance policies for its policyholders. The premium for car insurance is one of the cheapest among private car insurance companies

Tata AIG offers an umbrella of services. It not only provides coverage to your vehicle but also offers third party vehicle damages caused to it (in case of an accident). 

Customers can apply online for a car insurance policy and it takes just a few clicks to complete the entire process

Hence we have ranked Tata AIG as one of the best vehicle insurance company in India

It has more than 200 branches spread across India, with a total asset base of Rs. 10,100 crores

Benefits of Tata AIG car insurance policy

Online application, instant approval, and superfast claim settlement

13 Addon services to choose from

Protection against loss, theft, and damage

Comprehensive coverage

Why it is one of the best car insurance company in India - Key Highlights

All data are FY 2020 updated data collected from the company's annual reports.

Key Parameters	Values
No. of licensed agents	10,330
Gross Incurred Claims	Rs.55.9 crore
Net Incurred Claims (Car Insurance)	Rs. 51.7 crore
Claims Settlement Ratio	85.99%

Source: Tata AIG Public Disclosure Reports, IRDAI website, and annual reports

To know more visit - Tata AIG website

Bajaj Allianz Car Insurance

Bajaj Allianz is one of the top motor insurance companies in India because of its low cost and premium car insurance plans. 

Motor OTS (On-The-Spot) is an award-winning car insurance policy provided by Bajaj Allianz

Bajaj Allianz offers a bunch of complimentary add-on services along with zero depreciation insurance policy which makes it one of the favorite candidate for customers seeking to buy a car insurance policy

Key Features and Benefits of Bajaj Allianz Car Insurance Policy

24*7 Customer support

Digital application and claim settlement process

Zero depreciation

4000+ network of garages

Why it is one of the best car insurance company in India - Key Highlights

All data are FY 2020 updated data collected from the company's annual reports.

Key Parameters	Values
Gross written premium (GWP) (Rs. in 000)	12,833
Net written premium (NWP) (Rs. in 000)	8016
Premium earned (net) (NEP) (Rs. in 000)	8206
Net Premium Earned (Car Insurance)	4889
Total claims paid (Rs. 000)	5805
Claims Settlement Ratio	70.7%

Add-On services offered by Bajaj Allianz

Depreciation Shield - Bears the expense of wear and tear of your vehicle over time

Engine Protection - Protects the car’s engine from water ingestion and damage due to other means

Consumable Expenses - Covers all expenses related to consumables like engine oil, gearbox oil, power steering oil, coolant, brake oil

Convenience Benefit - Pays for the expenses incurred in repairing a car post-accident

Key and Lock Maintenance - Pays for the misplacement and loss of car keys. Also covers expenses related to lock replacement

To know more click here

Also read: Development of Virtualized 5G Network in India 

ICICI Lombard car insurance - One of the best car insurance company in India

ICICI Lombard is one of India’s top car insurance companies. It provides car insurance policies with affordable premiums, easy renewals, and quick claim settlement facilities. 

The company also have a large number of certified workshops that provide a digital survey for speedy claim approval, pick-up, and drop, sanitization of high touch points on your car, dedicated customer service manager for grievance redressal

Key Features & Benefits - ICICI Lombard car insurance policy

Loss or damage due to natural disasters: Protects your car against fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.

Personal accident cover benefits: ₹15 lakh personal insurance cover for the registered owner-driver while traveling in, mounting, or dismounting from the car. It also provides optional coverage plans for co-passengers

Third-party legal liability: Saves car owners against legal lawsuits due to accidental damages resulting in the injury or death of a person, and damage caused to the surrounding property.

Add-on Services offered by ICICI Lombard

Roadside assistance cover: Helps the owner to park his car in the company’s network garage and also assist with battery jump-start and repairs. It also provides towing services and arrangements for taxi and hotels in case of a breakdown

Engine Protection - Protects the car’s engine from water ingestion and damage due to other means

Consumables protection cover: Saves the owner from bearing out-of-pocket expenses for small things like repair or replacement of nuts, bolts, seat belts,  A/C gas, and oil filter

Depreciation Shield - Bears the expense of wear and tear of your vehicle over time

Loss of personal belongings cover - Covers against loss of personal belongings and luggage from the car during an accident

Conclusion

So, we have seen the pros and cons. of the three most leading car insurance providers. If you are looking for a policy that is cheap, yet covers all the basic services then go for Tata AIG or Bajaj Allianz.

My personal favorite is the ICICI Lombard Car Insurance as it is power-packed with advanced add-on features that no one in the market provides.

Click here to read about Geico car insurance

Click here to read about State farm car insurance

Disclaimer: The information contained herein is obtained from publicly available data or other sources believed to be reliable and Being Inkspired has not independently verified the accuracy and completeness of the said data and hence it should not be relied upon as such. While we would endeavor to update the information herein on a reasonable basis, Being Inkspired, its subsidiaries and associated companies, their directors and employees (“Being Inkspired and affiliates”) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance, or other reasons that may prevent Being Inkspired and affiliates from doing so. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision.