Top 5 Motor Insurance Companies in India

On the onset of the new year, everybody plans for the coming year! It is also the time when you’ve to keep up with the market trends to spot the top insurance provider for your car. So whether you’re planning to buy a new car in the year 2017 or looking for the most suitable motor car insurance provider, this comprehensive listing of the top motor car insurance companies in India deserves a bit of your attention! 

The chief reason for getting the car insurance is, of course, the boundation by the law of India; it is mandatory for all the vehicles plying on the road  to have a third party motor insurance policy. In that case, you should compare the benefits of various best car insurance policies in India to spot the perfect one for you. These insurance providers generally proffer motor insurance policies that provide coverage against any damage or loss due to theft, accident, fire, explosion, self-ignition, lightning, riots and even the natural calamities according to their policies.

There are Two Types of Motor Insurances:

1. Liability Only Policy(Statutory requirement):

The Liability Only Policy is mandatory for all the vehicles plying on public roads in India. This policy covers the liability for injuries and damages to others that are caused by your vehicle. It is also known as ‘Act only cover’.

2. Package Policy(Liability Only Policy + Damage to owner’s Vehicle usually called O.D Cover):

The package policy offers the car owner a wider cover as this policy also covers the insured vehicle against damage or theft in addition to the covers included in liability only policy. 

Since Liability only policy does not cover the damage to your own vehicle, it is prudent to opt for package policy.

Let us have a look at the top 5 motor insurance companies in India

1. ICICI Lombard General Insurance Co. Ltd.

ICICI Lombard General Insurance Co Ltd is the largest general insurance company in India in the private sector. According to a survey conducted by J.D. Power Asia Pacific, this company offers the best car insurance in India leading all other motor car insurance providers in terms of customer satisfaction. The company is also the proud recipient of a reputed award for customer and brand loyalty. The various distinctive features that make it stand out of all the companies are:

  • The insurance offers the highest claim settlement ratio.
  • The insurance can be purchased online on EMI’s which is undoubtedly the most benefitting of all features.
  • The policy holders can avail the cashless facilities in 3300+ network garages across India.
  • It issues the e-insurance policy almost immediately after you make the final purchase.
  • Further, simple claim process, the wide range of add-on covers and the highly valued and appreciated customer support are some of the other features that make ICICI Lombard, the best motor car insurance provider in India.

2. TATA AIG General Insurance Co. Ltd.

Founded in 2001, TATA AIG General Insurance Co Ltd is a joint venture by two giants, TATA Group and American International Group. Offering hassle-free claims and a giant network across the country, TATA AIG has managed to capture the motor car insurance market almost immediately after the company was formed. The key features that make TATA AIG one of the best car insurance plans are:

  • 12 add-on covers that offer complete protection to your vehicle# Free pick-up of the car
  • Claim settlement in just seven days
  • Complete guarantee on the repairs along with cashless settlement on all network garages across India.

3. The Oriental Insurance Co. Ltd.

Owned by the Government of India. Oriental Insurance Co. Ltd. is a company that offers the complete trust and satisfaction to its customers. Boasting off various reputed awards, the latest addition to the awards are ‘best public general insurance award’ and ‘best bank and financial institution award’. Not only the awards, but the iAAA rating by ICRA proves that Oriental Insurance Co. Ltd indeed has a strong financial framework. Some of the features that make it awesome include:

  •  Attractive add-on covers
  • Quick claim settlement time
  • Being a government undertaking makes it more reliable
  • 1800+ active branches across India
  • Strong customer support and agent network

4. The New India Assurance Co. Ltd.

Wholly owned by the Government of India, the New India Assurance Co Ltd, headquartered at Mumbai, is making its strong presence even in the international market ever since its formation. Backed up by the strong network and capital, robust infrastructure and human resource, the New India Assurance Co Ltd boasts off the title of it being called the pioneer in introducing the most innovative insurance products. Furthermore, it has been rated A+ (Excellent) by the A.M.Best Co., And this makes it the only Indian insurance company to be rated by an international rating agency. Various features of the insurance plans by this company includes

  • The decisions on the claims are taken within three days of the application.
  • Acknowledgement of grievance within three days
  • The complaint is resolved within 15 days of its acknowledgement.
  • The claim payment is made within three days of discharge voucher receipt

5. HDFC ERGO General Insurance Co. Ltd.

Founded in the year 2002, HDFC ERGO General Insurance Co. Ltd is an ISO 9001:2008 certified insurance Company that boast off its robust channel of distribution and integrated customer support. Claiming to be providing one of the highest claim settlement ratio, HDFC ERGO is also one of the best motor car insurance providers in India. The company has been rated iAAA by ICRA and have also won the award for being best general insurance company in India by IAIR in 2013. Some of the distinctive features of HDFC ERGO General Insurance Co Ltd are:

  • The process of claim settlement is indeed very fast
  • The company offers various discounts on the basis of age and profession.
  • Cashless settlement at 1600+ network garages
  • Third Party Damage Upto 7.5 Lakhs

Conclusion

It is important to screen various top companies to spot the perfect motor insurance for your vehicle. It is uncustomary to say that having your car insured against theft or damage provides you with a sense of relief and satisfaction. There are various other motor insurance providers in the market. However, it is important for you to check through the policy benefits, policy cost, documentations, policy inclusions and accountability of the company before making an investment. 

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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