List of top 5 best car insurance in India

We might have faced the hassles that we come across when we met with an accident or damage due to any natural disasters. You would probably know the importance of having good car insurance. And in India, it is mandatory to have your vehicle insured.

Even after having insurance, many fail to claim the insurance as they weren't aware of the policy they are in or the terms and conditions on which they can claim the insurance amount. Repairing a car costs a ton of money, choosing the best policy not only saves money on premium payments but also covers a lot of repairing costs.

Check out some of the top car insurance companies in India

1) HDFC ERGO Car Insurance

 HDFC Ergo general insurance company is a joint venture between the HDFC group and the ERGO AG group, It is the insurance arm of the Munich Re group from Germany. They formed a joint-venture with HDFC owning 51% stake and Egro group owning the remaining 49%. Hdfc Ergo provides a wide range of insurance products like travel insurance, health insurance, home insurance, and car insurance. 

Hdfc Ergo car insurance claims to have the highest car insurance claims in the market with a claim ratio of 99% for the financial year 2019-20. It is recognized as the best car insurance provider for the year 2013 by IAIR. Hdfc Ergo car insurance has more than 7500 cashless garages across India for repairing your car in case a minor accident you can easily get repaired in garages located in 13+ cities and there is also a 24x7 support service to claim your insurance cover. Even by using the Hdfc ergo app, you can easily contact the customer support.

The main features of Hdfc Ergo car insurance involve

• Zero/Paperless documentation process
• Car insurance covers Accidental damages, Theft of the vehicle, Damages due to Fire or any Natural disaster, Personal accidents are also covered along with damage due to third-party vehicles.
• Repairs can be done overnight with less hassle
• You can get your repairs done in any of the 7000+ garages
• Provides third-party insurance cover of up to Rs. 7.5Lakhs
• You can addon additional car insurance covers like Zero depreciation, Emergency cover, No claim to bonus, etc. 

These are the three popular car insurance plans that you can avail of:

• HDFC Ergo single year comprehensive car insurance
• HDFC Ergo Long term comprehensive car insurance
• HDFC Ergo Third-party liability car insurance.

2) United India Car insurance 

United India car insurance is a fully owned subsidiary of the Indian government established in 1938 and is one of the most trusted and leading insurance companies in India. With more than 1 crore insurance policies dispensed it is one of the most trusted insurance companies in India.

United India Insurance has an insurance claim ratio of 91.72% and you can change the vehicle by continuing on the same plan. United Insurance has more than 200+ offices in tire-II and tire-III cities and in villages to serve the rural population.

The main features of the United car insurance involve

• Very simple and hassle-free documentation for applying an insurance plan
• There are two types of insurance policies available i.e package plan and liability plan
• There are many discounts and bonuses for no-claims 
• Provides car insurance for car theft, Accident cover, housebreaking, etc
• It provides a third-party insurance cover of up to Rs.7Lakhs.
• You can get a quotation of insurance online and can buy multiple plans, an easy online insurance renewal process.
• Up to 50% paid on the damage incurred on personal damage.
• There are additional Add-on car insurance plans like personal accident cover, electronic fitting, CNG/LPG kits, and even for fiberglass fuel tanks, etc.

These are the two best insurance policies that you can avail are

• United India motor package policy
• United India liability-only policy.

3) New India Assurance car insurance

New India Assurance Company is a fully owned government insurance company established in 1919 and is one of the pioneers in providing insurance in India and Abroad with its presence present in more than 20 countries. It is the only insurance company rated as A(Excellent) by an International rating agency called A.M.Best Co. New India Assurance car insurance has an insurance claim ratio of 91.26% and has a huge presence with more than 2000+ offices and more than 250 insurance products to cater to the needs. 

The main features of New India Assurance car Insurance involve:

• Quick decision on insurance claims i.e within 3 days and payments of the same.
• No-claim discount can range from 50% to 20%
• There are two types of insurance policies, Third-party Liability policy, and for private damages
• Provides car insurance for loss or damages to the vehicle and to its accessories as well for both natural disasters and ay riots and for personal accident cover
• Any problems in claiming the insurance will be solved within 15 days of application.
• It is an AAA-rated insurance company 
• Third-party car insurance cover of up to 7.5 Lakhs
• There are add-on car insurance plans like damages to the car accessories and personal accident cover Co-passengers and liability coverage to the working individuals.

The two best car insurance policies are

• Private car motor insurance policy
• liability-only policy 

4) ICICI Lombard car insurance

Icici Lombard general insurance Co was established in 2011, is a joint venture between the Icici bank and Fair fax commercial holdings limited. The majority share of the JV is owned by Icici bank i.e 64%, and the remaining 36% is owned by Fairfax. Icici Lombard car insurance has an insurance claim ratio of 77% and has more than 3500+ garages across India and provides an online mobile inspection of the car.

The major features of ICICI Lombard car insurance are:

• You can easily get all the details to buy your policy via WhatsApp
• Free car pickup and towing facility at certain garages
• With a very simple and hassle-free documentation process
• There is six-month quality assurance on all repairs with the car insurance.
• Reimbursement can be claimed for repairs done outside the garage list with the preview of customer care.
• The insurance covers loss or damages that occurred due to man-made or natural disasters and also personal accident cover.
• There is a third party insurance cover.
• There are several add-ons you can also purchase with the car insurance policy like Zero depreciation, Roadside assistance cover, Engine cover, Personal accident cover for the driver and the co-passenger, and also roadside assistance cover.

The best car insurance policies are:

ICICI Lombard private car package policy 

5) TATA AIG car insurance

TATA AIG insurance company is a JV between Tata Sons and the AIG group an American multinational company, It was formed in 2001 with tata sons holding the majority share of the venture. Tata Aig car insurance has an insurance claim ratio of 70%. As the car insurance was incepted in 2011, It has grown exponentially and one of the first to launch an Application for its insurance products. with more than 100+ locations in the country.

The main features of Tata Aig car insurance are

• There is a free car pick up service.
• You can get your repairs done Cashless in partnered garages.
• Quick claim settlement i.e within 7 days.
• Damage or theft of the vehicle is covered and the accident of the driver is also covered.
• You can get your repairs done if your vehicle is still in the warranty period.
• Third-party car insurance cover of up to 7.5 Lakhs
• There are several unique add-on car insurance covers like Rembusiment of depreciation, Assistance on Road, No claim bonus, repair of car accessories,  Emergency transport and stay assistance, etc.

The best car insurance policies in Tata Aig are:

• The auto secure private secure package policy
• The auto secure commercial secure package policy 
• Liability only policy

Source: To Be Frank