Best Car Insurance In India 2019: Comparison Of Top Companies
There are loads of car insurance companies in India. But how to compare which one is the best?? Before going into the list you need to understand the basics of claim and on what basis you should choose a insurance company.
Factors to be considered to choose the Best Car Insurance Company are
1.Claim Processing Method (Cashless/Reimbursement)
2.Time Taken to settle the Claim (No.of days)
3. No. of Cashless garages
4. No. of Tie-Up Vehicle Manufacturers
5. Types of Add-On Covers available
At the end of the article i have attached a image that compares almost all car insurance companies in India. Do check it out
From my perception,these are the best ones-
ICICI Lombard GIC Ltd.
According to some specific researches, ICICI Lombard is ranked number 1 in customer satisfaction amongst the private auto insurance providers. ICICI Lombard is a combined venture linking ICICI Bank Limited plus Fairfax Financial Holdings Limited of Canada. The ICICI Lombard GIC Ltd. is the biggest private sector general insurance company in India plus established the maximum ranking in conditions of overall customer fulfillment and known as ‘The most Recommended Company’. The insurance involves following features;
- Doorstep surveyor
- Accidental cover facility
- Immediate policy
- No Claim Bonus
United India Insurance Company Ltd.
It is a Government Company that involves extremely high claim paying ability which is observed in their high solvency margin ratio plus the highest rating agreed by ICRA. This company also offers 2 special packages meant for cover specifically Liability Only Cover (which face 3rd party legal liability cover) plus Own Damage package. Also, Many features like discounts on use of vehicles in Insured’s premises or sites, discount permissible for Automobile Association Member, Anti-theft device or Vintage car and no Claim Bonus range from 20% toward 50% depending on the digit of claim free years.
HDFC ERGO General Insurance Company Ltd.
This is joint venture between leading housing finance company in India HDFC and Ergo International Ag. While HDFC owns 74 % of the shares, the latter owns 26%. HDFC ERGO insurance company tries continuously to upgrade itself and cater to the needs of its customers.It does that by providing excellent customer service that too completely automated. Currently it has 109 branches in India with over 1900 employees.
- Third party coverage- Upto 7.5 lakhs
- 6000 Plus cashless network garages in India
- In addition to insurance,the insurer also gets emergency assistance, depreciation cover.
Tata AIG General Insurance Company Limited
Tata AIG General Insurance Co. Ltd. was formed as a result of a joint undertaking between the Indian-based Tata Group and the American-based American International Group (AIG), both respected business ventures in their own fields.
They bring to the table the synergies of management and knowledge arising from AIG’s global operations and Tata’s domestic market knowledge. Tata is the majority shareholder in Tata AIG General with a 74% stake while AIG holds the remaining 26%.
Cover loss or damages to your mean machine with TATA AIG Car insurance. The provider has the network of 2,000 cashless garages and offers coverage up to 7.5 lakh per annum.
The Oriental Insurance Company Ltd.
The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. ORIENTAL with its head Office at New Delhi has 30 Regional Offices and nearly 1800+ operating Offices in various cities of the country. It also operates overseas in Nepal, Kuwait and Dubai while listing 14,000+ highly qualified and technically competent employees on its rolls. From humble beginnings- at just under Rs.1 lakh at inception, the Gross Premium as managed by the company has reached a staggering Rs.7282.54 crores in the financial year 2013-14
In every Company you will get Claim unless the Insurance company founds the claim is fraudulent or there is any disputes available.
But the Processing of claim matters. Claim amount will be same for all companies based on the type of policy.