Best 5 Car Insurance Companies In India
In this article we will look at the top 5 insurance companies in India. India is the largest market in the world. There are many insurance companies in India, which offer the best services and the best car insurance. Today I am going to tell you about the best 5 car insurance companies.
At present, there are 25 insurance companies that provide reliable car insurance plans. The insurers offer unique features and personalised facilities to cater to different sorts of customer needs.
Car insurance helps you mitigate financial obligations that may arise due to an unfortunate event involving your car such as a road accident, fire, theft, natural calamities, and much more.
Did you know this, As per the Indian Motor Tariff (IMT), every car and vehicle owner is legally required to have at least a third party car insurance cover for being able to drive their car legally on Indian roads.
10+ Top Car Insurance Companies in India with OD Claim Settlement Ratio & Network Garages: IRDAI Approved
Find below the best four-wheeler insurance companies in India with claim settlement ratio (CSR) & network garages.
|Car Insurance Company||Motor OD Claim Settlement Ratio FY20||Network Garages|
|IFFCO Tokio General Insurance||95.30%||4,300+|
|Royal Sundaram General Insurance||92.66%||4,600+|
|The Oriental Insurance Company||91.76%||3,100+|
|HDFC ERGO General Insurance||91.23%||6,800+|
|Universal Sompo General Insurance||90.78%||3,500+|
|Tata AIG General Insurance||90.49%||5,000+|
|The New India Assurance||89.60%||3,000+|
|SBI General Insurance||89.51%||16,000+|
|National Insurance Company||85.71%||3,100+|
|Acko General Insurance||83.91%||2,000+|
How To Choose The Best Car Insurance Company In India? (Detailed Explain)
For some individuals, a car insurance company that has the highest claim settlement ratio is the best, while for others the insurance company which has a wide network of cashless garages is the best. Thus, there are a number of parameters that make an insurance company the best for an individual. One should consider the following factors while choosing a car insurance company.
1. Network of Cashless Garages
There are a number of garages with which a car insurance company partners for the facilitation of cashless insurance claims. While choosing a car insurance company. You have to check the network of cashless garages of the insurance company. One must also see if there are enough cashless garages in the vicinity of his/her locality.
2. Claim Settlement Ratio
Claim Settlement Ratio tells the number of claims settled by a car insurance company out of all the claims received by it during a financial year. It’s always best to go with an insurance company with a high claim settlement ratio.
3. Availability of Add-ons
Add-ons refer to extra coverages that can be opted with a standard car insurance policy to extend the coverage. Add-ons are available with own-damage and comprehensive car insurance and can be opted for at the time of policy purchase as well as renewal.
4. Customer Support Service
Customer service is most important. One must also check the availability and quality of the customer support service offered by an insurance company. While some insurance companies offers 24*7 customer support, some offer 5-day customer assistance services.