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Top 10 Car Insurance Companies In India

Updated on : Nov 29, 2019 12:01 PM
Top 10 Car Insurance Companies In India

Car Insurance Overview

Car insurance is also known as motor insurance, auto insurance or vehicle insurance. It is a surety to be covered against the unexpected accidents that one may run into. It is more of a financial coverage against the damage of the vehicle caused due to traffic collision and or theft and weather or natural disasters or collision with the other things which may result in damage of the car. The particular concept of auto insurance may vary from one state to another.

The use of automobiles in the urban areas have been on the hike than ever before. This is due to the various bank and loan offers that the companies are providing to the customers. More vehicles mean more traffic and more traffic means more accidents and collisions. That is the reason why car owners need to get insurance for their automobiles. And this is exactly where the need for grabbing the best auto insurance to get covered or insured against the unexpected car damages and costs can be taken care of. 

Car insurance in India is a mandatory thing to get if you have a car whether the car is used on commercial or personal purposes. The insurance firms have collaborations with the car companies where they offer the customer quick quotes both for car and insurance. 

Facts & Figures (Source: IBEF)

  • The government's mandate on getting auto insurance as a must has led to the demand of getting an insurance getting taller and taller as and when the years passed by. 
  • The estimated value of the premiums in the year 2018 was Rs 5.53 Trillion ($94 Trillion). In which the complete premium penetration advanced to 3.5% where earlier it stood to be just 2.7%.
  • As of now, the auto insurance industry is expected to reach a value of over $10 billion by the year 2020.
  • As the auto insurance industry is growing day by day, it can be assumed in the next five years that it may grow by 10-15%.
  • The IRDA ( Insurance Regulatory and Development Authority of India ) has come up with a plan which may better the scenario for both, auto insurance companies and auto insurance buyers (customers).
  • Also, the demographic information shows that there will be a rise in the demand for auto insurance as the sales of automobiles will likely go up in the coming years.
HDFC Ergo Car Insurance Photo1
Rating and Reviews
3
3 Votes
Description

HDFC ERGO Auto Insurance is one of the most preferred auto insurance partners for commercial as well as individual customers. It is a collaboration among the 2 companies namely ERGO International & HDFC Limited. The company has a great variety of products to choose from as it also has health insurance, motor insurance, life insurance, etc. It also is known for the Gramin Suraksha Bima and property insurance, engineering insurance property insurance, liability insurance, etc. It is one of the biggest names in the auto insurance sector. It has a presence in over 100 cities and operates with 120+ branches.

Present stats

  • Over +6500 cashless garages for automobile service
  • 95% settlement for claims
  • Honored with IAAA by ICRA
  • Assured 24*7 service.
Oriental Insurance Company Auto Insurance Photo1
Rating and Reviews
2.33
6 Votes
Description

A very well known face to the insurance sector. It is an auto insurance company that has +150 products and services to choose from. The company was inaugurated in 1947 and its main operations are managed from Delhi. The firm is said to be having +30 regional offices and 1700+ branches working across the nation for the best services to be offered. The firm has 13900+ employees and a number of insurance products for commercial as well as personal insurances. The company was started with small paid-up capital in 1-Lakh. At present, the company is said to have a valuation of +7000 crore and also has been operating in countries like Kuwait, Nepal, and Dubai.

Present stats

  • A great network of +30 regional office and 1700+ branches
  • A workforce of 13900 employees
  • Huge number of cashless garages.
  • Operates overseas in countries like Kuwait, Nepal, and Dubai.
The New India Assurance Auto Insurance Photo1
Rating and Reviews
2.25
4 Votes
Description

The company was founded by Sir Dorabji Tata in 1919 and by legalized in 1973. India Auto Insurance is an insurance company that is very much popular in the insurance sector as it is one of the oldest insurance firms in India. The main operations of the company are headquartered in Mumbai. It does have a presence in other countries such as Mauritius, Thailand, UK & the Philippines. The company in its history has worked and collaborated with a number of other leading companies. It has a number of financial services to offer including insurances for a vehicle, home, health, life insurances, etc. At present, the company has +15,000 associates and 60,000+ agents and is ready to serve all kinds of customers with +200 products. It has a number of options when it comes to auto insurance with different prices and different benefits.

Present stats

  • More than 2300 office locations across the country.
  • The one and only independent insurer since 2007.
  • One of the eminent players in the non-life insurance sector for over 4 decades.
  • 24*7 services.
ICICI Lombard Auto Insurance Photo1
Rating and Reviews
1.88
1,233 Votes
Description

The list of the best insurance companies in India is incomplete without ICICI Lombard Auto Insurance. Founded in 2001 is a conjoined effort by 2 companies Fairfax Financial Holdings Limited and ICICI Bank. IN accordance with the numbers of the year 2018. It is not just the auto insurance ICICI Lombard Auto Insurance is involved in, but a whole lot of other insurances and banking services are offered to the customers. When it comes to the shareholdings the ICICI holds 64% while the remaining 26% belongs to Fairfax Ltd. And without any doubt, it is one of the greatest insurance companies of India.

Present stats

  • Over +5990 cashless garages for automobile service
  • 98% settlement for claims
  • As mentioned above it is one of the most popular insurance companies in India.
  • Assured 24*7 service.
Bharti Axa Car Insurance Photo1
Rating and Reviews
1.8
5 Votes
Description

Bharti Axa Insurance Ltd is one of the most trusted names in the insurance sector in India. It is a collaboration among the 2 companies namely Axa Business Group & Bharti Enterprises. The Bharti Axa Insurance is a company with a wide range of products and services to be offered for both commercial and individual customers. Bharti Axa Auto Insurance has over 40 different products and services. The company is having a presence throughout the country and is headquartered in Mumbai. And additionally, the best part is that the Bharti Axa Auto Insurance is the one and only company that is certified ISO 9001:2008 and ISO 27001:2005. The company forever has tried hard to bring a whole lot of options to offer to their customers when they need the best auto insurance policies.

Present stats

  • Over +3500 cashless garages for automobile service
  • 98% settlement for claims
  • The only company certified with ISO 9001:2008 and ISO 27001:2005.
  • Assured 24*7 service.
United India Auto Insurance Photo1
Rating and Reviews
1.71
405 Votes
Description

United India insurance owned and operated by the Indian government and has the main office in Chennai. The company was started in the year 1938 and ever since has been the personal preference of Indian masses. The company with its efforts was successful in convincing the people to take insurance as back then people were very little informed of what is insurance and how it benefits the buyers. The company, however, has +28 regional offices, 430+ divisional offices, 1030+ micro offices, and 65+ service hubs. The Domestic premium collection of the company for the third quarter is +16,300 Cr. In 2018, the Indian government declared the merger of the company with National Insurance Company and Oriental Insurance. 

Prest stats

  • More than 30 Regional offices
  • Employee workforce is +17000
  • More than 2200 corporate locations.
  • The overall premium collection is approx Rs +16,300 Cr.
Bajaj Allianz Car Insurance Photo1
Rating and Reviews
1
2 Votes
Description

Bajaj Allianz is quite a name to which the majority of the Indian masses are familiar across the country. The company is a collaboration among Allianz SE and Bajaj Finserv Ltd. The firm was established in the year 2001. The other thing is that Bajaj Finserv was a part of Bajaj Auto Ltd which belongs to the Bajaj Group of companies & Allianz SE is a German company specializing in financial services. When the company began its business operations it was just having a hundred employees and a presence in over 36 locations and had a capital valuation of Rs 1 Billion. But as of now, Bajaj Allianz Auto Insurance Ltd has an array of over 90 products of which over 20 products belong to the Insurance sector. The company now has a strong presence in over 200 major cities and a workforce of 3000+ employees. The headquarter of the company is in Pune. The company is a market leader in offering the best insurance policies to its customers 

Present stats

  • Over 3800 cashless garages for automobile service
  • 96% settlement for claims
  • Assured 24*7 service.
  • Complete DriveSmart service offered.
Royal Sundaram Car Insurance Photo1
Rating and Reviews
1
1 Vote
Description

Founded in the year 2000 & one of the biggest insurance organizations known for the best insurance benefits offered. The company in its initial period was known to be dealing only with general insurances. But at the moment IRDA gave the company approval, it started its operation in various insurance sectors in October 2000. It stands as one of the most preferred companies to opt for car insurance and quite a trusted name in the auto insurance sector. The company has a national presence with +138 branches in India with +1975 associates in total. The numerous products are offered with a huge distribution network such as brokers, affinity partners, and agents.

Present stats

  • More than 3290 office locations across the country.
  • 95% claim settlement ratio
  • Quickest claim time, 4 hours.
  • 24*7 services.
TATA AIG Car Insurance Photo1
Rating and Reviews
1
1 Vote
Description

Whenever the discussion is about insurance the name TATA AIG Car Insurance is sure to come up. It is a company that came into existence when the Indian Group of companies TATA joined hands with American MNC AIG. The collaboration came into the picture as TATA is a trusted name in India and AIG is known for the wide range of extensive services offered across the globe. The foundation stone of the company was laid in January 2001. A huge range of additional services other than auto/car insurance is automobiles, travel, property, personal accident, marine, energy, etc. The collaboration among the 2 companies was fruitful to companies as well as customers. The company through its agents, brokers, and banks makes sure that the best car/auto insurance and great services are offered to the customers.

Present stats

  • More than 5800 office locations across the country.
  • 98% claim settlement ratio
  • The quickest claim offered.
  • 24*7 services.
IFFCO Tokio Car Insurance Photo1
Rating and Reviews
1
2
Description

IFFCO TOKIO Auto Insurance is a private insurance company and quite a massive entity in the insurance sector as it has been one of the major players for years now. The company was founded in the year 2000. The motto of the company was clear, to offer the best insurance policy which offers the best benefits to the buyer. Transparency among the buyer and the company & fair policies which is a must for an insurance company are just a few features of the IFFCO TOKIO Auto Insurance. It has got an aide range of products and services to choose from as it offers various insurance such as health, life, motor, wealth insurances, etc. Apart from such products and services the company also offers insurance such as cyber insurance and credit insurance too. The different policies of the company are designed with the intention of serving both corporate and individual customers.

Present stats

Over +4250 cashless garages for automobile service

91% settlement for claims

Insurance can be Renewed in just a few minutes

Zero dep policy.

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