Car insurance companies

A car insurance policy is mandated by the Motor Vehicles Act, 1988. The policy covers any financial liability which arises when a third party is injured or killed due to the car. Moreover, in a comprehensive car insurance plan, damages suffered by the car are also covered. A car insurance policy is an important cover not only because it is mandatory but also because of the coverage it provides. Almost all general insurance companies offer a car insurance plan. Here is a list containing car insurance companies in India:

  1. Bajaj Allianz General Insurance Company Limited
  2. IFFCO Tokio General Insurance Company Limited
  3. National Insurance Company Limited
  4. The New India Assurance Company Limited
  5. The Oriental Insurance Company Limited
  6. Reliance General Insurance Company Limited
  7. Liberty General Insurance Company Limited
  8. SBI General Insurance Company Limited
  9. Universal Sompo General Insurance Company Limited
  10. HDFC Ergo General Insurance Company Limited
  11. TATA AIG General Insurance Company Limited
  12. ICICI Lombard General Insurance Company Limited
  13. United India Insurance Company Limited
  14. Royal Sundaram General Insurance Company Limited
  15. Cholamandalam MS General Insurance Company Limited
  16. Future Generali India Insurance Company Limited
  17. Shriram General Insurance Company Limited
  18. Bharti AXA General Insurance Company Limited
  19. Raheja QBE General Insurance Company Limited
  20. Magma HDI General Insurance Company Limited
  21. Kotak Mahindra General Insurance Company Limited
  22. DHFL General Insurance Company Limited
  23. Acko General Insurance Company Limited
  24. Go Digit General Insurance Company Limited

How to choose a car insurance company

Given the number of companies offering a car insurance policy, it becomes difficult for individuals to choose the best car insurance company. However, there are certain parameters which help in choosing a good car insurance company. These are as follows:

  • Claim settlement ratio

    The first thing to look for in a company is its claim settlement ratio (CSR). The ratio represents the percentage of claims settled by the company against the total claims presented to it. The higher the ratio the better trustworthy the company would be

  • Financial position

    The next thing which should be checked is the financial position of the company. The Insurance Regulatory and Development Authority (IRDA) issues periodic financial statements which show the company’s solvency margins. These reports should be taken into consideration when choosing an insurer.

  • Ease of claim settlement

    Every company handles its claims internally. You should look for the company’s claim settlement process and the time taken to settle the claim. If the company follows an easy claim process, it is better.

  • Customer reviews

    Existing customers of the insurance company often post their reviews depending on the service they received and their product experience. Given the popularity of the online marketplace, these reviews are quite easy to find. Analyse the existing customer reviews to get an in-depth knowledge of the company.

Comparing car insurance policies

Since there are about two dozen insurers offering a car insurance plan, choosing the best car insurance plan is a daunting task. Thankfully, there are some comparison pointers which, when used, point to the best car insurance policy. Here are such pointers:

  • The coverage offered vis-à-vis the premium charged

    Most car insurance policies offer a similar type of coverage features. However, what sets policies apart from each other are the other value-added coverage benefits. These benefits enhance the scope of coverage. Along with the coverage, the premium rate should be compared. Each should not be compared independently. Always look for the available coverage features and the premium charged for such features. The best policy would be the one which has the highest coverage benefits at the lowest possible premium rate.

  • Add-ons available

    Add-ons are optional coverage benefits which widen the coverage offered by the plan. These add-ons prove helpful and should be opted. Look for the available add-ons in the car insurance plan to ensure that the add-on you are looking for is available or not.

  • Discounts available

    Car insurance policies offer various types of discounts. Though the discounting features are same in different plans, the discount rate varies. Look for the highest discount rates to enjoy lower premiums.

  • Cashless garage network

    Cashless claim settlement is available only if the car is repaired at networked garages. The higher the number of network garage the company has the better the chances of cashless claim settlement.

How Turtlemint helps?

Turtlemint is an online platform which his partnered with major insurance companies offering car insurance plans. When you visit Turtlemint’s website you can enter your details and the platform lists the available car insurance plans. You can, then, compare and choose the best car insurance company and policy. Thus, Turtlemint is a one-stop shop for your car insurance needs.

Best car insurance companies in India

Name of the company Name of the plan offered Salient features
Bajaj Allianz Car Insurance Policy
  • The free towing facility is inbuilt in the plan
  • Cashless claims across 4000+ garages
  • Drive Smart Telematics Service tracks the car in real time and offers safety
  • The range of add-on covers available
Bharti AXA Car Insurance Policy
  • 24*7 claim assistance
  • Choose from a wide range of 12 add-ons for customising the policy
  • Premium discounts for installing safety devices or for becoming a member of a reputed automobile institute
HDFC Ergo Private Car Insurance Policy
  • More than 5300 networked garages across India
  • Up to 60% premium discounts
  • Easy purchase process with no documentation
  • A wide range of optional and additional coverage options
TATA AIG Auto Secure Private Car Package Policy
  • 13 add-ons to customise and enhance the coverage
  • A good network of garages for cashless claim settlements
New India Private Car Insurance Policy
  • Inbuilt cover for towing the car
  • An additional fire or theft cover is also available
IFFCO Tokio Car Insurance Policy
  • Inbuilt roadside assistance cover
  • Cover allowed for towing the car to the garage
  • Accessories can also be covered through an add-on
Reliance Car Insurance Policy
  • A cashless settlement at more than 3800 garages
  • Free roadside assistance cover
Liberty Private Car Package Policy
  • Claim settlement within 7 days
  • A cashless settlement at more than 1900 garages
Future Generali Car Insurance Policy
  • The policy is issued online instantly
  • Future Xpress and Future Xpress + service offered. It allows personalised assistance and servicing of the car insurance policy
  • Towing assistance within city limits