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It’s mandatory to insure your car as per Indian law. But before insuring your vehicle, you must decide which plan to purchase and from whom. The best car insurance plans are those that offer comprehensive coverage, top-notch customer service, and trouble-free claims settlement. And the best insurer should be digital-first. To help you choose the best car insurance in India, we have compiled a list of the best car insurance companies in India and shared other valuable information so that you can make an informed decision.
Here is a list of all the IRDAI-approved car insurance companies ( 24 non-life insurers) in India offering the top rated insurance in India. Please note that the list of top insurance companies is arranged in alphabetical order.
CAR INSURANCE COMPANY NAME (IN ALPHABETIC ORDER) | YEAR OF INCEPTION | LOCATION (CORPORATE OFFICE) |
---|---|---|
ACKO General Insurance Ltd. | 2016 | Bangalore |
Bajaj Allianz General Insurance Co. Ltd. | 2001 | Pune |
Cholamandalam MS General Insurance Co. Ltd. | 2001 | Chennai |
Future Generali India Insurance Co. Ltd. | 2007 | Mumbai |
Go Digit General Insurance Ltd. | 2016 | Bangalore |
HDFC ERGO General Insurance Co. Ltd. | 2002 | Mumbai |
ICICI LOMBARD General Insurance Co. Ltd. | 2001 | Mumbai |
IFFCO TOKIO General Insurance Co. Ltd. | 2000 | Gurugram |
Kotak Mahindra General Insurance Co. Ltd. | 2015 | Mumbai |
Liberty General Insurance Ltd. | 2013 | Mumbai |
Magma HDI General Insurance Co. Ltd. | 2009 | Kolkata |
National Insurance Co. Ltd. | 1906 | Kolkata |
Navi General Insurance Ltd. | 2016 | Mumbai |
Raheja QBE General Insurance Co. Ltd. | 2007 | Mumbai |
Reliance General Insurance Co. Ltd. | 2000 | Mumbai |
Royal Sundaram General Insurance Co. Ltd. | 2001 | Chennai |
SBI General Insurance Co. Ltd. | 2009 | Mumbai |
Shriram General Insurance Co. Ltd. | 2006 | Jaipur |
Tata AIG General Insurance Co. Ltd. | 2001 | Mumbai |
The New India Assurance Co. Ltd. | 1919 | Mumbai |
The Oriental Insurance Co. Ltd. | 1947 | New Delhi |
United India Insurance Co. Ltd. | 1938 | Chennai |
Universal Sompo General Insurance Co. Ltd. | 2007 | Mumbai |
Zuno General Insurance Limited (Formerly Edelweiss General Insurance Co. Ltd.) | 2016 | Mumbai |
Please note that Bharti Axa General Insurance Company Limited merged with ICICI Lombard General Insurance Co. Ltd on September 2021.
The answer to which is the best car insurance company in India and the best car insurance in India may vary from person to person based on their requirements. Nonetheless, you can select the best vehicle insurance company in India using the parameters mentioned below.
Before buying car insurance, assess the kind of coverage you require and your budget. Also, consider the Insured Declared Value (usually the current market value of your car) you would like to select. Based on this value, the insurance premium will be computed.
When selecting an insurance provider to buy car insurance, ensure the company is registered with the Insurance Regulatory and Development Authority of India (IRDAI). IRDAI is the regulatory body for insurance providers in India and provides registration only for authentic insurance companies.
Usually, you can choose add-ons with a Comprehensive Car Insurance Policy to enhance its coverage. There are different add-ons for various insurance requirements. So, before choosing an insurance company, make sure it offers your preferred add-ons based on your needs.
CSR is the ratio of the number of claims raised to the number of claims settled during a financial year. We recommend that you choose an insurer with a CSR above 90%.
It is important to factor in the turnaround time for settling claims while selecting an insurance provider. Usually, the more time it takes for a claim to be settled, the longer it will take to restore your car to functioning condition. Thus, the shorter the claim settlement duration, the better. You can verify this by visiting the social media handles of the insurance company and checking out various customer reviews.
The top car insurance companies in India usually have a wide network of quality garages. So, check this while selecting a suitable car insurer. Also, ensure the company’s network garages are accessible to you so that in the unfortunate case of an accident, you can transport your car to a repair shop speedily.
Another feature of top vehicle insurance companies in India is a good customer service team. So, while choosing a car insurer, ensure they have a good customer care team that offers 24x7 service. That way, in case of any issues, you can easily contact them and troubleshoot your problems. You can go about this by checking reviews online or by asking for the reviews of friends or family members who are existing/previous customers of the insurer.
Another way to narrow down the best motor insurance company in India is to compare multiple insurers online. You can compare companies based on their price-to-coverage ratio and select the best vehicle insurance company in India.
Primarily, there are three types of car insurance policies available for four-wheelers in India. Here’s an overview.
As per the Motor Vehicles Act of 1988, car owners in India must possess this type of insurance policy while driving. It offers coverage against third-party liabilities like injury, death and property damage to a third party. Since it is government-mandated, you can easily buy third party car insurance online or offline from any registered car insurance company.
This 4 wheeler insurance policy offers coverage against damages/loss that may occur to your car. Its coverage includes theft, damages due to a collision and damages that may result from natural or man-made disasters. Note that this does not include mandatory third-party coverage.
A Comprehensive Car Insurance policy is a combination of the previously mentioned insurance policies. So, by buying it, you will get the legally mandatory Third-party Insurance and an Own Damage Cover, which covers damages to your vehicle. Since this policy has the broadest coverage of the three, we recommend buying it for your car.
The following table highlights the key differences between the different car insurance policies in India.
COVERAGE | THIRD-PARTY INSURANCE | OWN DAMAGE COVER (STANDALONE) | COMPREHENSIVE |
---|---|---|---|
Theft of four-wheeler | X | ✔ | ✔ |
Accident-related damage/loss to your car | X | ✔ | ✔ |
Damage caused by fire | X | ✔ | ✔ |
Damage/loss caused by natural calamities like cyclones, floods, earthquakes, etc. | X | ✔ | ✔ |
Damage/loss caused by man-made calamities like riots, strikes, vandalism, etc. | X | ✔ | ✔ |
Damage to the property or vehicle of a third party | ✔ | X | ✔ |
Accident-related injury or death occurring to a third party | ✔ | X | ✔ |
Personal Accident Cover (if opted for) | ✔ | ✔ | ✔ |
Minimum legal requirement to drive on Indian roads | ✔ | X | ✔ |
Here are the steps to buy the best car insurance policy online from ACKO.
Step 1: Download the ACKO app or go to the top of this page.
Step 2: Enter your car’s number and view available insurance plans.
Step 3: Select the best pan for our car and buy instantly online.
Best Car Insurance FAQs
Which type of car insurance is best in India?
The best type of car insurance in India is Comprehensive Car Insurance.
Which company insurance is best for car?
An insurance policy that provides comprehensive coverage at a low premium is considered the best insurance plan. You can opt for any insurance company that provides such a plan.
It is recommended to get a Comprehensive Car Insurance Plan for your car as it provides third-party and own damage coverage.
Yes, ACKO car insurance is reliable. ACKO is an IRDAI-licenced insurance company which provides online insurance coverage for cars and bikes. The company offers hassle-free buying, renewing and claim experience, which is completely online.
It is important to buy the law-mandated third-party insurance for your car. However, for better coverage, you can opt for Comprehensive car insurance, which provides third-party and own damage coverage.
You can shortlist the best vehicle insurance company in India by looking up different insurers online and comparing them based on various criteria. Some criteria you can use to compare insurance companies are their credibility, policy coverages, pricing, the network of cashless garages, Claim Settlement Ratio (CSR), etc.
Since ACKO is a 100% digital insurer, no physical documents are required while buying car insurance. To insure your vehicle instantly, you must provide details like your car’s registration number, make, model, year of manufacture, and claim history (if applicable).
Usually, insurance companies assess damages by employing an inspection surveyor who will inspect the severity of the damages and report back to the insurer. Based on this information, insurers will approve or reject claims requests for damages. If the claim is approved, the insurer will allocate funds toward the necessary repairs as per the policy’s terms and conditions.
Usually, car insurance companies do not work on weekends; however, some do. Nevertheless, you can buy/renew a policy and raise a claim 24x7 over the insurer’s official website or app (like the ACKO app) or dedicated helpline number.
The following are some of the key reasons why car owners in India should consider purchasing four-wheeler insurance.
Obtaining third-party car insurance is a legal requirement to drive in India.
You can financially protect your car against theft, accident-related damages and damages caused by manmade or natural calamities.
You can be protected against the financial repercussions of car accidents involving a third party or their property.
As per Indian law, a Personal Accident (PA) Cover is a legal requirement to drive on Indian roads. However, it is technically not a car insurance policy. It provides financial compensation in the event of unfortunate disability or death to the insured due to a vehicle accident.
A back-end background check might be a possibility before insurers offer car insurance. This is done to prevent fraud.
Yes, it is possible to switch car insurance companies mid-policy term. However, you might receive only partial or no reimbursement depending upon the number of months already covered. On the other hand, you can switch insurance policies duringcar insurance renewal for a seamless transition.
Have queries related to ACKO’s two wheeler insurance policy? Refer to our Policy Wordings for detailed information or reach out to us via email or phone using the information below
Write to us at [email protected]
Call us on 1800 266 2256