Top 6 car insurance companies in India

Top 6 Car Insurance Companies in India

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India is one of the fastest-growing country in the world. All the developed countries are investing in India as they see a huge potential in the Indian market. That’s why from last few years, foreign investment is increasing. India is providing them a good and positive environment to grow their business. Foreign companies are investing a lot in India in all sectors. Either it is the agriculture sector or pharma sector or the manufacturing sector or banking sector or insurance sector, etc. etc. This all sector’s growth rate is very high, especially in the insurance sector. 

The Confederation of Indian Industry states that the insurance sector of the country has been witnessing a consistent growth rate and it is expected to reach 280 billion dollars in 2020. This industry’s yearly growth rate within 32 and 34 percent and this makes it the 5th best among emerging economies around the world. The Indian Insurance market is under serve market so there is a huge opportunity for growth.

There are some factors where a customer can choose the best car insurance company for their car. The factors are:

  • Insurance Service provider’s reputation
  • Customer Service
  • Claim settlement ratio and clearance timings
  • Add-ons plans
  • Deductible
  • Network garages

These are some points where a customer can do some research and choose the best car insurance for them.

There are 24 life insurance and 33 non-life insurance companies in the Indian market who compete on price and services to attract customers so it is a challenge to a customer to choose best car insurance company in India.

If you wish to purchase or renew car insurance, I would request you to see first your requirement, liability, your risk, and benefits from the insurance provider. It is important to pick a reputed company to have a hassle-free experience when making claims.

The following are the top 6 car insurance companies in India:

1.       New India Assurance Co. Ltd.: – New India Assurance Co. Ltd. Is a nationalized general insurance company who currently operates in 28 countries and is headquartered in Mumbai. This company’s reputation is good and has an incurred claim ratio of 79.68%. The net earned premium of New India Motor Insurance stands at Rs.9074.26 crore (Based on IRDA Annual Report 2017-18 on Net Earned Premium). A cashless claim settlement option is also available in all cashless garages across the country. New India Assurance offers both own-damage and third-party liability cover. The claim process settlement timing is also very less. 

2.     United India Insurance Company: – United India Insurance Company was first set up as a company on 18th February 1938 and thereafter it was nationalized in 1972. The company has a good reputation in terms of treating and valuing their customers rightly and they have an Incurred Claim Ratio of 91.72%. The net earned premium is Rs.5748.32 crore (Based on IRDA Annual Report 2017-18 on Net Earned Premium). They have an option for direct cashless settlement of claims in network garages across the country.

3.     National Insurance Company: – National Insurance Company is the oldest general insurance company in India. National Insurance Company also nationalized insurance company and have a good reputation in the Indian market. They have an Incurred Claim Ratio of 121.67% and earned a net premium of Rs.5008.23 crore (Based on IRDA Annual Report 2017-18 on Net Earned Premium).  You can get vehicles repaired using cashless claim settlement facility available in all network garages across India.

4.    Oriental Insurance Company: – Oriental Insurance Company was incorporated in 1947 and all the shares of the company now belong to the Central Government. This company also nationalized a general insurance company with a good reputation and good customer service. Their network garages can be used to avail cashless claim settlements across the country. Oriental Car Insurance has an Incurred Claim Ratio of 68.19% and they earned Premium of Rs.4000.26 crore (Based on IRDA Annual Report 2017-18 on Net Earned Premium).

5.     HDFC ERGO Car Insurance: – HDFC ERGO General Insurance Company is one of the most popular private sector general insurance company. HDFC ERGO also offers the best car insurance in India. They have over 6800 cashless garages to take care of customer’s damaged car. They have skilled and highly dedicated customer service center to resolve customer’s problems. HDFC ERGO car insurance is also among the best car insurance plans that you can buy for your car.

6.   ICICI Lombard: – ICIC Lombard is also one of the leading private sector insurance company in India. They have Cashless Claim Settlement option in more than 3,400 network garages available in different parts of India with a claim ratio of 77.44%. The Net Earned Premium of ICICI Lombard is Rs.4142.19 crore (Based on IRDA Annual Report 2017-18 on Net Earned Premium). They offer covers like Zero Depreciation, Roadside Assistance, and Accident Cover.

Benefits of Car Insurance: – Insurance is always beneficial for us. Premium is not an expense, it’s an investment. Directly or indirectly we are getting some returns against our investment. There are some key benefits of Car Insurance.

  • Coverage against loss or damage to the insured vehicle
  • Coverage against loss or damage to your vehicle caused by accident, theft, fire, explosion, lightning, riots, natural calamities, etc
  • Coverage against financial liability caused by the injury/death of a third party or damage to the property
  • Personal accidental insurance cover
  • Peace of mind

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