Insuring Your Vehicle Against Damage and Theft

Nowadays, it has become a norm that when purchasing a brand new car or a two-wheeler, or perhaps, a commercial vehicle, the owner(s) make it a priority to insure their vehicles from inevitable damage and theft.

Thus, in order to ensure one’s private car or two-wheeler or different types of light, medium and heavy-duty commercial vehicles against such unforeseeable incidents, there are many motor insurance companies as well as several third-party motor insurance providers that offer insurance coverage premium plans and services to the vehicle owners.

The services offered to customers (vehicle owners/policyholders) by the car insurance companies in India include various payable schemes for which the customers are required to complete certain formalities and processes and deposit premiums periodically for a set duration. The insured money can be claimed by the policyholder from the company against the damage or theft as per the company policy.

Generally, car insurance companies only cover losses and damage that have been unintentionally caused by the vehicle owners, including damage caused due to natural and man-made calamities. Also, policyholders are required to provide their insurance company with a substantial evidence prior to claiming the sum insured for the vehicle against the damage incurred or due to theft.

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Protect Your Private or Commercial Vehicle with These 20 Best Car Insurance Companies in India

Below are the twenty best car insurance companies in India that offer vehicle insurance coverage plans and services to customers against damage and theft. The following list is arranged in the order of companies having a greater claim settlement ratio.

A Brief Note on Claim Settlement Ratio: Higher claim settlement ratio denotes that the insurance company has settled the maximum number of claims raised by the policy-holders. Therefore, it is a good idea to choose a car insurance company that has a higher claim settlement ratio.

1. United India Car Insurance

Claim Settlement Ratio: 98.90%

Premium: Starting at INR 1,377

United India Car Insurance is a popular name in the car insurance industry of India. The insurer offers reliable third-party car insurance policies as well as comprehensive car insurance policies to customers at affordable premiums.

The types of car insurance coverage plans offered by United India Car Insurance company include:

• Comprehensive Cover
• Third-Party Liability Cover
• Stand-alone Own Damage Cover

Their car insurance coverage plans provide add-ons like Return to Invoice Cover, Zero Depreciation Cover, Engine Protection Cover, Roadside Assistance Cover and Key Loss Cover etc.

2. Liberty General Insurance

Claim Settlement Ratio: 98%

Premium: Starting at INR 1,327

Liberty General Insurance is a joint venture between Liberty Citystale holdings PTE Ltd and Industries Limited. The company has a vast portfolio of insurance products and has affirmed itself in around 20 cities in India. The types of car insurance coverage plans offered by Liberty General Insurance company include:

• Comprehensive Cover
• Third-Party Liability Cover
• Stand-alone Own Damage Cover

These car insurance policies can be purchased for both the new and old car owners. Their car insurance coverage plans provide add-ons like Zero Depreciation Cover, Return to Invoice Cover, No Claim Bonus Protection Cover, Engine Protection Cover, and Personal Accident Cover up to INR 15 Lakhs for owner-driver and up to INR 2 Lakhs for unnamed co-passengers.

3. ACKO General Insurance

Claim Settlement Ratio: 94.00%

Premium: Starting at INR 2,702

ACKO General Insurance is a private-sector general insurance provider in India. The company follows a complete online-led model of selling insurance products. ACKO General Insurance partnered with Ola Cabs and launched an in-trip insurance programme in more than 110 cities in India. The company also has partnered with Amazon India to provide mobile insurance plans on the retailer’s website.

The types of car insurance coverage plans offered by ACKO General Insurance company include:

• Comprehensive Cover
• Third-Party Cover
• Personal Accident Cover

Their car insurance coverage plans provide options like Zero Depreciation and Cashless Repairs. The company also provide value-added services like 24×7 Emergency Assistance.

4. Royal Sundaram General Insurance

Claim Settlement Ratio: 92.66%

Premium: Starting at INR 2,045

Royal Sundaram offers specifically designed car insurance products for its policyholders. The car insurance plans provided by the insurer include third-party car insurance policies, stand-alone own-damage car insurance policies, as well as comprehensive car insurance policies.

The types of car insurance coverage plans offered by Royal Sundaram General Insurance Company include:

• Comprehensive Cover
• Third-Party Liability Cover
• Stand-alone Own Damage Cover

Their car insurance coverage plans provide add-ons like Depreciation Waiver Cover, Vehicle Replacement Cover, No Claim Bonus Protection Cover, Engine Protection Cover, Tyre Cover etc. Besides, it also provides a personal accident cover to secure unnamed passengers and paid drivers for up to INR 2 Lakhs per person.

5. Oriental Insurance Company Limited

Claim Settlement Ratio: 91.76%

Premium: Starting at INR 2,094

Oriental Insurance Company Ltd. is a popular name in the general insurance industry in India. It is a public sector insurance company and offers more than 170 general insurance products including reliable car insurance policies. The types of car insurance coverage plans offered by the Oriental Insurance Company Limited include:

• Comprehensive Cover
• Third-Party Liability Cover
• Stand-alone Own Damage Cover

Their car insurance coverage plans provide add-ons like Zero Depreciation Cover, Return to Invoice Cover, No Claim Bonus Protection Cover, Engine Protection Cover, Key Loss Cover etc. It also provides niche products to suit the specific requirements of the urban and rural populations of the country.

6. Universal Sompo Car Insurance

Claim Settlement Ratio: 91.32%

Premium: Starting at INR 802

Universal Sompo General Insurance Company is a collaboration between a private-public joint venture, consisting of two nationalized banks (Indian Overseas Bank and Allahabad Bank), one private bank (Karnataka Bank), an FMCG company (Dabur Investment Corporation), and a renowned Japanese insurance firm (Sompo Japan Nipponkoa Insurance Incorporation). With a wide range of products approved by the Insurance Regulatory and Development Authority of India (IRDAI), the company offers approximately 135 reliable car insurance plans and operates throughout India.

The types of car insurance coverage plans offered by Universal Sompo Car Insurance Company include:

• Comprehensive Cover
• Third-Party Liability Cover
• Stand-alone Own Damage Cover

Their car insurance coverage plans provide add-ons like Zero Depreciation Cover, Third-Party Property Damage Cover, Own Damage Cover, No Claim Bonus Protection Cover, and Personal Accident Cover up to INR 15 Lakhs for owner-driver etc.

7. New India Assurance Car Insurance

Claim Settlement Ratio: 91.00%

Premium: Starting at INR 948

New India Assurance is one of the largest insurers in India that sells a number of insurance plans including car insurance. The Company offers all types of car insurance policies, namely, third-party car insurance policies, stand-alone own-damage car insurance policies, as well as comprehensive car insurance policies to customers.

The types of car insurance coverage plans offered by New India Assurance Car Insurance Company include:

• Comprehensive Cover
• Third-Party Liability Cover
• Stand-alone Own Damage Cover

Their car insurance coverage plans provide add-ons like Zero Depreciation Cover, Return to Invoice Cover, No Claim Bonus Protection Cover, Engine Protection Cover, Key Loss Cover etc.

8. SBI General Insurance Limited

Claim Settlement Ratio: 89.51%

Premium: Starting at INR 2,094

SBI General Insurance Company Limited is one of the top insurance companies in India that offers reliable car insurance policies. It is a joint venture between State Bank of India and Insurance Australia Group (IAG) and has been rendering services since 2010. The company uses a multi-channel distribution model that includes bancassurance, agency, broking, and retail direct channels.

The types of car insurance coverage plans offered by SBI General Insurance Limited company include:

• Third-Party Liability Cover
• Stand-alone Own Damage Cover

Their car insurance coverage plans provide add-ons like Zero Depreciation Cover, Return to Invoice Cover, No Claim Benefit Protection Cover, Engine Protection Cover, Key Loss Cover, and Personal Accident Cover up to INR 15 Lakhs for individual owners and up to INR 2 Lakhs per person for passengers.

9. ICICI Lombard General Insurance

Claim Settlement Ratio: 87.71%

Premium: Starting at INR 1,663

ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings. The types of car insurance coverage plans offered by ICICI Lombard General Insurance Company include:

• Comprehensive Cover
• Third-Party Liability Cover
• Stand-alone Own Damage Cover

ICICI Lombard’s comprehensive car insurance plans offer a variety of add-on covers including Roadside Assistance, Zero Depreciation, Engine Protect, Consumables Protect, and Key Loss Cover etc.

10. National Insurance Company Limited

Claim Settlement Ratio: 85.71%

Premium: Starting at INR 1,970

National Insurance Company Limited is one of the oldest state-owned general insurance companies in the country. After the company was nationalised in 1972, it established mergers with 11 Indian and 21 foreign companies. National Insurance Company Limited is the first Indian insurance company to step into strategic mergers with India’s largest automobile manufacturer ‘Maruti’ and the biggest two-wheeler manufacturer in the country ‘Hero Moto Corp’.

The types of car insurance coverage plans offered by National Insurance Company Limited include:

• Comprehensive Cover
• Third-Party Cover

The company also provides industrial, personal, and rural insurance policies. Their car insurance coverage plans provide add-ons like Zero Depreciation Cover, No Claim Bonus Protection Cover, Return to Invoice Cover, Roadside Assistance Cover, Own Damage Cover, 24×7 Claim Assistance, Key Protect Cover, and Personal Accident Cover up to INR 15 Lakhs for the owner-driver and up to INR 2 Lakhs for unnamed co-passengers.

11. Zuno (Edelweiss) Car Insurance

Claim Settlement Ratio: 84.61%

Premium: Starting at INR 1,231

Zuno General Insurance, formally known as Edelweiss General Insurance, is one of the leading car insurance companies in India. Edelweiss General Insurance Company Limited is a part of Edelweiss Group, a multi-national corporation of India.

The company provides a type of comprehensive car cover plan by offering a wide range of car insurance packages for private car owners. The types of car insurance coverage plans offered by Zuno (Edelweiss) Car Insurance company include:

• Edelweiss Private Car Only Liability Insurance
• Edelweiss Private Car Package Insurance

Their car insurance coverage plans provide options like Zero Depreciation, Key Replacement, Consumables Expenses, Roadside Assistance and NCB Protection, as well as value-added services like No Claim Bonus, Priority Service, Cashless Claims Settlement Process/Network Garages etc.

12. IFFCO Tokio Car Insurance

Claim Settlement Ratio: 84.12%

Premium: Starting at INR 1,327

IFFCO Tokio is a joint venture between the Indian Farmers Fertiliser Cooperative Limited and Tokio Marine Group. The company has several agents and branches in various parts of India.

The types of car insurance coverage plans offered by IFFCO Tokio Car Insurance Company include:

• Car Insurance by IFFCO Tokio
• Private Two-Wheeler Policy

Their car insurance coverage plans include various options such as zero depreciation, key replacement, consumables cover, roadside assistance, personal accident cover, and engine protection cover. Additionally, the company offers value-added services like online buying/renewal, quick claim settlement, AI-based claim assessment for damaged vehicles, garage and branch locator, and more.

13. Kotak Mahindra Car Insurance

Claim Settlement Ratio: 82.67%

Premium: Starting at INR 1,327

Kotak Mahindra Car Insurance is a wholly-owned subsidiary of Kotak Mahindra Bank Limited, one of the most popular private sector banks in India. The Kotak Mahindra Group is one of the leading financial service providers in India. The types of car insurance coverage plans offered by Kotak Mahindra Car Insurance Company include:

• Comprehensive Private Two-wheeler Cover
• Third-Party Liability Cover
• Own Damage Cover

Their car insurance coverage plans provide options like Zero Depreciation, Key Replacement, Consumables Cover, Roadside Assistance, Personal Accident Cover and Engine Protection Cover. The company also provide value-added services such as 20 Minute Claim Approval Process, AAI Members Discount, NCB/Premium Discounts, Cashless Servicing etc.

14. Digit Car Insurance

Claim Settlement Ratio: 79.54%

Premium: Starting at INR 1,277

Digit is a start-up car insurance company in India offering a wide range of motor and health insurance products to customers. The types of car insurance coverage plans offered by Digit Car Insurance company include:

• Comprehensive Cover
• Third-Party Liability Cover

Their car insurance coverage plans provide options like Zero Depreciation, Passenger Cover, Consumable Cover, Return to Invoice Cover, Tyre and Engine Protection, Breakdown Assistance and Gearbox Protection.

The company also provide value-added services such as Online Policy Buying, Cashless Service, Doorstep Service, and Cashless Claims etc.

15. Reliance General Insurance

Claim Settlement Ratio: 75.57%

Premium: Starting at INR 1,327

Reliance Car Insurance is one of the most popular car insurance plans offered by Reliance General Insurance Company Limited. The types of car insurance coverage plans offered by Reliance Car Insurance Company include:

• Comprehensive Car Insurance
• Own Damage Car Insurance
• Third-Party Car Insurance
• Commercial Car Insurance

Their car insurance coverage plans provide options like Zero Depreciation, Key Replacement, Consumables Cover, Roadside Assistance, Personal Accident Cover, EMI Protection and Engine Protection Cover. The company also provide value-added services such as NCB, Retention Cover, Personal Accident Cover of INR 15 Lakhs, Security Device Installation, Instant Renewal etc.

16. HDFC ERGO General Insurance

Claim Settlement Ratio: 74.66%

Premium: Starting at INR 2,202

HDFC ERGO General Insurance is a prominent player in the Indian car insurance industry and operates as one of the largest car insurance companies in the country. It conducts its insurance business through a successful joint venture between HDFC Bank and ERGO International. The types of car insurance coverage plans offered by HDFC ERGO General Insurance Company include:

• Comprehensive Cover
• Third-Party Liability Cover
• Stand-alone Own Damage Cover

Their car insurance coverage plans provide options like Zero Depreciation, Return to Invoice, No Claim Bonus Protection, Cost of Consumables, and Emergency Assistance. In addition to those listed above, there are several other add-ons that HDFC Ergo offers.

17. TATA AIG Car Insurance

Claim Settlement Ratio: 74.51%

Premium: Starting at INR 1,970

Tata AIG General Insurance Company, a well-known name in India, is a prominent joint venture between the Tata Group and the American International Group (AIG) headquartered in the USA. This company provides a diverse range of general insurance products, such as car insurance, bike insurance, travel insurance, property insurance, personal accident insurance, marine insurance, and many more.

The types of car insurance coverage plans offered by Tata AIG Car Insurance Company include:

• Comprehensive Insurance Cover
• Third-Party Liability Cover
• Stand-alone Own Damage Cover

The Company offers 13 car insurance add-on covers to choose from, which include Roadside Assistance, Daily Allowance, Key Replacement, Tyre Secure, Consumable Expenses, Return to Invoice, Zero Depreciation Cover, etc.

18. Bajaj Allianz General Insurance

Claim Settlement Ratio: 68.53%

Premium: Starting at INR 1,327

Bajaj Allianz General Insurance is a leading car insurance company in India that provides innovative insurance products. Established as a partnership between Allianz SE and Bajaj Finserv Limited, it offers an extensive selection of insurance options including coverage for two-wheelers, cars, CNG kits, and commercial vehicles.

The types of car insurance coverage plans offered by Bajaj Allianz Car Insurance Company include:

• Comprehensive and Third-Party Liability Cover
• Commercial Vehicle Third-Party Insurance

Their car insurance coverage plans provide options like Depreciation Shield, Key Replacement, Consumables Expenses, and Personal Baggage and Engine Protection. Also, the value-added services provided to the customers are Online Policy Buying/Renewal, Voluntary Excess Discount, and 24×7 Assistance etc.

19. Cholamandalam Car Insurance

Claim Settlement Ratio: 65.05%

Premium: Starting at INR 1,327

Cholamandalam car insurance is a general insurance company that initially emerged as a collaboration between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, headquartered in Japan. They provide a diverse range of car insurance plans tailored to meet the requirements of their customers.

The types of car insurance coverage plans offered by Cholamandalam Car Insurance Company include:

• Comprehensive Car Insurance Cover
• Third-Party Liability Cover
• Stand-alone Own Damage Cover

Their car insurance coverage plans provide add-on covers, which include Zero Depreciation, No Claim Bonus Protection, Consumables Cover, Daily Cash Allowance, Key Replacement Cover, Consumables Plus Cover, and so on.

20. Future Generali Car Insurance

Claim Settlement Ratio: 62.43%

Premium: Starting at INR 1,327

Future Generali General Insurance Company Limited is a joint venture between the Future Group and Generali Group. The types of car insurance coverage plans offered by Future Generali Car Insurance Company include:

• Comprehensive Cover
• Liability Only
• Own Damage

Their car insurance coverage plans provide options like Zero Depreciation, Key Replacement, Consumables Expenses, Roadside Assistance, Personal Accident Cover and NCB Protection.

The company provides value-added services like No Claim Bonus, Priority Service, Cashless Claims Settlement Process/Network Garages etc.

Conclusion

When it comes to purchasing car insurance cover policy, the above-mentioned insurers can be your top choice as these popular insurers offer affordable premiums as well as providing various services to make your experience with the company hassle-free.