If you are buying a car, you need to buy a car insurance plan. Car Insurance provides financial assistance to policyholder in case of damage done to the car due to accident and further liabilities that may be arising. There are over 20 insurance companies that are offering car insurance plans. This article would help you know the List of Car Insurance Companies in India, when they are formed and their latest claim settlement ratios.
What is Car Insurance Plan?
Car insurance in simple terms provides financial assistance to policy holders for damages done to the vehicle due to accident and also further liabilities that may arise.
There are two different variants of car insurance plans in India.
Third party liability insurance – This type of insurance is mandated by law. Any individual purchasing a car should have this car insurance plan as per Motor Vehicles Act, 1988. In the absence of this insurance plan, car owner need to pay high penalty along with imprisonment.
However, this type of car insurance provides only third party damages and does not provide own car damages. Hence this is less popular.
Comprehensive Car insurance plans – This covers both third party liability insurance as well as own car insurance. It provides financial assistance in case of damage / loss of the car due to accident, theft, burglary and also to third party injuries. This is a famous car insurance plan. Car insurance company generally offer various features, add-ons etc., in the comprehensive car insurance plan.
List of Car Insurance Companies in India
There are 21 insurance companies in India, which are offering car insurance plans. They offer plans which could be third party liability cover as well as comprehensive car insurance plans.
Here is the list of car insurance companies in India.
|Insurance Company||Establishment Year|
|Bajaj Allianz General Insurance Company Limited||2001|
|Bharti AXA General Insurance Company Limited||2008|
|Cholamandalam MS General Insurance Company Limited||2001|
|Future Generali India Insurance Company Limited||2007|
|HDFC ERGO General Insurance Company Limited||2002|
|ICICI Lombard General Insurance Company Limited||2001|
|IFFCO TOKIO General Insurance Company Limited||2000|
|Kotak Mahindra General Insurance Company Limited||2015|
|Liberty General Insurance Limited||2013|
|Magma HDI General Insurance Company Limited||2009|
|National Insurance Company Limited||1906|
|Reliance General Insurance Company Limited||2000|
|Royal Sundaram General Insurance Company Limited||2000|
|SBI General Insurance Company Limited||2010|
|Shriram General Insurance Company Limited||2008|
|Tata AIG General Insurance Company Limited||2001|
|The New India Assurance Company Limited||1919|
|The Oriental Insurance Company Limited||1947|
|United India Insurance Company Limited||1938|
|Universal Sompo General Insurance Company Limited||2007|
Car Insurance Companies in India – Overview about the major companies
Let me provide you a quick overview about some of them:
#1 – Bajaj Allianz General Insurance Company
Established in 2001, it offers comprehensive car insurance policy.
It caters to over 200 cities in India.
Has a network of over 4,000 cashless garages which offers cashless settlements to its customers.
Its latest claim settlement ratio is 98.02%.
#2 – HDFC ERGO General Insurance Company Limited
Established in 2002, even this company offers comprehensive car insurance policies.
Received prestigious awards such as IAAA.
Has a network of over 6,800 cashless garages which offers cashless settlements to its customers.
Its latest claim settlement ratio is 99.8%
#3 – ICICI Lombard General Insurance Company Limited
Established in 2001, ICICI Lombard General insurance provides various insurance policies like health insurance, vehicle insurance etc.,
Has a network of over 7,800 cashless garages which offers cashless settlements to its customers.
Its latest claim settlement ratio is 87.7%.
#4 – Tata AIG General Insurance Company Limited
Established in 2001, Tata AIG General insurance provides various insurance policies including car insurance.
Has a network of over 5,000 cashless garages which offers cashless settlements to its customers.
Its motor insurance claims settlement ratio is 90.4%
#5 – The New India Assurance Company Limited
Established in 1919, this PSU insurance company provides various types of insurance policies including car insurance.
It is the only direct insurer in India to have A Rating (Excellent) by the AM Best company since 2007.
Its motor insurance claims settlement ratio is 92.6%
Going through the list of companies offering car insurance plans in India would help you to go through their car policies, features, coverage, exclusions, premiums etc., This way you can take ideal car insurance plan based on your need.
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