Overview – Top 5 Car Insurance Companies in India

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1. ICICI Lombard General Insurance Co. Ltd.

ICICI Lombard GIC Ltd. is a private player in the insurance industry. It is also the largest insurance company in India (private sector). A recent survey by J.D. Power Asia Pacific has revealed that ICICI Lombard Auto Insurance leads all of the auto insurance players when it comes to customer satisfaction. Interestingly, the brand has also been acknowledged as the most Customer Responsive insurance company. ICICI Lombard Auto Insurance also boasts of a reputed award for customer and brand loyalty.

What’s Unique about it?

  • Doorstep surveyor facility
  • Online purchase on EMIs
  • Towing assistance
  • Cashless settlement at 2900+ network garages
  • Digitally signed online policy

2. Tata AIG General Insurance Co. Ltd.

Established in the year 2011, Tata AIG General Insurance is fairly a young company that has managed to win over a decent part of car insurance marketplace owing to its dynamic distribution channels and smooth hassle-free claims. Recently, the brand has won reputed awards for being the best employer and employment of mobile application in the insurance industry.

What’s Unique about it?

  • Free car pick up
  • Warranty on repairs
  • Unique add-ons
  • Cashless settlement at network garages
  • Claim settlement within 7 days

3. The Oriental Insurance Co. Ltd.

The company is owned by the Central Government. Rated as the iAAA by ICRA, Oriental Insurance Company is one of the best companies offering car insurance in India. The brand swanks the most reputed awards in the industry including the prestigious ‘best bank and financial institution award’ and ‘best public general insurance award’.

What’s Unique about it?

  • Recognised as one of the most reliable names in car insurance industry
  • Valuable add-ons
  • High claim settlement ratio in the industry
  • Fast claim settlement


4. The New India Assurance Co. Ltd.

Widely recognised for being the pioneer in initiating highly innovative insurance products, the New India Company for insurance is fully owned by the government of India. It is espoused by a strong capital, hi-tech infrastructure and human resource. New India is definitely the leading auto insurance company in India. Recently, the brand has carved a strong international presence for itself. The New India Assurance Co. Ltd. has been rated A- (Excellent) by A.M. Best Co. Interestingly, it has turned out as the only Indian insurance company to be rated by an international rating agency.

What’s Unique about it?

  • The company takes action on claim request within 3 days of application
  • Complaint acknowledged within 3 days of receipt
  • Grievance resolved within 15 days of receipt
  • Surveyor appointed within 48 hours of claim notification
  • Claim payment made within 3 days of discharge voucher receipt

5. HDFC ERGO General Insurance Co. Ltd

The ISO 9001:2008 certified company is aided by dynamic channel of distribution. It is also known widely for its world class customer oriented approach. HDFC is definitely the top notch brand for buying a car insurance. When it comes to claim settlement among private car insurer, the company boasts of having one of the highest ratios. HDFC ERGO has also been rated iAAA by ICRA. In the year 2013, IAIR acknowledged the company was as the best general insurance corporation across the nation.

What’s Unique about it?

  • Discount on age and profession
  • Cashless settlement at 1600+ network garages
  • Nil documentation
  • Fast claim settlement
  • Dedicated customer support team


Summary:

Car Insurance simply is kind of a relief in cases of accidents or thefts. It can be said that it is an essential task to be done once you bought a car, especially in India. One can easily get car insurance information online, and even can compare different policies through various sites. On observing carefully before choosing the best car insurance company in India, one can easily save up to 55% on car insurance renewal premium, by choosing appropriate plan and even can get benefits on Insurance plans for a new car.

Disclaimer: The opinions expressed in this article are the personal views of the author. CarSaleIndia is not responsible for the accuracy, completeness, suitability, or validity of any information on this article.

 Source: InsuranceExperts.in

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