Top 5 Car Insurance Companies in India

Top 5 Car Insurance Companies in IndiaIt is imperative for everyone to have a Car Insurance for the safety from any mishaps. In India it is mandatory to have a third party Motor Insurance as per the Indian Motor Act. So to know the Top 5 Car Insurance Companies in India 2017-2018 you have to go through this page. This article will help you in getting complete knowledge about the claims process, discounts, best premium rates and other unique features that these Best Insurance companies offer to their clients. Herein, find a comprehensive listing of Best Auto Insurance Providers 2017 that are bound to be an influential presence in 2016. If you are planning to buy a new Car than you must gaze at the top 5 Car Insurance Companies that have left their ineradicable mark on the industry with their growth as well as pioneering services, range of products, and overall financial achievements. Have a look!!

Top 5 Car Insurance Companies in India

#1. National Insurance Company Ltd. (NIC)

National Insurance Company Limited is one of the best and top ranked Auto Insurance Providers in the list of Top 5 Car Insurance Companies in India. This state owned general insurance company is best known for its safest insurance and customer service. The company has more than 1000 offices across India that various features as stated below.

Special Features

  • Awarded with Business Leadership Award, 2012
  • Wide array of mishaps and possibilities covered
  • Ample network of branchestio
  • Third property damage up to 7.5 Lakhs
  • Incurred Claim Ratio of 69.35%
HeadquartersKolkata, India
Area servedSouth Asia
Key peopleK Sanath Kumar
Total assets88.67 billion(US$1.3 billion)
OwnerGovernment of India
Number of employeesapprox. 16000

#2. ICICI Lombard Motor Insurance

ICICI Lombard is one of India’s largest private sector general insurance Company and its car insurance service has managed to receive accolades from many customers. ICICI Lombard GIC Ltd is known for its tech savvy approach, robust customer support and online EMI application procedures. Its Special Features includes:

  • Online purchase of EMIs
  • Cashless settlement at 3300+ network garages across India
  • Wide range of add-on covers
  • Towing assistance

The one company that has outpaced other insurance providers in the race to best car insurance company in India is ICICI Lombard General insurance. This is due to its sole focus on customer satisfaction and paying special emphasis on it. It is also the first organization to have provided digitally signed documents via its web based interface. ICICI Lombard is also rated in a survey in year 2013 as the “The Best Recommended Company” for car insurance.

CEOBhargav Dasgupta
Executive directorSanjeev Mantri
Managing directorBhargav Dasgupta
Chairperson Chanda Kochhar
Parent organizationsICICI Bank, Fairfax Financial

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#3. HDFC ERGO General Insurance Company

The multiple awards winning HDFC ERGO auto insurance company is founded in 2002 and has one of the highest claim settlement ratios among the private motors insurer. It is an ISO 9001:2008 certified insurance Co. It has been rated the best in 2013 by IAIR (an international rating agency), and iAAA by ICRA. Let’s go through the unique features of HDFC ERGO motor insurance policy.

  • Age and profession based discounts on certain policies
  • Zero documentation
  • Quick claim settlement
  • Cashless settlement at 1600+ network garages
  • Availability of a bunch of discount offers
CEOMr. Ritesh Kumar
Managing DirectorMr. Ritesh Kumar
Company SecretaryMr. Dayananda V. Shetty

#4. United India Car Insurance

United India Insurance Co Ltd is wholly owned subsidiary of the Indian government and is one of the top car insurance company in Asia with numerous awards in its bag. This car insurance company has the highest claim paying capacity. It has a strong brand value and reputation in the motor insurance sector. It has several benefits like:

  • Renew policy via easy mobile app.
  • Offered in two forms- package policy & liability only policy
  • Attractive discounts offered when user complies with certain requirements
  • Nationwide reach
HeadquartersChennai, India
Area servedIndia
Key peopleShri A. Hoda
OwnerGovernment of India

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#5. Oriental Insurance Company Ltd.

The Oriental Insurance Company Ltd is the central government-owned company founded in 1947. The firm is known for its high claim settlement ratio and quick processing of settlements in addition to many additional value added services. The private car insurance package offered by Oriental Insurance is acclaimed for its simplicity, coverage across many parameters and expert customer support initiative. It has 26 regional offices in India. Besides, it functions in locations such as Nepal, Dubai, and Kuwait.

Here are some highlights of Oriental’s car insurance cover:

  • Excellent claim settlement record
  • 1800+ branches across India
  • Buy/renew policy online
  • Valuable add-on covers
  • Robust customer support and agent network
FoundedSeptember 12, 1947
HeadquartersNew Delhi, India
Key peopleMr.Balwant Singh, Mr. Gopa Kumar
OwnerGovernment of India

So we have listed the top rated Car Insurance Companies that satisfies their customers in all respect like renewal/purchase policy, claims, service support, special offers, payment options and number of garages/outlets. You can share your views regarding this post in the comment box given below.

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