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Top 10 Car Insurance Companies In India
Car insurance policy is a legal obligation. While its only mandatory to have a third party insurance cover for your vehicle, its strongly recommended to opt for a comprehensive insurance policy . Top-10 car insurance companies that are bound to be an influential presence, and richly deserving of your attention.
1. National Insurance Company Ltd. (NIC)
This state owned general insurance company is a pioneer of car insurance in India. Amongst the various motor insurance companies of India, National Insurance Company enjoys a wide reaching appeal and an enviable track record in terms of products offered and customer support rendered. The company boasts of over 1000 offices and 16,000+ employees and agents across India and Nepal. In 2013-14, National car Insurance was ranked second amongst the various motor insurance companies in India, with the overall organization’s gross premium count exceeding 10,000 crore.
2. ICICI Lombard Motor Insurance
With the tag of being one of India’s largest private sector general insurance company, ICICI Lombard GIC Ltd is known for its tech savvy approach, robust customer support and quick turnarounds on the immensely customer centric application procedures. When considering car insurance in 2015, keep in mind ICICI’s track record- 11.22 million policies issued, 6.44 million claims settled and
Rs.71.34 billion in Gross Written Premium (GWP) through the fiscal year 2013-14.
3. United India Car Insurance
Another heavyweight state owned general insurance company, United India Insurance Company Ltd. commands over seven decades of experience in non-life insurance business with a dominant stake in the sphere of motor insurance in India. As of the financial year 2013-14, United India was valued at a net worth of Rs.5407 crores with gross premium collections hitting Rs.9709 crores, marking the company as one of the leading general insurers in the Asian continent.
4. HDFC ERGO Motor Insurance
One of the premier private sector players, HDFC ERGO General Insurance offers insurance solutions pertaining to motor, health, travel, home and personal accident. Founded in 2002, the company might be a relative newcomer into this competitive sphere but has already established itself a solid reputation and fan following. The motor insurance package from HDFC ERGO combines simplicity with customer comfort, foresight with expert support, to emerge as one of the leading options with regards to auto insurance in India. Currently, the firm operates 109 branch offices in 89 cities with an expert staff of 1,900+ employees and advisors. The influential rating company ICRA Limited, rates HDFC ERGO General Insurance a commendable ‘iAAA’ on its rating scale.
5. Oriental Insurance Company Ltd
The Oriental Insurance Company is a fully government owned concern that enjoys massive favour from the Indian public that views Oriental as a solid performer in light of its credible history and status as a state owned entity. When deciding upon a suitable car insurance in 2015, pay attention to Oriental’s current infrastructure of over 1800 offices and 14,000+ employees across India, Nepal, Kuwait and Dubai as well as its suggestive tagline of “Service to Clients”. The private car insurance package offered by Oriental Insurance is highly praised for its simplicity, coverage across many parameters and expert customer support initiative.
In Conclusion, the year ahead looks ripe with promises as far as your professional and personal life is concerned. And when talk shifts to your brand new car, any of the above Top-5 contenders will bring in the expected protection for your dream set of wheels and complete peace of mind for you.
6. Bharti AXA General Insurance Co. Ltd.
Key benefits of Bharti AXA‘s vehicle insurance policy includes various value added services like roadside assistance even for changing flat tyre, onroad repair for minor breakdowns, lock out or lost key assistance and emergency fuel assistance. These benefits make it a sweet deal.
7. Bajaj Allianz General Insurance Co. Ltd.
Bajaj Allianz has a fare share of presence in the auto insurance sector. Services offered are 24*7 towing assistance, cashless repair over 1,500 outlets and 75% account payment at places where cashless facility is not available.
8. New India Assurance Company Ltd
New India Assurance is another government-owned insurance company which has a strong presence in auto insurance sector with attractive packages. The company has swept several recognized awards and accreditation and even has an international presence. Very quick action is the firm’s strongest selling point.
9. Royal Sundaram General Insurance
The name Sundaram has a long standing association with the Indian automotive industry across manufacturing, service and financial domains, making it one of the natural choices for auto insurance. The firm offers quick settlement in 2 working days and has cashless repair options through a wide network of workshops.
10. Tata AIG General Insurance Co. Ltd.
Relatively new to the Indian insurance scene, Tata AIG quickly rose to become one the top auto insurance policy companies in India. The packages include free car pickup, warranties on repair, processing of claims in a week and several other tailor-made services.
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