If you’re searching for the best car insurance companies in India for 2022, take a look at our list of the top 10 providers.
When you buy a new car, it’s important to find the right insurance provider. Gone are the days when people neglected their car insurance. Nowadays, everyone understands the importance of having proper auto insurance. Choosing the wrong insurance provider can lead to numerous problems down the line. That’s why it’s crucial to select a reputable car insurance company for your protection.
Car insurance provides constant protection for your vehicle. Whether you’re involved in an accident or face loss of your vehicle, having insurance allows you to file a claim with your provider for reimbursement, which can be a great relief. In this article, we’ll explore the top ten car insurance companies in India.
Top 10 Car Insurance Companies in India 2022.
- Bajaj Allianz General Insurance
In the 2022 list of top car insurance companies in India, Bajaj Allianz General Insurance Company holds the fourth position. Established in 2001, the company is headquartered in Pune, India. Bajaj Finserv Limited and Allianz SE are the partners behind this venture. They offer a range of reliable and attractive car insurance coverage options. Additionally, they are a reputable company where you can find further information.
With thorough vehicle inspections at designated workshops, policyholders receive high-quality service. They also have the benefit of transferring half of their existing insurance without any bonus claims from previous insurance providers. If your car gets damaged in an accident, you can easily avail towing services. The company has more than 1500 authorized garages for cashless claims. In case the cashless option is not available, you can effortlessly receive a 75% on-account payment option. Furthermore, Bajaj Allianz provides services globally.
In the fiscal year 2015-16, the company reported revenue of approximately INR 59 billion with a net income of around $89 million. The Managing Director and CEO of the company is Tapan Singhel.
- ICICI Lombard Motor Insurance
ICICI Lombard Motor Insurance is a renowned company established in 2001. It is one of the most well-known and top car insurance companies in India. The company holds a strong partnership with ICICI Bank, the second-largest bank in India. The article also mentions that the company has a market capitalization of over USD 100 billion.
The insurance claim process with ICICI Lombard is quick and easy. They offer a variety of add-on coverages for their car insurance policies. The company has a vast network of more than 3.3 million branches across India. You have access to a live customer service center that operates 24/7. Additionally, you can conveniently register or renew your policy online.
3. Tata AIG General Insurance
Tata AIG General Insurance Company, established in 2001, is a leading car insurance provider in India in 2022. The company is headquartered in Mumbai and offers insurance for second-hand cars, two-wheelers, and commercial vehicles. With a record of 11.22 million policies issued and approximately 6.44 million claims settled, the company has made a significant impact. Tata Sons holds a 74% stake in the company, while the remaining 26% is owned by American International Group. Neelesh Garg serves as the CEO of the company.
Tata AIG General Insurance consistently prioritizes customer safety. They offer a 6-month accident repair warranty, ensuring peace of mind for policyholders. The claim process is hassle-free and straightforward. Additionally, they provide 12 different add-on coverages for enhanced insurance protection.
- National Insurance Company Ltd (NIC)
National Insurance Company Ltd ranks among the top car insurance providers in India. With its headquarters in Kolkata, this state-owned general insurance company has established itself as a reliable and trusted option. It was nationalized in 1972 and has since gained a reputation for its dependability in the car insurance industry. NIC offers coverage for third-party property damage, with a maximum limit of 7.5 lakh. The company’s incurred claim ratio stands at 69.35 percent, reflecting its commitment to efficiently handling claims. With coverage for a wide range of accidents, NIC primarily serves the South Asian region. Choosing this provider for your car insurance needs is a wise decision, considering its position at the top of the list.
- Reliance General Insurance Company
Established in August 2000 following the receipt of an IRDA license, Reliance General Insurance Company is a well-known insurance provider. With around 139 offices across India, it is committed to delivering excellent insurance services to its customers. The company offers affordable car insurance coverage for both car owners and two-wheeler owners.
Purchasing insurance coverage is made convenient through various payment methods such as net banking, Paytm, or debit/credit cards. In the event of a road mishap, you can swiftly claim your insurance to recover your expenses. Additionally, you can enjoy discounts of up to 60% on your car insurance premium. The company does not impose any additional fees on the policyholders. The founder of Reliance General Insurance Company is Mr. Dhirubhai Ambani.
- HDFC ERGO General Insurance Company
Established in 2002, HDFC ERGO General Insurance Company has emerged as one of India’s most promising providers of vehicle insurance. With its headquarters in Mumbai and a base in Germany, the company is led by Mr. Ritesh Kumar as the managing director.
Customers can benefit from a swift personal accident policy and a 24-hour e-policy with global coverage. The company offers a convenient cashless payment option, making the claim process hassle-free. Moreover, policyholders can avail themselves of various discounts on their car insurance coverage. Registering for insurance is a simple process requiring only a few essential documents.
- United India Car Insurance
Established on February 18, 1938, and nationalized in 1972, United India Insurance Company holds a significant place in the insurance industry. It is recognized as one of the most renowned insurance companies in Asia. In the fiscal year 2013-14, the company achieved a net profit of over 528 crores. With its headquarters in Chennai, United India Insurance Company has a strong presence across various states in India.
To ensure timely renewal of your insurance policy, simply download the company’s app. With round-the-clock customer service, the company is committed to providing efficient assistance to its policyholders. Additionally, United India Car Insurance offers fast insurance coverage and convenient cashless claims options, making the claim process smoother and more convenient for its customers.
- Oriental Insurance Company Ltd
Headquartered in Delhi, Oriental Insurance Company Ltd is recognized as India’s top public sector insurance company. It was established on September 12, 1947. In the financial year 2013-14, the company achieved a gross premium of Rs 7282.54 crores, showcasing its strong market presence. With a workforce of over 14,000 employees and approximately 1,800 offices nationwide, Oriental Insurance Company Ltd is one of the most renowned vehicle insurance providers in India.
Renewing or purchasing new insurance plans is made effortless with the assistance of dedicated customer care specialists. Regardless of your location, you can access their services anytime, ensuring a seamless experience. With an impeccable track record in the industry, the company prioritizes exceptional treatment when it comes to insurance claims, offering policyholders peace of mind and reliable support.
- Royal Sundaram General Insurance
Royal Sundaram General Insurance Company, approved as the first insurance company by the IRDA in the year 2000, is a well-known and reputable provider of auto insurance. With its strong affiliations with various banks, the company is able to deliver superior insurance services, ensuring peace of mind for vehicle owners.
Policyholders have access to a 24-hour hotline for their insurance claims, providing swift assistance in times of need. Round-the-clock roadside support is also available, offering prompt aid in case of emergencies. In the unfortunate event of a traffic accident, you can file a claim without delay, as the company strives to expedite the claim approval process.
Mr. MS Sreedhar serves as the Managing Director of this esteemed insurance organization, which is headquartered in Chennai. Their commitment to customer service and efficient claim handling has earned them a strong reputation in the industry.
- Universal Sompo General Insurance
Universal Sompo General Insurance is a renowned auto insurance company in India and holds the distinction of being one of the country’s first public-private insurance partnerships. The company received its license from the IRDA in November 2007, signifying its credibility and reliability. It is highly recommended not to overlook any insurance coverage offers from this reputable firm.
When you opt for insurance with Universal Sompo, you benefit from a comprehensive roadside assistance program included in your insurance policy, providing valuable support whenever you need it.
This company goes the extra mile by offering special benefits to individuals with visual impairments, disabilities, and mentally ill children who travel in specially equipped vehicles. Moreover, they provide a prompt replacement service for any damaged parts of your vehicle, ensuring your convenience and peace of mind.
As a Universal Sompo policyholder, you also have the opportunity to join the Automobile Association and enjoy exclusive discounts on designated days, maximizing the value of your insurance coverage.
The headquarters of Universal Sompo General Insurance is located in Mumbai, and the company is led by Mr. Rajiv Kumar, who serves as the Managing Director and CEO. Under his leadership, the company maintains its commitment to excellence and customer satisfaction.
