Car Insurance Companies - Types and Best Car Insurance Companies

Car Insurance

Obtaining car insurance, unlike other forms of insurance, is not an option but a legal obligation. It is mandatory to have third-party auto insurance in accordance with the Indian Motor Act. But experts recommend obtaining comprehensive insurance for your precious possession. A comprehensive plan covers a vehicle not only for the loss/damage caused by you to a third party (driver/vehicle/ property) but also for the loss/damage caused to your vehicle by natural or man-made calamities. To cover it, each insurer offers a series of valuable complements in the basic plan so that the coverage is even more effective.

There are three types of car insurance:

1. Private car insurance
2. Two Wheeler Insurance
3. Commercial Car insurance policy or vehicle insurance

Public sector insurers have always good for client's preference over private sector insurers.
In recent year, many people are leaning in favor of private insurers since recent years.

Car Insurance Companies

List of Car Insurance Companies

1. Bajaj Allianz Car Insurance
2. Tata AIG General Insurance Co. Ltd.
3. Oriental Insurance Co. Ltd.
4. The New India Assurance Co. Ltd.
5. HDFC ERGO General Insurance Co. Ltd

Bajaj Allianz Car Insurance | Asia's Most Promising Brand‎

In a private insurance company,  Bajaj Allianz is one of the largest insurance companies.
A large number of industry experts reveal that Bajaj Allianz Auto Insurance leads all auto insurance operators in terms of customer satisfaction, cashless claim settlement, and feature-rich policies. The brand is also widely recognized as one of the most customer-friendly insurance company.

Why it is so popular?

Door surveyor installation
24x7 towing assistance.
Buy online at EMIs
Instant updates of SMS in claims
Clearance without cash in more than 1500 garages of the network

---

Tata AIG General Insurance Co. Ltd.(TATA AIG Travel Insurance | Have a Safe Trip With TATA AIG‎)

Tata AIG General Insurance started in 2011. Even being a relatively younger company, TATA AIG managed to win a large part of the car insurance market due to its solid distribution channels and uncomplicated claims.
Last year, the brand won prestigious awards for being the best employer and the implementation of mobile applications in insurance.

Why it is so popular?

Free car collection
Warranty on repairs
Cashless settlement at network garages
Claim for settlement in 7 days.
Unique complements

---

Oriental Insurance Co. Ltd.

Owned by the central government, Oriental Insurance Company Limited is one of the best companies to obtain car insurance(Four Wheeler - OICL - Oriental Insurance). The brand boasts of winning the most reputable awards in the industry. The latest ones worth mentioning here are - ‘best public general insurance award’ and ‘best bank and financial institution award’. Oriental is one of the few insurance companies that obtain ICRA's iAAA rating, indicating its strong financial framework.

Why it is so popular?

One of the most trusted names in car insurance.
High claim settlement rate
Quick settlement of claims
Valuable complements

---

The New India Assurance Co. Ltd.

New India is owned by the government of India. Backed by a solid insurance company for cars, capital, infrastructure and human resources in India. The brand has acquired an international presence and is well known for being a pioneer in the introduction of innovative insurance products.
It has been rated A- (Excellent) by A.M.Best Co., becoming the only Indian insurance company to be qualified by an international rating agency.

Why it is so popular?

Claims decision taken within 3 days of the request
Designated land surveyor within 48 hours of claim
Claim the payment made within 3 days of receipt of the voucher
Grievance acknowledged within 3 days of receipt
Grievance resolved within 15 days of receipt

---

HDFC ERGO General Insurance Co. Ltd(HDFC ERGO™ General Insurance | Take It Easy with HDFC ERGO‎)

Backed by a strong distribution channel and customer-focused approach, HDFC is the first-class brand for car insurance. HDFC boasts of having one of the highest rates of the settlement of car insurance claims among private car insurers. HDFC ERGO has ISO 9001: 2008 certification for its operations and claims processes and has been qualified as iAAA by ICRA. It was recognized as the best general insurance company in India by IAIR in 2013.

Why it is so popular?

Discount for age and profession.
Zero documentation
Quick settlement of claims
Cashless settlement in more than 1,600 garages in the network
The dedicated team of customer service.

Also read: Top 10 Best Health Insurance Companies in India 2019