Top 5 Motor Insurance Companies in India
Getting a Motor Insurance, unlike other forms of insurance, is not a choice but a legal compulsion. It is mandatory to have a third-party motor insurance under Indian Motor Act. But it is recommended by experts to get a comprehensive insurance for your prized possession. A comprehensive plan covers a vehicle not only on the loss/ damage caused by you to a third party (driver/vehicle/property) but also loss /damage caused to your vehicle by natural/man made calamities. To top it up, every insurer offers a host of valuable add-ons on the basic plan to make the coverage even more effective.
There are three types of Motor Insurance –
- Private Car Insurance
- Two Wheeler Insurance
- Commercial Vehicle Insurance
The public sector insurers have always enjoyed the customer’s preference over private sector insurers. Though, the pattern is bending in favour of private insurers since the last few years.
Overview of Top 5 Motor Insurance Companies:
Bajaj Allianz General Insurance Co. Ltd.
Among the private insurance players in Indian insurance domain, Bajaj Allianz is one of the largest general insurance companies in the country.
A large number of industry experts reveal that Bajaj Allianz Auto Insurance leads all the auto insurance players in terms of customer satisfaction, cashless claim settlement and features rich policies. The brand is also widely recognized as one of the most customer friendly insurance companies in India.
- Doorstep surveyor facility
- 24X7 Towing assistance
- Online purchase on EMIs
- Instant SMS Updates on Claims
- Cashless settlement at 1500+ network garages
Tata AIG General Insurance Co. Ltd.
Tata AIG General Insurance was incepted in 2011. Even being a comparatively younger company, TATA AIG managed to win over a major fraction of motor insurance market owing to its robust channels of distribution and hassle-free claims.
Last year, the brand bagged reputed awards for being the best employer and deployment of mobile application in insurance.
- Free car pick up
- Warranty on repairs
- Cashless settlement at network garages
- Claim settlement in 7 days
- Unique add-ons
The Oriental Insurance Co. Ltd.
Owned by the Central Government, Oriental Insurance Company is one of the best companies to get a motor insurance. The brand boasts of winning the most reputed 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 in India to get the iAAA rating by ICRA, indicating its strong financial framework.
- One of the most reliable names in motor insurance
- High claim settlement ratio
- Fast claim settlement
- Valuable add-ons
The New India Assurance Co. Ltd.
New India is wholly owned by the government of India. Backed up by a strong capital, infrastructure and human resource, auto insurance company in India. The brand has embarked an international presence and is well known for being a pioneer in introducing innovative insurance products.
It has been rated A- (Excellent) by A.M.Best Co., becoming the only Indian insurance company to be rated by an international rating agency.
- Claim decision taken within 3 days of application
- Surveyor appointed within 48 hours of claim intimation
- Claim payment made within 3 days of discharge voucher receipt
- Grievance acknowledged within 3 days of receipt
- Grievance resolved within 15 days of receipt
HDFC ERGO General Insurance Co. Ltd
Bolstered by a robust channel of distribution and customer oriented approach, HDFC is the top notch brand for getting a motor insurance. HDFC boasts of having one of the highest claim settlement ratios among private motor insurers. HDFC ERGO is ISO 9001:2008 certified for its operations and claim processes and has been rated iAAA by ICRA. It was recognized as the best general insurance company in India by IAIR in 2013.
- Age and profession discount
- Zero documentation
- Fast claim settlement
- Cashless settlement at 1600+ network garages