Choosing the right car insurance companies is a concern for every car owner in India. According to the Motor Vehicles Act, every car in use should be insured with at least a third-party liability cover. When it comes to buying car insurance people get confused and sometimes end up buying the one that least favors their insurance needs. It is always a good idea to make yourself familiar with the different car insurance schemes available in the market, compare the ones you think will sever your purpose and choose the most suitable one that satisfies your insurance requirements. To make your work a little bit easier, here are the top 10 car insurance companies for the year 2020-2021.
1. SBI General Insurance Co. Ltd
Commencing its operation in 2010, SBI General Insurance now has over 22.0000 IRDAI-certified employees along with State Bank Group workforce. The company has India presence with current geographical coverage in 120+ cities. It has also received iAAA rating for highest claim paying ability.
2. The New India Car insurance Company Ltd
New India Assurance is the only direct insurer in India to be rated A Excellent by Am BEST Company since 2007. The company has an extensive presence in India with a network of 2,600 offices.
3. Bajaj Allianz General Insurance Co. Ltd
Known for offering customer centric services and for its reach in over 200 Indian cities, Bajaj Allianz General Insurance has over a network of 4,500 cashless garages which offer cashless claim settlement to its customers.
4. Tata AIG General Insurance Co. Ltd
Operating as a joint venture between the Tata Group and the American International Group (AIG), Tata AIG General Insurance has been catering to general insurance needs of people since 2001. The company also has a vast network of cashless garages consisting of more than 6000 workshops rendering cashless claim services for motor insurance policies.
5. Reliance General Insurance Co. Ltd
Catering to the customers needs in the general insurance sector since 2000, Reliance General insurance company has more than 140 branches in India. It renders swift customer assistance in setting claim with the help of its 3.800+ cashless garages network which offers cashless claim settlement services to its customers on priority.
6. National Insurance Co. Ltd
It is the oldest general insurance company in India. being established in 1906, the company was later nationalised 1972. Besides its operation in India with a workforce of 15,000 skilled employees and 1,998 officers, the company also has an overseas presence.
7. Bharti AXA General Car insurance Company Ltd
Bharti AXA started its operation in 2008 and has established a firm hold in the general insurance sector. It sells car insurance policies along with a wide range of add-on covers. It has more than 5,000 cashless garages offering quick cashless claim settlement across India.
8. Cholamandalam MS General insurance Co. Ltd
It operated with 106 branches in India and has more than 9,000 advisory network. Catering to the needs of 90 lakh customers, the company has maintained an impressive record of setting 2 lakh claims per year.
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9. ICICI Lombard General Car Insurance Company
ICICI lombard has setting 93.15% motor insurance claims in the FY 2019 and most of the claims were settled withing 30 days of filing. The company has a network of more than 7,900 cashless garages, the maximum among all insurers, where it offers cashless claim settlement services.
10. Kotak Mahindra General Car insurance company
Incorporated in 2014, kotak Mahindra General car insurance companies is a well-known name in the insurance sector. The company sells all types of car insurance products to the customers along with premium protections.
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