July 22, 2021
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As per the motor vehicle act 1988, you must have at least third-party car insurance, but it is recommended to have a comprehensive car insurance policy to covers third-party liabilities and the damages suffered by the car.

After this, you must want to know what is third-party insurance and what is comprehensive insurance?

Third-party insurance policy

It covers a vehicle owner against any legal liabilities, including death or body injured to a third party or damaged to their property with the involvement of the insured vehicle.

Comprehensive insurance policy

It includes all the points of third-party insurance policy and also the damages suffered by the car. If the car is damaged and undergoes any type of repairs, the policy pays for the repair costs incurred.

The Below given table is to illustrate the benefits under a comprehensive and third-party insurance policy:

S.no

Covers under Car Insurance Comprehensive Cover Third-Party Cover
1. Choice in Add-on, zero depreciation, NCB protect, etc. Yes No
2. Damage due to natural calamities- Earthquake, Floods, Cyclones, etc. Yes No
3. Damage due to events like theft, fire, vandalism, etc. Yes No
4. Customization of car value Yes No
5. Personal accidental cover of Rs. 15 Lakhs Yes Yes
6. Damage to third party vehicle/property Yes Yes
7. Injury to a third-party person Yes Yes
8. No hefty fines levied if a valid policy in place Yes Yes

There are 26 car insurance companies in India. Every insurer has its own benefits and features.

We have made a list of the Best 5 car insurance companies in India.

Insurer CSR (Claim Settlement Ratio) No. of Gurage in the network.
HDFC ERGO General Insurance 82% 6800+
Reliance General Insurance 85% 3700+
ICICI Lombard General Insurance 87.84% 4300+
SBI General Insurance 87% 5400+
IFFCO Tokio General Insurance 87% 4300+

1. HDFC ERGO Car insurance

It is a joint venture of HDFC Ltd. and ERGO International with 51:49 shares, respectively.

It has 200+ branches and 7000+ employees all over India.

HDFC ERGO car insurance company has a large customer base of more than 1 crore policyholders, signifying that the company enjoys excellent trust.

Claim Settlement Ratio (CSR) is 82%, which shows the commitment of the company.

Following are some key features provided by the company: –

  • The company offers overnight car repair services where the repairing is done within a night, and the car is delivered to your doorsteps by the next morning.
  • More than 6800 registered garages with cashless repair and servicing facilities are provided across India.
  • the company provides Roadside assistance 24×7 to the policyholder.
  • There are 6 Add-on benefits like Zero-dep, ROI, NCB, Engine and gearbox protection, etc. are provided.
  • The company offers approvals for its claims within 30 minutes through online verification of QR codes making claim settlements easier.

2. Reliance Car Insurance

Reliance General Insurance was established in 2000. It is a part of a Reliance group with more than 29,000 intermediaries across India.

They are known for their affordable price and instant renewal services.

They provide quick, easy, and hassle-free solutions for your car insurance.

That is why they were awarded as a “General Insurance Company of the year 2015”.

The Claim Settlement Ratio (CSR) of the company stands at 85%.

Following are some key features provided by the company: –

  • More than 3700 registered garages with cashless repair and servicing facilities are provided across India.
  • The company provided a No claim bonus of up to* 50% (subject to examine the policy properly).
  • The company offers complimentary roadside assistance worth Rs. 500.
  • The company makes the claim procedure easier by introducing Easy Video Claims.
  • There are 7 Add-on benefits available in the car insurance policy.
  • Own damage cover and third-party cover are also available in the policy.

3. ICICI Lombard Car Insurance

It is one of the reputed names in the insurance company.

They provide affordable premiums, easy renewals, and quick claim settlement. ICICI Lombard car insurance company was incorporated in 2001, and in 2020, the company has a Gross White premium (GWP) of ₹135.92 billion (FY 2020).

ICICI Lombard has 273 branches and 840 virtual offices spread across the nation.

The claim settlement ratio of the company is 87.84%.

Following are some key features provided by the company: –

  • Coverage for theft, accident, and terrorist activities
  • Cover for a natural disaster like an earthquake, flood, fire, and storm.
  • No claim bonus^ up to 50% (subject to examine the policy properly).
  • 15 lakhs personal accidental coverage.
  • 9 Add-on benefits are available in the policy.
  • Instant claim settlement via InstaSpect Application.
  • More than 4300 Cashless repairing/servicing garages across the country.

4. SBI Car Insurance 

It provides comprehensive as well as third-party insurance policies and has a reputed name in the Insurance sector.

SBI General Insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG).

SBI owns 74% of the total capital and IAG the remaining 26%.

The claim settlement ratio of the company is 87%.

SBI General has also established its presence in 14,000+ branches of The State Bank of India, which also strengthens its reach across India.

Following are some key features provided by the company: –

  • Personal accidental cover up to Rs. 15 lakhs for the individual owners while driving, and passengers can also get coverage up to Rs. 2 lakhs per person.
  • Coverage for CNG/LPG bi-fuel kit and loss of belongings are also covered in the policy.
  • 9 Add-on benefits are available in the policy like Depreciation reimbursement, ROI, NCB, Engine Guard, cover for consumables, etc.
  • Roadside assistance for 24×7 is provided by the company to the policyholder.
  • More than 5400 registered garages with cashless repair and servicing facilities are provided across India.

5. IFFCO Tokio car insurance

IFFCO Tokio General Insurance co. Ltd. Is a joint venture of IFFCO (Indian Farmers’ Co-operative) and Tokio Marine and Nichido Fire Group.

It was incorporated in the year 2000. In 20 years of journey, the company gains the customer’s trust by providing excellent and hassle-free services.

The company has been designed specially to provide complete protection and security to your motor vehicle from any accidental emergency resulting in damage.

The Claim settlement ratio of the company is 87%.

Following are some key features provided by the company: –

  • The Cashless settlement is provided at 4300+ Garages across the country.
  • Quick claim settlement within 4 hours (claimed by the company) provided by the company.
  • The company offers a pan India help desk for 24×7 assistance related to claim.
  • Free inspection and renewal of insurance policy right at the doorstep.
  • 24×7 customer care service for claim settlement.
  • More than 11 Add-on benefits are provided by the insurer.
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Insurance

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