Motor Insurance Companies: Securing Your Vehicle
The moment you purchase your dream car or bike, you start searching for the best motor insurance companies in India to buy a suitable motor insurance. Why is it so necessary? The Indian Government has mandated to carry valid vehicle insurance under the Motor Vehicle Act, 1988. Failure to do so may lead vehicle owners to pay a penalty. It is quite a challenge to filter one motor insurance company from the list of more than 20. To help you choose the best motor vehicle insurance company in India, we have compiled a list of the top 10 motor insurance companies with all the valuable information to help you make an informed decision.
Motor Vehicle Insurance Companies in India
Almost all general insurance companies offer motor insurance in India to achieve vehicle insurance requirements. Currently, more than 20 motor insurance companies are working to serve customers with their various motor insurance products. When you buy motor insurance and pay the premium regularly, the motor insurance companies compensate for the financial damages during any unfortunate event, as stated in the policy. Motor insurance companies offer various policies with attractive features and add-on covers to extend policy benefits. An individual may need assistance deciding which motor insurance company to choose. We are providing you with the details of all the motor insurance companies in India with their network garages and claim settlement ratio. This will help you gain a better overview of motor insurance companies at a glance.
Acko General Insurance Co. Ltd.
Started in 2016, Acko General Insurance is one of the fastest-growing general insurance companies in India. Acko General Insurance has sold many motor insurance policies like third-party insurance, two-wheeler insurance, commercial vehicle insurance, and comprehensive insurance. The motor insurance renewal and claim process are easy and digitized.
Key Highlights
- Claim settlement ratio: 97.20%
- Network of cashless garages: 6500+
- Low premium products
- 100% car digital insurance policies
Know more about Acko Car Insurance
Bajaj Allianz General Insurance Co. Ltd.
Established in 2001, Bajaj Allianz has expanded its office location to over 1100 Indian towns and cities and is one of the trusted motor insurance companies in India. With its wide range of motor insurance products, including third-party two-wheeler and comprehensive motor insurance. Bajaj Allianz makes it easy to compare car insurance, buy suitable motor insurance, renew car insurance and commercial motor vehicle insurance.
Key Highlights
- Claim settlement ratio: 96.59%
- Network of cashless garages: 6500+
- Digitization to promote less paper-work
- Customization of insurance products
Know more about Bajaj Allianz Car Insurance
Go Digit General Insurance Ltd.
Go Digit is one of the best-serviced motor insurance companies in India, offering super simple and fast claim processes. Go Digit is growing rapidly in the Indian insurance market and has grabbed a customer base of over 3 Crore+ Indians. The company offers competitive premium quotes, 10 add-on covers to customize your motor vehicle insurance, and an excellent customer service experience.
Key Highlights
- Claim settlement ratio: 96.09%
- Network of cashless garages: 6000+
- Smart-phone enabled claim
- Pay as you drive enabled
Know more Know more about Go Digit Car Insurance
HDFC Ergo General Insurance Ltd.
HDFC Ergo offers complete protection to your vehicle against any damage with all transparency and ease. The company provides various motor insurance policies, including car insurance, two-wheeler insurance, third-party insurance, and commercial vehicle insurance. HDFC Ergo is one of the trusted motor insurance companies in India.
Key Highlights
- Claim settlement ratio: 98.49%
- Network of cashless garages: 8200+
- 24X7 roadside assistance
- 3-Minutes instant paperless policy
Know more about HDFC Ergo Car Insurance
IFFCO Tokio General Insurance Co. Ltd.
IFFCO Tokio Incorporated in 2000 as a joint venture between Indian Farmers Fertiliser Co-operative Limited (IFFCO) and Tokio Marine Group. The company serves a wide range of motor vehicle insurance products in India. You can buy new two-wheeler insurance or new car insurance with IFFCO Tokio or renew the previous one in minutes. The IFFCO Tokio insurance company has a wide presence in Tier 2, 3, and 4 towns to avail insurance at the doorstep.
Key Highlights
- Claim settlement ratio: 89.38%
- Network of cashless garages: 4300+
- Smart-phone enabled self-inspection
- Claim settlement within 4 hours
Know more about IFFCO Tokio Car Insurance
Kotak Mahindra General Insurance Co. Ltd.
Kotak General Insurance offers tailored motor insurance policies covering all vehicle insurance needs. Indians widely trust the company as one of the best motor insurance companies in India, with the lowest complaint ratio. Kotak Mahindra provides third-party, comprehensive vehicle insurance with add-ons to protect your vehicle and loved ones while driving.
Key Highlights
- Claim settlement ratio: 96.90%
- Network of cashless garages: 4000+
- 24X7 quick claim assistance
- Customized vehicle insurance
Know more about Kotak Mahindra Car Insurance
SBI General Insurance Co. Ltd.
SBI General is one of the fastest-growing private general insurance companies in India, offering innovative motor insurance with a multi-distribution model. The company offer digital service to make it possible to reach the extremely remote areas of India and provide affordable motor insurance. SBI has gained the trust of its customers by providing insurance services with transparency and empathy.
Key Highlights
- Claim settlement ratio: 95.04%
- Network of cashless garages: 6973+
- Mobile App & WhatsApp-enabled processes
- Tailored motor insurance products
Know more about SBI Car Insurance
Tata AIG General Insurance Co. Ltd.
Tata AIG came into the business in 2001, and since then, the general insurance company has been offering motor vehicle insurance as one of its widely trusted products. The company offers third-party insurance two-wheeler insurance, comprehensive insurance, car insurance, and attractive add-ons to enhance base coverage.
Key Highlights
- Claim settlement ratio: 93.55%
- Network of cashless garages: 7500+
- 24X7 repair assistance
- Mobile application-enabled processes
Know more about Tata AIG Car Insurance
ICICI Lombard General Insurance Co. Ltd.
ICICI Lombard is the leading general insurance company offering trusted motor insurance in India. ICICI Lombard has 265 branches across the country with immediate chat and call support to provide excellent customer service. The general insurance company has a competitive claim settlement ratio among all the motor insurance companies in India.
Key Highlights
- Claim settlement ratio: 97.07%
- Network of cashless garages: 12000+
- Doorstep cashless repairs
- Upto 50% with No Claim Bonus
Know more about ICICI Lombard Car Insurance
Royal Sundaram General Insurance Co. Ltd.
Royal Sundaram General Insurance Company provides innovative insurance products, including motor insurance of different types, such as third-party, comprehensive and commercial vehicle insurance. With 158 branches across India, Royal Sundaram has served 28 million customers with excellent customer support and hassle-free claim assistance. Royal Sundaram is one of the widely spread motor insurance companies in India.
Key Highlights
- Claim settlement ratio: 95.95%
- Network of cashless garages: 5100+
- One-time payment system
- Instant claim assistance
Know more about Royal Sundaram Car Insurance
Chola MS General Insurance Co. Ltd.
Chola MS offers a range of motor insurance products, including third-party, comprehensive, and standalone damage insurance policies, to provide maximum insurance benefits to individuals and corporations. Chola MS has 152 branches and over 30,000 intermediaries across India to facilitate insurance products to everyone and provide an excellent customer experience.
Key Highlights
- Claim settlement ratio: 93.23%
- Network of cashless garages: 14500+
- High discounts on motor insurance
- Manage policy on your own
Know more about Chola MS Car Insurance
Edelweiss General Insurance Co. Ltd.
Edelweiss is one of the leading financial services providers in India, dealing in different businesses, including general and life insurance. The divergent business ability of the company reflects its expertise in multiple facets, from large industries to small rural households in India. They transformed into Zuno in 2018, India’s first cloud-native insurer in India, making insurance easy, transparent and friendly.
Key Highlights
- Claim settlement ratio: 97.26%
- Network of cashless garages: 2000+
- Super-fast claim settlement
- Premium saving on high driving score
Know more about Edelweiss Car Insurance .
Future Generali India Insurance Co. Ltd.
The Future Generali was set in 2006 as a joint venture between the Generali Group and Future Group. Currently, the company is among the top 10 private general insurance payers in India, with over 121 branches across India. Like any other motor insurance companies in India, Future General eases insurance reach to every individual, including corporates and rural households, to help them manage and reduce risks.
Key Highlights
- Claim settlement ratio: 96.01%
- Network of cashless garages: 3500+
- Renewal reminder
- Anti-theft devices
Know more about Future Generali India Car Insurance
Liberty General Insurance Co. Ltd.
Liberty General commenced in 2001 as the joint venture between Liberty Citystate, Enam Securities, and DP Jindal Group to provide commercial, retail, and industrial insurance solutions. The company believe in long-term customer relationships and maintaining transparency in all relationships, including partners and customers. Liberty General organizes a claim survey inside the city within 24 hours and outside the city within 48 hours to provide better claim assistance.
Key Highlights
- Claim settlement ratio: 97.30%
- Network of cashless garages: 5500+
- Zero documentation
- Quick and easy claim settlement
Know more about Liberty Car Insurance
Magma HDI General Insurance Co. Ltd.
With the prime value of holding “Truth” in all their business communications, Magma HDI maintains transparency without any hidden agendas. Magma HDI offers different motor insurance products, including private car insurance, two-wheeler insurance, new car insurance, commercial vehicle insurance, and third-party insurance.
Key Highlights
- Claim settlement ratio: 92.34%
- Network of cashless garages: 4000+
- Roadside assistance
- Attractive add-ons
Know more about Magma HDI Car Insurance
National Insurance Co. Ltd.
National Insurance is the oldest insurance company in India, incorporated in 1906 and serving about 600 insurance products to its customers. National Insurance Company is the first to introduce the Offices on Wheels in India. The company has a strong presence with around 1730 offices spread all over India. The National Insurance is one of the public sector motor insurance companies in India.
Key Highlights
- Claim settlement ratio: 86.28%
- Network of cashless garages: 1000+
- Track your claim online
- 24X7 live chat support
Know more about National Car Insurance
Navi General Insurance Co. Ltd.
Navi General started business in 2017 and offers a variety of health, motor, property, commercial, and gadget insurance solutions. The company provides customers with a sense of financial independence through a range of insurance products at a reasonable price. Navi General has the highest claim settlement ratio and ranks at the number one position in motor insurance companies in India (as per CSR of IRDAI published Annual Report 2021-22).
Key Highlights
- Claim settlement ratio: 99.99%
- Network of cashless garages: 1100+
- Claim approval in minutes
- 57K+ Active policies
Know more about Navi Car Insurance
Raheja QBE General Insurance Co. Ltd.
Raheja QBE offers multiple motor insurance products, including third-party bike and car insurance and comprehensive policies with add-on covers to provide a comfortable customer experience. They are doing business with all transparency and embrace active collaboration. Raheja QBE provides seamless customized insurance products to sync with the needs of the customers.
Key Highlights
- Claim settlement ratio: 93.30%
- Network of cashless garages: 1300+
- Customized insurance plans
- No hidden clauses
Know more about Raheja QBE Car Insurance
Reliance General Insurance Co. Ltd.
Reliance is one of the leading general insurance companies in India, with a huge customer base, including corporations and SMEs. The company offers customized insurance products to meet customers’ needs and financially protect their vehicles from unfortunate events. With the online insurance facilities available, one can compare vehicle insurance to get the best deal out of it.
Key Highlights
- Claim settlement ratio: 98.65%
- Network of cashless garages: 8500+
- Instant policy issuance
- Paperless & cashless claims
Know more about Reliance Car Insurance
Shriram General Insurance Co. Ltd.
Shriram General Insurance is a joint venture between Shriram Capital Ltd. and Sanlam Ltd. started in 2012. Since then, the company has served a wide customer base with commercial and personal insurance products. SGI targets to insure the underbanked and unbanked segments of India's population.
Key Highlights
- Claim settlement ratio: 85.23%
- Network of cashless garages: 2000+
- Pocket-friendly premium
- Almost 100% paperless
Know more about Shriram Car Insurance
The New India Assurance Co. Ltd.
The New India came into existence in 1919 with a motto of assuring the well-being of individuals and financially safeguarding them and their vehicles during any unfortunate event. The New India offers a user-friendly digital platform to make insurance easily accessible and facilitate excellent claim processing.
Key Highlights
- Claim settlement ratio: 92.93%
- Network of cashless garages: 3000+
- Range of customizable products
- 24X7 hassle-free claim assistance
Know more about The New India Assurance Car Insurance
The Oriental Insurance Co. Ltd.
The Oriental Insurance was initially owned by the subsidiary of The Oriental Government Security Life Assurance Company Ltd. In 2023, the company transferred all the shares to the Central Government. The Oriental is dedicated to providing excellent customer services by facilitating cashless services nationwide.
Key Highlights
- Claim settlement ratio: 90.18%
- Network of cashless garages: 3100+
- Discounts in premiums
- No bonus claim
Know more about The Oriental Car Insurance
United India Insurance Co. Ltd.
United India was incorporated in 1938 and has grown widely, offering a variety of insurance products for bullock carts to satellites. With a vision to help develop the economy of the nation, United India serves financial products from corporations to tier II and III towns. Being one of the most successful motor insurance companies in India, United India offers a variety of two-wheeler insurance and four-wheeler insurance, comparison, renewal, and claim facilities.
Key Highlights
- Claim settlement ratio: 97.25%
- Network of cashless garages: 3000+
- Online claim intimation
- 24X7 active customer assistance
Know more about United India Car Insurance
Universal Sompo General Insurance Co. Ltd.
Universal Sompo is the joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank Ltd., Dabur Investment Corporation, and Sompo Japan Insurance Inc. The company continuously aims to provide hassle-free customer service with enhanced AI and machine learning.
Key Highlights
- Claim settlement ratio: 95.77%
- Network of cashless garages: 3600+
- Customer-first approach
- Personal accident cover
Know more about Universal Sompo Car Insurance
List of Top 10 Motor Insurance Companies in India
Finding the best motor insurance company can be a daunting task for anyone as there are more than 20 motor insurance companies available in India. We, RenewBuy, have made a list of the top 10 motor vehicle insurance companies in India based on the claim settlement ratio to save you time and make an informed decision.
| Sr. No. | Motor Insurance Company | Motor Claim Settlement Ratio FY23 | Cashless Network Garages |
|---|---|---|---|
| 1. | Navi General Insurance Limited | 99.99% | 1100+ |
| 2. | Reliance General Insurance Company Limited | 98.65% | 8500+ |
| 3. | HDFC ERGO General Insurance Company Limited | 98.49% | 8200+ |
| 4. | Kotak Mahindra General Insurance Company Limited | 96.90% | 4000+ |
| 5. | Bajaj Allianz General Insurance Company Limited | 96.59% | 6500+ |
| 6. | Go Digit General Insurance Limited | 96.09% | 6000+ |
| 7. | Future Generali India Insurance Company Limited | 96.01% | 2500+ |
| 8. | Royal Sundaram General Insurance Company Limited | 95.95% | 5100+ |
| 9. | Universal Sompo General Insurance Company Limited | 95.77% | 3600+ |
| 10. | SBI General Insurance Company Limited | 95.04% | 6973+ |
* The claim settlement ratio of all the motor insurance companies is taken by the official IRDAI Annual Report 2021-22.
** The data on the network of cashless garages is collected from the official websites of respective motor insurance companies.
Type of Vehicle Insurance Offered by Motor Insurance Companies in India
A suitable motor insurance prevents financial burden and restricts future legal complications. The vehicle insurance you purchased and the add-ons you selected decide the claim you can file to motor insurance companies in case of any damage to the vehicle or third party. We, RenewBuy, advise you to select the right motor insurance policy that provides maximum benefits at an affordable premium cost. The motor insurance companies offer different types of vehicle insurance for two-wheelers and four-wheelers, mentioned as
Third-Party Liability Only Cover:
Third-party motor insurance is mandatory for public road driving. The following benefits are covered under this type of motor insurance
- Repair or replacement cost for the damages to the third-party vehicle
- Cost of hospitalisation and third-party care
- Liabilities due to the death of the third-party
Collision Damage or Own Damage Cover:
The motor insurance company bear all the costs of repairs to your vehicle for accidental damage. To avail of the collision cover, having third-party insurance is mandatory to purchase in the first place. The motor insurance company cover the following damages in stand-alone own-damage vehicle insurance
- Natural disasters and man-made calamities
- Theft or total damage to the vehicle (damage beyond repair)
- A mishap caused by any external factor
Comprehensive Motor Insurance:
Comprehensive insurance offers maximum protection and covers third-party liability, personal accident coverage, own vehicle damage, and all non-collision damage such as storms, floods, fire, and theft. It can be customized by adding add-on covers, like zero-depreciation coverage, roadside assistance, etc.
Personal Accident Cover:
Personal accident covers the reimbursement of medical bills following an accident of the vehicle owner. A number of add-on cover options are available to protect drivers and passengers.
Learn more about how you can compare car insurance policies offered by different motor insurance companies in India.
Inclusions and Exclusions Under Car Insurance
The motor insurance companies define the inclusions and exclusions under different car insurance plans. Each kind of motor insurance plan, like third-party insurance, comprehensive insurance, and standalone, provides different damage facilities. Refer to the table to understand the coverage under the plans offered by motor insurance companies.
| Coverage | Third-Party Liability Car Insurance | Standalone Own Damage Cover | Comprehensive Car Insurance |
|---|---|---|---|
| Theft of the insured car | ❌ | ✔ | ✔ |
| Accident-related damage/loss to own car | ❌ | ✔ | ✔ |
| Damage caused by fire | ❌ | ✔ | ✔ |
| Damage/loss caused by natural calamities like cyclones, floods, earthquakes, etc. of insured car | ❌ | ✔ | ✔ |
| Damage/loss caused by man-made calamities like riots, strikes, vandalism, etc. of insured ca | ❌ | ✔ | ✔ |
| Third party property damage | ✔ | ❌ | ✔ |
| Third party vehicle damage | ✔ | ❌ | ✔ |
| Accident-related injury or death occurring to a third party | ✔ | ❌ | ✔ |
| Personal accident cover (if opted for) | ✔ | ✔ | ✔ |
| Zero depreciation cover (if opted for) | ❌ | ✔ | ✔ |
| Add-on covers | ❌ | ✔ | ✔ |
| Legal mandate | ✔ | ❌ | ❌ |
Add-Ons Provided By Motor Insurance Companies
Different motor insurance companies in India offer various add-on covers to enhance the protection of your vehicle.
- Car Roadside Assistance Cover
- Consumable Cover
- Passenger Cover
- Accessories Cover
- NCB Protection Cover
- Return to Invoice Cover
- Zero Depreciation Cover
- Engine Protection Cover
- Personal Accident Cover
- Loss of Personal Belongings
- Tyre and RIM Damage Cover
- Daily Protection Cover
Choose the Best Motor Insurance Company in India with RenewBuy
We, RenewBuy, reduce the hassle of juggling with different motor insurance companies in India and list the best motor insurance companies suitable for you as per your vehicle protection needs. To purchase motor insurance, you need to provide the required details and the premium amount you are willing to invest. Here are simple steps to buy motor insurance with RenewBuy.
- Visit our official website
- Click on the ‘Motor Insurance’ tab.
- Select the vehicle type.
- Fill out the form with the required details.
- Compare and select the best motor insurance plan from the best motor insurance companies in India.
- Tap on ‘Buy Now’.
- After verifying the base policy and add-on cover details reflected, proceed with payment.
- Upon the successful payment, you will receive your motor insurance policy documents in your registered email.
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