Car insurance is a crucial aspect of vehicle ownership, providing financial protection against unforeseen events such as accidents, theft, fire, and natural disasters. According to the Indian Motor Tariff, it is mandatory for every car owner to have at least third-party car insurance to legally drive on Indian roads. Currently, there are 25 insurance companies in India offering car insurance, each with varying claim settlement ratios and network garages. Below is a comprehensive list of the top car insurance companies in India for 2024, certified by the Insurance Regulatory and Development Authority of India (IRDAI).

Top Car Insurance Companies with OD Claim Settlement Ratio & Network Garages

(Source: IBAI’s General Insurance Claim Insights Handbook - 5th Edition)

How to Choose the Best Car Insurance Company in India?

Choosing the best car insurance company depends on individual preferences and requirements. Here are some factors to consider when selecting a car insurance provider:

1. Network of Cashless Garages: Check the strength and availability of cashless garages in the insurance company's network, especially those near your locality.
2. Claim Settlement Ratio: Opt for an insurance company with a high claim settlement ratio, which indicates the number of claims settled out of all claims received in a financial year.
3. Availability of Add-ons: Look for insurance providers offering a wide range of add-ons, such as zero depreciation cover, engine cover, and roadside assistance, to enhance the coverage of your policy.
4. Customer Support Service: Evaluate the quality and availability of customer support services. Some companies offer 24/7 customer assistance, while others may have limited hours of operation.

Types of Car Insurance Policies Offered

Car insurance policies can be categorized into three types based on the coverage provided:

1. Third Party Car Insurance: Mandatory under Indian law, this policy covers third-party liabilities, including bodily injuries, disability, death, and property damage up to Rs. 7.5 lakh.
2. Standalone Own-Damage Car Insurance: This policy covers damages to your car due to accidents, natural calamities, fire, theft, and more. It must be purchased along with third-party car insurance to comply with legal requirements.
3. Comprehensive Car Insurance: Offering the most extensive coverage, this policy includes both third-party liabilities and own-damage coverage. You can enhance this policy with various add-ons for broader protection.

What is Covered under Car Insurance?

Car insurance provides coverage for various scenarios, ensuring financial protection and peace of mind:

• Accidents: Financial relief for damages caused by accidents.
• Theft: Coverage up to the insured declared value in case of vehicle theft.
• Natural and Man-made Calamities: Protection against natural disasters and man-made events like vandalism and terrorism.
• Personal Accident: Coverage up to Rs. 15 lakh for owner-driver accidents resulting in disability or death.
• Third-Party Liability: Protection against third-party claims for injuries, disabilities, or deaths caused by your vehicle.

What is Not Covered under Car Insurance?

While car insurance offers comprehensive protection, certain exclusions apply:

• Electrical and Mechanical Breakdown: Failures are typically not covered.
• Normal Wear and Tear: Regular wear and tear of car components is excluded.
• Driving without a Valid License: Accidents occurring without a valid license are not covered.
• Consequential Loss: Indirect losses caused by an event are excluded.
• Driving Under the Influence: Accidents while under the influence of drugs or alcohol are not covered.
• Illegal Use of Car: Damages from illegal activities are excluded.
• Commercial Use of Private Car: Using a private car for commercial purposes may not be covered.
• Depreciation of Car Parts: Depreciation over time is typically not covered.
• Contributory Negligence: Damages resulting from the policyholder's negligence are excluded.

How to Buy Car Insurance Online with AapkaPolicyWala?

Buying car insurance online has never been easier. AapkaPolicyWala offers a seamless process to compare and purchase car insurance policies:

1. Visit AapkaPolicyWala: Go to the website and select the ‘car insurance’ tab.
2. Enter Car Details: Provide your car’s registration number or choose the ‘Don’t know your car number?’ option to enter details like brand, model, fuel type, variant, registration year, and city.
3. Fill Personal Details: Enter your name and mobile number, then submit to get quotes.
4. Compare Quotes: Review and compare the available premium quotes to select the best option. You can also choose add-ons at this stage.
5. Complete Purchase: Enter your personal and nominee details, proceed with payment, and receive your policy instantly via email.

How to Make a Car Insurance Claim?

Follow these steps to ensure a smooth car insurance claim process:

1. Prompt Contact: Notify your insurance company within 48 hours of an accident or theft.
2. File FIR: For third-party damage or theft, file a First Information Report (FIR) with the police.
3. Submit Documents: Provide necessary documents, including the FIR, claim form, and policy details.
4. Surveyor Assessment: The insurance company will appoint a surveyor to assess damages and validate the claim.
5. Repair Process: If required, your car will be sent to a network garage for repairs. Cashless service may be offered.
6. Theft Scenario: In case of theft, the insured declared value will be provided after the police issue a non-traceable report.

Conclusion

Selecting the best car insurance company involves thorough research and understanding your specific needs and priorities. By choosing the right coverage and insurer, you not only protect your vehicle but also ensure peace of mind on the roads of India. AapkaPolicyWala is dedicated to providing comprehensive insurance solutions, allowing you to compare and buy car insurance online with ease. As we expand our offerings, we aim to match the services provided by leading platforms like PolicyBazaar and InsuranceDekho, ensuring you receive the best possible insurance experience.