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Car insurance companies

A car insurance policy is mandated by the Motor Vehicles Act, 1988. The policy covers any financial liability which arises when a third party is injured or killed due to the car. Moreover, in a comprehensive car insurance plan, damages suffered by the car are also covered. A car insurance policy is an important cover not only because it is mandatory but also because of the coverage it provides. Almost all general insurance companies offer a car insurance plan. Here is a list containing car insurance companies in India:

  1. Bajaj Allianz General Insurance Company Limited
  2. IFFCO Tokio General Insurance Company Limited
  3. National Insurance Company Limited
  4. The New India Assurance Company Limited
  5. The Oriental Insurance Company Limited
  6. Reliance General Insurance Company Limited
  7. Liberty General Insurance Company Limited
  8. SBI General Insurance Company Limited
  9. Universal Sompo General Insurance Company Limited
  10. HDFC Ergo General Insurance Company Limited
  11. TATA AIG General Insurance Company Limited
  12. ICICI Lombard General Insurance Company Limited
  13. United India Insurance Company Limited
  14. Royal Sundaram General Insurance Company Limited
  15. Cholamandalam MS General Insurance Company Limited
  16. Future Generali India Insurance Company Limited
  17. Shriram General Insurance Company Limited
  18. Raheja QBE General Insurance Company Limited
  19. Magma HDI General Insurance Company Limited
  20. Kotak Mahindra General Insurance Company Limited
  21. DHFL General Insurance Company Limited
  22. Acko General Insurance Company Limited
  23. Go Digit General Insurance Company Limited

Types of Car Insurance plans Offered by Different Car Insurance Companies

The type of car insurance plan that you have will directly affect the type of protection your car/ vehicle/ 4-wheeler will receive. The different types of car insurance offered by different insurance companies are-

  • Third-Party Car insurance
    A third-party car insurance policy has been mandated by Motor Vehicle Act, 1988 for every car owner. This policy covers all third-party liabilities that might happen if the car meets an unexpected situation like bodily injuries, disability, death and even property damage. Third-party insurance gives a maximum coverage of INR 7.5 lakhs for property damage.
  • Standalone Own-Damage Car Insurance
    This plan covers only the damages incurred by self during a road accident, natural calamity, fire, explosion, etc. To avail of this insurance, it is important to have basic third-party insurance at first. Standalone insurance allows you to choose your own-damage car insurance plan and third-party policy company.
  • Comprehensive Car Insurance
    This policy covers both third-party liabilities as well as damages incurred by self due to an unfortunate event. Among all the plans, comprehensive plans offer maximum coverage and can be extended with add-ons.
  • Pay As You Drive
    Pay As You Drive is a recent car insurance policy sanctioned by IRDAI. According to this policy, the premium to be charged on the insured vehicle is decided by the usage of the car. It is quite a fair deal for car owners who don’t use their vehicles much. It is a comprehensive own damage and third party policy where the third party policy has a fixed rate of premium based on the slab chosen by the user and own-damage cover has to be paid the premium based on the usage of the car.

What Does Car Insurance Cover?

The coverage differs from insurance to insurance. Hence, we are providing a list below for best comparison-

Car Insurance CoverageThird PartyComprehensiveStandalone
Damage/losses caused to your car due to accidentX
Damage/losses caused to your car due to accidentX
Theft of two-wheelerX
Damage/losses due to natural calamityX
Damage to property and third party vehicle
Personal Accident Cover
Injury/ Death of Third Party due to an

How to choose a car insurance company

Given the number of companies offering a car insurance policy, it becomes difficult for individuals to choose the best car insurance company. However, there are certain parameters which help in choosing a good car insurance company. These are as follows:

  • Claim settlement ratio
    The first thing to look for in a company is its claim settlement ratio (CSR). The ratio represents the percentage of claims settled by the company against the total claims presented to it. The higher the ratio the better trustworthy the company would be

  • Financial position
    The next thing which should be checked is the financial position of the company. The Insurance Regulatory and Development Authority (IRDA) issues periodic financial statements which show the company’s solvency margins. These reports should be taken into consideration when choosing an insurer.

  • Ease of claim settlement
    Every company handles its claims internally. You should look for the company’s claim settlement process and the time taken to settle the claim. If the company follows an easy claim process, it is better.

  • Customer reviews
    Existing customers of the insurance company often post their reviews depending on the service they received and their product experience. Given the popularity of the online marketplace, these reviews are quite easy to find. Analyse the existing customer reviews to get an in-depth knowledge of the company.

Comparing car insurance policies

Since there are about two dozen insurers offering a car insurance plan, choosing the best car insurance plan is a daunting task. Thankfully, there are some comparison pointers which, when used, point to the best car insurance policy. Here are such pointers:

  • The coverage offered vis-à-vis the premium charged
    Most car insurance policies offer a similar type of coverage features. However, what sets policies apart from each other are the other value-added coverage benefits. These benefits enhance the scope of coverage. Along with the coverage, the premium rate should be compared. Each should not be compared independently. Always look for the available coverage features and the premium charged for such features. The best policy would be the one which has the highest coverage benefits at the lowest possible premium rate.

  • Add-ons available
    Add-ons are optional coverage benefits which widen the coverage offered by the plan. These add-ons prove helpful and should be opted. Look for the available add-ons in the car insurance plan to ensure that the add-on you are looking for is available or not.

  • Discounts available
    Car insurance policies offer various types of discounts. Though the discounting features are same in different plans, the discount rate varies. Look for the highest discount rates to enjoy lower premiums.

  • Cashless garage network
    Cashless claim settlement is available only if the car is repaired at networked garages. The higher the number of network garage the company has the better the chances of cashless claim settlement.

How Turtlemint helps?

Turtlemint is an online platform which his partnered with major insurance companies offering car insurance plans. When you visit Turtlemint’s website you can enter your details and the platform lists the available car insurance plans. You can, then, compare and choose the best car insurance company and policy. Thus, Turtlemint is a one-stop shop for your car insurance needs.

Best car insurance companies in India

Name of the companyName of the plan offeredSalient features
Bajaj AllianzCar Insurance PolicyThe free towing facility is inbuilt in the plan
Cashless claims across 4000+ garages
Drive Smart Telematics Service tracks the car in real time and offers safety
The range of add-on covers available
HDFC ErgoPrivate Car Insurance PolicyMore than 7600 networked garages across India
Up to 60% premium discounts
Easy purchase process with no documentation
A wide range of optional and additional coverage options
TATA AIGAuto Secure Private Car Package Policy13 add-ons to customise and enhance the coverage
A good network of over 7500 garages for cashless claim settlements
New IndiaPrivate Car Insurance PolicyInbuilt cover for towing the car
An additional fire or theft cover is also available
IFFCO TokioCar Insurance PolicyInbuilt roadside assistance cover
Cover allowed for towing the car to the garage
Accessories can also be covered through an add-on
Over 4300 garages
RelianceCar Insurance PolicyA cashless settlement at more than 3800 garages
Free roadside assistance cover
LibertyPrivate Car Package PolicyClaim settlement within 7 days
A cashless settlement at more than 900 garages
Future GeneraliCar Insurance PolicyThe policy is issued online instantly
Future Xpress and Future Xpress + service offered. It allows personalised assistance and servicing of the car insurance policy
Towing assistance within city limits

How to buy Best Car Insurance Policy Online with Turtlemint?

Step 1: Visit the website of Turtlemint and click on the ‘car insurance option.

Step 2: Click on ‘Get Insurance Quotes’ and enter your Car Number. You also have the option to choose the ‘Continue Without Car number’ option. After selecting that, you will be redirected to a page asking for your car’s registration number. If you do not have one, select ‘I do not have a registration number’ and enter the registration location.

Step 3: You will be asked your car’s brand name, model, fuel type, variant, registration year, registration city and RTO.

Step 4: Fill in your personal details like your Name and Mobile Number and click on the submit button. Confirm the expiry date of your previous car insurance policy and the name of your previous car insurer, if you have any.

Step 5:You’ll be provided with all the premium quotes. You can compare and select the quote which best meets your requirements. You can also opt for add-on covers to extend the coverage of your chosen insurance plan.

Step 6: Enter your personal details, nominee details and car/vehicle details. Then proceed to make the payment using your credit/debit card or other net banking facilities.

The policy will be sent to your registered email address instantly.

Car Insurance Companies