Top Car Insurance Policies in India: Get the Best Coverage at the Best Price

Check the list of some of the best car insurance companies in India, their plans, premiums, and coverages offered.
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Best car insurance companies in India
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3 mins
16-May-2024

With online facilities, comparing and buying car insurance policies has become easy and convenient. But choosing the right car insurance policy from several options available in the market can get confusing. Selecting the right coverage can help you stay secure from unforeseen circumstances and mitigate financial losses.

Top car insurance policies in India 2024

Here are the top car insurers in India, offering some of the best car insurance policies with easy claim processes and high claim settlement ratios.

Best car insurance plans in India

Premium

ACKO Car Insurance

Rs. 2762*

SBI Car Insurance

Rs. 3043*

Bajaj Allianz Car Insurance

Rs. 3031*

HDFC Car Insurance

Rs. 2094*

ICIC Lombard Car Insurance

Rs. 2675*

TATA AIG Car Insurance

Rs. 3164*


ACKO Car Insurance

With zero commissions and paperless claims, ACKO stands as one of the best car insurance in India. ACKO offers one of the best car insurance policies that are innovative and affordable. You get coverage for both own damages and third-party liabilities. It also offers personal accident cover.

You can customise the policies as per your requirements. ACKO Car Insurance has a quick and efficient claims process. It also boasts a high claim settlement ratio.

You can buy ACKO Car Insurance at Bajaj Finance Insurance Mall. Premiums start from Rs. 2,762*.

SBI Car Insurance

SBI Car Insurance offers extensive coverage for both third-party liabilities and damage to your car. It also provides personal accident cover to the owner-driver. You also get No Claim Bonus for having claim-free years. You can avail of add-ons such as zero depreciation insurance, engine protection cover, and return to invoice cover. These features make it one of the best car insurance plans in India.

It has recorded of 98% claim settlement ratio in the FY 2022-23. SBI has a strong technical team across 106 cities in India. You can use SBI mobile app or WhatsApp to make claim intimations, track insurance status, submit documents and more. Avail cashless services at 6,000+ network garages.

Buy the SBI Car Insurance plan at Bajaj Finance Insurance Mall, premium starting at Rs. 3,043*.

Bajaj Allianz Car Insurance

Bajaj Allianz Car Insurance offers comprehensive coverage against third-party liabilities and own damage. It also offers several add-ons, such as zero depreciation cover, key and lock replacement cover, consumable expenses, personal baggage cover and more. Moreover, you get 24x7 spot assistance, ensuring you never get stranded on road.

Bajaj Allianz is the best insurance company for car and has 98% claim settlement ratio, offering hassle-free claim process. You can get cashless services at 6,500+ network garages across India.

Buy the Bajaj Allianz Car Insurance policy at Bajaj Finance Insurance Mall at premium starting from Rs. 3,031*.

HDFC ERGO Car Insurance

HDFC ERGO Car Insurance is one of the best car insurance policies in India, designed to cater every individual requirement. It offers wide coverage for your vehicles. You get comprehensive coverage for damages caused to your own vehicle and third party car insurance. It also provides add-ons such as zero depreciation, engine protect, and roadside assistance. You get compensation for transportation while your car gets repaired at the garage.

HDFC ERGO has a user-friendly website with a simple documentation and claims process. The company also has maintained a high claim settlement ratio, along with cashless services at 6,700+ garages across India.

Buy the HDFC ERGO Car Insurance at Bajaj Finance Insurance Mall, premium starting at Rs. 2,054*.

ICICI Lombard Car Insurance

ICICI Lombard Car Insurance is one of the best car insurance companies and most trusted in India. The policies they offer include comprehensive coverage, third-party insurance, personal accident cover, and own-damage cover. ICICI Lombard Car Insurance comes with add-ons like zero depreciation, engine protect covers, EMI protection cover, NCB retention, and multi-car discounts. They have a user-friendly website and an efficient claims settlement process, with a high claim settlement ratio.

Buy the ICICI Lombard Car Insurance plan at Bajaj Finance Insurance Mall at third-party premiums starting from Rs. 2,094*.

Tata AIG Car Insurance

TATA AIG car insurance policy offers complete coverage for your car at affordable premiums. It has over 6,500+ network garages across India, where you can get your car repaired without having to pay for the charges. TATA AIG Car Insurance policy offers up to Rs. 15 lakh to the insured owner-driver in case of accidental injuries, disabilities, or death. Also, get third-party liability cover and other add-on benefits with this policy.

A step-by-step guide to buy car insurance policies online

Follow these simple steps to buy the best car insurance in India from Bajaj Finance Insurance Mall.

Step 1

Click on 'Get Quote’ to open the online application form and view the car insurance plans offered by leading motor insurance companies.

Step 2

Enter the vehicle type, two-wheeler registration number, mobile number, and residential PIN code. Check the terms and conditions and click on the ‘Get Quote’ button below.

Step 3

Choose the IDV, NCB value, add-on covers, and plan type to get a list of relevant policies. You need to update your current policy expiry date here.

Step 4

Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on ‘Next’ to proceed.

Step 5

Confirm the vehicle registration date and the previous policy type (comprehensive/third-party). Click on ‘Proceed’.

Step 6

Enter vehicle owner’s name, date of birth, residential address, and contact number. Also, enter vehicle engine and chassis number (as per the RC) and previous policy details.

Step 7

Review your previously filled details and make the payment through your preferred online payment mode. You can use net banking, UPI, credit/debit card to buy the policy.

While choosing the right car insurance policy, consider factors like claim settlement ratio, customer support, and claim process. Also, consider policy coverage and premium, whether it suits your budget and requirement or not.

Factors to consider while choosing the best car insurance policy

To choose the best car insurance policy, you need to consider several factors to ensure you get the right coverage for your needs. Here are some important factors to keep in mind:

Coverage

The coverage options provided by the policy is one of the most important factors to consider when selecting the best car insurance policy. Ensure you get the right level of coverage for your needs, including liability, collision, and comprehensive coverage.

Premiums

The cost of the insurance premiums is an important factor to consider. While you want to ensure that you are getting a good deal, remember that the cheapest policy may not always provide the best coverage.

Deductibles

Another important factor to consider is the deductible amount. A higher deductible will result in lower premiums, but you will need to pay more out of pocket if you are involved in an accident.

Add-ons

Many car insurance policies offer additional add-ons such as roadside assistance, personal accident cover, and no-claim bonus protection. Consider whether these add-ons are necessary for your situation and if they are worth the extra cost.

Company reputation

It is important to consider the reputation of the insurance company before selecting a policy. Look for a company with a strong reputation for customer service and claims handling.

Exclusions

Make sure to thoroughly read the policy documentation to understand any exclusions that may affect your coverage.

Also read: Parivahan Sewa

Types of car insurance policies in India

When selecting a car insurance policy in India, consider your needs and the level of coverage required. Here are the different types of car insurance policies available in India.

Third-party liability insurance

This is the minimum coverage required by law. It covers damages and injuries caused to a third party by your vehicle. It doesn't cover damages to your own vehicle.

Comprehensive insurance

Comprehensive insurance offers extensive coverage. It covers damages to your vehicle as well as third-party liabilities. It includes protection against theft, natural disasters, and accidents.

Standalone own damage car insurance

This policy specifically covers damages to your vehicle caused by accidents, theft, fire, or natural calamities. It provides coverage for repair or replacement costs.

By understanding these car insurance types and factors, you can make an informed decision to secure the best car insurance in India for your vehicle.

Difference between the types of car insurance policies in India

Feature

Third-Party Liability

Comprehensive Insurance

Standalone Own Damage

Coverage

Covers damages to third parties only.

Covers damages to own vehicle and third parties.

Covers damages to own vehicle.

Own Vehicle Coverage

Not included.

Included.

Included.

Third-Party Coverage

Included.

Included.

Not included.

Personal Accident Cover

Usually included.

Usually included.

Usually included.

Damage Coverage

Not covered.

Covers theft, fire, natural calamities, and accidents.

Covers theft, fire, natural calamities, and accidents.

Add-Ons Available

Limited options.

Various add-ons like zero depreciation, engine protection, etc.

Various add-ons like zero depreciation, engine protection, etc.

Cost

Lower premium.

Higher premium due to extensive coverage.

Lower premium compared to comprehensive insurance.

 

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Frequently asked questions

Which are the five best car insurance plans?

The best car insurance plan refers to the top-rated car insurance policies available in India. These are based on several factors such as coverage, customer service, pricing, and claim settlement ratio.
You can avail of the following top five car insurance plans through Bajaj Finance Insurance Mall.

  • ACKO Car Insurance
  • Bajaj Allianz Car Insurance
  • HDFC Ergo Car Insurance
  • ICICI Lombard Car Insurance
  • SBI General Car Insurance
Are these car insurance plans suitable for all drivers?

While these car insurance plans are suitable for most drivers, it is advisable to go through the terms and conditions carefully before selecting any coverage. Some car insurance policies may have specific eligibility criteria for drivers, such as age or driving experience.

What type of coverage do these plans offer?

The five car insurance policies listed above offer comprehensive coverage that includes third-party liability, own damage, personal accident cover, and more. You also get additional benefits such as roadside assistance, zero depreciation cover, and more. Check the policy details in the policy documents when buying.

Can I customise my car insurance coverage with these plans?

If you have car insurance from any other company than listed above, you can look for a transfer of car insurance policy. If you already own car insurance from the listed insurance companies, then you can opt for add-ons as per your needs. These car insurance plans allow you to customise your coverage according to your individual needs. For example, you can choose to add coverage for additional accessories or increase the personal accident cover limit.

How can I purchase one of these car insurance plans?

You can buy car insurance policies online through Bajaj Finance Insurance Mall. Here you can buy car insurance policies with zero paperwork and no hassle.

Visit the website and enter your personal and car details. You need to enter the details like the car's IDV, NCB value (if any), add-on covers (if required), and plan type. Confirm the vehicle registration date and previous policy type (if any). Review the filled details and make the payment through any of the preferred online payment modes. You will receive the policy documents at your registered email address.

Is there a waiting period for coverage to begin?

Yes, you may have a certain waiting period for the coverage to begin, usually ranging from 24 to 48 hours. However, this varies from policy to policy, so it is always best to confirm with your insurance provider beforehand.

Which car insurance is best in India?

There is no one-size-fits-all answer to the question of which car insurance is best in India. The best car insurance policy for you will depend on your individual needs, budget, and driving habits. It is important to research and compare different policies to find the one that provides the right level of coverage at a price you can afford.

How do I know which car insurance is best?

To determine which car insurance is best, it is essential to consider several factors, including your budget, coverage needs, reputation of the insurance company, and the claims process. You may want to compare insurance providers and their policies to settle on one that offers the best value for money and tailored coverage that meets your needs.

What type of insurance is most important for cars?

The most important type of insurance for cars is typically a comprehensive insurance policy. A comprehensive insurance plan covers third-party liabilities and damages to your own vehicle. Third-party plan covers damages or injuries to other parties in case of an accident that you are found to be at fault for. It is mandatory in most states to carry a minimum amount of liability insurance to legally operate a vehicle on the road.

Which type of insurance is best for a car?

Comprehensive car insurance plans are often considered the ideal car insurance choice due to their extensive coverage and benefits. However, depending on your requirements and other factors, other types of policies might also be most suitable for you. Ensure you compare multiple options to find the policy that best suits your needs and budget.

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Insurance is the subject matter of solicitation. *T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third-party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

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