Best Car Insurance To Look Forward It is crucial to find the appropriate car insurance to effectively manage your personal finances. This is because it can greatly minimize the costs associated with repairing and damages inflicted upon your own vehicle, as well as others’ vehicles or properties. Looking ahead to 2024, car insurance companies in India are projected to offer more extensive coverage, expedited claims processing, and a host of appealing advantages and rewards. Let’s delve into the top car insurance policies to anticipate in 2024.
Best Car Insurance To Look Forward 2024
- ACKO Car Insurance. Cashless Garages. 6,600+ Digital Self-Inspection. Yes. …
- Bajaj Allianz Car Insurance. Cashless Garages. 4500+ Pay As You Consume. Yes. …
- ICICI Lombard Car Insurance. Price. INR 2,094 onwards. Benefits: …
- TATA AIG Car Insurance. Price. INR 2094 onwards. Network Garages.
HDFC ERGO Comprehensive Car Insurance
Starting at INR 2,551, HDFC ERGO Comprehensive Car Insurance offers a premium that provides coverage for damages to your car. With over 6,700 cashless garages in its network, the insurance covers expenses incurred during repairs. In addition, it includes 24/7 emergency roadside assistance for accidents, fire, explosions, natural calamities, and other incidents. Furthermore, the insurance provides legal liability coverage for damages to third-party property.
The Best car insurance offers various add-ons such as zero depreciation cover, engine and gearbox protection, no claim bonus, and emergency assistance cover. Additionally, there are benefits like ‘Pay As You Drive’ which allows the insured to pay the premium based on actual car usage. Moreover, if you have claim-free years, you can enjoy an additional 5% discount on renewals.
Bajaj Allianz Comprehensive Car Insurance
Bajaj Allianz Comprehensive Car Insurance is ranked among the best car insurance options on our list due to its plans that are packed with features. This policy provides coverage for third-party liability, personal accident protection, and a wide range of additional rider options. To ensure that your car is fully protected during repairs, the company has established a network of over 4,500 garages nationwide.
The policy provides a convenient cashless claim service that eliminates the need for the insured to personally cover the repair costs, as the company will handle the payment directly with the network garage. Simply notify the insurance company when you need to have your car repaired at the nearest network garage. Additionally, there are several optional add-ons available, such as engine protector, zero depreciation, key and lock replacement, and coverage for consumable expenses.
Reliance General Comprehensive Car Insurance
In India, it is mandatory for all vehicle owners to possess car insurance. To meet this requirement, Reliance General Comprehensive Car Insurance provides coverage for personal car damages and third party liabilities. Purchasing the policy online only requires the submission of relevant documents and payment of the premium. This policy ensures coverage for accidental damages, theft-related losses, and man-made disasters.
Additionally, there are various add-ons available if you wish to enhance your coverage. These include total return to invoice, EMI protection cover, Zero depreciation cover, engine protection cover, NCB retention cover, daily allowance benefit, and tyre protector. However, it is important to note that this insurance does not offer free road-side emergency assistance. Furthermore, compared to other car insurance companies, the premium for this policy is relatively expensive.
IFFCO Tokio Comprehensive Car Insurance
When choosing car insurance, it is essential to consider factors such as policy coverage, additional benefits, and garage network. IFFCO Tokio Comprehensive Car Insurance is among the top providers on our list in terms of meeting these criteria for selecting the best car insurance in 2024. Starting at INR 2,094 per year, this premium offers comprehensive coverage that includes features like zero depreciation cover, third-party insurance, and personal accident coverage. Additionally, there are various add-ons available such as NCB protection cover, new vehicle replacement, roadside assistance, and engine protection cover for added security.
TATA AIG Comprehensive Car Insurance
TATA AIG Comprehensive Car Insurance provides a service that allows insured cars to be repaired at any of their 7,500 network garages located throughout the country. This insurance policy offers coverage for both personal car damage and damage caused to third-party cars or property. Additionally, it includes various add-ons that aim to provide comprehensive protection for your vehicle. One of the add-ons available is the zero depreciation add-on, which fully reimburses the expenses needed to repair damaged car parts during the first two claims, accounting for any depreciation costs.
By purchasing the TATA AIG Comprehensive Car Insurance policy online through their official website, you can enjoy savings of up to 75% on premiums. Moreover, if you have not made a claim for five consecutive years, you are eligible for a discount of up to 50% on your car insurance premiums. Furthermore, there are several other add-ons that you can take advantage of. For instance, the return of invoice add-on covers the difference between the purchase price and the compensation amount in case of car theft or complete damage.
10 Best Car Insurance Companies In India
In a market of numerable options of car insurance companies choosing an appropriate choice for your needs can be tiresome. Below provided is a summary of the car insurance from motor insurance companies in India:-
| Serial No. | Car Insurance Companies | Claim Settlement Ratio (CSR) |
| 1. | Acko Car Insurance Policy | 95.50% |
| 2. | Go Digit Car Insurance | 95% |
| 3 | IFFCO TOKIO Car Insurance | 96.80% |
| 4. | Reliance General Car Insurance | 98% |
| 5. | ICICI Lombard Car Insurance | 87.38% |
| 6. | SBI General Car Insurance | 89.51% |
| 7. | HDFC ERGO Car Insurance | 91.23% |
| 8. | Universal SOMPO Car Insurance | 96% |
| 9. | Magma HDI Car Insurance | 79.60% |
| 10. | Royal Sundaram General Finance Car Insurance | 98.6% |
1. Acko Car Insurance Policy
The various features of the policy are:-
- Company name: Acko General Insurance
- Renewal Cost (1000 – 1500cc): ₹.3,416
- Third-party coverage: Yes
Pros |
Cons |
| 93% users save at least ₹1,200 on car insurance | Lesser cashless garages |
| 3-day doorstep delivery; 1-hour pickup | No depreciation of tyres cover |
| Outstation emergency cover | |
| ₹2,094 Min. Plan starting range |
2. Go Digit Car Insurance
The features of the policy are:-
- Company name: Go Digit General Insurance Limited
- Renewal Cost (1000 – 1500cc): ₹3,416
- Third-party coverage: Yes
Pros |
Cons |
| Burglary damages covered | Third-party plans have fewer add-ons |
| Engine and gear-box covered | |
| Repair anywhere | |
| ₹1,994 Min. Plan starting range |
3. IFFCO TOKIO Car Insurance
The renowned policy’s attributes are:-
- Company name: IFFCO Tokio General Insurance Co. Ltd.
- Renewal Cost (1000 – 1500cc): ₹3,221
- Third-party coverage: Yes
Pros |
Cons |
| Zero depreciation cover | Lower Google rating |
| Electrical/Non-Electrical damages covered | |
| 24×7 road assistance | |
| CNG/LPG fuel kit covered |
4. Reliance General Car Insurance
The attributes of this policy are:-
- Company name: Reliance General Insurance Company
- Renewal Cost (1000 – 1500cc): ₹3,221
- Third-party coverage: Yes
Pros |
Cons |
| NCB retention cover | Mechanical and electrical incurred damages not covered |
| Daily allowance benefit | |
| AAI benefit | |
| ₹2,094 Min. Plan starting range |
5. ICICI Lombard Car Insurance
Various attributes of the policy are:-
- Company name: ICICI Lombard Insurance Company
- Renewal Cost (1000 – 1500cc): ₹3,221
- Third-party coverage: Yes
Pros |
Cons |
| Accidental coverage for co-passengers, if any | Comparatively lower number of garages |
| NCB benefit | |
| Doorstep inspection facility | |
| iAAA Rating by ICRA |
6. SBI General Car Insurance
The features of this policy are:-
- Company name: SBI General Insurance
- Renewal Cost (1000 – 1500cc): ₹3,221
- Third-party coverage: Yes
Pros |
Cons |
| Personal Accident Cover of up to Rs. 15 lakh | Comparatively lower number of garages |
| Invoice cover | |
| Cover of Rs. 2 lakh for a hired rider and co-passengers in case of an accident. | |
| iAAA Rating by ICRA |
7. HDFC ERGO Car Insurance
The policy attributes:-
- Company name: HDFC ERGO Insurance Company
- Renewal Cost (1000 – 1500cc): ₹3,416
- Third-party coverage: Yes
Pros |
Cons |
| 6,800+ garages | Car depreciation damages not covered |
| Paperless insurance procedure facility | |
| Down-time rider add-on | |
| Policy renewal without inspection |
8. Universal SOMPO Car Insurance
The features of the policy are:-
- Company name: Universal SOMPO Insurance Company
- Renewal Cost (1000 – 1500cc): ₹3,221
- Third-party coverage: Yes
Pros |
Cons |
| Daily cash allowance benefit | Has a compulsory deductible amount |
| Depreciation waiver cover | |
| Accidental hospital clause and loss of personal belongings in case of accident | |
| ₹1,994 Min. Plan starting range |
9. Magma HDI Car Insurance
The policy consists of the following features:-
- Company name: Magma HDI Insurance Company
- Renewal Cost (1000 – 1500cc): ₹3,429
- Third-party coverage: Yes
Pros |
Cons |
| LPG/CNG coverage provided | Comparatively lower claim settlement ratio (CSR) |
| Tyre damage covered if beyond repair | |
| Personal accident cover | |
| 4,000+ garages |
10. Royal Sundaram General Finance Car Insurance
This policy carries the following attributes:-
- Company name: Royal Sundaram General Finance Company
- Renewal Cost (1000 – 1500cc): ₹3,221
- Third-party coverage: Yes
Pros |
Cons |
| In-transit cover | Damage incurred by breakdown not covered |
| Theft coverage | |
| Vehicle replacement value cover | |
| Voluntary premium-deductible cover |
Best Car Insurance Companies By Our Team Tests
This post provides information on the best car insurance companies based on tests conducted by our team. Our team has evaluated several factors, including coverage options, customer service, pricing, and financial stability to determine which companies offer the best overall value for customers. We have also taken into account customer reviews and ratings to provide a comprehensive list of the top car insurance providers in the market. By choosing a reputable car insurance company, you can ensure that you are protected financially in case of an accident or other events that may cause damage to your vehicle.
Average cost of car insurance
| State | Average annual cost for full coverage | Average annual cost for minimum coverage |
|---|---|---|
| Alabama | $1,843 | $441 |
| Alaska | $1,946 | $421 |
| Arizona | $1,810 | $587 |
| Arkansas | $1,907 | $443 |
| California | $2,291 | $636 |
| Colorado | $2,121 | $500 |
| Connecticut | $1,533 | $620 |
| Delaware | $2,103 | $801 |
| Florida | $3,183 | $1,128 |
| Georgia | $2,085 | $639 |
| Hawaii | $1,275 | $344 |
| Idaho | $1,133 | $267 |
| Illinois | $1,806 | $552 |
| Indiana | $1,295 | $327 |
| Iowa | $1,315 | $223 |
| Kansas | $1,878 | $416 |
| Kentucky | $2,124 | $678 |
| Louisiana | $2,909 | $815 |
| Maine | $941 | $225 |
| Maryland | $1,971 | $815 |
| Massachusetts | $1,262 | $429 |
| Michigan | $2,691 | $1,104 |
| Minnesota | $1,760 | $585 |
| Mississippi | $1,771 | $446 |
| Missouri | $1,943 | $490 |
| Montana | $1,889 | $310 |
| Nebraska | $1,624 | $359 |
| Nevada | $2,779 | $973 |
| New Hampshire | $1,262 | $319 |
| New Jersey | $1,754 | $782 |
| New Mexico | $1,591 | $346 |
| New York | $3,139 | $1,371 |
| North Carolina | $1,446 | $432 |
| North Dakota | $1,302 | $269 |
| Ohio | $1,266 | $338 |
| Oklahoma | $1,998 | $406 |
| Oregon | $1,415 | $616 |
| Pennsylvania | $2,040 | $428 |
| Rhode Island | $1,886 | $551 |
| South Carolina | $1,532 | $524 |
| South Dakota | $1,553 | $276 |
| Tennessee | $1,429 | $371 |
| Texas | $2,019 | $565 |
| Utah | $1,510 | $539 |
| Vermont | $1,061 | $238 |
| Virginia | $1,439 | $494 |
| Washington | $1,410 | $515 |
| Washington D.C. | $2,072 | $607 |
| West Virginia | $1,580 | $421 |
| Wisconsin | $1,292 | $358 |
| Wyoming | $1,582 | $263 |
Frequently Asked Questions
How to switch from one car insurance company to another?
The analysis of your precise requirements and the CSR will pave the way to the switching of car insurance companies.
How do insurance companies estimate car damage?
Estimations from verified vehicle body shops can facilitate the estimation of car damage for insurance companies.
Will insurance companies pay for all the damage by accident?
Yes, in the majority of cases. Therefore it is advised to do a thorough read of the policies to avoid experiencing any mishaps during the process.
Which insurance is best for car after 10 years?
A comprehensive insurance plan is better for an old car as it offers coverage against third-party liabilities and own damage.
Which insurance company has best claim settlement ratio?
Max Life Insurance has the greatest claim settlement ratio in terms of claim number, with 99.34% for the fiscal year 2021-22. Exide Life Insurance and Bharti Axa Life Insurance came in second with a 99.09 percent death settlement percentage.
Who is known for cheapest car insurance?
Cheapest car insurance companies
- Best overall: Geico.
- Best for minimum coverage: Auto-Owners.
- Best for customer satisfaction: Amica.
- Best for military members and veterans: USAA.
Summary
In India, it is mandatory for all vehicle owners to possess either a car insurance policy or at least third-party insurance coverage. However, this should not be the sole reason for purchasing one. When choosing the appropriate car insurance, it is crucial to consider factors such as policy coverage, additional benefits, garage network, invoice return, and various other advantages. While every car insurance policy may appear similar, there are numerous disparities in terms of coverage, premium amount, add-ons, and other features. It is important to keep in mind to review the car insurance policy brochure and conduct a thorough assessment when selecting the finest car insurance policy in 2024.
