Getting a Motor Insurance, unlike other forms of insurance, is not a choice but a legal compulsion.
It is mandatory to have a third-party motor insurance under Indian Motor Act.
But it is recommended by experts to get a comprehensive insurance for your prized possession.
A comprehensive plan covers a vehicle not only on the loss/ damage caused by you to a
third party (driver/vehicle/property) but also loss /damage caused to your vehicle by natural/manmade
calamities. To top it up, every insurer offers a host of valuable add-ons on the basic plan to make
the coverage even more effective.
There are three types of Motor Insurance -
- Private Car Insurance
- Two Wheeler Insurance
- Commercial Vehicle Insurance
The public sector insurers have always enjoyed the customer’s preference over private sector insurers.
Though, the pattern is bending in favour of private insurers since the last few years.
Overview of Top 5 Motor Insurance Companies:
ICICI Lombard General Insurance Co. Ltd.
Among the private players, ICICI Lombard GIC Ltd. is the largest general insurance company in India.
As per a survey performed by J.D. Power Asia Pacific, ICICI Lombard Auto Insurance leads all the
auto insurance players in terms of customer satisfaction. The brand has also been recognized as
the most Customer Responsive insurance company. It also boasts of a reputed award for customer
and brand loyalty.
Why it rocks?
- Doorstep surveyor facility
- Towing assistance
- Online purchase on EMIs
- Digitally signed online policy
- Cashless settlement at 2900+ network garages
Tata AIG General Insurance Co. Ltd.
Tata AIG General Insurance was incepted in 2011. Even being a comparatively younger company,
TATA AIG managed to win over a major fraction of motor insurance market owing
to its robust channels of distribution and hassle-free claims.
Last year, the brand bagged reputed awards for being the best employer and deployment
of mobile application in insurance.
Why it rocks?
- Free car pick up
- Warranty on repairs
- Cashless settlement at network garages
- Claim settlement in 7 days
- Unique add-ons
The Oriental Insurance Co. Ltd.
Owned by the Central Government, Oriental Insurance Company is one of the best companies
to get a motor insurance. The brand boasts of winning the most reputed awards in the industry.
The latest ones worth mentioning here are - ‘best public general insurance award’ and ‘best bank
and financial institution award’. Oriental is one of the few insurance companies
in India to get the iAAA rating by ICRA, indicating its strong financial framework.
Why it rocks?
- One of the most reliable names in motor insurance
- High claim settlement ratio
- Fast claim settlement
- Valuable add-ons
The New India Assurance Co. Ltd.
New India is wholly owned by the government of India. Backed up by a strong capital,
infrastructure and human resource, New India is the leading auto insurance company in India.
The brand has embarked an international presence and is well known for being a pioneer
in introducing innovative insurance products.
It has been rated A- (Excellent) by A.M.Best Co., becoming the only Indian insurance company
to be rated by an international rating agency.
Why it rocks?
- Claim decision taken within 3 days of application
- Surveyor appointed within 48 hours of claim intimation
- Claim payment made within 3 days of discharge voucher receipt
- Grievance acknowledged within 3 days of receipt
- Grievance resolved within 15 days of receipt
HDFC ERGO General Insurance Co. Ltd
Bolstered by a robust channel of distribution and customer oriented approach,
HDFC is the top notch brand for getting a motor insurance. HDFC boasts of having one
of the highest claim settlement ratios among private motor insurers. HDFC ERGO
is ISO 9001:2008 certified for its operations and claim processes
and has been rated iAAA by ICRA. It was recognized as the best general insurance company
in India by IAIR in 2013.
Why it rocks?
- Age and profession discount
- Zero documentation
- Fast claim settlement
- Cashless settlement at 1600+ network garages
Dedicated customer support team.