Car Insurance Companies
A good car insurance company not only covers financial risk but also caters to legal needs. There are 23+ general insuranceRead More
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List of the Top Car Insurance Companies in India
Here is the list of car insurance companies partnered with Square Insurance:
| Sr. No. | Car Insurance Company | CSR | Network Garages | Highlights |
|---|---|---|---|---|
| 1 | Zurich Kotak Car Insurance | 98.00% | 6500+ | Competitive pricing, customizable add-ons |
| 2 | Generali Central Car Insurance | 94.29% | 6500+ | ARAI-approved anti-theft discounts, zero paperwork |
| 3 | Raheja QBE Car Insurance | 92.63% | 1300+ | Useful add-on covers, strong expertise |
| 4 | New India Car Insurance | 92.43% | 3000+ | Government-backed public sector trust, deals with high-value claims |
| 5 | Royal Sundaram Car Insurance | 91.56% | 7600+ | First to launch cashless claim settlement, 10 to 15+ specialized add-ons |
| 6 | Digit Car Insurance | 90.72% | 10000+ | Smartphone self-inspection, customizable IDV |
| 7 | Universal Sompo Car Insurance | 90.72% | 13500+ | Specialized coverage for EVs, backed by a joint venture of public-sector and private banks |
| 8 | SBI Car Insurance | 90.15% | 16000+ | Backed by the State Bank of India, 13 available add-ons |
| 9 | Liberty Car Insurance | 90.10% | 4600+ | 9-Year depreciation cover, AI damage inspection |
| 10 | IFFCO Tokio Car Insurance | 89.09% | 4300+ | In-house surveyors, 24×7 roadside assistance |
| 11 | Shriram Car Insurance | 88.58% | 6000+ | Rapid and paperless claims, customizable add-ons |
| 12 | Tata AIG Car Insurance | 88.26% | 10,000+ | EV-specific protection, pay-as-you-drive option |
| 13 | HDFC ERGO Car Insurance | 88.22% | 13000+ | Overnight repair service, 'iAAA' rating by ICRA |
| 14 | Bajaj General Car Insurance | 88.14% | 4000+ | Tier-2 and rural reach, pay-as-you-drive option |
| 15 | Oriental Car Insurance | 88.05% | 3100+ | High CSR, comprehensive plan starts at ₹2,212 |
| 16 | Magma HDI Car Insurance | 86.11% | 4000+ | 1-Day fast claim settlement, battery secure add-on for EV |
| 17 | Zuno Car Insurance | 85.49% | 3500+ | 24×7 roadside assistance add-on, driving |
| 18 | IndusInd General Car Insurance (formerly Reliance) | 85.06% | 11000+ | AI-assisted claims settlement, affordable pricing, NCB discount |
| 19 | Chola MS Car Insurance | 85.04% | 6912+ | Live video streaming claims, 24×7 customer support |
| 20 | ICICI Lombard Car Insurance | 85.45% | 7200+ | First large-scale cloud operating system, doorstep repair services |
| 21 | National Car Insurance | 84.03% | 1800+ | Oldest public sector general insurer, up to 50% NCB discount |
| 22 | United India Car Insurance | 81.63% | 3100+ | Choice of 11+ add-on covers, multi-year coverage options |
| 23 | Kiwi General Car Insurance | (Not declared) | (Not declared) | Super NCB discount, flexible repair and payout options |
Disclaimer: The Claim Settlement Ratio (CSR*) listed above is from the IBAI 8th edition handbook for policyholders. This list of general insurance companies just includes the partners that Square Insurance works with. They are ranked according to the CSR assigned by IBAI. Also, Square Insurance does not recommend, rate, or endorse any specific insurance company.
How is Claim Settlement Ratio Calculated?
Claim Settlement Ratio signifies the percentage of settled claims from the total number of claims made during a year in a company.
Claim Settlement Ratio (CSR) = Total Number of Claims SettledTotal Number of Claims ReceivedX 100
For example: The total number of claims received by XYZ Insurance Company is 1000. It managed to settle 920 of them, which clearly indicates that the CSR of XYZ is 920. 920/1000*100
Best Car Insurance Companies: How to Compare Them
The best car insurance company depends on multiple factors, not just the premium amount. So, instead of looking for cheaper options, you should also consider:
Coverage Type
Firstly decide whether you need third-party insurance, own damage insurance, or comprehensive coverage based on your car and usage. Then check if your insurer provides the coverage you want to buy. Finally, compare the plans offered by different insurers.
Insured Declared Value (IDV)
IDV is the insured value of your car used to calculate compensation in case of theft or total loss, subject to policy terms. Compare the IDV offered by different insurers and choose a reasonable value for your car.
Claim Settlement Ratio
Claim settlement ratio helps policy buyers to understand the insurer’s record of settling claims. A higher ratio can be a useful indicator, but it does not guarantee approval of your claim.
No Claim Bonus (NCB)
Policy buyers should check if insurance companies provide an NCB discount at the time of renewal in case of no claim history. No claim bonus is a discount percentage that the insurer offers in case of no claim in previous insured years.
Cashless Garage Network
Cashless garage network is the group of authorized service centers tied up with your insurer, where your vehicle gets repaired without paying any upfront. So, check the availability of your insurer’s cashless garage network near your home or workplace. You might still need to pay deductibles and expenses that the policy does not cover.
Available Add-ons
There are several important add-ons that insurers should provide. They can include roadside assistance, engine protection, or zero depreciation. Check their availability and choose the ones you need for better coverage.
How Does Square Insurance Help You Choose the Right Car Insurance Company?
With Square Insurance, you can:
Compare multiple top car insurance companies.Get insights into premium discounts, NCB, and other benefits by different insurers. Get assistance in understanding policy terms and choosing suitable coverage.
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The best car insurance provider varies for everyone. So, it is important to compare different plans from multiple insurers and choose one that best meets your specific needs.
To choose a good car insurance company, you have to consider multiple factors, including:Coverage they offerInsurer's add-on availabilityNCB discount offeringInsured Declared Value
Yes, you can compare car insurance companies quotes online through the Square Insurance website or App.
Yes, you can switch to another car insurance company when your current policy is due for renewal.
You can visit the Square Insurance website and enter your vehicle details. Just within a few clicks, you will be able to get car insurance quotes from multiple insurers.
You can find car insurance companies near you through the following ways:Search online for “car insurance companies near me.”Use an insurer's branch locator to find nearby offices or its garage locator to find cashless garages.