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Best Car Insurance Companies in India - Complete List

  • Coverage for Personal Accident
  • Easy and Hassle-free Claim Process
  • Easy Comparisons

Indian roads are constantly teeming with vehicles of all shapes and sizes. The overall car sales in India crossed the mark of 4 million in 2023 (Source). If you own a car or have plans to buy the same, ensuring your vehicle's safety is paramount. This is where you need a suitable car insurance policy.

Car insurance can provide a financial safety net against unexpected mishaps on the road, offering protection to your vehicle and financial well-being. However, choosing the right car insurance provider can be a tough nut to crack amidst the myriad of options available in the market.

Many individuals overlook the importance of thoroughly researching different car insurance companies before purchasing a policy. This oversight can lead to potential regrets later on. Each company offers varying levels of coverage, customer service quality, and claim settlement efficiency. Ignoring these differences can result in inadequate coverage or unnecessary financial burdens during critical times.

Complete List of Car Insurance Companies (Including ICR)

The following table covers the list of IRDAI-approved car insurance companies based on their Incurred Claim Ratio (ICR) as per the Annual Report 2022-23/2021-22:

Car insurance companies Founded in (Year) ICR (2021-22) ICR (2022-23)
ACKO General Insurance Ltd. 2016 86.87 86.94
Bajaj Allianz General Insurance Co. Ltd. 2001 68.53 74.48
Cholamandalam MS General Insurance Co. Ltd. 2001 65.05 75.33
Future Generali India Insurance Co. Ltd. 2007 62.43 64.72
Go Digit General Insurance Ltd. 2016 79.54 68.76
HDFC ERGO General Insurance Co. Ltd. 2002 74.66 78.09
ICICI LOMBARD General Insurance Co. Ltd. 2001 70.88 72.40
IFFCO TOKIO General Insurance Co. Ltd. 2000 84.12 83.34
Kotak Mahindra General Insurance Co. Ltd. 2015 82.67 80.53
Liberty General Insurance Ltd. 2013 62.84 73.33
Magma HDI General Insurance Co. Ltd. 2009 69.37 73.36
National Insurance Co. Ltd. 1906 90.68 108.81
Navi General Insurance Ltd. 2016 117.97 136.77
Raheja QBE General Insurance Co. Ltd. 2007 92.55 83.02
Reliance General Insurance Co. Ltd. 2000 75.57 79.62
Royal Sundaram General Insurance Co. Ltd. 2001 85.76 79.29
SBI General Insurance Co. Ltd. 2009 93.58 89.97
Shriram General Insurance Co. Ltd. 2006 72.97 69.86
Tata AIG General Insurance Co. Ltd. 2001 74.51 73.81
The New India Assurance Co. Ltd. 1919 91.00 97.52
The Oriental Insurance Co. Ltd. 1947 97.95 106.66
United India Insurance Co. Ltd. 1938 98.90 103.43
Universal Sompo General Insurance Co. Ltd. 2007 91.32 83.46
Zuno General Insurance Limited (Formerly Edelweiss General Insurance Co. Ltd.) 2016 84.61 79.83

Top 10 Car Insurance Companies in India Based on ICR

The following table covers top car insurance companies based on their ICR:

Car insurance companies ICR (2022-23)
Navi General Insurance Ltd. 136.77
National Insurance Co. Ltd. 108.81
The Oriental Insurance Co. Ltd. 106.66
United India Insurance Co. Ltd. 103.43
The New India Assurance Co. Ltd. 97.52
SBI General Insurance Co. Ltd. 89.97
ACKO General Insurance Ltd. 86.94
Universal Sompo General Insurance Co. Ltd. 83.46
IFFCO TOKIO General Insurance Co. Ltd. 83.34
Raheja QBE General Insurance Co. Ltd. 83.02

**The data mentioned in the table above is taken from the IRDAI Annual Report 2022-23. The numbers may change over time.

Top 10 Car Insurance Companies in India Based on Network Garages

The following table covers top car insurance companies based on their network garages:

Car insurance companies Network Garages
SBI Car Insurance 16000
HDFC Ergo Car Insurance 8200
Reliance Car Insurance 8200
TATA AIG Car Insurance 7500
Chola MS Car Insurance 4636
Liberty Car Insurance 4500
IFFCO Tokio Car Insurance 4300
Bajaj Allianz Car Insurance 4000
Future Generali Car Insurance 3500
Universal Sompo Car Insurance 3500

Now that you know about the complete list of car insurance companies, the next important thing you would want to know is how to select the best car insurance company in India. Let’s get into it.

How to Choose the Best Car Insurance Company in India?

Selecting the best car insurance company in India can seem overwhelming, but it doesn't have to be. Here are some key factors to consider when making your decision:


Coverage options

Ensure the chosen insurance company offers a variety of coverage options tailored to your needs. Basic liability coverage must be supplemented with comprehensive coverage and personal injury protection to ensure complete protection for your vehicle and yourself in case of accidents or other incidents.


Claim Settlement Ratio

Claim Settlement Ratio or CSR indicates how efficiently an insurance company processes and settles claims. A higher ratio implies that the majority of claims are settled, providing confidence that the company will fulfill its obligations promptly in the event of a claim. This will eventually minimize delays in claim settlement.


Customer Service

A responsive and helpful customer service team is essential for addressing queries, handling claims efficiently, and providing assistance when needed. Positive customer service experiences can significantly enhance the overall satisfaction with an insurance company, ensuring a smooth and hassle-free experience.



While comparing premiums charged by the top-rated car insurance companies is important, it's equally crucial to assess the value offered for the price. Cheaper premiums may indicate limited coverage or higher deductibles, while slightly higher premiums may provide more extensive coverage and additional benefits. Here, you need to strike a balance between affordability and adequate coverage to ensure comprehensive protection.



Additional coverage options and discounts can enhance the value of your insurance policy. Look for companies offering add-on covers such as roadside assistance, zero depreciation cover, and engine protection. Besides this, you can also look for discounts offered based on factors like safe driving habits, installing anti-theft devices, or bundling multiple policies.


Insurer’s Financial Stability

Detailed assessment of the financial stability of the best car insurance companies can help ensure it meets its financial obligations, particularly during times of economic uncertainty or when processing large volumes of claims. You can check the company's credit ratings and financial reports to gauge its stability and ability to fulfill claims promptly and effectively.


Ease of purchase and renewal

You can opt for car insurance companies that offer user-friendly online platforms for policy purchase and renewal. A streamlined process for obtaining quotes, comparing options, and completing transactions online saves time and effort, providing convenience and flexibility in managing your insurance policies.

Types of Policies Offered By Car Insurance Companies in India

Car insurance companies in India offer three common types of policies to suit different needs, including:


Third-Party Liability Insurance

This type of policy covers damages caused to third parties, including bodily injury or property damage, in accidents where you are at fault. It is mandatory by law for all vehicle owners in India to have at least third-party liability insurance.


Comprehensive Insurance

Comprehensive car insurance offers extensive coverage, including third-party liability and coverage for damages to your vehicle due to accidents, theft, natural disasters, and other unforeseen events. It provides comprehensive protection and is highly recommended for optimal coverage.


Standalone Own Damage Insurance

Standalone own damage insurance provides coverage exclusively for damages to your vehicle, excluding third-party liability coverage. It is ideal for those who already have third-party liability coverage through other means, such as government-mandated insurance or bundled policies. This type of policy allows you to customize your coverage according to your specific needs and preferences.

The following table covers a detailed comparison between these three types of car insurance policies:

Parameter Third-Party Liability Insurance Comprehensive Insurance Standalone Own Damage Insurance
Coverage Covers damages to third parties Covers damages to third parties and own vehicles, including accidents, theft, natural disasters, etc. Covers damages to own vehicle only, excluding third-party liability
Mandatory Requirement Mandatory by law Not mandatory by law but highly recommended Optional, often chosen as a supplement to existing third-party coverage
Scope of Coverage Limited coverage Extensive coverage Coverage limited to damages to own vehicle
Protection Provides protection against liabilities arising from accidents where you are at fault Provides comprehensive protection for own vehicle and liabilities arising from accidents Provides protection against damages to own vehicle only
Additional Benefits - Additional benefits such as personal accident cover, roadside assistance, zero depreciation cover, etc., as per chosen add-ons -
Premium Generally lower premiums Relatively higher premiums Can be tailored to specific coverage needs; premium may vary
Recommended Usage Basic coverage for legal compliance Recommended for comprehensive protection against various risks Supplement to existing third-party coverage, ideal for those seeking additional coverage for their own vehicle

How to Buy The Best Car Insurance Policy in India?

Here's a step-by-step guide to help you buy the best car insurance policy:

  • Start by evaluating your insurance needs, considering the age and value of your car, your driving habits, and your budget. This will help you determine the type and level of coverage you require.
  • Research reputable car insurance companies in India to compare their offerings, including coverage options, CSRs, customer reviews, and premiums. Look for companies with a strong track record of reliability and customer satisfaction.
  • Once you've shortlisted a few car insurance companies, compare the policies they offer to find the one that best fits your requirements. Pay attention to coverage limits, exclusions, add-on options, and any discounts available.
  • Don't settle for the first quote you receive. Instead, request quotes from multiple car insurance companies to compare prices and ensure you're getting the best deal.
  • Depending on your needs, consider adding optional coverage extensions or add-ons to your policy.
  • Before finalizing your car insurance policy, carefully read the terms and conditions, including any exclusions or limitations. Make sure you understand what is covered and what is not, as well as the process for filing claims and renewing your policy.
  • Once you've selected the best car insurance policy for your needs, complete the purchase process either online or through an authorized agent. Make sure to provide accurate information and payment details to ensure your policy is valid.

Start your car insurance purchase process here.