Bikes and cars are one of the biggest investments made by today’s youth, and it has also become a very essential part of their lives. People depend upon their vehicle to get around every day, but people often neglect to get proper insurance coverage for their two-wheeler/car. Furthermore, the right insurance company can make your life a lot easier, whereas the wrong one will do the exact opposite. And that’s why this article will take you over the best companies in India that offer insurance on vehicles.
Why Is Car & Bike Insurance Necessary?
People spend a lot of money on buying and maintaining their bikes/cars, and in the event of a crash or theft, we lose everything. So, here’s how insurance can help you.
- Car & two-wheeler insurance protects you against accidents, theft and any other unnatural incidents that might cause any damage to your vehicle.
- You receive no claim bonus (NCB). NCB is a bonus you receive each year where there are no claims against your insurance. You can also think of it as a reward for driving responsibly.
- With the best car insurance, you are also eligible for personal accident cover, where in case of death or permanent disability for a predetermined amount.
- Two-wheeler insurance also entitles you to have your damaged bike/car repaired in any of the company’s cashless garages, with the bills being settled between the insurance provider and the garage.
- Insurance providers today also give you the option of getting long term insurance. This is beneficial to you because the renewal rate and tax keep increasing each time. Additionally, you don’t have to wait for a renewal that often.
- With a bike & car insurance company you get access to the network of garages that have tie-ups with the insurance provider.
The 15 Best Companies For Insurance On Cars In India 2023
This list is crafted after performing thorough research and analysis of each and every company.
| S. No. | Company | Claim Settlement Ratio FY20 | Cashless Garage Network (Car) | Cashless Garage Network (Bike) |
| 1. | IFFCO Tokio General Insurance Company Limited | 95.3% | 4300+ | 4300+ |
| 2. | Royal Sundaram General Insurance | 92.66% | 3868 | 4600+ |
| 3. | The Oriental Insurance Company | 89% | 456 | 3100+ |
| 4. | HDFC ERGO General Insurance | 99.8% | 7900+ | 7600+ |
| 5. | Universal Sompo General Insurance | 99.23% | 1493 | 3500 |
| 6. | SBI General Insurance Company Limited | 96% | 2613 | 16000 |
| 7. | Bajaj Allianz General Insurance Company Limited | 98% | 4500+ | 4000+ |
| 8. | ICICI Lombard General Insurance | 99.98% | 4800+ | 5100+ |
| 9. | Future Generali India Insurance | 92% | 2500 | 3500+ |
| 10. | New India Assurance Company Limited | 92.68% | 456 | 3000+ |
| 11. | TATA AIG General Insurance | 96.43% | 5400+ | 5000+ |
| 12. | Bharti AXA General Insurance | 87.99% | 3742 | 5200+ |
| 13. | Reliance General Insurance | 94% | 5000+ | 6200+ |
| 14. | Go Digit General Insurance | 78.83% | 5800+ | 2900+ |
| 15. | Cholamandalam MS General Insurance | 56.25% | 8500+ | 8500+ |
These are your best bet for insurance on vehicle
1. IFFCO Tokio General Insurance Company Limited
What started as a fertiliser manufacturing company turned into a joint venture between IFFCO and Tokio Marine Group. Today they provide insurance policies to people all over India, also IFFCO Tokio’s car insurance is considered one of the best. And now save more on your insurance with IFFCO Tokio offers.
| Car Insurance | Two-wheeler insurance |
|
|
Add-Ons
- New vehicle replacement.
- No claim bonus protection.
- Zero depreciation.
- Roadside assistance.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
2. Royal Sundaram General Insurance
With over 28 million customers across India, Royal Sundram is dedicated to giving Indians peace of mind and confidence while driving on India’s overcrowded roads. Furthermore, Royal Sundaram bike insurance is one of India’s most popular insurance plans.
| Car Insurance | Two-wheeler insurance |
|
|
Add-Ons
- Depreciation waiver cover.
- Damage to windshield glass protection.
- Tyre cover.
- Lifetime road tax.
- Spare car clause.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
3. The Oriental Insurance Company
Backed by the Government of India, Chola Insurance company has various insurance plans for their customers. And that is exactly what The Oriental Insurance Company does. Their comprehensive plan is tailored to the vehicle owner’s budget.
| Car Insurance | Two-Wheeler Insurance |
|
|
Add-Ons
- Engine protector.
- Return to invoice.
- Depreciation cover.
- Personal accident cover.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
4. HDFC ERGO General Insurance
Are you looking for the best car insurance or online two-wheeler insurance? HDFC ergo car/two-wheeler insurance has the best comprehensive vehicle insurance anyone needs.
| Car Insurance | Two-wheeler insurance |
|
|
Add-Ons
- Zero depreciation cover.
- Return to invoice.
- Engine & gearbox protection.
- No claim bonus protection.
- Downtime expenses cover.
- Emergency assistance.
| Insurance plans that they offer for car/bike |
|
5. Universal Sompo General Insurance
Universal Sompo General Insurance is a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank and a well known Japanese insurance company. With their host of services, they have made claims as hassle-free as possible, so you get the funds in time.
| Car Insurance | Two-wheeler insurance |
|
|
Add-Ons
- Depreciation Waiver.
- Return to invoice.
- Key replacement.
- Loss of personal belonging.
- Cost of consumables.
- Towing cover.
| Insurance plans that they offer for car/bike |
|
6. SBI General Insurance Company Limited
SBI is the great, great, great grandfather of the banking system. They have unparalleled expertise in financially supporting Indian families for many decades. They started offering insurance for cars and two-wheelers in the year 2009 and have a 96% claim settlement ratio.
| Car Insurance | Two-wheeler insurance |
|
|
Add-Ons
- Return to invoice.
- Roadside assistance.
- Cover for consumables.
- Engine guard.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
7. Bajaj Allianz General Insurance Company Limited
With decades of expertise in the business, Bajaj Allianz car and bike insurance provides comprehensive coverage for your vehicle. Whether it’s for repairs, an accident, or a natural disaster, Bajaj Allianz has you covered with their affordable policies.
| Car Insurance | Two-wheeler insurance |
|
|
Add-Ons
- Zero Depreciation.
- Engine protector.
- Round the clock support.
- Consumable expenses.
- Loss of baggage.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
8. ICICI Lombard General Insurance
Established in 2001, ICICI Lombard has achieved many accolades for its service and accomplishments in helping Indians secure different aspects of their lives. With 2.17 crore issued policies and 16 lakh seamless claim settlements they have become the pioneers in providing an effortless insurance process.
| Car Insurance | Two-wheeler insurance |
|
|
Add-Ons
- Engine protection.
- Roadside assistance.
- Consumable protection.
- Zero depreciation.
- Loss of personal belonging.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
9. Future Generali India Insurance
Future Generali is a result of a joint venture between Future Group and Assicurazioni Generali. And let’s face it, even the most vigilant drivers may run into troubles on the road. That’s where Future Generali steps in to make driving safer for you. Also, Future Generali offers unique insurance policies to its customers.
| Car Insurance | Two-Wheeler Insurance |
|
|
Add-Ons
- Theft or loss of key.
- Tire damages.
- NCB protection.
- Engine protector.
- Return to invoice.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
10. New India Assurance Company Limited
The New India Assurance Company, which is backed and owned by the Ministry of Finance, has long been the go-to for insurance buyers in India. Their years of experience are unrivalled, having been established in 1919.
| Car Insurance | Two-Wheeler Insurance |
|
|
Add-Ons
- Damage to accessories
- Personal accident cover for passengers and paid drivers.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
11. TATA AIG General Insurance
While conducting research, TATA AIG’s customers spoke highly about them and their services. With attractive policies, TATA AIG is one of the top insurance providers in India. Their claim settlement ratio towers over others with a 98% FY 2020-21.
| Car Insurance | Two-wheeler insurance |
|
|
Add-Ons
- No claim bonus protection.
- Roadside assistance.
- Repair of glass fibre & plastic glass cover.
- Everyday allowance.
- Emergency travel and accommodation expenses.
- Key replacement.
- Engine secure.
- Return to invoice.
- Depreciation cover.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
12. Bharti AXA General Insurance
On September 8, 2021, Bharti AXA merged with ICICI Lombard, and they now aim to provide value-added services to drive customer satisfaction to new heights.
| Car Insurance | Two-Wheeler Insurance |
|
|
Add-Ons
- Roadside assistance cover.
- Engine protection cover.
- Zero depreciation.
- Personal belongings cover.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
13. Reliance General Insurance
Reliance General Insurance offers a variety of car insurance policies. Whether you own a cab or a private car, their policy plans are tailored to your specific needs.
| Car Insurance | Two-Wheeler Insurance |
|
|
Add-Ons
- EMI protection cover.
- Depreciation cover.
- Engine protection.
- NCB retention.
- Daily allowance.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
14. Go Digit General Insurance
Go Digit is a relatively new company in the insurance market, but its marketing campaign has garnered a lot of attention. They have also received very positive public feedback, which is why they are featured on this list.
| Car Insurance | Two-Wheeler Insurance |
|
|
Add-Ons
- Depreciation cover.
- Engine+gearbox cover.
- Breakdown assistance.
- Consumable covers.
- Return to invoice cover.
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
15. Cholamandalam MS General Insurance
Built on the foundation of trust, transparency and technology Cholamandalam MS is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited. In case you decide to buy insurance from them, use Chola Insurance coupons.
| Car Insurance | Two-Wheeler Insurance |
|
|
Add-Ons
- Zero depreciation
- Return to invoice cover
- Roadside assistance
| Insurance plans that they offer for car/bike |
Cars
Bikes
|
Things to consider before getting a car or bike insurance.
So, you have decided to get a new two-wheeler or a new car or even an X-wing. And you want to get it insured, but you are not sure which one to get. With so many options available in the market, it can get difficult to determine which one is the best for you. Don’t worry because here is the list of things you should look out for before getting insurance for your beloved bike or car.
Requirements
The first and foremost thing to do is to identify things you need to be covered. For example, if you live in an earthquake-prone area, your insurance needs to cover damages caused by earthquakes.
Know your options
Forget about the usual, you don’t have to go for the same insurance provider as everyone else. It is better to find all your available options. Go online, look up some companies, and check out what they are offering.
Read the fine print
Now I am not saying insurance companies are waiting to scam you. But it is always a good idea to read through their terms and conditions. It will help you understand what are the minor things you might not have known.
Network of garages
Each insurance provider has its own network of garages throughout the city. Check which ones are on the route that you travel on a regular basis. These garages also offer cash fewer transactions, all the exchange of funds is done between the garage and the insurance provider.
IVD
IVD stands for insured declared value. Here you should remember that the higher you set a lower IVD, you have to pay a lower IVD compared to if you choose a higher IVD. IVD helps determine the value of the vehicle, it’s not the resale value though.
Claim settlement ratio
The claim settlement ratio can help you determine if the company is good or not. The Insurance Regulatory and Development Authority of India posts the claim ratio of several insurance providers on their website. Additionally, you can also check online reviews by other people.
Dealer offered insurance
While you go to buy your new vehicle you can also check out the insurance offer from the dealer of the vehicle. The insurance providers provide very attractive offers from the dealership so that people buy both bikes and insurance.
Swap insurance provider
Yes, you get the option of changing your insurance provider in case you are not happy with the services they are providing. So make sure you read through their rules and regulations on changing insurance providers.
Online Insurance
In today’s tech-savvy world you also get the most convenient way of getting your vehicle insured which is insurance online. Here you also get way more offers and coverage in the online plans.
Stress-free claims
A great insurance policy needs a great insurance claim as well. Otherwise, what is the point of having an insurance policy if you can’t claim it when you need it?
The bottom line is you have to do thorough research on the best car insurance companies in India before buying insurance on a vehicle. Also to further increase the security of your beloved vehicle check out this list of the best GPS trackers for cars in India.
