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 2022

This list is crafted after performing thorough research and analysis of each and every company.

S. No.CompanyClaim Settlement Ratio FY20Cashless Garage Network (Car)Cashless Garage Network (Bike)
1.IFFCO Tokio General Insurance Company Limited95.3%4300+4300+
2.Royal Sundaram General Insurance92.66%38684600+
3.The Oriental Insurance Company89%4563100+
4.HDFC ERGO General Insurance99.8%7900+7600+
5.Universal Sompo General Insurance99.23%14933500
6.SBI General Insurance Company Limited96%261316000
7.Bajaj Allianz General Insurance Company Limited98%4500+4000+
8.ICICI Lombard General Insurance99.98%4800+5100+
9.Future Generali India Insurance92%25003500+
10.New India Assurance Company Limited92.68%4563000+
11.TATA AIG General Insurance96.43%5400+5000+
12.Bharti AXA General Insurance87.99%37425200+
13.Reliance General Insurance94%5000+6200+
14.Go Digit General Insurance78.83%5800+2900+
15.Cholamandalam MS General Insurance56.25%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 InsuranceTwo-wheeler insurance
  • With IFFCO Tokio you can save up to 70% on your premium.
  • They have 4300+ cashless garages across India.
  • Choose from 8 different addons.
  • Up to 50% no claim bonus.
  • They prove to be very dependable with a 95.80% claim settlement ratio.
  • Their 4-hour claim settlement process helps save time.
  • Buy, renew and claim online with IFFCO Tokio.
  • They provide 24/7 claim assistance.

Add-Ons

  • New vehicle replacement.
  • No claim bonus protection.
  • Zero depreciation.
  • Roadside assistance.
Insurance plans that they offer for car/bike
Cars

  • Third party insurance.
  • Comprehensive insurance.
  • Comprehensive insurance with zero deep-cover.

Bikes

  • Third party bike insurance online.
  • Comprehensive insurance.
  • Comprehensive insurance with zero deep-cover.

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 InsuranceTwo-wheeler insurance
  • Their M-Inspect & M-Chatra app makes filing claims, purchasing and renewing policies a breeze.
  • Quick, hassle-free claim process.
  • Very affordable car insurance premium.
  • 24×7 customer service assistance.
  • 20 minutes inspection process with their VIR app.
  • 4600+ network of cashless garages.
  • Minimal documentation is required.
  • Long term insurance is available.

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

  • Comprehensive car insurance.
  • Private car insurance.

Bikes

  • Comprehensive two-wheeler insurance.
  • Standalone two-wheeler insurance.

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 InsuranceTwo-Wheeler Insurance
  • Receive a discount for an anti-theft device.
  • Easily calculate premium before buying.
  • 24×7 customer service.
  • Buy, renew & claim your online policy online.
  • Very affordable plans.
  • Wide variety of add-ons.
  • Easy claim process.
  • 3100+ cashless network garages.

Add-Ons

  • Engine protector.
  • Return to invoice.
  • Depreciation cover.
  • Personal accident cover.
Insurance plans that they offer for car/bike
Cars

  • Comprehensive car insurance policy.

Bikes

  • Comprehensive two-wheeler insurance.

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 InsuranceTwo-wheeler insurance
  • HDFC provides 24×7 customer support.
  • HDFC has over 7600 garages in their network.
  • They have very affordable premium plans.
  • Their overnight repair service makes life a lot easier.
  • They provide coverage for natural/man-made calamities.
  • You get unique add ons with your policy.
  • Here you can initiate your claim process online.
  • They also offer doorstep service at your convenience.

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
  • Comprehensive car/bike insurance.
  • Flexi wheels “Total loss” only cover.
  • Third-party car/bike insurance.
  • Stand-alone own damage cover.
  • Private car bundle policy (Only for cars).
  • New bike insurance (Only for bikes).

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 InsuranceTwo-wheeler insurance
  • They have one of the lowest premiums in the market.
  • They have a humongous network of garages.
  • You get a depreciation waiver, return to invoice and many more add-ons.
  • They have an easy three-step claim process.
  • You will always have a garage near you, because of 3500+ cashless garages.
  • Payless, get more with their low premium rates.
  • They offer a list of great useful addons.
  • Completely online claim process.

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
  • Third-party plan
  • Comprehensive plan

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 InsuranceTwo-wheeler insurance
  • Nearly two decades of expertise in protecting assets.
  • Their network of cashless garages is immense.
  • The SBI app makes buying and renewing insurance policies much easier.
  • They offer customised pricing based on your profile.
  • Discounts for people between 25 and 55 years of age.
  • Seamless online claim process.
  • They have nearly 16000 cashless garages in India.
  • 50% no claim bonus.

Add-Ons

  • Return to invoice.
  • Roadside assistance.
  • Cover for consumables.
  • Engine guard.
Insurance plans that they offer for car/bike
Cars

  • Comprehensive car insurance.
  • Motor act only – private car (3 years).

Bikes

  • Two-wheeler insurance.
  • Long-term two-wheeler insurance.
  • Motor act only – two-wheeler (5 years).

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 InsuranceTwo-wheeler insurance
  • Easily compare different policies with each other.
  • They have more than 4500 cashless network garages across India.
  • It takes less than 3 minutes to get car insurance with their online process.
  • With Bajaj Allianz, you get a 50% no claim bonus(NCB).
  • Get 20 minutes to claim settlement with the motor on the spot service.
  • They offer 24×7 roadside assistance.
  • Renew your two-wheeler insurance without inspection.
  • Caringly your app lets you settle claims on the spot.

Add-Ons

  • Zero Depreciation.
  • Engine protector.
  • Round the clock support.
  • Consumable expenses.
  • Loss of baggage.
Insurance plans that they offer for car/bike
Cars

  • Comprehensive car insurance.
  • Third-party car insurance.
  • Standalone car insurance.

Bikes

  • Comprehensive two-wheeler insurance.
  • Third-party two-wheeler insurance.
  • Standalone two-wheeler insurance.

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 InsuranceTwo-wheeler insurance
  • No matter where your vehicle malfunctions, their network of 4800+ garages will help you out.
  • Because of their two decades of experience, they have nailed the needs of Indian car owners.
  • Now buy, renew and claim your policies with ease with their mobile app.
  • Get e-policies with zero paperwork.
  • Their InstaSpect (self-inspection) feature makes claims much easier.
  • They have 5100+ cashless network garages working with them.
  • Their app makes claims lightning fast.
  • Car broke down. Their roadside assistance service will take care of it.
  • They also cover the expenses incurred by spare parts required for repairs.

Add-Ons

  • Engine protection.
  • Roadside assistance.
  • Consumable protection.
  • Zero depreciation.
  • Loss of personal belonging.
Insurance plans that they offer for car/bike
Cars

  • Private car package policy
  • Stand-alone own-damage car insurance
  • Third party car insurance

Bikes

  • Two-wheeler vehicle package policy.
  • Stand-alone own-damage two-wheeler insurance
  • Third party two-wheeler vehicle liability-only policy

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 InsuranceTwo-Wheeler Insurance
  • Ride with confidence because of their roadside assistance.
  • Complete transparency of expenditure on repairs.
  • On the spot and easy document verification.
  • Quick & preferential treatment for all repairs.
  • They have maintained an impressive 94% claim settlement ratio.
  • Their 3500+ cashless garages make repairs hassle-free.
  • Range of favourable add-ons.
  • Get towing assistance across the country.

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

  • Standalone car Insurance policies.
  • FG Trip (Insurance for the days you choose)
  • FG Miles (Pay as you use)

Bikes

  • Standalone two-wheeler Insurance.

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 InsuranceTwo-Wheeler Insurance
  • Completely online process of purchasing, renewal and claims.
  • Backed by the Ministry of Finance.
  • Receive up to 50% of no claim bonus.
  • Affordable premiums.
  • They have a network of 3000+ cashless garages.
  • Buy, renew and claim online with ease.
  • Claim up to 50% no claim bonus.
  • Quick and easy claim process.

Add-Ons

  • Damage to accessories
  • Personal accident cover for passengers and paid drivers.
Insurance plans that they offer for car/bike
Cars

  • Standalone car insurance policy.

Bikes

  • Standalone two-wheeler insurance.

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 InsuranceTwo-wheeler insurance
  • With 650 claim experts across India, your insurance experience will be seamless.
  • Easily initiate the claim process online.
  • They are offering 13 different add-ons to your policy.
  • They are working with 5400+ cashless garages across the nation.
  • A quick and easy online process.
  • When purchasing policies online you can avail of discounts on the premium..
  • TATA AIG offers optional add-ons for additional coverage.
  • They are offering 15 lakh worth of personal accidental coverage.

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

  • Comprehensive car insurance policy.
  • Standalone own-damage car insurance policy.
  • Standalone third party insurance car insurance policy.

Bikes

  • Standalone Own Damage Bike Insurance Policy
  • Comprehensive two-wheeler insurance policy.
  • Comprehensive third-party bike insurance policy.

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 InsuranceTwo-Wheeler Insurance
  • Easily purchase, renew and claim policy online.
  • Claim up to 50% no claim bonus.
  • Get roadside assistance.
  • 4600+ cashless network garages across the country.
  • Best motor insurer award winner.
  • Instantaneous claim approvals.
  • 5100+ cashless garages.
  • Digital inspections.

Add-Ons

  • Roadside assistance cover.
  • Engine protection cover.
  • Zero depreciation.
  • Personal belongings cover.
Insurance plans that they offer for car/bike
Cars

  • Private car package policy.
  • Standalone own-damage car insurance.
  • Third-party car insurance.

Bikes

  • Comprehensive two-wheeler insurance.
  • Standalone own-damage policy.
  • Third-party cover.

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 InsuranceTwo-Wheeler Insurance
  • A wide variety of plans to choose from.
  • Transparent and quick process.
  • High claim settlement ratio.
  • ISO certified company.
  • Trusted by more than 5 crore people across India.
  • Over 6200 cashless network garages.
  • Easy and hassle-free claim process.
  • Manage all aspects of your insurance with the Selfie-app.

Add-Ons

  • EMI protection cover.
  • Depreciation cover.
  • Engine protection.
  • NCB retention.
  • Daily allowance.
Insurance plans that they offer for car/bike
Cars

  • Car Insurance
  • Third-Party car insurance
  • Long-term car insurance
  • Own-damage car insurance
  • Commercial vehicle insurance.

Bikes

  • Two-wheeler insurance.
  • Third-party two-wheeler insurance.
  • Long-term car insurance.
  • Own-damage two-wheeler insurance.

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 InsuranceTwo-Wheeler Insurance
  • Get cashless repairs from their network garages.
  • They offer doorstep pick-up & repairs with a 6-month warranty.
  • They enable you to inspect the damages through smartphones.
  • Customisable IDV.
  • Lightning-fast claims.
  • 24×7 customer support.
  • Very affordable premium, starting from Rs 752.
  • Up to 50% NCB claims.

Add-Ons

  • Depreciation cover.
  • Engine+gearbox cover.
  • Breakdown assistance.
  • Consumable covers.
  • Return to invoice cover.
Insurance plans that they offer for car/bike
Cars

  • Comprehensive car insurance.
  • Third-party car insurance.

Bikes

  • Comprehensive two-wheeler insurance.
  • Third-party two-wheeler insurance.

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 InsuranceTwo-Wheeler Insurance
  • 8500+ cashless network garages.
  • Easy purchase, renewal & claim process.
  • Affordable premiums.
  • Tailored made services.
  • Quick & easy online process.
  • Customer service is available 24/7.
  • 50% NCB claims.
  • Favourable add–ons.

Add-Ons

  • Zero depreciation
  • Return to invoice cover
  • Roadside assistance
Insurance plans that they offer for car/bike
Cars

  • Comprehensive car insurance.
  • Third-party car insurance.
  • Own damage car insurance.

Bikes

  • Comprehensive two-wheeler insurance.
  • Third-party two-wheeler insurance.
  • Own damage two-wheeler insurance.

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.

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