Top 5 Motor Insurance Companies in India

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Top 5 Motor Insurance Companies in India

There are three types of Motor Insurance:

  • Private Car Insurance
  • Two Wheeler Insurance
  • Commercial Vehicle Insurance

The public sector insurers have always liked the customer’s choice over private sector insurers. Though, the pattern is changing in favour of private insurers over the last few years.

Top 5 Motor Insurance Companies Overview

Bajaj Allianz General Insurance Co. Ltd.

Bajaj Allianz General Insurance was founded in 2001 and Headquartered in Pune, India. It is a private general insurance company in India. The Bajaj Allianz company is a joint venture between Bajaj Finserv Limited (formerly part of Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE, a German financial services company. Its main product includes Motor Insurance, Health Insurance, Travel Insurance, Home Insurance, Marine Insurance.

Bajaj Allianz General Insurance Company Popular Because: 

  • Online purchase on EMIs
  • Instant SMS Updates on Claims
  • The cashless settlement at 1500+ network garages
  • Doorstep surveyor facility
  • 24X7 Towing assistance

Bajaj Allianz Official Website: www.bajajallianz.com

Tata AIG General Insurance Co. Ltd.

Tata AIG General Insurance Company Limited was founded in 2001 and headquartered in Mumbai, India, It is an Indian general insurance company and a joint venture between the Tata Group and AIG. Tata Group holds a 51% stake in the insurance venture with AIG  (American International Group) holding the balance of26 %.

Tata AIG General Insurance Company Popular Because: 

  • Claim settlement in 7 days
  • Unique add-ons
  • Free car pick up
  • Warranty on repairs
  • The cashless settlement at network garages

Tata AIG Official Website: tataaig.com

The Oriental Insurance Co. Ltd.

The Oriental Insurance Company Ltd. was founded in 1947and headquartered in New Delhi. It is a public sector general insurance company of India. It has a number of 31 regional offices and more than 1800 active branches across the country.

The Oriental Insurance Company also has branches in Kuwait, Nepal, and Dubai. The Oriental Insurance Company offers more than 170 General Insurance products. The IRDA Registration No. of The Oriental Insurance Company is “556”.

The Oriental Insurance Company Popular Because: 

  • Fast claim settlement
  • Valuable add-ons
  • One of the most reliable names in motor insurance
  • High claim settlement ratio

The Oriental Insurance Company Official Website: www.orientalinsurance.org.in

The New India Assurance Co. Ltd.

The New India Assurance Co. Ltd. was founded in 1919 by Sir Dorabji Tata and It was nationalised in 1973. It is a public sector general insurance company of India. It is Headquartered in Mumbai, Maharashtra, India. It is the “largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations”.

The New India Assurance Co. Ltd. Popular Because: 

  • Complaint acknowledged within 3 days of receipt
  • Grievance resolved within 15 days of receipt
  • The right decision was taken within 3 days of application
  • Surveyor appointed within 48 hours of claim intimation
  • Claim payment made within 3 days of discharge voucher receipt

The New India Assurance Co. Ltd. Official Website: www.newindia.co.in

HDFC ERGO General Insurance Co. Ltd

HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Ltd. and ERGO International AG.  its headquarter in Mumbai. It is a Germany-based company that is part of the Munich Re Group. HDFC holds 51 %, and ERGO the other 49 %. The firm operates in 101 Indian cities with over 117 branches and 2,000 staff members. 

Its product includes General insurance, Vehicle insurance (Private Car & Two Wheeler Insurance) Health Insurance,  Personal Accident Insurance, Commercial Insurance, Rural Insurance, Travel Insurance, and Home Insurance.

HDFC ERGO General Insurance Company Limited Popular Because: 

  • Fast claim settlement
  • The cashless settlement at 1600+ network garages
  • Age and profession discount
  • Zero documentation

HDFC ERGO General Insurance Company Official Website: https://www.hdfcergo.com

Reference Links:

www.policybazaar.com

https://en.wikipedia.org

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