Wondering how to choose the best insurance company in India? As soon as you finalise the vehicle model to buy, your next hunt to select a suitable vehicle insurance provider starts. The reason for the same is - the Motor Vehicle Act, of 1988, mandates buying a motor insurance policy before plying your vehicle on Indian roads. However, a challenge that you may face while selecting a motor insurance policy is choosing the best vehicle insurance provider. Here we are discussing the factors that you must look for in a motor insurance company.
Factors to Look for in a Motor Insurance Company:
A reliable motor insurance provider has the following characteristics:
Brand Reputation: You can check the reputation of insurers by checking their reviews online. In this tech era where everything is available online, you can directly search for the insurer over the internet and check the reviews given by its customers. This will give you an idea of whether its customers are happy or not and whether the insurer is reputed or not.
IRDAI Approved: IRDAI or Insurance Regulator and Development Authority of India is the regulating body of the insurance sector in India. So, make sure the insurer you are selecting is registered with this body.
Claim Settlement Ratio: It is one of the biggest parameters to check the credibility of an insurer. Claim Settlement Ratio or CSR is the ratio of total claim requests an insurance company receives vs total claims it settles. This means, if an insurer gets 100 claim requests in a year and it settles only 80 claims, then its CSR would be 80%. Any CSR greater than 95% is considered good. So, check the CSR of the insurer and then decide.
Network Garages: Another deciding factor is the number of network garages the company has. The vast number of network garages means the company has a presence across India and its various regions and getting your vehicle repaired there would be convenient.
Vehicle Insurance Premium: The premium of third-party motor vehicle insurance is decided by the IRDAI and is almost the same for all insurers. However, when we talk about comprehensive motor insurance plans, the premiums differ. Despite the coverage of a comprehensive plan, you must select a motor insurance policy according to your pocket. The reason for the same is, many insurers may provide you with comprehensive plans at a high rate as they offer some unwanted coverages. So, keep the premium in your mind as you cannot avoid paying it.
Fast and Convenient Claim Settlement Process: No one wants to select an insurer whose claim settlement process is difficult and time-consuming. Therefore, select an insurer whose claim filing process is simple and quick. In this regard, selecting an insurer that offers a digital claim filing and settlement process works best.
Customer Support: Good customer support is the backbone of any insurance company. The reason for the same is you get your queries resolved easily with responsive and responsible customer support. So, this is again a deciding factor for a good motor insurance provider.
Top Insurance Companies In India:
For your reference, we are here providing a list of top insurance companies in India with the number of their network garages:
Insurers | Network Garages |
Acko General Insurance | 2000+ |
Bajaj Allianz General Insurance | 4,000+ |
Bharti Axa General Insurance | 5,200+ |
Cholamandalam MS General Insurance | 7,100+ |
Edelweiss General Insurance Company | 1,000+ |
Future Generali India Insurance | 2,500+ |
Go Digit General Insurance | 1,400+ |
HDFC Ergo General Insurance | 6,800+ |
ICICI Lombard General Insurance | 5,600+ |
Kotak Mahindra General Insurance | 1,300+ |
Liberty General Insurance | 4,300+ |
Magma HDI General Insurance | 4,000+ |
Navi General Insurance | 900+ |
Royal Sundaram General Insurance | 4,600+ |
SBI General Insurance | 16,000+ |
Shriram General Insurance | 2,000+ |
Tata AIG General Insurance | 5,000+ |
The New India Assurance | 3,000+ |
The Oriental Insurance Company | 3,100+ |
United India Insurance Company | 3,100+ |
Universal Sompo General Insurance | 3,500+ |
*The number of network garages are subject to change. Please refer to your insurance hard copy or the insurer’s website for the latest updates.
Conclusion:
We have listed the factors that you must keep in mind when you are selecting an insurer for your vehicle insurance. Remember, do your research and make an informed decision so that you can avoid troubles at the time of claim settlement.
