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As soon as you finalise the perfect car model for purchase, you need to start hunting for a quality insurance policy for the same. Under the Motor Vehicles Act, 1988, all car owners must have a valid insurance policy for their vehicles at all times.
Failure to comply with this rule can lead to hefty fines of Rs.2000, and Rs.4000 for repeated offence.
Fortunately, there is no dearth of impressive car insurance companies or policies in India. You can choose from a wide range of options when it comes to availing financial protection for your beloved vehicle. Each policy provides different benefits and features, curtailed to a specific section of consumers.
Take a look at the list of car insurance companies in India.
Company name |
Founding year |
Headquarter location |
National Insurance Co. Ltd. |
1906 |
Kolkata |
Go Digit General Insurance Ltd. |
2016 |
Bengaluru |
Bajaj Allianz General Insurance Co. Ltd. |
2001 |
Pune |
Cholamandalam MS General Insurance Co. Ltd. |
2001 |
Chennai |
Bharti AXA General Insurance Co. Ltd. |
2008 |
Mumbai |
HDFC ERGO General Insurance Co. Ltd. |
2002 |
Mumbai |
Future Generali India Insurance Co. Ltd. |
2007 |
Mumbai |
The New India Assurance Co. Ltd. |
1919 |
Mumbai |
Iffco Tokio General Insurance Co. Ltd. |
2000 |
Gurugram |
Reliance General Insurance Co. Ltd. |
2000 |
Mumbai |
Royal Sundaram General Insurance Co. Ltd. |
2001 |
Chennai |
The Oriental Insurance Co. Ltd. |
1947 |
New Delhi |
Tata AIG General Insurance Co. Ltd. |
2001 |
Mumbai |
SBI General Insurance Co. Ltd. |
2009 |
Mumbai |
Acko General Insurance Ltd. |
2016 |
Mumbai |
Navi General Insurance Ltd. |
2016 |
Mumbai |
Zuno General Insurance Ltd. (formerly known as Edelweiss General Insurance) |
2016 |
Mumbai |
ICICI Lombard General Insurance Co. Ltd. |
2001 |
Mumbai |
Kotak Mahindra General Insurance Co. Ltd. |
2015 |
Mumbai |
Liberty General Insurance Ltd. |
2013 |
Mumbai |
Magma HDI General Insurance Co. Ltd. |
2009 |
Kolkata |
Raheja QBE General Insurance Co. Ltd. |
2007 |
Mumbai |
Shriram General Insurance Co. Ltd. |
2006 |
Jaipur |
United India Insurance Co. Ltd. |
1938 |
Chennai |
Universal Sompo General Insurance Co. Ltd. |
2007 |
Mumbai |
Understand the difference between insurance companies, aggregators and brokers.
Insurance Company |
Aggregators |
Brokers |
Any organisation, which packages and markets the various insurance policies and products to consumers. |
A third-party portal where consumers can compare the various policies from all insurance companies operating in the market. |
Individuals who act as a mediating party between an insurance company and its potential clients. |
Employed By - None |
Employed by a third party, which is unrelated to any insurance company |
Individual insurance companies employ brokers. |
Role - To provide quality insurance policies, which compensate the policyholder when an insured asset meets with accidents and sustains damages. |
Role - To list and detail all relevant information regarding the various insurance policies available in the market for comparison purposes. |
Role - Brokers sell insurance policies on behalf of their employing insurance provider. |
All insurance policy claims are settled by insurance providers or companies. |
NA |
NA |
Keep an eye on the following characteristics of an insurance company to understand whether it is ideal for your need:
Regardless of the company you choose, it is integral to buy your insurance policy directly from the company, instead of relying on your car dealership.
Why, you ask?
Most people tend to buy car insurance from their car dealership. However, doing so can set you back financially and prevent you from utilising the full benefits of your insurance policy.
Here are some reasons why purchasing a policy directly from an insurance company is a smarter move:
You must, thus, read the terms and conditions of every insurance policy you consider while comparing them. The fine print can often help you look beyond just the positives of a policy before you settle for one.
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