MOTOR INSURANCE
Under Motor Vehicles Act 1988 and the recently enacted Motor Vehicle Amendment Act 2019, it is mandatory for all the motorists to have a valid driving license while driving their vehicles. Further, you have to opt for personal accident cover for owner driver for a sum insured of Rs 15 lakhs
- Comprehensive Insurance :- Comprehensive insurance can provide an extra level of coverage in the instance of an accident involving another vehicle. It may help pay for damage to your Motor due to incidents besides collisions, including vandalism, certain weather events and accidents with animals.
- Third Party Insurance :- This type of Vehicle insurance covers your legal liability in case of disability or death to any third party. In addition, it protects you against loss or damages occurring to the property of third parties. The beneficiary under this policy is the injured third party.
- Commercial Vehicle Insurance :- Commercial Vehicle Insurance, also known as business vehicle insurance or business Motor insurance, provides cover for most business-use vehicles, such as Motor, Three wheelers, Vans, Trucks, Goods carrying and Heavy Vehicles etc.
- Agricultural Vehicle Insurance :- Under the Motor Vehicle Act of our country, it is mandatory for all tractors plying legally on Indian roads to at least have tractor third party insurance.
Top Motor Insurance Companies in India with OD Claim Settlement Ratio(CSR) & Network Garages
Find below the best Motor insurance companies in India with claim settlement ratio (CSR) & network garages.
| Motor Insurance Company | OD Claim Settlement Ratio | Network Garages |
|---|---|---|
| Acko Motor Insurance | 72.68% | 2,000+ |
| Bajaj Allianz Motor Insurance | 91.23% | 4,000+ |
| Bharti AXA Motor Insurance | 88.49% | 5,200+ |
| Chola MS Motor Insurance | 85.86% | 7,100+ |
| Edelweiss Motor Insurance | 70.59% | 1,000+ |
| Future Generali Motor Insurance | 88.56% | 2,500+ |
| Digit Motor Insurance | 85.76% | 1,400+ |
| HDFC ERGO Motor Insurance | 89.48% | 6,800+ |
| ICICI Lombard Motor Insurance | 87.84% | 5,600+ |
| IFFCO Tokio Motor Insurance | 96.44% | 4,300+ |
| Kotak Motor Insurance | 81.70% | 1,300+ |
| Liberty Motor Insurance | 87.48% | 4,300+ |
| Magma HDI Motor Insurance | 75.66% | 4,000+ |
| National Motor Insurance | 80.50% | 3,100+ |
| Navi Motor Insurance | 53.10% | 900+ |
| Reliance Motor Insurance | 83.81% | 3,800+ |
| Royal Sundaram Motor Insurance | 94.07% | 4,600+ |
| SBI Motor Insurance | 91.74% | 16,000+ |
| Shriram Motor Insurance | 62.84% | 2,000+ |
| Tata AIG Motor Insurance | 91.80% | 5,000+ |
| New India Motor Insurance | 92.23% | 3,000+ |
| Oriental Motor Insurance | 93.16% | 3,100+ |
| United India Motor Insurance | 84.17% | 3,100+ |
| Universal Sompo Motor Insurance | 92.45% | 3,500+ |
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(*Claim Settlement Ratio For FY 2018-2019 As Per IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition) |
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How To Choose The Best Motor Insurance Company In India?
The definition of the best Motor/vehicle insurance company is subjective as it varies from individual to individual depending on their requirements. For some individuals, a Motor insurance company that has the highest claim settlement ratio is the best, while for others the insurance company which has a wide network of cashless garages is the best. Thus, there are a number of parameters that make an insurance company the best for an individual. One should consider the following factors while choosing a Motor insurance company.
- Network of Cashless Garages :- There are a number of garages with which a Motor insurance company partners for the facilitation of cashless insurance claims. While choosing a Motor insurance company, one must check the strength of the network of cashless garages of the insurance company. One must also see if there are enough cashless garages in the vicinity of his/her locality.
- Claim Settlement Ratio :- Claim Settlement Ratio tells the number of claims settled by a Motor insurance company out of the all the claims received by it during a financial year. It is always good to go with an insurance company with a high claim settlement ratio.
- Availability of Add-ons :- Add-ons refer to extra coverage’s that can be opted with a standard Motor insurance policy to extend the coverage. Add-ons are available with own-damage and comprehensive Motor insurance plans and can be opted for at the time of policy purchase as well as renewal.
- Customer Support Service :- One must also check the availability and quality of the customer support service offered by an insurance company. While some insurance companies’ offers 24*7 customer support, some offer 5-day customer assistance services.
