Top 10 Car Insurance Companies in India

Whether you’re looking to insure your new vehicle or simply looking to renew your existing policy, finding the right car insurance company is important. It’s worth taking a look at a few of the top car insurance companies in India to get a feel for the range of services they offer and the benefits they offer.

Adding road-side assistance

Adding road-side assistance to your car insurance plan is a smart idea. The service offers a great deal of convenience and peace of mind when your car breaks down. It can help you tow your vehicle, retrieve your spare keys, jump start a flat battery, and arrange fuel for your vehicle.

The best part about this service is that it is free of cost. If you buy a road-side assistance plan from a large insurance company, you can rest assured that it will be available if you need it. If you are on the road in another country, you can also request for on-site assistance. Some of the insurance companies even offer hotel accommodation in extreme cases.

Adding road-side assistance to your car policy can be an important add-on, especially if you are a novice driver. The service is available in various forms, from on-phone assistance to a mechanic’s tow truck.

Losses in general insurance

During the year, losses in general insurance grew by 26%. This was partly due to the Covid-19 pandemic that triggered heavy inflow of patients and caused a lot of stress on insurance firms and hospital authorities. The General Insurance Council has collected data on the number of people infected with the virus, the number of hospitalisations and the amount of money spent on related expenses.

General insurers have been paying out 60 per cent of the COVID-19 claims so far. This has led to a spike in health insurance claims, but it is only a one-off event. The insurance companies have been aggressively quoting low premiums to capture the group insurance business. This has affected their bottom lines. However, the government is also trying to improve the capital utilisation of these loss-making firms. It is planning to infuse Rs 3,475 crore in three general insurance companies in the current financial year.