Top Auto Insurance Providers For Private Cars in 2017

Motor insurance ession of a minimal car insurance policy, many new auto insurance providers have mushroomed in this domain recently. Hence the task of narrowing down on the providers in India has become quite daunting for a new car owner.

Auto insurance is a significant part of the general insurance market in the country, constituting 70% of total insurance sales. Since it has been mandated by law for every vehicle to be in possHere we have consolidated a list of the most reliable car insurers in the industry, based on the coverage of their policies and costs. However, an insurer who offers an attractive policy for one category of car may not be the most suitable choice for vehicles in another category. So, we have segregated the list on the basis of car types, i.e., small cars, hatchbacks, mid-size cars, high-end cars, and ultra high-end/luxury cars.

Best insurers for small cars

A small car that can be considered as an example here is the 5-seater Maruti 800. The vehicle has a cubic capacity of 796 cc, and its model variant is AC 4 speed with petrol as fuel. Insurance companies that provide the lowest premiums for insuring small cars are:

Insurer Premium (approx.)
Oriental Insurance Rs. 5442
United India Insurance Rs. 6638
New India Assurance Rs. 6936
Future Generali Rs. 7533
Universal Sompo Rs. 7968

Here the lowest premiums of Rs. 5442 and Rs. 6638 are provided by Oriental Insurance and United India Insurance, respectively.

Best insurers for hatchback cars

A hatchback car that can be considered as an example here is the 5-seater Honda BRIO. The vehicle has a cubic capacity of 1198 cc, and its model variant is 1.2 E Manual Transmission with petrol as fuel. Insurance companies that provide the lowest premiums for insuring hatchback cars are:

Insurer Premium (approx.)
Oriental Insurance Rs. 8344
Bharti Axa Rs. 8527
Magma HDI Rs. 10,736
United India Insurance Rs. 10,736
New India Assurance Rs. 11,333

Here the lowest premiums of Rs. 8344 and Rs. 8527 are provided by Oriental Insurance and Bharti Axa Insurance, respectively.

Best insurers for mid-size cars

A mid-size car that can be considered as an example here is the 5-seater Honda CITY. The vehicle has a cubic capacity of 1343 cc, and its model variant is 1.3 DX with petrol as fuel. Insurance companies that provide the lowest premiums for insuring mid-size cars are:

Insurer Premium (approx.)
Oriental Insurance Rs. 12,609
Bharti Axa Rs. 13,666
Magma HDI Rs. 14,752
United India Insurance Rs. 16,896
New India Assurance Rs. 17,967

Here the lowest premiums of Rs. 12,609 and Rs. 13,666 are provided by Oriental Insurance and Bharti Axa Insurance, respectively.

Best insurers for high-end cars

A high-end car that can be considered as an example here is the 5-seater Skoda Superb. The vehicle has a cubic capacity of 1968 cc, and its model variant is 1.8 TSI with petrol as fuel. Insurance companies that provide the lowest premiums for insuring high-end cars are:

Insurer Premium (approx.)
Oriental Insurance Rs. 32,550
Magma HDI Rs. 35,313
United India Insurance Rs. 43,600
New India Assurance Rs. 46,363
Future Generali Rs. 46,363

Here the lowest premiums of Rs. 32,550 and Rs. 35,313 are provided by Oriental Insurance and Magma HDI, respectively.

Best insurers for ultra high-end cars

An ultra high-end car that can be considered as an example here is the 5-seater Audi Q7. The vehicle has a cubic capacity of 2967 cc, and its model variant is 3.0 TDI with petrol as fuel. Insurance companies that provide the lowest premiums for insuring ultra high-end cars are:

Insurer Premium (approx.)
Universal Sompo Rs. 79,661
Bharti Axa Rs. 86,107
Magma HDI Rs. 91,435
Oriental Insurance Rs. 91,435
Future Generali Rs. 1,00,714

Here the lowest premiums of Rs. 79,661 and Rs. 86,107 are provided by Universal Sompo and Bharti Axa Insurance, respectively.

Top car insurers in 2017

If the performance of insurers across all car types are evaluated, the ones with the most consistent standing are:

  1. Oriental Insurance
  2. New India Assurance
  3. Bharti Axa
  4. Future Generali
  5. Universal Sompo

The salient features of these insurance companies are:

  • Reliability and reputation earned over years of excellent performance
  • High claim settlement ratios
  • Quick turnaround on claims
  • Provision of attractive add-on covers
  • Faster surveyor appointments
  • Faster claim payments
  • Dedicated grievance redressal forums

In summary, if you are searching for auto insurance providers who offer low policy premiums with a host of other benefits like cashless garage options, high customer satisfaction index, and availability of special discounts, then you should consider contacting the above mentioned insurance companies. In case you pick an appropriate car insurance from them, you should remember to read through your policy documents thoroughly to understand the coverage that you have purchased.

GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

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