The best car insurance companies on the market don’t just offer great coverage and affordable payments. They also have a simple claims process, easy-to-use technology, and an excellent customer service experience.
Choosing the best car insurance provider for you can be intimidating. That’s why we at PolicyBachat have done the process for you, scaling down the top 10 car insurance companies in the industry. In this article, we’ll review each company’s reputation, availability, coverage options, discounts, and customer experience.
The Indian car insurance industry is one of the most competitive in the world. The market is flooded with several players and it’s difficult to find out which one is the best. In this article, we will help you to make the right decision by providing you with a list of 10 new India Assurance Car Insurance alternatives and competitors.
- National Car Insurance
- Shriram Car Insurance
- Oriental Car Insurance
- Magma HDI Car Insurance
- Acko Car Insurance
- IFFCO TOKIO Car Insurance
- Navi Car Insurance
- SBI Car Insurance
- Royal Sundaram Car Insurance
- Edelweiss Car Insurance.
Getting a free quote from PolicyBachat will allow you to see how much you can save on your car insurance policy.
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The Best Car Insurance Alternatives in the Market for New India Assurance:
The insurance industry is constantly changing and evolving with new technologies and innovations. In the past, insurance companies have been able to offer competitive rates because they didn’t have to worry about competition. However, with the introduction of new technology, there are now new players in the market that can provide more competitive rates for their customers.
| Car Insurance Company |
Solvency Ratio |
Awards |
| National |
0.62 |
Economic Times-BFSI Best Brands - all round Excellence in General Insurance Category. |
| Shriram |
3.63 |
Excellence in Growth Award |
| Oriental |
1.40 |
Best General Insurance - Public |
| Magma HDI |
1.79 |
Golden Peacock Award for Risk Management |
| Acko |
1.91 |
Golden Peacock award for innovative product |
| IFFCO TOKIO |
1.73 |
Mahatma Award |
| Navi |
2.12 |
Golden Globe Tigers Award |
| SBI |
2.00 |
Gold Honour at DIGIXX Awards |
| Royal Sundaram |
1.87 |
Best BFSI Award |
| Edelweiss |
2.09 |
Innovative use of Technology |
New India Assurance:
New India Assurance Company Limited is one of the oldest general insurance companies in India. It is one of the best providers in terms of customer satisfaction and value. The company is well known for its high customer ratings and affordable coverage options, including accident forgiveness. However, it has strict eligibility requirements and not everyone qualifies for coverage. The company has come out with multiple plans at reasonable prices to cater to the different needs of customers.
“Best Rates Overall”
- Claim Settlement Ratio: 78.2%
- Cashless Garages: 3000+
- Solvency ratio: 2.13
- Branches: 2214+
- Claims Settled: 3.73 Lakhs.
Plans:-
- Standalone compulsory personal accident cover
- Standalone own damage cover
- Private Car policy
- Third-party liability car policy.
Benefits:
- 24x7 claim assistance
- The quick and hassle-free claim settlement process
- Digital insurance process for the paperless system.
Coverages:
- Third party Liability: Up to 7.5 lakhs
- Personal Accident Cover: Up to 2 Lakhs
- No Claim Bonus: 50%
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Top 10 Alternatives & Competitors of New India Assurance Insurance:
If you are considering New India Assurance, you may also want to investigate similar alternatives or competitors to find the best solution. Other important factors to consider when researching alternatives to New India Assurance include reliability and ease of use.
We have compiled a list of solutions that reviewers voted as the best overall alternatives and competitors to New India Assurance, including Magma HDI, National, and Edelweiss.
1. National Car Insurance
“Best Car Insurance Package”
The company is one of the oldest insurance players offering multiple insurance policies to fulfill the different needs of the customers. The cost of National car insurance varies depending on the type of policy that you choose to buy. The company also offers benefits like cashless claims settlement, discounts, etc., to customers.
- Claim Settlement Ratio: 78.55%
- Cashless Garages: 3100+
- Branches: 373+
- Claims Settled: 2.3 Lakhs.
Benefits:
- 24x7 emergency assistance
- Quick & Hassle-free Claim Assistance
- Easy to make a claim
- Excellent customer support.
Plans:
- Private car liability policy
- Private car package policy.
Coverages:
- Third Party Liability Cover: Rs. 7.5 lakhs
- Personal accident cover: Rs. 15 lakh
- No Claim Bonus: up to 50%
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2. Shriram Car Insurance
“Economical & Convenient Services”
Shriram car insurance has highly competitive car insurance rates and low complaint levels make it worth checking out. The company continues to focus on the needs of customers, grooming talent, and bringing a great platform with the latest technology and ideas so that customers will get the best out of their investment portfolio and has a good claim settlement ratio.
- Claim Settlement Ratio: 79.43%
- Cashless Garages: 2000+
- Solvency ratio: 3.63
- Branches: 3850+
- Claims Settled: 2.08 Lakhs.
Benefits:
- 24x7 Hassle-free claim process
- Survey and assistance within a day
- Simple claim procedure
- Updated claim status.
Plans:
- Personal Accident cover
- Third party car insurance
- Comprehensive cover
- Long-term car insurance.
Coverages:
- Third Party Liability Cover: Rs. 7.5 lakhs
- Personal Accident Cover: Rs. 15 lakhs.
- No Claim Bonus: up to 50%
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3. Oriental Car Insurance
“Best Rates Overall”
The company provides great and innovative products for its customers. Oriental Car Insurance Plans have been deliberated to gratify the need for protection cover for our cherished vehicle.
Likewise to its various other plans, ensures all the range of misfortune events are well covered under its Car Insurance Plan.
- Claim Settlement Ratio: 81.83%
- Cashless Garages: 2000+
- Solvency ratio: 1.40
- Branches: 1800+
- Claims Settled: 18 Lakhs.
Benefits:
- Premium Discounts
- Cashless repair facility
- Excellent customer service.
Plans:
- Private Car Insurance Plan
- Commercial Car Insurance Plan
- Liability Only Plan.
Coverages:
- Third party Liability: Up to 7.5 lakhs
- Personal Accident Cover: Up to 15 Lakhs
- No Claim Bonus: 50%
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4. Magma HDI Car Insurance
“Best for Customizable Premiums”
With Magma HDI's Private Car Insurance Package policy, we not only cover your car against all the major damages but also take care of the third party liabilities that may pop up during an accident.
- Claim Settlement Ratio: 82.35%
- Cashless Garages: 1300+
- Branches: 200+
- Claims Settled: 10 Lakhs.
Benefits:
- Save time
- Get better price
- Easy and convenient process
- Trained professionals at your service
Plans:
- Third party liability
- Comprehensive car insurance.
Coverages:
- Third party Liability: Up to 7.5 lakhs
- Personal Accident Cover: Up to 15 Lakhs
- No Claim Bonus: 50%
- Additional legal liabilities
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5. Acko Car Insurance
“Reliable Claim Assistance”
Acko General Insurance understands that car insurance is a simple and effective way to protect your car from unforeseen risks. Acko Car insurance saves costs, complies with the law, and stays hassle-free with ACKO’s online car insurance policy. Having good car insurance is a necessity to protect you from financial losses that come along with road accidents.
- Claim Settlement Ratio: 82.35%
- Cashless Garages: 1300+
- Solvency ratio: 1.91
- Branches: 200+
- Claims Settled: 10 Lakhs.
Benefits:
- 24x7 emergency assistance
- A dedicated claims team
- Claim approval within 7 days
- 1 day pick up for repairs
- 3 step door delivery at no cost
Plans:-
- Third party plan
- Comprehensive car insurance plan
- Own damage plan
- Zero depreciation cover.
Coverages:
- Third party Liability: Up to 7.5 lakhs
- Personal Accident Cover: Up to 15 Lakhs
- No Claim Bonus: 50%
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6. IFFCO TOKIO Car Insurance
“Advanced Options”
IFFCO Tokio Car Insurance plan is your one stop protection plan for your car. IFFCO Tokio was also the first company in India to offer property and liability insurance. Also, IFFCO Tokio General Insurance was the first to establish Bima Kendra’s across rural India. In the motor division, the insurer provides car, two-wheeler, commercial vehicle, and value auto coverage along with 24x7 on road assistance.
- Claim Settlement Ratio: 84.04%
- Cashless Garages: 4300+
- Solvency ratio: 1.73
- Branches: 200+
- Claims Settled: 8.61 Lakhs.
Benefits:
- Instant digital copy of the policy
- Quick and hassle-free claim settlement
- On-road protector coverage
- Surveyors for immediate claim initiation.
Plans:-
- Third Party liability
- Comprehensive car insurance
- Own damage cover
- Personal accident cover.
Coverages:
- Third Party Liability Cover: up to 7.5 lakhs
- Personal Accident Cover: Rs. 15 Lakhs
- No Claim Bonus: 50%
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7. Navi Car Insurance
“Best discount for Advanced Purchase”
Navi General Insurance is a leading car insurance company in the country. The company gives its policyholders a sense of empowerment with financial independence through an extensive range of affordable products and a seamless customer experience. Navi General Private Car Insurance Policy can be customized as per your requirement to get insurance for your private vehicle.
- Claim Settlement Ratio: 82.91%
- Cashless Garages: 1100+
- Solvency ratio: 2.12
- Branches: 120+
- Claims Settled: 12 Lakhs.
Benefits:
- Insurance coverage
- Legal liability
- Financial security
- Affordable premiums
Plans:-
- Third party liability
- Comprehensive car insurance
- Long-term comprehensive
- Liability only private car
- COCO drives a private car package.
Coverages:
- No Claim Bonus
- Zero protection cover
- Return to invoice
- Engine Protection.
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8. SBI Car Insurance
“Best for Budgeting”
An SBI car insurance policyholder will not have to worry about paying the garage bill or the hospital bill if he/she meets with an accident. This fully Government owned insurer offers a wide range of effective car insurance products which can help deal with different types of situations on road.
This SBI car insurance protects your finances against any losses incurred when your vehicles meet with accidents or are damaged during natural and man-made calamities.
- Claim Settlement Ratio: 86.01%
- Cashless Garages: 5000+
- Solvency ratio: 2.00
- Branches: 137+
- Claims Settled: 6.23 Lakhs.
Benefits:
- Easy and hassle-free purchase process
- 24x7 claim assistance.
Plans:-
- Own damage car insurance
- Third party car insurance
- Personal accident cover.
Coverages:
- Third Party Liability Cover: up to 7.5 lakhs
- Personal Accident Cover: Rs. 15 Lakhs
- Passenger cover: Rs. 2 lakhs
- No Claim Bonus: 50%
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9. Royal Sundaram Car Insurance
“Best Services”
Royal Sundaram offers decent car insurance rates for all customers and many helpful add-on coverages. The level of complaints against it for car insurance is very low. The company also has many optional offerings that can give you better insurance protection, making it a good choice to look at when comparison shopping.
- Claim Settlement Ratio: 87.89%
- Cashless Garages: 4600+
- Solvency ratio: 1.87
- Branches: 158+
- Claims Settled: 15 Lakhs.
Benefits:
- Good and hassle-free pre-sales and post-sales services
- Towing facility – spot repair services
- On-time Services
- 24x7 claim assistance.
Plans:-
- Third Party Car Insurance
- Comprehensive Car Insurance.
Coverages:
- Third Party Liability Cover: up to 7.5 lakhs
- Personal Accident Cover: Rs. 2 Lakhs
- No Claim Bonus: 50%
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10. Edelweiss Car Insurance
“Low Premiums”
The Edelweiss Group is one of the largest financial services groups in India. Edelweiss provides a broad range of financial products and services, catering to a substantial and differentiated client base, including corporations, institutions, and individuals. They combined with a relentless focus on systems, processes, and the highest governance standards, enable us to deliver quality services to customers.
- Claim Settlement Ratio: 93.38%
- Cashless Garages: 2000+
- Solvency ratio: 2.09
- Branches: 100+
- Claims Settled: 20 Lakhs.
Benefits:
- Good customer support
- Priority services at preferred workshops
- Quick claim settlement.
Plans:-
- Third Party private car liability
- Third party + own damage private car liability.
Coverages:
- Personal Accident Cover: Rs. 2 Lakhs
- No Claim Bonus: 50%
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PolicyBachat insurance market is huge and offers a wide range of car insurance plans at economical rates. At present, several insurance companies provide reliable car insurance plans. The insurers offer unique features and personalized facilities to cater to different sorts of customer needs.
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Conclusion:
After we thoroughly researched the car insurance market, 10 companies stood out among the competition as the best car insurance providers. When ranking these insurers, our team considered state availability, breadth of coverage, Pricing, and customer satisfaction.
The first step in the process is to determine your needs. Next, consider your budget. How much are you willing to spend on this service? Is your budget constrained by other factors such as time, resources, and location? Finally, research the companies that fit these criteria and decide which one is best for you.
The best car insurance companies can vary based on your needs and budget. We recommend the above providers in alternative for New India Assurance based on affordability, strong financial standing, positive customer service ratings, and mainly high claim settlement ratio. It’s always good to compare insurers. Get free car insurance quotes when you shop to find the best coverage and price for your car insurance.