Top 10 Shriram Car Insurance Alternatives 2024

What is it?

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.

Advantages:-

• Premium Discounts
• Cashless repair facility
• Excellent customer service.

Disadvantages:-

• Mechanical or electrical breakdown, depreciation, wear and tear.
• In the event of any loss or damage or liability which has happened beyond the geographic area as defined in the plan
• For any loss or damage in case the vehicle is being driven by any third person other than a Driver as stated in the Driver’s clause.

Key Features:-

• Claim Settlement Ratio: 81.83%
• Cashless Garages: 2000+
• Solvency ratio: 1.40
• Branches: 1800+
• Claims Settled: 18 Lakhs.

What is it?

Navi has pretty affordable rates for motorists with many types of needs, making it a good company for various driver profiles. The company gives its policyholders a sense of empowerment with financial independence through an extensive range of affordable products and a seamless customer experience.

Advantages:-

• Insurance coverage
• Legal liability
• Financial security
• Affordable premiums.

Disadvantages:-

• Accidental damages while driving under the influence of alcohol or intoxicating drugs.
• Accidental damages during war or similar conditions
• Any claims against an incident when your insurance policy was not active.

Key Features:-

• Claim Settlement Ratio: 82.91%
• Cashless Garages: 1100+
• Solvency ratio: 2.12
• Branches: 120+
• Claims Settled: 12 Lakhs.

What is it?

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.

Advantages:-

• 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.

Disadvantages:-

• Accidents caused due to the owner-driver driving under the influence of alcohol.
• Consequential damage that is not a direct result of accident/ natural calamity, etc. damage causes subsequent damage/loss, only the original damage will be covered.
• Accidents caused due to Owner-driver driving without a valid license.
• Damage due to the carelessness of the driver.

Key Features:-

• Claim Settlement Ratio: 82.35%
• Cashless Garages: 1300+
• Solvency ratio: 1.91
• Branches: 200+
• Claims Settled: 10 Lakhs.

What is it?

Edelweiss offers decent car insurance rates for all car owners and many helpful add-on coverages. The level of complaints against it for car insurance is very low, making it a company to check out if you’re shopping for car insurance.

Advantages:-

• Good customer support
• Priority services at preferred workshops
• Quick claim settlement.

Disadvantages:-

• Any damage to your car in case of an accident
• Any injury to passenger travelling in your car if you haven't taken the 'Personal Accident Cover
• Depreciation or the drop in value, of your car and its parts due to age and wear and tear.

Key Features:-

• Claim Settlement Ratio: 93.38%
• Cashless Garages: 2000+
• Solvency ratio: 2.09
• Branches: 100+
• Claims Settled: 20 Lakhs.

What is it?

The company has many optional offerings that can give you better insurance protection, making it a good choice to look at when comparison shopping.

Advantages:-

• Instant digital copy of the policy
• Quick and hassle-free claim settlement
• On-road protector coverage
• Surveyors for immediate claim initiation.

Disadvantages:-

• Planned damage liability, breach of policy will lapse the policy
• A normal course of mechanical and electrical breakdown, wear & tear, flat tires.
• A driving vehicle without a valid driving license
• Damage of tires without any accidental damage will claim you 50% of the damage cost.

Key Features:-

• Claim Settlement Ratio: 84.04%
• Cashless Garages: 4300+
• Solvency ratio: 1.73
• Branches: 200+
• Claims Settled: 8.61 Lakhs.

What is it?

Raheja QBE Insurance shines with its optional coverage options, its claims process and low level of complaints, which helps it overcome only average rates.

Advantages:-

• Quick claim settlement process
• Readily available customer support
• Instant policy issuance and faster process.

Disadvantages:-

• A claim arising out of the contractual liability is not covered
• Damage caused by nuclear weapons material is not covered
• A claim arising out of contractual liability.

Key Features:-

• Claim Settlement Ratio: 100.51%
• Cashless Garages: 1300+
• Solvency ratio: 3.66
• Branches: 100+
• Claims Settled: 16 Lakhs.

What is it?

Royal Sundaram offers a superior selection of coverage options, from accident forgiveness to disappearing deductibles. It also has a track record for low car insurance complaints, which helps offset rates that are usually higher than its top competitors.

Advantages:-

• Good and hassle-free pre-sales and post-sales services
• Towing facility – spot repair services
• On-time Services
• 24x7 claim assistance.

Disadvantages:-

• Any wear-and-tear of the car due to aging
• Any mechanical and electrical breakdown
• Private cars used for remuneration purpose is not covered
• Driving without a valid driving license.

Key Features:-

• Claim Settlement Ratio: 87.89%
• Cashless Garages: 4600+
• Solvency ratio: 1.87
• Branches: 158+
• Claims Settled: 15 Lakhs.

What is it?

SBI has good coverage offerings and a top score for its collision repair claims processes. These advantages offset SBI’s car insurance rates, which are a mixed bag depending on your driving record.

Advantages:-

• Easy and hassle-free purchase process
• 24x7 claim assistance
• Provides cover for CNG LPG Bio Fuel Kit.

Disadvantages:-

• Loss or damage caused while driving under the influence of alcohol or any other intoxicating substance
• Loss or damage due to depreciation of the car's value
• Loss or damage due to war or nuclear risks.

Key Features:-

• Claim Settlement Ratio: 86.01%
• Cashless Garages: 5000+
• Solvency ratio: 2.00
• Branches: 137+
• Claims Settled: 6.23 Lakhs.

What is it?

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.

Advantages:-

• Quick claim settlement
• Instantaneous purchase
• Wide range of add-ons
• 24x7 claim assistance
• Robust customer support system.

Disadvantages:-

• Normal Wear and tear and general ageing of the vehicle.
• Depreciation or any consequential loss.
• Mechanical/ Electrical breakdown.
• Vehicle being used otherwise then in accordance with limitations of use.

Key Features:-

• Claim Settlement Ratio: 87.96%
• Cashless Garages: 3500+
• Solvency ratio: 1.90
• Branches: 86+
• Claims Settled: 1.11 Lakhs.

What is it?

Magma HDI is worth considering as your top choice. The company offers reputable service, a wide selection of coverage and cheap car insurance rates, according to our rate estimates.

Advantages:-

• Save time
• Get better price
• Easy and convenient process
• Trained professionals at your service.

Disadvantages:-

• Mechanical or Electrical breakdown and failure
• Damage to tyres/tubes of the Car, unless damage to the vehicle in the accident with liability
• Damage by a person driving under the influence of Liquor/Alcohol/Drugs.

Key Features:-

• Claim Settlement Ratio: 82.35%
• Cashless Garages: 1300+
• Solvency ratio: 1.79
• Branches: 200+
• Claims Settled: 10 Lakhs.