By Lal Singh Car insurance or motor insurance in India is regulated by the IRDAI and is mandatory for cars and other types of motor vehicles. Indian motor insurance industry features a mix of public sector undertakings of the Government of India and private companies. Car insurance companies are generally assessed and ranked on the basis of multiple parameters, including claim settlement ratios, market share, gross written premiums, network of cashless garages and customer satisfaction.
Selecting the right car insurer is the key to ensure long-term financial protection for your motor vehicle. Here is a list of the top 10 leading car insurance companies in India for the year 2026.
1. New India Assurance Company Limited
New India Assurance Company Limited, headquartered in Mumbai, is the largest public sector general insurance company in India, with the largest market share in motor insurance. Founded in the year 1919, the company was nationalised in 1973 and is currently owned fully by the Government of India.
Motor insurance is the largest segment of NIACL. The company offers multiple kinds of motor insurance policies like comprehensive coverage for private vehicles, commercial vehicle package policy, third-party, own damage and others. It has a network of over 3000 cashless garages across India and a claim settlement ratio of around 93%.
2. ICICI Lombard General Insurance Company Limited
ICICI Lombard General Insurance Company Limited, headquartered in Mumbai, is India’s largest private sector general insurance company, with a strong market presence in motor insurance. Founded in the year 2001, it is a joint venture between ICICI Bank and Fairfax Holdings.
ICICI Lombard’s flagship general insurance product is motor vehicle insurance covering multiple kinds of policies for cars, two-wheelers and commercial vehicles. The policies include comprehensive, third-party, own damage and personal accident coverages. Claim settlement ratio of the company is over 90%, while network garages number over 12,000 across India.
3. Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited, headquartered in Pune, is the second-largest private insurer in India and a leading player in motor vehicle insurance segment. Founded in the year 2001, it is a subsidiary of Bajaj Finserv Limited. The company is particularly known for its digital processes and innovations.
Bajaj Allianz General Insurance offers multiple types of motor insurance coverages, including comprehensive, standalone own damage, third party, pay-as-you-go, accident prime and eco assure. The company has a claim settlement ratio of over 90% and a network of over 7000 cashless garages across India.
4. HDFC ERGO General Insurance Company Limited
HDFC ERGO General Insurance Company Limited, headquartered in Mumbai, is among the top private general insurance companies in India, particularly in motor insurance. Founded in the year 2002, it is a joint venture between HDFC Bank and ERGO International AG. The company is known for low repudiation rates and quick, digital settlements.
HDFC ERGO General Insurance provides a wide range of coverages, right from comprehensive and unlimited third party liability to standalone own damage. Furthermore, the company offers comprehensive add-ons, including zero deprecation and engine protection.
5. SBI General Insurance Company Limited
SBI General Insurance Company Limited, headquartered in Mumbai, holds a significant market share in general insurance. Founded in the year 2009, it is a joint venture between State Bank of India and Insurance Australia Group. The company has shown rapid growth in motor insurance in the recent years. It leverages SBI’s vast distribution network of over 100 offices across India.
Motor insurance is the general insurance flagship instrument of SBI General Insurance. The company has a network of over 16,000 cashless garages across India and boasts of over 90% claim settlement ratio.
6. Tata AIG General Insurance Company Limited
Tata AIG General Insurance Company Limited, headquartered in Mumbai, is among the top private general insures in India, with a strong share in motor insurance market. Founded in the year 2001, it is a joint venture between Tata Group and American International Group. The company has established a reputation for reliable claims handling, strong digital capabilities and innovative products.
Tata AIG General Insurance offers a diverse range of motor vehicle insurance coverages like comprehensive, unlimited third party liability, own damage and others. The company has a network of over 7500 garages and a claim settlement ratio of over 90%.
7. IFFCO Tokio General Insurance Company Limited
IFFCO Tokio General Insurance Company Limited, headquartered in Gurugram, is a leading private insurer operating in a comprehensive set of general insurance products, including a strong motor vehicle insurance segment. Founded in the year 2000, it is a joint venture between Indian Farmer Fertiliser Co-operative Limited and Tokio Marine Group of Japan.
IFFCO Tokio offers numerous motor vehicle insurance coverages for cars, commercial vehicles and two-wheelers. Its claim settlement ratio is over 90%, with a network of over 4000 cashless garages. The company is particularly known for its extensive rural presence.
8. IndusInd General Insurance Company Limited
IndusInd General Insurance Company Limited, headquartered in Mumbai, is a private general insurer, with a strong presence in motor vehicle insurance segment. Founded in the year 2000 as Reliance General Insurance, it was acquired by IndusInd International Holdings in the year 2025.
IndusInd provides several motor insurance coverage options, such as comprehensive, third-party, own damage, personal accident and others, with a claim settlement ratio exceeding 90%. It operates through over 200 branches and has a network of over 11,000 cashless garages.
9. Acko General Insurance Company Limited
Acko General Insurance Company Limited, headquartered in India, is a digital-based private general insurer having a strong focus on motor vehicle insurance. It was founded in the year 2016 by Varun Dua. The company operates entirely online, with a paperless, tech-driven model, in partnerships with platforms like Amazon, Ola and RedBus.
Acko General Insurance’s flagship motor insurance covers multiple types of coverages, right from comprehensive and third party to own damage and personal accident. The company is known for its app/web-based claim process, including video inspection and free pickup in 60 minutes.
10. Go Digit General Insurance Limited
Go Digit General Insurance Limited, headquartered in Bangalore, is a digital-focused private general insurer. It was founded in the year 2016. The company holds around 6.5% share in the motor vehicle insurance segment. Go Digit operates a tech-driven, paperless model, focusing on simplicity and speed in purchasing, renewing and claiming policies.
Conclusion
Car or motor insurance is the key driver of the non-life insurance sector in India. In FY25, the gross direct premiums in the motor insurance sector crossed INR 3 lakh crore for the first time. Key drivers of growth in motor insurance sector are rising vehicle ownership, EV surge, digital transformation and regulatory changes.