Insurance Companies In India

Insurance Companies In India

There are a number of insurance companies in India to choose from.

Of course, this site is mainly focused on auto insurance coverage, so I’ll focus specifically on that type of insurance provider in India.

Just like in the USA and most other countries, auto insurance is required by law in India if you are going to own and drive a vehicle.

You will have to choose your insurance coverage to coincide with the type of vehicle you drive. You can purchase insurance for a two wheeler, a four wheeler, and even a commercial vehicle.

Often, when you purchase your vehicle, arrangements can be made with the dealer/manufacturer to organize your insurance right then and there. Just be sure that you have some understanding of the type of insurance coverage you want or need.

Insurance companies in India offer comprehensive insurance to cover a wide range of losses you might experience over the course of your driving career. You can be reimbursed for such things as accident, theft, fire, vandalism, lightening, etc.

Be sure to check to see that you are getting what you want. Not every Indian insurance company offers the same type and amount of coverage. It’s your responsibility to ask and know what you are getting.

This isn’t a comprehensive India insurance directory, but it is a list of the most popular insurance providers in India:

  • Bajaj Allianz Motor Insurance
  • HSBC India Auto Secure
  • ICICI Lombard
  • United India Insurance Corporation Ltd.
  • The New India Assurance Co.
  • The Oriental Insurance Company Limited
  • TATA AIG General Insurance
  • Maruti Insurance
  • Reliance General Insurance Co. Ltd.

If you’d like to add your own favorite company to this India Insurance Directory, please use the form at the bottom of the page. Give us a review of one of these companies or add a new one and share your experiences.

History Of Insurance Companies In India

Following is an article on the history of Insurance Companies in India by J. Rockwood. I’m including it here because some people enjoy knowing a little bit more than the basics.

    Let us discuss the progression of the industry focusing on recent developments. Before then, let us mention the original European roots of this industry with the organization of the Oriental Life Insurance Company. Still in operation, this company has seen the many changes throughout the many decades of its operation in the industry.

    The regulation of the industry has started more recently, beginning with the 1938 Insurance Act. Among other things, this legislation is responsible for the road to nationalizing Insurance companies in India. It did explicitly do so itself, but set the tone for doing so.

    While definition of insurance company comes from the 1956 legislation called the Life Insurance Corporation Act (Indian Legislator, 1938), we also find the foundation to answer several problems plaguing the industry, while some of these were social issues revolving around the European control of the country. Another consideration is the Indian insurance directory, an item that is not an item that is easy to trace.

    We find that this legislation is the backbone of the current model. As mentioned, the Insurance act and the Life Insurance Corporation Act provide the backbone to build a nationalized system. Later, we find the General Insurance Business Act formally nationalizes the industry in 1972 (Insurance in India). This had the effect of radically reducing the number of insurance companies inside the country.

    The remaining companies find themselves in the major population areas of the country. With the 1999 Insurance Regulatory and Development legislation, its effect on this industry allows for the opening of allowing outside competition into the country.

    While we must accept that the new competition has had very little affect on the sales of the nationalized companies, it may suggest a new economic outlook. In the short term, this has very little interest in the way of the customer though it may be an item to watch as it may have large implications for the insurance companies in India.

Dish The Dirt On Your Insurance Company!

Most people hate spending money on auto insurance. But if you have to spend the money, you want to be sure you are getting the best deal possible.

You expect good customer service, prompt attention to claims, and help when you need it. Are you getting this from your automobile insurance provider?

Praise or punish your insurance company here. Your input will be a help to future insurance consumers who want honest opinions rather than the company line. Go ahead, rant or rave!

What Other Visitors Have Said

Click below to see reviews and ratings from other visitors to this page...

Maruti Suzuki 
Insurance gives security to life. I have my car insurance with Maruti Suzuki. For the past three years I am continuing my car insurance with Maruti. …

ICICI Lombard Insurance 
I actually own a Maruthi 800 with ICICI Lombard Insurance. So far I didn't come across with such situation to make a claim, but one of my friends …

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