Top Government Car Insurance Companies in India - 2025

Top Government Car Insurance Companies in India

New India Assurance Company Limited (NIA)

• IRDA Registration Number: 190
• Founding Year: 1919
• Headquarters Location: Mumbai
• Claim Settlement Ratio: 92.43% (FY 2022-23)

The New India Assurance Company Limited was started by Sir Dorabji Tata, a famous business leader, in 1919. Its main office is in Mumbai. Originally from India, the company now works in 28 different countries. As of March 2017, the company made over 22,270 crore rupees worldwide, with 19,100 crore rupees coming from its business in India.

Oriental Insurance Company Limited (OICL)

• IRDA Registration Number: 556
• Founding Year: 1947
• Headquarters Location: New Delhi
• Claim Settlement Ratio: 88.05% (FY 2022-23)

It was founded in 1947 as part of The Oriental Government Security Life Assurance Company Limited. In 1956, it was merged with the Life Insurance Corporation of India (LIC) when LIC was established. The company is now owned completely by the Indian Government and has its head office in New Delhi.

National Insurance Company Limited (NICL)

• IRDA Registration Number: 58
• Founding Year: 1906
• Headquarters Location: Kolkata
• Claim Settlement Ratio: 84.03% (FY 2022-23)

The oldest general insurance company in India is National Insurance Company, started in 1906 in Kolkata. When the government took over general insurance, National Insurance became part of GIC (General Insurance Corporation of India). In 2002, it became an independent insurance company owned by the Government of India.

National Insurance provides many types of insurance, like motor, health, and life insurance, for individuals, businesses, rural areas, and farmers. Their plans offer great benefits at low prices.

United India Insurance Company Limited (UIL)

• IRDA Registration Number: 545
• Founding Year: 1938
• Headquarters Location: Chennai
• Claim Settlement Ratio: 81.63% (FY 2022-23)

United India Insurance has been working in general insurance since it was started in 1938. In 1972, the government of India took over the general insurance business. After that, several other insurance companies in India joined with United India Insurance, and it became owned by the government. United India is well-known in general insurance, making both simple insurance plans for stores and complex ones for big companies.

Factors to Consider While Choosing the Best Car Insurance Companies In India

When selecting a car insurance company in India, it’s important to keep a few key points in mind. Here are the main factors to consider:

• Claim Settlement Ratio: Choose a company with a high claim settlement ratio. This shows how often they approve claims, ensuring you can rely on them during an emergency.
• Coverage Options: Look for companies that have a complete package of coverage, offering their own damage, third-party liability, and additional benefits such as roadside assistance or cashless repairs.
• Premium Cost: Compare the premiums of different companies and check if the coverage offered is worth the price. Choose a plan that fits your budget without compromising on benefits.
• Add-Ons: Check for useful add-ons like zero depreciation, engine protection, or roadside assistance. These can provide extra security for your car.
• Customer Reviews and Service: Read reviews from other customers to see how the company handles claims and supports its policyholders.
• Cashless Network Garages: A company with a large network of cashless garages makes it easier to get repairs without paying upfront.

Conclusion

In conclusion, choosing the right car insurance company is very important for protecting your vehicle and ensuring peace of mind on the road. The best government car insurance companies in India, such as New India Assurance, United India Insurance, National Insurance, and Oriental Insurance, are reliable and offer a variety of plans to meet different needs. So compare the plans with Square Insurance and get the right insurance for your four-wheeler.