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icon Car Insurance icon Claim Settlement Ratio

Claim Settlement Ratio

What is a Claim Settlement Ratio?

  • Settlement Percentage

    It’s the percentage of claims settled by an insurance company in one yr. out of the total no. of claims.

  • Credibility Indicator

    It is an insurance company’s credibility indicator that defines how trustworthy a company is.

  • Reliability Indicator

    As a rule of thumb, higher the claim settlement ratio, higher the reliability of the insurance company.

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What Happens In A Claim Settlement Process?

  • Compensation

    It’s a procedure where you ask the insurance company to pay for the damages incurred due to an accident, theft etc. involving your car.

  • IDV Evaluation

    The overall claim amount is decided keeping the car’s Insured Declared Value in mind along with the policy type that you buy.

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What are the Types of Claim Settlement?

There are two ways to settle your insurance claim:

1. Reimbursement Claim

In case you repair the car by taking it to a workshop or garage which falls outside the list of authorised network garages of the insurer, you’ll have to conduct a reimbursement claim process. In such cases, you pay the repairing cost first & then ask for the insurance company to reimburse the same.

2. Cashless Claim

In case you repair the car at a garage or workshop which falls in the list of your insurance company’s authorized garages, you don’t have to pay anything & most of the repair bill amount is taken care of by the insurance company. This happens only if the claim is valid.

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Best Car Insurance Companies with Claim Settlement Ratio 2022

Here is a list of the car insurance companies with best claim settlement ratio in India for 2022.

Car Insurance Company OD Claim Settlement Ratio FY20
IFFCO Tokio 95.30%
Royal Sundaram 92.66%
The Oriental 91.76%
HDFC Ergo 91.23%
Universal Sompo 90.78%
Tata Aig 90.49%
The New India Insurance 89.60%
SBI General 89.51%
Bajaj Allianz 88.83%
Future Generali 88.69%
Bharti AXA 87.99%
ICICI Lombard 87.71%
Liberty 87.48%
Cholamandalam MS 85.89%
National Insurance 85.71%
Edelweiss 84.52%
Reliance 84.26%
Acko 83.91%
United India Insurance 82.93%
Kotak Mahindra 82.81%
Go Digit 80.47%
Magma HDI 79.60%
Shriram 77.26%
Navi 76.20%
Disclaimer: *The above information on Incurred Claim Ratio has been sourced from IRDAI’s Annual Report (2018-19). The cashless garages network information has been collated from the Insurance Company's Website.
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