It’s the percentage of claims settled by an insurance company in one yr. out of the total no. of claims.
It is an insurance company’s credibility indicator that defines how trustworthy a company is.
As a rule of thumb, higher the claim settlement ratio, higher the reliability of the insurance company.
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.
The overall claim amount is decided keeping the car’s Insured Declared Value in mind along with the policy type that you buy.
There are two ways to settle your insurance 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.
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.
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% |
