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10 Best long term motor insurance policies in India

Ankush is having a hard time looking for motor insurance that would provide coverage for his car for the long term. He wants to ensure that his car is covered for an extended period time. However, with so many options for long-term motor insurance out there, deciding on which one to go for can be difficult.

You must be wondering what long-term motor insurance has to offer that other types of motor insurance doesn’t. Let’s take a look. We’ll also be taking a look at the 10 of the best long-term motor insurance policies in India.

What is Long-Term Motor Insurance?

Long Term Motor Insurance offers motor insurance protection against damage/loss to vehicles for an extended period of time. It provides all the benefits of a long-term car insurance policy and more. Long Term Motor Insurance policy has perfect protection by choosing for up to 3 years and avoid the renewal process yearly.

Long Term motor Insurance policy provides seamless protection for three years and pays a one-time premium. It is mandatory to have a long term motor insurance policy, and many people buy the least possible cover for your vehicle.

Long term motor insurance policy is an important process. It is important to know which insurance companies will serve the best needs for people. It is best to compare different policies of long term motor insurance before buying and choose the best one for personal circumstances.

​Benefits of Long Term Motor Insurance Policy In India

Here are the benefits of a long term motor insurance policy-

  • ​Renewal of policy every year
  • Comprehensive insurance policies for all major motor brands
  • No Claim Bonus on additional benefits 
  • Avoid unexpected  losses in policy renewal 
  • Provide attractive discounts on long term motor insurance premium  
  • With partial claim refund of premium on cancellation of the policy 
  • Saves from the difficulty of renewing a lapsed policy

Top 10 Long Term Motor Insurance Companies in India 

Motor Insurance CompanyClaim Settlement Ratio 
IFFCO Tokio Motor Insurance96.44%
Royal Sundaram Motor Insurance94.07%
Oriental Motor Insurance93.16%
Universal Sompo Motor  Insurance92.45%
New India Assurance Motor Insurance92.23%
Tata AIG Motor Insurance91.80%
SBI Motor Insurance91.74%
Bajaj Allianz Motor Insurance91.23%
HDFC ERGO Motor Insurance89.48%
Future Generali Motor Insurance88.56%

1. IFFCO Tokio Motor Insurance

The long-term motor insurance offered by IFFCO Tokio has a wide range of coverage and provides 24/7 customer service to ensure the customer is never left and be able to access assistance from the insurance company. The company has a good claim settlement ratio of 96.44%.

2. Royal Sundaram General Insurance

 Royal Sundaram General Insurance has a high claim settlement ratio of 94.07%. Moreover, it secures a claim settlement process of fewer than 10 days, to put your mind relaxed.

3. Oriental Insurance Company

Oriental Insurance Company provides various coverage and they’re a high claim settlement ratio of 93.16%. Oriental Insurance Company is an excellent choice for a long-term insurance policy.

4. Universal Sompo General Insurance Company

Universal Sompo General Insurance Company has high ranks with a ratio of 92.45%. Thus to insure your vehicle for long term, a high chance of your claim being successful. It is a good choice for getting your car covered.

5. New India Assurance General Insurance

New India Assurance General Insurance is also an excellent choice for ensuring long term protection for your vehicle. It also provides a strong insurance coverage with an unlimited liability cover in death or injury of a third party with a high claim settlement ratio of 92.23%.

6. Tata AIG Motor Insurance Company

Tata AIG Motor Insurance Company is well-known for being an ethical and customer-friendly insurance company. It provides easily accessible services and its customer service lines are helpful and accessible. Tata AIG Motor Insurance Company has an impressive claim settlement ratio of 91.80%.

7. SBI General Motor Insurance Company

SBI General Motor  Insurance Company is a trusted insurance company. It has a high claim settlement ratio of 91.74% for its excellent credentials. SBI General Motor Insurance Company provides an easy purchase or renewal process for its customers.

8. Bajaj Allianz Motor Insurance Company Limited

Bajaj Allianz Motor Insurance Company Limited offers a wide variety of coverages and is one of the largest insurance companies in India. It is beneficial for policyholders and has a high claim settlement ratio of 91.23%.

9. HDFC Ergo Motor Insurance

HDFC Ergo Motor Insurance is an extremely good choice to insure your motor insurance with a claim settlement ratio of 89.48%. Their long term insurance policy provides a variety of coverage including add ons like added riders included in your policy. HDFC Ergo Motor Insurance has the lowest premiums in the country and it makes a good option for you to purchase your long term motor insurance.

10. Future Generali India Insurance Company

Future Generali’s motor insurance is extremely helpful for many reasons. Not only does the company have a high claim settlement ratio of 88.56%, but there are also over 2500 cashless network garages throughout the country.

Moreover, the claim settlement carries a huge significance for every policyholder, there are still many things that may be taken into consideration along with the claim settlement ratio of the insurance companies while choosing a long-term insurance company.

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