This paper investigated the feasibility of developing alternative insulating nanofluid from a mixture of Jatropha and Neem oils into which compositions of 0.2 to 1.0 wt% of titanium oxide nanoparticles were dispersed. FTIR, SEM–EDX and XRD analyses of titanium oxide nanoparticles were carried out. The DC and AC breakdown voltages were measured and analysed using Weibull statistical tool. In the Weibull statistical analysis, it was observed that the characteristic breakdown field strength of PJO is higher relative to PNO and has slight differences compared to the PJNO sample. With the dispersion of TiO2 nanoparticles, the characteristic breakdown strength improved as compared with the base oil. Furthermore, the developed Jatropha–Neem mixture nanofluid recorded characteristic breakdown field strength that is much higher compared to that of the mineral oil sample. The mixture of Jatropha and Neem oil nanofluid sample possessed the highest characteristic breakdown strength among prepared nanofluids which indicates that the characteristic breakdown strength of the oil samples has been improved considerably with the dispersion of TiO2 nanoparticles. The results have shown the viability of Jatropha–Neem nanofluid as insulating oil for use in oil-filled power equipment.