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The population of the country is 132.42 crores as of 2016. There is one bike for every two persons in India. As the density of population is high so is the density of motorbikes on the road. It is mandatory to buy a two-wheeler insurance policy as per the motor vehicles act in India. You should buy a comprehensive bike insurance policy to fulfill the legal obligation as well as to protect various kinds of risks on the road. The benefits available with the two-wheeler insurance plan include free service or repair of the vehicle, discounts and accessories.
Selection of Insurance Company
As there are many insurance companies in India, you should go through the details of various kinds of policies offered by different companies to settle for the best insurance policy. You should be aware of the reputed insurance companies so that the selection can be made very easily.
1. HDFC Ergo
The company offers two-wheeler insurance policy at affordable price without compromising the benefits. It has branches spread across the country. You can buy and renew the policy very easily. The company maintains highest claim settlement ratio. The ISO-certified company delivers best customer support.
- Quick issuance of online insurance policy
- Easy procedure to renew the policy online
- Repair services for two-wheeler and accessories
- Claims can be filed online
- Dedicated 24/7 customer support to deal with policy/service issues
- Voice box facility for customers
2. TATA AIG
TATA AIG is one of India’s top motorcycle insurance providers. The AIG shares the global experience with the Indian customers. The company offers various kinds of comprehensive as well as liability policies. There are policies to fulfill the emerging needs of urban as well as rural commuters.
- Warranty on accident repairs for 6 months
- Free pick-up of the vehicle after the accident
- Claim settlement in 7 days
- Online claim filing facility
- Covers complete or partial loss of vehicle (in case of third-party property damage or bodily injuries)
- Add-on covers including depreciation reimbursement, key replacement, return invoice and daily allowance
- Compensation for loss of personal belongings
- 24/7 customer s support
3. Bharti AXA
The company offers wide range of insurance policies to fulfill the needs of various kinds of bike owners. There are insurance policies for various models of vehicles. Bharti AXA is the largest and one of the reputed general insurance companies in India.
- Long-term policy
- Discounts up to 20%
- Buying and renewing policy online
- Multiple payment modes
- 24/7 customer support
- Comprehensive insurance cover at affordable premium
- Discount for automobile association membership
- Cashless service at network garages spread across India
4. Bajaj Allianz
The company has its network spread across the country. It is one of the first companies in Indian in introducing innovative bike insurance products. The company implements the best customer-oriented approach. The award-winning company provides best service and support by offering various kinds of two-wheeler insurance products.
- Compensation for loss of bike due to natural calamities or natural disasters
- Online policy renewal facility
- Cashless service facility at network of garages
- Third-party liability benefits
- Two-wheeler claim status by SMS
- Policy-related service through 24/7 customer support
- Quick settlement of claims
5. Reliance General Insurance
Reliance General Insurance Company is the part of Reliance Group. The company offers various kinds of policies to fulfill the needs of different kinds of two-wheeler owners.
- Quick and easy online policy creation and renewal facility
- Quick claim-settlement and funds transfer by NEFT
- Additional discounts in the form of NCB, anti-theft devices and membership of Automobile Association
- Processes damage of the vehicle due to natural or manmade disasters
- Free repair/replacement of parts across the network of garages spread across the country
- 24/7 customer support by phone and email
6. New India Assurance
The government-owned company is one of the oldest general insurance companies in India. The company offers policies to reach every nook and corner of the country. The ‘A’ rated company has the capability to deal with the needs and issues of wide range of customers.
- Best grievance resolution mechanism
- Quick claim processing
- Protection of vehicle against flood, fire and manmade disasters
- You can purchase policy for a minimum of 2 or 3 years
- Online policy renewal option
- Add-on passengers will be covered by the policy
7. SBI General Insurance
SBI General Insurance Company serves various kinds of customers (retail, corporate and SME). The company launches wide range of customer-centric products. You can choose the best bike insurance policy from the company as per your needs.
- Covers natural calamities like flood, fire and cyclones
- Man-made disasters like theft are covered by the policy
- Insurance policy can be customized as per the needs of the customer
- Compulsory personal accident insurance for individual owners
- No claim bonus to the extent of 50%
- Pillion rider can be included in the personal accident insurance
- Additional discount for insuring the bike with the company on a continuous basis
- Premium discount for individuals between 25 and 55 years
Benefits of Two-Wheeler Insurance Policy
There are wide ranges of benefits with a two-wheeler insurance policy. You should buy the policy from reputed motorcycle insurance providers to get discounts on the premium and to enjoy hassle-free claims.
- Affordable Premium - The premium that you pay towards the insurance policy is very low compared with the benefit that you get when you are involved in the accident.
- Fulfills Legal Obligation - It is a crime to ride a vehicle without a valid insurance policy. Hence, you should fulfill the legal obligation by subscribing to a comprehensive bike insurance plan.
- Protects the Vehicle - If there is damage to the vehicle due to your negligence or third party or situations which are beyond your control, the insurance company will pay the compensation
- Protects the Owner - The insurance policy will protect the owner of the two-wheeler. The insurance premium will be low and the benefit will be high.
- Protects the Rider - The bike insurance policy will cover the risk of the rider. If the rider is involved in the accident, the damages in terms of injury or death will be compensated by the insurance company. However, the rider should possess a valid driving license at the time of the accident.
- Protects the Pillion - There are two-wheeler insurance policies to protect the interests of the rider. You can go for a comprehensive insurance policy to cover the rider as well.
- Covers the Third Party Damage - The death or injury of the third person due to accident with the involvement of your vehicle will be covered by the insurance policy.
- Covers the Third Party Property - The property damage that takes place due to the accident will be covered by the vehicle insurance policy.
- Roadside Assistance - When you met with an accident, you should get immediate assistance. The roadside assistance rider will help you manage the situation. You can call the insurance company and place a request to get immediate assistance. The roadside assistance is an add-on rider.
- Cashless Claim Facility - Most of the insurance companies offers cashless claim facility. You will inform the insurance company as soon as you are involved in the accident. The insurance company will visit the accident site and the surveyor will approve the claim. The vehicle will be serviced at the garage and the insurance company will pay the bill directly to the garage. There will be great convenience with the cashless claim facility.
- Absolute Peace of Mind - You will enjoy absolute peace of mind when you subscribe to a comprehensive insurance policy.
Selection of Insurance Policy
The selection of an insurance policy should be done as per your requirements. You should be aware of your personal and vehicle insurance needs.
- Annual Insurance or Long-Term Insurance - generally, insurance companies offer insurance cover on annual basis. However, you can go for long-term insurance policy by opting for 2 or 3 years. When you opt for a long-term, you will not want to renew the policy on annual basis. It is possible to pay the same premium for the coming years and you will save money.
- Third-Party Insurance - The essential requirements as per the law will be fulfilled with the third-party insurance plan. If you are insuring old vehicle, you can go for third party insurance. However, you should take steps to cover the rider and pillion as well.
- Comprehensive Insurance - With a comprehensive insurance policy, various aspects of two-wheeler insurance will be covered without any issues. You can ride tension-free as all kinds of risks are covered with a comprehensive insurance policy.
- Online Policy - You can buy bike insurance from motorcycle insurance providers by visiting the official website. A new policy can be bought online within few minutes. You can also renew a policy online so that there will be great saving of time, money and effort.
- Claim Settlement Ratio - The claim settlement ratio of insurance is an important factor. The claim settlement ratio will be issued by IRDAI. You can find the information on the official website of the insurance company as well as IRDAI website. The top-performing two-wheeler insurance companies in terms of claim settlement ratio are Reliance, HDFC Ergo, IFFCO Tokio general insurance company and Royal Sundaram General Insurance Company.
- Customer Support - The insurance company should deliver the best customer support. The salesmen of insurance companies will be proactive while selling the insurance products. The same level of service and dedication should be fulfilled by those companies while processing the claims. Hence, you should choose an insurance company which has best claim settlement ratio and customer support ratings. You should be able to reach the insurance company in various ways including chat, email and phone support.
- A Tie-Up With Garages - Most insurance companies will have a tie-up with garages and they will offer cashless service at networked garages. After the accident or damage to the vehicle, the policyholder should contact the insurance company to get information about the nearest garage. The repairs or replacement of parts will be done in the garage and there will be a great convenience to customers.
- Nil-Depreciation Cover - Nil depreciation or bumper to bumper cover is offered for new vehicles. If there is damage or repairs, the vehicle will be restored to the factory-manufactured condition when you go for nil-deprecation cover. In other cases, the insurance company will pay the damages to a certain percentage of the overall loss.
- No-Claim Bonus - No-claim bonus will decrease the annual insurance premium so that the insurance policy will become affordable. If you had not made a claim in the previous policy year, no-claim bonus will be applied by the insurance company automatically while renewing the insurance policy.
Difference between Third-Party Cover and Comprehensive Cover
|Insurance cover||Third-party liability||Comprehensive cover|
|Meant for||Expensive bikes||Low-value vehicles|
If you are buying a new two-wheeler, you should buy an insurance policy. Even though third-party liability insurance will suffice your needs as per the law, you will want to buy comprehensive insurance policy so that all kinds of aspects will be covered in a very efficient manner. For an old or low-value vehicle, you can opt for third-party liability insurance plan.
Even though you take the best bike insurance policy, you should not forget the safety tips in riding the bike. The vehicle should be maintained or serviced as per the schedule set by the manufacturing company. The traffic rules should be followed to avoid accidents.
There are reputed motorcycle insurance providers in India offering wide range of insurance policies. Vehicle owners should be aware of the best insurance policies and should make an informed choice. It is very much important to maintain the vehicle as well as the insurance policy in an up-to-date condition. A comprehensive insurance policy will cover all kinds of risks and you will have great peace of mind while riding!
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