Best Bike Insurance Companies
Two-wheeler insurance enables you to meet all the financial obligations that may arise because of an accident or other mishaps that your bike may come across like theft, fire, landslide, earthquake, etc. According to Indian Motor Vehicle Act, it is compulsory to get your bike insured with at least a third-party insurance policy. At present, there are approximately 25 General Insurance providers in India that offer insurance plans for two-wheelers as well.
List of Top Bike Insurance Companies in India
The below table provides information related to the best bike insurance companies in India:
|Bike Insurance Company||Network Garage||Own Damage Claim Settlement Ratio|
|Bajaj Allianz Two-Wheeler Insurance||4, 000+||91.23%|
|Bharti AXA Two-Wheeler Insurance||5, 200+||88.49%|
|Digit Bike Insurance||1, 400+||85.76%|
|Edelweiss Two-Wheeler Insurance||1, 0000+||70.59%|
|HDFC Ergo Two-Wheeler Insurance||6, 800+||89.48%|
|IFFCO Tokio Bike Insurance||4, 300+||96.44%|
|Kotak Mahindra Bike Insurance||1, 300+||81.70%|
|Liberty Two-Wheeler Insurance||4, 300+||87.48%|
|National Two-Wheeler Insurance||3, 100+||80.50%|
|Navi Bike Insurance||900+||53.10%|
|New India Two-Wheeler Insurance||3, 000+||92.23%|
|Oriental Bike Insurance||3, 100+||93.16%|
|Reliance Two-Wheeler Insurance||3, 800+||83.81%|
|SBI Two-Wheeler Insurance||16, 000+||91.74%|
|Shriram Bike Insurance||2, 000+||62.84%|
|Tata AIG Two-Wheeler Insurance||5, 000+||91.80%|
|United India Two-Wheeler Insurance||3, 100+||84.17%|
|Universal Sompo Two-Wheeler Insurance||3, 500+||92.45%|
Disclaimer: The incurred claim ratio mentioned above is as per the figures mentioned in the IRDA annual report 2018-19. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
How to Select the Most Suitable Bike Insurance Company in India?
There are many bike insurance companies available in the Indian insurance industry and there is no single two-wheeler insurance plan that can fulfil the requirements of all. This is because the requirements of every individual are different. For some people, a two-wheeler insurance company that has a vast network of cashless workshops is suitable, while for others a bike insurance company that has the highest claim settlement ratio is the best. In this way, there are many parameters by which a two-wheeler insurance company can become the most suitable for you. Therefore, we are going to mention some of the parameters that you must consider at the time of purchasing a bike insurance policy:
Network of Cashless Two-Wheeler Workshops
Every bike insurance company has tie-up with some of the two-wheeler workshops or garages. These garages are known as network garages or network workshops of the insurance companies. At these garages, you can avail of the facility of cashless claims. So, at the time of selecting a two-wheeler insurance policy, you should also check its list of network garages. The one that covers a large number of garages and some of which are in your nearby premises should be considered.
Claim Settlement Ratio
It is the percentage of the claims that are settled by a bike insurance company out of the actual number of claims received in one financial year. The higher the ratio of claim settlement, the better the company is. Therefore, you must select a two-wheeler insurance company that has a good ratio of claim settlement.
Availability of Riders
The riders or add-on covers for two-wheeler insurance plans are the extra covers that you can opt with comprehensive and own damage insurance for extending the coverage of these plans. Rider plans are as well known as add-on covers that are available by paying some extra premium. However, this extra premium is very nominal. So, before selecting a bike insurance company, you must also check whether it is offering you some add-on covers that you may need or not.
Customer Care Service
Another worth considering factor before selecting a two-wheeler insurance policy is the customer care service of the company. The quality and availability of customer care services are what should be checked before finalizing a two-wheeler insurance company. You must select a company that provides 24*7 customer care service and gives you timely assistance for resolving your queries and problems related to a two-wheeler insurance company or bike insurance.
Summing it Up!
When we talk about our family, it directly refers to its members while indirectly it also covers our assets. This means the family is equal to members and our assets. So, as we take care of our family members, we should also take care of our assets like our bike, which we can do by taking a suitable two-wheeler insurance policy for it. Therefore, this article will help you to take the appropriate decision of selecting the right bike insurance plan for your bike.
Best Two Wheeler Companies FAQs
Ans: At present, there are 25 general insurance providers in India that provide insurance policies for bikes as well. The best bike insurance company is not the same for all and it is different for different people. This is because it depends on an individual’s budget and requirements. However, you can compare insurance providers as per their claim settlement ratio with various other factors as mentioned above. Some of the insurance providers that have the highest Claim Settlement Ratio (CSR) in the Financial Year 2018 – 19 are Oriental Insurance Company with CSR 93.16%, Royal Sundaram General Insurance with CSR 94.07%, and IFFCO Tokio General Insurance with CSR 96.44%.
Ans: Yes, it is possible to switch between a two-wheeler insurance provider to another. You can do this at the time of policy renewal.
Ans: The premium of your bike insurance policy depends on many factors like the IDV of your bike, number of riders that you have opted, type of insurance policy, location of RTO, etc. So, the cheapest insurance policy depends on these factors which are related to your bike.
Ans: According to the Motor Vehicle Act, it is compulsory to have at least a third-party two-wheeler insurance policy in India. If you do not have at least a third-party bike insurance for your two-wheeler then you will have to pay a fine of Rs.2, 000 or/ and imprisonment of up to 3 months. In addition to this, new two-wheeler owners mandatorily needed to have a long-term third-party bike insurance plan having validity of five years.
Question 5: How does two-wheeler insurance companies in India offer coverage without verifying the condition of the two-wheeler?Ans: By process of checking the vehicle's condition for issuance of the insurance policy is known as vehicle inspection. When we talk about two-wheelers, there is no need for inspection to issue a two-wheeler insurance policy.