List of Bike Insurance Companies
Currently, 17+ general insurance companies offer a wide range of two-wheeler insurance plans, from basic third-party coverage to fully loaded comprehensive packages with valuable add-ons. This page will guide you in choosing the best plan based on coverage, features, and claim settlement ratios.
17+ Bike Insurance Companies in India
Here’s a list of the most trusted two-wheeler insurers in India. This table explains their cashless garage network and respective claim settlement ratios (CSR):
| Bike Insurance Companies | Cashless Garages | Claim Settlement Ratio |
|---|---|---|
| Bajaj General Insurance Ltd. | 4500+ | 96.5% |
| Cholamandalam MS General Insurance Co. Ltd. | 6912+ | 98.0% |
| Future Generali India Insurance Co. Ltd. | 3500+ | 87.4% |
| GO DIGIT General Insurance Ltd. | 1400+ | 97.0% |
| HDFC ERGO General Insurance Company Ltd. | 2000+ | 100.0% |
| ICICI Lombard General Insurance Co. Ltd. | 6200+ | 93.4% |
| IFFCO Tokio General Insurance Co. | 4300 | 95.8% |
*Disclaimer: The Claim Settlement Ratio (CSR*) mentioned above is as per the figures mentioned in the IRDAI motor insurance annual report 2021-22 and are arranged in alphabetical order. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
What is the Bike Insurance Claim Settlement Ratio?
In the insurance industry, a bike insurer's claim settlement ratio refers to a percentage showing the number of claims settled by the company during a period. It is a numerical representation reflecting the company's ability to pay claims and financially aid policyholders.
A high CSR (above 90%) indicates that the company is reliable, quick in processing claims, and supportive during emergencies.
Here is the formula to calculate the CSR of a particular bike insurance company:
CSR = (Number of Claims Settled/Total Claims Received) × 100
How Do You Select the Most Suitable Bike Insurance Company in India?
With several bike insurance providers available in the Indian insurance industry, finding the right two-wheeler insurance plan is quite challenging. This is because the needs of every individual are different. For some people, a two-wheeler insurance company with a vast network of cashless workshops is suitable, while for others, insurers with the highest claim settlement ratio is the best.
In this way, a 2-wheeler insurance company can become the most suitable for you by many parameters. Therefore, below is a list of pointers that you must consider while buying a two-wheeler insurance policy:
Network of Cashless Garage
Claim Settlement Ratio
Availability of Add-ons
24*7 Customer Assistance
Can You Switch Your Bike Insurance Companies?
Yes, you can switch insurers during policy renewal without losing your No Claim Bonus (NCB). Most online platforms allow easy portability with just a few clicks.
Latest Two-Wheeler Insurance Rules in India 2025
Comparing bike insurance online is one of the smartest ways to invest in the right manner to get the best coverage and save money. Here is a step-by-step process to compare two wheeler insurance online efficiently:
- All two-wheelers must have at least third-party bike insurance.
- Failing to hold valid two-wheeler insurance can result in a ₹2,000 fine or imprisonment up to 3 months.
- New bikes must be insured with a 5-year third-party plan at the time of purchase.
- Driving without bike insurance violates the Motor Vehicles Act, 1988.
FAQs Bike Insurance Add-Ons
Q.1 Which is the bike insurance company in India?
Ans:Currently, 17+ bike insurance providers are available at Policybazaar.com and offer different types of bike insurance policies along with multiple add-on covers. However, the bike insurance company is not the same for all. It depends on an individual’s budget and requirements. At Policybazaar.com, you can compare plans offered by top bike insurance providers as per their claim settlement ratio with various other factors depending upon your needs.Q.2 Which insurance is better for bikes?
Ans: Keeping in mind the features & benefits, a comprehensive bike insurance is the best option as it covers both third-party liabilities and damages to your own bike, including theft, fire, and natural disasters.Q.3 Can I change my bike insurance provider?
Ans: If you are dissatisfied with your current bike insurance company, you can easily switch from one to another. However, the best time to change your insurance provider is during bike insurance renewal.Q.4 What is the best insurance company for motorcycles?
Ans: The best insurance company for motorcycles depends on your needs. However, choose a company which has fast claims, strong service, and affordable premiums.Q.5 What is the full form of IDV?
Ans: IDV stands for Insured Declared Value. It's the maximum claim amount you receive if your bike is stolen or totally damaged.Q.6 Which is one of the cheapest bike insurance companies in India?
Ans: The premium of your bike insurance policy depends on many factors, like the IDV of your bike, the number of add-ons that you have opted for, the type of insurance policy, the location of RTO, etc. Therefore, the most affordable bike insurance policy depends on these factors.Q.7 Define the two-wheeler insurance rule in India.
Ans: According to the Motor Vehicle Act, all two-wheeler owners must 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, you must pay a fine of ₹ 2,000 or/and imprisonment of up to 3 months. In addition, new two-wheeler owners are required to have a long-term third-party bike insurance plan with a validity of five years.Q.8 Define the two-wheeler insurance rule in India.
Ans: According to the Motor Vehicle Act, all two-wheeler owners must 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, you must pay a fine of ₹ 2,000 or/and imprisonment of up to 3 months. In addition, new two-wheeler owners are required to have a long-term third-party bike insurance plan with a validity of five years.Q.9 How do you calculate the claim settlement ratio for bike insurance?
Ans: The formula to calculate the claim settlement ratio is the total number of claims settled divided by the total number of claims received in a year, multiplied by 100.Q.10 What are the 3 types of bike insurance?
Ans: The three types of bike insurance are:1. Third-Party Insurance- Mandatory legal cover.
2. Own Damage Insurance-Covers damages to your bike.
3. Comprehensive Insurance- Combines both of the above coverage, along with optional add-ons.
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