Best Two Wheeler Insurance Plans in India
When it comes to choosing two wheeler insurance plans, we’re sure you have heard enough from different bike insurance providers about the benefits and coverage offered in the various types of bike insurance plans.
Under The Motor Vehicles Act, 1988, third-party two wheeler insurance is mandatory in India. Regardless of being a legal mandate, having insurance also acts as an added benefit in case of damage or loss to a two-wheeler due to any unforeseen events.
Along with third-party liability benefits, two-wheeler insurance plans offers various additional benefits such as free services/repair of the two-wheeler as well as its accessories, other discounts, etc.
However, given the sheer multiplicity of insurance providers in the country, choosing the right two wheeler insurance policy in line with one’s exact requirements and the budget often becomes a challenging task.
Let us help you and give you a brief overview in regards to two wheeler insurance with some unique features and benefits that will help you to make an informed and wise decision.
List of Best Two Wheeler Insurance Plans
Two wheeler insurance plans cover all types of two-wheelers including bikes and scooters by providing coverage against any third-party liabilities. Moreover, on a larger scale, it also secures you from the unwanted fiscal cost in the event of loss or damage incurred due to any mishap/ accident.
When you intend to buy bike insurance policy online, do not forget to compare different bike insurance quotes and assess the features offered in the policy. Listed below are the two-wheeler insurance policies offered in India:
- Bajaj Allianz Two Wheeler Insurance
- Bharti AXA Two Wheeler Insurance
- Digit Two Wheeler Insurance
- Edelweiss Two Wheeler Insurance
- HDFC ERGO Two Wheeler Insurance
- IFFCO Tokio Two Wheeler Insurance
- Kotak Mahindra Two Wheeler Insurance
- Liberty Two Wheeler Insurance
- National Two Wheeler Insurance
- New India Assurance Two Wheeler Insurance
- Navi Two Wheeler Insurance (Formerly Known as DHFL Two Wheeler Insurance)
- Oriental Two Wheeler Insurance
- Reliance Two Wheeler Insurance
- SBI Two Wheeler Insurance
- Shriram Two Wheeler Insurance
- TATA AIG Two Wheeler Insurance
- United India Two Wheeler Insurance
- Universal Sompo Two Wheeler Insurance
Best Two Wheeler Insurance Plans in India
In the below grid, find the key information in regards to the best two wheeler insurance plans offered in India:
|Two Wheeler Insurance Providers||Third-party Cover||Network Garages||Personal Accidental Cover||Incurred Claim Ratio||Policy Term||No Claim Bonus|
|Bajaj Allianz Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||62%||01 Year||Available|
|Bharti AXA Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||75%||01 Year||Available|
|Digit Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||76%||01 Year||Available|
|Edelweiss Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||145%||01 Year||Available|
|HDFC ERGO Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||82%||01 Year||Available|
|IFFCO Tokio Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||87%||01 Year||Available|
|Kotak Mahindra Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||74%||01 Year||Available|
|Liberty Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||70%||01 Year||Available|
|National Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||127. 50%||01 Year||Available|
|New India Assurance Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||87.54%||01 Year||Available|
|Navi Two Wheeler Insurance (Formerly Known as DHFL Two Wheeler Insurance)||Available||Available||Rs. 15 Lakh||29%||01 Year||Available|
|Oriental Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||112.60%||01 Year||Available|
|Reliance Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||85%||01 Year||Available|
|SBI Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||87%||01 Year||Available|
|Shriram Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||69%||01 Year||Available|
|TATA AIG Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||70%||01 Year||Available|
|United India Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||120.79%||01 Year||Available|
|Universal Sompo Two Wheeler Insurance||Available||Available||Rs. 15 Lakh||76%||01 Year||Available|
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.
Now, find below the brief overview of each two-wheeler insurance policies offered in India:
Bajaj Allianz Two Wheeler Insurance
Dependability, seamless services, innovative products, and a strong customer-oriented approach is what makes Bajaj Allianz one of the prominent sought after names when it comes to two wheeler insurance plans.
Here are the core features of Bajaj Allianz bike insurance:
- Compensates for damage or loss to the two-wheeler caused by natural calamities like earthquakes, cyclones, floods, etc., and also manmade problems like theft, riots, terrorist activity, etc.
- Offers third-party liability benefits, in case of property damage, accidental injury or death
- Easy online policy renewal
- Free services in chosen garages
- 24X7 customer support providing instant assistance for any policy or service related issue
- Quick and hassle-free claims settlement/support and various free services
- SMS updates regarding the insured two wheeler’s claim status
Bharti AXA Two Wheeler Insurance
Bharti AXA two wheeler insurance offers insurance solutions for various insurance needs of buyers. It offers a wide range of insurance plans for various models of good two-wheeler manufacturers.
Below are the core features of Bharti AXA Two-Wheeler Insurance:
- A Long-term, flexible policy offering discounts of up to 20 per cent
- Offers a basic bike insurance coverage along with accidental coverage of Rs.1 Lakh for the pillion rider
- Facility for buying and renewing two-wheeler insurance online
- Immediate issuance of policy copy online
- One-time premium
- Multiple payment modes for convenient online premium payment
- Discounts for Automobile Association members
- Free servicing across cashless network garages in India
- Efficient 24X7 customer support team quickly resolves claim-related and other policy-related issues
- Offers add-ons for comprehensive insurance at an affordable insurance premium
Digit Two Wheeler Insurance
Buying Digit two wheeler insurance is advantageous at it offers comprehensive protection against any incurred third-party liabilities and own damages as well. The company was earlier founded by Mr Kamesh Goyal who was formerly the CEO of Bajaj Allianz.
Let us have a look at the following features provided in the Digit two wheeler insurance:
- Avail cashless facility for repairmen at the registered network garages across the country
- Tailor the plan as per the needs
- Smartphone enabled claim settlement process
- Make a call and your beauty will be picked up, repaired and dropped at your home
Edelweiss Two Wheeler Insurance
Buying Edelweiss two wheeler insurance policy is no task at all. You can easily buy the policy online and avail quick payment and renewal alternatives.
Have a look at the below mentioned key features offered within Edelweiss two wheeler insurance:
- Customize the two wheeler insurance plan as per your requirements
- Personal accident cover available
- Easy access to cashless garages
HDFC ERGO Two Wheeler Insurance
HDFC ERGO is yet another chief insurer that offers comprehensive two-wheeler insurance cover at competitive rates. HDFC ERGO is ISO certified and takes pride in its outstanding customer service quality, superior information security, smooth policy issuance and claims service process.
Listed below are the key features of HDFC ERGO two-wheeler insurance:
- Instant online policy issuance and renewal
- Customisable two-wheeler policy
- Repayment of all accidental damages to the two-wheeler as well as the policyholder
- Repair services available for two-wheeler as well as accessories
- Policyholders can file claims online
- Round-the-clock, efficient customer support to help policyholders resolve policy and service-related queries/issues
- Customer’s voice box
IFFCO Tokio Two Wheeler Insurance
IFFCO Tokio two wheeler insurance policy is pocket-friendly and caters to the needs of people from every walk of life with complete financial aid.
- The following are the key features offered in IFFCO Tokio two wheeler insurance:
- Hassle-free documentation process at the time of buying
- The hassle-free and quick claim settlement process
- An array of emergency services offered
- Round-the-clock assistance services available
Kotak Mahindra Two Wheeler Insurance
Kotak Mahindra two wheeler insurance plans are a worthy investment, which provides complete protection and safeguards you from any unwanted fiscal cost due to any mishap or accident.
Listed below are some of the key features offered under the Kotak Mahindra two wheeler insurance policy:
- The policy can be bought online and in an easy manner
- Provides coverage against any third-party legal liabilities
- Extensive range of additional covers offered
- Quick renewal process
Liberty Two Wheeler Insurance
Liberty two wheeler insurance policy offers complete protection and takes care of every unfortunate damage or loss that could incur to the two-wheeled vehicle and any third-party property or person.
The following are the key features offered under the Liberty two wheeler insurance:
- Quick claim settlement process within a week mostly
- Advantage of cashless network garages/ workshops
- Effective customer care support
- Easy buying and renewal of the policy
National Two Wheeler Insurance
National two wheeler insurance policy protects your priced possession from any untoward incident.
The following are the key features offered within National two wheeler insurance:
- Customize the insurance plan based on your needs
- Can track the claim status online
- Availability of No Claim Bonus (NCB)
- Easy cashless claim service available
New India Assurance Two Wheeler Insurance
New India Assurance, a wholly government-owned firm, has not only developed a nationwide reach but has also established a strong global presence in over 27 countries.
Below mentioned are the key features of New India Assurance two-wheeler insurance:
- Quick claims processing
- Outstanding grievance resolution system - Grievances once reported are acknowledged within three days and resolved within 15 days
Navi Two Wheeler Insurance (Formerly Known as DHFL Two Wheeler Insurance)
Under any unfortunate mishap, Navi Two Wheeler Insurance (Formerly Known as DHFL Two Wheeler Insurance) will provide you with the correct coverage. Choose the correct type of plan, which suits your requirements and zero down a two-wheeler insurance policy and stay monetarily protected throughout every ride.
Listed below are some of the key features that are offered within Navi Two Wheeler Insurance (Formerly Known as DHFL Two Wheeler Insurance):
- The hassle-free online buying process
- Ensure your two-wheeled beauty at the price starting from Rs. 586
- Availability of cashless network garages PAN India
- Ease in the claim settlement process
Oriental Two Wheeler Insurance
Oriental two wheeler insurance plans are designed in a way, which takes care of all the insurance needs and let you remain stress-free and have peace of mind.
Below mentioned are the key features offered under the Oriental two wheeler insurance:
- Covers for a short span is available
- Covers such as NIL depreciation personal accident, etc. are available
- In case of installation of anti-theft device, discounts can be availed
- Voluntary deductible with one or many plans
Reliance Two Wheeler Insurance
Reliance General Insurance is one of the prime insurance companies in India, offering excellent insurance policies for two-wheelers. With its comprehensive range of coverage and the wide-ranging services and features, the company makes it easy to understand why it remains a sought after option when it comes to bike insurance in India.
The core features of Reliance General Two-wheeler Insurance are as follows:
- Fast and hassle-free claim settlement via NEFT
- Easy policy renewal tool options available online
- No claim bonus (NCB), installation of anti-theft devices, membership of recognised Automobile Association etc., every year
- Quick and hassle-free settlement of claims in case of damage/loss caused to the insured two-wheeler due to accidents, riots, theft, and various natural calamities, along with third-party liability cover
- Free repair/replacement services in any of the 2,100 network garages across India, along with an INR 1,500 allowance on towing charges
- 24X7 customer support accessibility via phone or email
SBI Two Wheeler Insurance
SBI General’s comprehensive two-wheeler insurance policy is one of the most sought after insurance products, thanks to its wide range of customer-centric offerings, features and benefits.
Here are some of the key features of SBI General Two-wheeler Insurance:
- Customised pricing in line with the applicant’s specific profile
- Additional discounts
Shriram Two Wheeler Insurance
Shriram two wheeler insurance plans are easily customizable, customer-friendly and at the same time transparent too. The plans are designed in such a way, which are customer-centric.
The core features are as follows:
- The status of NCB is transferable form any other insurance provider
- Quick claim settlement procedure
- Can easily tailor the policy based on the requirements
- Unrestrained cashless claim service
TATA AIG Two Wheeler Insurance
It is difficult not to talk about TATA AIG when talking about India’s foremost two-wheeler insurance companies in India. With its comprehensive insurance for all two-wheelers, along with several important benefits, the company consistently ranks alongside the country’s finest insurance companies.
Below are the main features of TATA AIG Bike Insurance:
- Free pick up of two-wheeler in case of accidents
- Six-month warranty for accident repairs (For TATA AIG Auto secure policyholders)
- Direct online claim filing option
- Claim settlement assured within seven days
- Covers total as well as partial loss of two-wheelers in case of accidents that lead to third party property damage/bodily injury
- Add on covers available - No Claim Bonus protection, depreciation reimbursement, daily allowance, key replacement, return invoice, etc.
- Compensates for loss of personal belongings inside the insured two-wheelers in case of an accident
- Round-the-clock, dedicated customer service team that resolves any policy or service related issue in minimum turnaround time
United India Two Wheeler Insurance
United India two wheeler insurance provides financial security in case of any loss or damage incurred under any adverse situations.
Listed below are some of the key features of United India two wheeler insurance:
- Fast and easy claim settlement process
- An array of additional covers accessible
- Various discounts offered on the NCB
- Excellent customer support assistance
Universal Sompo Two Wheeler Insurance
Universal Sompo two wheeler insurance policy provides innovative solutions and fulfils the requirement of every two-wheeled owner.
The following are the key features of United Sompo two wheeler insurance:
- The facility of cashless network garages across the nation
- The simplified claim settlement process
- Expeditiously handling of claims and queries
- Dedicated customer support team
- Personal accident cover available
How to Choose the Two-Wheeler Insurance Policy?
Here are the best tips that will help you to choose the foremost two wheeler insurance policy:
- Claim Settlement Ratio - The claim settlement ratio indicates the performance of the insurance company. Your opted insurance plan should provide you with pre-decided insurance coverage when your vehicle is lost or damaged. The insurance company should extend help as per the applicable terms and conditions in the policy. If you are dealing with an insurance company, which has the highest claim settlement ratio, the probability of processing your claim will be on the higher side.
- Coverage - You should opt for a comprehensive bike insurance plan so that various risk factors will be covered in a very efficient manner. If you choose a basic insurance plan, it will cover the third-party damages only. The loss or theft of vehicle i.e. own damage will not be covered. Hence, it is very important to go through the policy wordings before buying an insurance policy.
- Policy Tenure - The tenure of the insurance policy will affect the premium. If the tenure is long, the insurance premium will be low and you will save money. If you buy a policy for three years, the insurance premium will be the same for all the three years. If you opt for a long-term policy, you will not have to renew the policy at the end of the policy year.
- Premium - The insurance premium is based on the make and model of the vehicle, the age of the vehicle, the age of the owner, coverage of risk factors, geographic location etc. If the frequency of usage of the vehicle is high, you will have to pay a higher
- Customer Support - The insurance company should offer quick customer support and insurance service. You should have access to reach the company by phone, email or other channels. The customer support executives should offer assistance in finding the garage where the repair/replacement of spare parts will be done quickly and easily.
- The Network of Garages - You should buy a two-wheeler insurance plan from an insurance company, which maintains a large network of garages. It will help you manage cashless service from a network garage. As soon as your vehicle is involved in the accident, you must inform the insurance company.
- Add-on Coverage - In addition to the basic features offered by the bike insurance company, you can go for additional coverage as per your needs. Even though the premium increases with the additional cover, there will be great flexibility at the time of filing the claim.
Over to You
Two Wheelers are a convenient mode of commuting. Thanks to the ease of movement, they are widely used by commuters to commute. There are many families, which have two or more bikes.
The inherent risks associated with the bike can be overcome by choosing the right two wheeler insurance policy. You can choose a policy, which covers the theft as well so that there will be a great peace of mind. You are advised to choose the apt comprehensive two wheeler insurance cover from a reputed insurance company.