Best Two Wheeler Insurance Plans in India

When it comes to choosing the best two wheeler insurance plans, we’re sure you have heard enough from different bike insurers about the benefits and coverage offered by their respective insurance plans. This creates a lot of confusion for the customers looking to buy or renew bike insurance policy to ensure complete financial protection for their two wheeler vehicles.

Under The Motor Vehicles Act, third-party two-wheeler insurance is mandatory in India. Apart from being a legal mandate, having insurance also acts as an added benefit in case of damage or loss to a two-wheeler due to accidents.

Along with third-party liability benefits, two wheeler insurance plans offers various additional benefits like free services/repair of the two-wheeler as well as its accessories, additional discounts etc.

However, given the sheer multiplicity of insurance providers in the country, choosing the best two-wheeler insurance policy in line with one’s exact requirements and the budget becomes a challenging task.

Well, today we’re going to make it easy for you.

All you need to do is carve out a few minutes of your day and check out the brief overview of the best seven best bike insurance companies in India below to make a well-informed choice.

Cheapest Third Party Two Wheeler Insurance

In this article, we will provide a list of top two-wheeler insurance companies in India. These companies offer various plans with some unique features and benefits.

Best Two Wheeler Insurance Plans

Two wheeler insurance plans cover all types of two wheelers including bikes and scooters by providing coverage against third party legal liability & loss or damage caused by an unfortunate incident. Compare & buy best bike insurance policy starting at Rs. 2 per day from top two wheeler insurance companies in India. Below is the mentioned comprehensive list of best two wheeler insurance policies including third party insurance coverage:

  • Bharti AXA Two Wheeler Insurance
  • HDFC ERGO Two Wheeler Insurance
  • Bajaj Allianz Two Wheeler Insurance
  • TATA AIG Two Wheeler Insurance
  • Reliance General Two Wheeler Insurance
  • New India Assurance Two Wheeler Insurance
  • SBI General Insurance Two Wheeler Insurance

Two Wheeler Insurance Providers

Third Party Cover

Network Garages

Personal Accidental Cover

Incurred Claim Ratio

Policy Term

No Claim Bonus

HDFC Ergo Two Wheeler Insurance

Available

4600+

Rs. 15 Lakh

84.37%

1 year

Available

Bajaj Allianz Two Wheeler Insurance

Available

4000+

Rs. 15 Lakh

62.20%

1 year

Available

TATA AIG Two Wheeler Insurance

Available

NA

Rs. 15 Lakh

 68.62%

1 year

Available

New India Assurance Company

Available

150+

Rs. 15 Lakh

79.68%

1 year

Available

SBI General Insurance

Available

1500+

Rs. 15 Lakh

91.75%

1 year

Available

Reliance General Two Wheeler Insurance

Available

150+

Rs. 15 Lakh

81.47%

1 year

Available

Bharti AXA Two Wheeler Insurance

Available

1600+

Rs. 15 Lakh

89.09%

1 year

Available

Bharti AXA Two-wheeler Insurance:

Bharti AXA is one of the largest and most trusted insurance companies in India. It takes pride in being one of the few insurance providers to have adapted technological integration. The insurance provider offers insurance solutions for various insurance needs of buyers. It offers a wide range of insurance plans for various models of top two-wheeler manufacturers.

Key features:

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

HDFC ERGO Two-wheeler Insurance:

HDFC ERGO is yet another best insurer that offers comprehensive two-wheeler insurance cover at competitive rates. The company has a nationwide and global presence, and they have extremely simple policy application and renewal procedures. The “iAAA” rating is a testimony to HDFC Ergo’s highest claim settlement ratio. HDFC ERGO is ISO certified and takes pride in its outstanding customer service quality, superior information security, smooth policy issuance and claims service process.

Key features:

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

Bajaj Allianz Two-wheeler Insurance:

Dependability, seamless services, innovative products, and a strong customer-oriented approach is what makes Bajaj Allianz one of the top sought after names when it comes to two wheeler insurance plans. Apart from bagging the “Best General Insurance Company in the Private Sector” title in 2014 by ABP news, Bajaj Allianz has also been conferred with various other prestigious awards such as “Claims Innovation of the Year” and “Golden Peacock Award 2014”.

Key features:

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

Cheapest Two Wheeler Insurance

TATA AIG Two-Wheeler Insurance

It is difficult not to talk about TATA AIG when talking about India’s top 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 best insurance companies.

Key features:

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

Reliance General Two-wheeler Insurance

Parented by the Reliance group, Reliance General Insurance is one of the top 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.

Key features:

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

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. New India Assurance happens to be the only Indian direct insurer conferred with the “A” rating by A. M. Best. Apart from this, New India Assurance also has various other prestigious ratings that speak volumes about the company’s dedication and capability to tend to every request and need of their wide network of policyholders.

Key features:

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

SBI General Insurance Two-wheeler Insurance:

SBI General Insurance has an extensive reach across 56 cities, serving three key segments - corporate, retail, and SME. 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.

Key features:

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

How to choose the Best Two-Wheeler Insurance Policy?

Here are the tips that will help you to choose the best two-wheeler insurance policy.

  1. 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.
  2. 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.
  3. 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.
  4. 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
  5. Customer Support - The insurance company should offer the best 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 the assistance in finding the garage where the repair/replacement of spare parts will be done quickly and easily.
  6. 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.
  7. 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 best vehicle insurance policy. You can choose a policy which covers the theft as well so that there will be great peace of mind. You are advised to choose the best comprehensive two wheeler insurance cover from a reputed insurance company. 

Two Wheeler Insurance

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