Best Bike Insurance Companies

In India, 17+ general insurance companies offer bike insurance plans for different types of two-wheelers. All the bike insurance companies providing their 2-wheeler insurance plans have different types of coverage along with the scope of add-on covers, and one can choose as per their needs & budget. Explore the top bike insurance companies in India on the below page.

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  • Save up to 85% by comparing plans
    Save up to 85%# by comparing plans
  • 20+ Insurers to choose from
    20+ Insurers to choose from
  • 1.2 Crore+ Bike Insured
    1.2 Crore+ Bike Insured
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List of Top Bike Insurance Companies in India

The table below gives information related to the best bike insurance companies in India, along with their network/cashless garages and Claim Settlement Ratio (CSR):

Bike Insurance Company Cashless Garages Claim Settlement Ratio
Bajaj Allianz Insurance General Insurance Co. Ltd. 4500+ 96.5%

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Cholamandalam MS General Insurance Co. Ltd. 6912+ 98.0%

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Future Generali India Insurance Co. Ltd. 3500+ 87.4%

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GO DIGIT General Insurance Ltd. 1400+ 97.0%

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HDFC ERGO General Insurance Co. Ltd. 2000+ 100.0%

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IFFCO Tokio General Insurance Co. Ltd. 4300 95.8%

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Kotak Mahindra Insurance Co. Ltd. 3000+ 98.0%

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Liberty General Insurance Ltd. 4300+ 98.0%%

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National Insurance General Insurance Co. Ltd. 900+ 93.0%%

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New India Assurance Co. Ltd. 1173+ 91.0%

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Oriental Insurance Co. Ltd. 3100+ 94.0%

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Reliance General Insurance Co. Ltd. 8700+ 98.6%

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SBI General Insurance Co. Ltd. 16000+ 94.0%

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Shriram General Insurance Co. Ltd. 2000+ 98.0%

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TATA AIG General Insurance Ltd. 7500+ 98.0%'

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United India Insurance Co. Ltd. 500+ 95.0%

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Universal Sompo Insurance Co. Ltd. 3500+ 90.0%

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ZUNO (Edelweiss) General Insurance Co. Ltd. 1500+ 89.0%

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Disclaimer: The Claim Settlement Ratio (CSR) mentioned above is as per the figures mentioned in the IRDAI motor insurance annual report 2021-22. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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.

Remember, the higher claim settlement ratio means a trustworthy and cooperative insurance company. Moreover, it reflects the financial security for a policyholder, claims assistance during emergencies, and has an excellent brand reputation.

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:

  1. Network of Cashless Garage

    Every bike insurance company has a tie-up with some of the two-wheeler workshops or garages. These garages are known as network garages or authorized network garages of the insurer. At these garages, you can avail the facility of cashless claims. Therefore, when selecting atwo-wheeler insurance policy, you should also check its list of network garages. The one that covers many garages, some in your nearby premises, should be considered.

  2. Claim Settlement Ratio

    CSR or Claim Settlement Ratio refers to the percentage of the claims that a bike insurance company settles out of the actual number of claims received in one financial year. The higher the CSR, the better the company's health. Therefore, you must select a two-wheeler insurance company with a good claim settlement ratio.

  3. Availability of Add-ons

    The add-on covers are the extra covers you can buy with own damage or comprehensive bike insurance policy to extend the basic coverage by paying some additional premium. However, this extra premium is very nominal. Therefore, before selecting a bike insurance company, you must also check whether it offers add-on covers that you may need.

  4. 24*7 Customer Assistance

    Another significant factor to consider before selecting a two-wheeler insurance policy is the company's customer care service. The quality and availability of customer care services 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 an insurance policy.

    As we take care of our other assets, we should also take care of our most prized possessions, i.e., bikes, by getting a suitable two-wheeler insurance policy. With the help of this page, you can make the appropriate decision to select the right bike insurance plan for your bike.


    People also read Best Two-Wheeler Insurance Plans in India

Best Two-Wheeler Insurance Companies FAQs

  • Question 1: Which is the best 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 best 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.
  • Question 2: 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.
  • Question 3: 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.
  • Question 4: 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.
  • Question 5: What is a good claim settlement ratio in bike insurance?

    Ans: Usually, a claim settlement ratio above 90% is considered as significant. However, other factors, like coverage benefits, customer feedback, etc., should be considered while selecting your insurer.
  • Question 6: 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.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis

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