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.
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%|
|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.
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:
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.
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.
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.
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.