Best Bike Insurance Companies in India


4 min read

Updated on Nov 25, 2022

Two-wheeler insurance policies are the plans that offer protection for bikes against damages. These plans protect you financially against the cost incurred in the repair work of your two-wheeler in the event of  accidental damages, thefts, natural calamities etc. The insurance companies offering such two-wheeler insurance policies are called Bike Insurance Companies.

In India, there are over 25 companies of general insurance offering offline and online two wheeler insurance policies at present. Each of the insurers offer policies that are unique in terms of their features and benefits and individuals pick them as per their budget and needs.

Why is Bike Insurance necessary?

Insurance Bike policy is required because it supports the policyholder in incurring the financial responsibility that may occur because of any mishap or accident. Further, the Indian bike Motors Act also makes it compulsory for every bike owner to have bike insurance cover (at least third party) to be able to ride freely on the Indian roads.

How to opt for the best bike insurance company in India?

Every bike insurer is unique and different from each other and each one offers policies with unique features and terms. Since the need of each bike owner is different, thus the policies are also equally different.

4 Things to check while buying Two-wheeler insurance from a Top Bike Insurer in India

Below are certain factors that needs to be considered while opting for a bike insurance company:

  1. Claim Settlement Ratio – The CSR or claim settlement ratio is one of the most significant aspect while considering the insurance company that you want to buy your bike insurance from.  It is always better to ensure that the CSR is higher of your insurer.
  2. Extensive Cashless Garages –  It is also equally important to ensure that your bike insurance provider offers a wide network of cashless garages to offer cashless claim facilities. Make sure to check that there are enough network garages near your locality which are in the network of your insurer.
  3. Add-on Covers – Also, you must ensure that your two-wheeler Insurance company offer a list of add-on covers that you can opt for to enhance coverage of your bike. These add-ons can be bought by paying a nominal charge along with a standalone own damage policy or a comprehensive bike insurance plan.
  4. Customer Care Service – It is equally important to ensure that your two-wheeler insurer offer quality customer care service with 24*7 support so that any query can be resolved effortlessly.

3 Different Types of Two-Wheeler Insurance Plans

The following are the different types of vehicle insurance for two wheeler offered by different companies.

1. Third Party two-wheeler Insurance Plans

The third-party insurance is the most basic and the most essential vehicle insurance policy, which is made mandatory by government for every vehicle owner. This policy allows coverage against any third-party damages caused by your insured bike for up to Rs.7.5 lakh. In case of death or disability, the amount is decided by court.

2. Standalone Own Damage insurance plan

A standalone cover offers protection against losses caused to your bike due to accident and other factors. So, if you include third-party and standalone cover, you can have all-inclusive coverage. Moreover, you can also opt for different add-ons covers with this plan.

3. Comprehensive Two-Wheeler Cover

Comprehensive plan of bike insurance is a complete package that enhances your bike insurance as it includes both third-party and own-damage or first party bike insurance coverage.

Benefits of having a Bike Insurance Policy

Below are some of the benefits of two wheeler insurance policy:

  • Best online bike insurance company in India allows financial protection
  • It supports roadside assistance
  • It allow coverage for spare parts required during repairs
  • It provide coverage against bike theft
  • It allow cover against accidental injuries

How to Buy a Bike Insurance Plan Online in India

Below are the steps that can be availed to buy two-wheeler cheapest insurance plan in India by following these easy steps:

  • Visit the official portal of your insurer
  • On the home page, select bike/two wheeler insurance
  • Now, submit the required details of your bike or the Registration Number of your bike.
  • Now, Select the Type of Cover and Plan you want to buy two wheeler insurance
  • Proceed with the Mode of Payment that you want to use.
  • Finally, a copy of the Policy will be sent to your Registered Email.

List of Best IRDAI approved Bike Insurance Companies in India

Here is a list of the best online bike insurance company in India as per their Claim Settlement Ratio FY20.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.


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FAQs on Best Bike Insurance Companies in India

Which is the best company for two-wheeler insurance?

The best insurer offering two-wheeler insurance varies as per the budget and needs of individuals. There are about 25 companies of general insurance in India currently who are offering insurance policies for two-wheelers. Some of the best bike insurance companies offering two-wheeler insurance in India include IFFCO Tokio General Insurance, The Oriental Insurance Company, Royal Sundaram General Insurance among others.

Can I change my two wheeler insurance policy company?

Yes, you can change your two-wheeler bike insurance policy provider by switching from one provider to another while renewing your policy.

Which are the top 10 bike insurance companies in India?

Below is the list of top 10 two-wheeler insurance companies in India in 2021 offering two -wheeler policy:
IFFCO Tokio General Insurance
Royal Sundaram General Insurance
The Oriental Insurance Company
HDFC Ergo General Insurance
Universal Sompo General Insurance
TATA AIG General Insurance
The New India Insurance
SBI General Insurance
Bajaj Allianz General Insurance
Future Generali India Insurance

Will bike insurance companies pay for all the damages in a bike accident?

It depends on the type of insurance you have. A Comprehensive Bike Insurance Policy provides coverage against most of the damages that are incurred in your bike in an accident including own-damages to your bike and the third party liabilities.

What are the losses which are not covered while opting for two-wheeler insurance?

The losses that are not covered by your two-wheeler insurance company are:
Any kind of electrical breakdown or mechanical breakdown.
Any kind of two-wheeler wear and tear.
Any kind of consequential loss.
If there is any intentional loss done in an accident.
If the driver was under the influence of alcohol.
Any kind of contractual accountability.
If the vehicle driver was not having a valid license at the time of caused damage to the vehicle.

How to Change a Two Wheeler Insurance Company?

You cannot transfer an insurance policy for a bike online, so you can cancel the current bike insurance policy and buy a new one at the time of renewal. For this, you must submit an advance notice/application of over 7 days to your current insurance provider.

Is two-wheeler insurance mandatory?

Yes, two-wheeler insurance is mandatory as per Motor Vehicles Act of India. So, every bike owner must have an insurance policy.

Can I buy two-wheeler insurance online?

Yes, you can buy two-wheeler insurance online. It is the most secure and cost effective way to buy insurance.

Can I renew my bike insurance online?

Yes, you can renew your bike Insurance online by following a few simple steps.

What if I lose my two-wheeler insurance papers?

If you lose your two-wheeler insurance papers, you will have to file a First Information Report (FIR) at the nearest police station stating the loss of the papers. Then you must contact your insurer and follow the procedure stated as per the company policy.

If I change my location, what happens to my two-wheeler insurance policy?

Since a bike insurance policy is valid anywhere in the country, you can continue to have the same bike insurance plan even if you change your location. However, you must inform your insurer about the change in location.

What are the required documents to buy a bike insurance online?

If you are buying a bike insurance for the first time, all you need to share is your personal details as well as the details of your vehicle. Even at the time of renewal, you are not required to submit any documents other than the details of your two-wheeler and the current insurance policy.

Can I take insurance policies from 2 different companies for the same vehicle at the same time?

No, you cannot buy insurance policies from two different companies for the same vehicle at the same time.

Jun 27, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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