Best Bike Insurance Companies in India

Bike Insurance Companies in India

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.

Different Types of Two-Wheeler Insurance Plans Available in India

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

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.

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.

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.

• IFFCO Tokio General Insurance (95.30%)
• Royal Sundaram General Insurance (92.66%)
• The Oriental Insurance Company (91.76%)
• HDFC ERGO General Insurance (91.23%)
• Universal Sompo General Insurance (90.78%)
• Tata AIG General Insurance (90.49%)
• The New India Assurance (89.60%)
• SBI General Insurance (89.51%)
• Bajaj Allianz General Insurance (88.83%)
• Future Generali India Insurance (88.69%)
• Bharti AXA General Insurance (87.99%)

 

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