How To Select The Right Bike Insurance Company

4 min read

Raja has to travel around 15 Km every day to his office, and to add to his woes the route he takes is mostly covered in heavy traffic during his commute. Therefore, he decides to buy a bike instead of a car and approaches a showroom to buy a bike that suits his needs. However, he cannot ride his bike if he does not have an insurance place. His lack of knowledge in this department has him confused and he is not able to decide on the type of insurance policy he should opt for. He thus does research online about bike insurance and its various aspects and is able to finally select the insurance policy he wants to go with.

Buying an insurance policy for a new bike is not easy because it should meet certain parameters. Anyone who wants to select a plan for a bike should also choose the right company to meet his/her essential requirements at the time of claim.

How to select the right bike insurance company in India?

Choosing the right bike insurance company is very important because it allows new buyers to invest money depending on their needs. The first thing is that customers should check the bike insurance company list online that will help them choose the right one according to needs. Besides that, customers must evaluate the availability of riders or add-ons that give ways to get additional coverage. Customer care service is another important factor to keep in mind while buying a plan.

Also Read: Electric/e-Bike Insurance in India

What are the factors that determine two-wheeler insurance premiums?

Those who buy two-wheeler insurance first time should know the factors that determine the premium rates. Most motor insurance companies offer comprehensive and third-party insurance for customers in the markets. While a third-party premium is less expensive, one has to pay more premium amounts for a comprehensive plan. Bike type will influence the premium prices, and one should focus more on the same with more attention.

The cubic capacity (CC) of a bike plays an important role in influencing premium rates, and customers should know about the same from different sources. Some other factors which impact bike insurance premiums include bike modifications, bike type, riding history, and bike modifications.

List of some top bike insurance companies in India 2022

1. Bajaj Allianz two-wheeler insurance

Bajaj Allianz is a reputed insurance company in Indian market that offers a variety of plans for bikes. It has a coverage of more than 4000 garages allowing policyholders to claim amounts for repairs and other things with ease. Some of the features provided by the company include natural calamity coverage, third-party coverage, personal coverage, financial cover, coverage for man-made disasters, etc. The policy also offers add-on features to policyholders, thereby showing ways to get additional coverage.

2. Bharti AXA two-wheeler insurance 

Bharti AXA offers the best bike insurance plans with comprehensive coverage features. The company has a high claim settlement ratio (CSR), allowing a policyholder to get access to hassle-free inspections in more than 2000+ preferred workshops. It aims at catering to the needs of new policy buyers at affordable rates.

3. Edelweiss two-wheeler insurance 

Edelweiss is one of the popular insurance companies in the market that provide two-wheeler plans for customers at affordable prices. It offers 1 lakh coverage as maximum property damage under third-party coverage. Another thing about this plan is that it covers 15 lakhs personal accident coverage. Apart from that, the plan provides an easy and quick claim settlement process by addressing the exact needs of a policyholder.

4. Kotak two-wheeler insurance 

Kotak is a leading insurance company that offers plans for two-wheelers that ensure maximum protection. Two-wheeler owners can even buy a plan from the company with additional coverage to get peace of mind from liabilities and other issues. They can even avail themselves cashless services at network garages throughout India. Besides that, 24/7 claim assistance is available from the company, which will get guidance from experts when it comes to claims. It allows customers to choose a comprehensive plan and third-party insurance based on their needs.

5. IFFCO Tokio Bike insurance

IFFCO Tokio is the topmost insurance company in Indian markets that offer various plans for customers at reasonable prices helping customers get best two-wheeler insurance plans depending on the needs.

6. Liberty two-wheeler insurance 

Liberty two-wheeler insurance offers cashless services for customers at more than 615 network hospitals. It provides protection cover against third-party damage and third-party liabilities. Some other features covered by the plan include coverage of non-electrical accessories, renewal discounts (NCB) for a claim-free experience, vehicle relocation to the nearest garage in case of a major breakdown, add-ons, etc.

7. TATA AIG two-wheeler insurance

TATA AIG is one of the leading insurance companies that provide different types of plans for customers at affordable rates. It has high claim-settlement ratios (CRS) that attract a lot of two-wheeler owners. The company offers a policy with attractive features, thereby showing methods to make an informed decision. People who want to buy a policy at an estimated budget can choose the company to meet their needs.

Also Read: How to File Bike Insurance Claim

Where to buy two-wheeler insurance plans?

Those who want to buy the best two-wheeler insurance plans at the best prices can choose PayBima. Its in-depth guides and comprehensive insurance comparison tool allow buyers to compare the various features of plans and guide them on where to invest their money. The platform is ideal for selecting the best bike insurance company in India with proper guidance. Also, one can even buy a policy in simple steps to save more time. Having the right type of two-wheeler insurance plan enables a person to stay away from high expenses and mental worries.

FAQs on Selecting The Right Bike Insurance Company

Which insurance is best for a bike?

A comprehensive two-wheeler insurance policy is regarded as the best plan for bikes as it offers comprehensive protection to the bike insurance policy holder. These plans allow protection against third-party damages as well as own-car damage of your vehicle. It also protects the owner of the policy against theft or loss of bike.

What is the least amount of insurance for a bike?

Third party bike insurance, which is the compulsory bike insurance required to ride a bike on the Indian roads by Motor vehicle Act 1988, is the cheapest or least expensive bike insurance available in India. However, it depends on the insurance company as well as the insurance policy that you have chosen.

Is 5 year insurance available for bikes?

Yes, following a September 2018 ruling of the Supreme Court, IRDAI has made it obligatory for all new two-wheelers to have a 5-year insurance cover. This was done to make sure that the maximum number of two-wheelers stay insured all the time and the incidents of expired policies as well as uninsured vehicles can be minimized.

What is the cost of two-wheeler insurance?

The cost of a two-wheeler insurance policy depends on the kind of bike policy you have opted for. For eg. a third-party insurance policy will be less expensive as compared to comprehensive policy. So, the insurance coverage you have opted for as well as the insurance provider that you are buying the policy from are some factors on which the cost of a bike insurance depends. Further, it also depends on various other factors such as the condition of the bike, the make and model of the bike, the add-on cover you have applied for and much more. A third-party liability coverage for a two-wheeler might start from rupees 1000- 1200.

What is 1st, 2nd and 3rd party bike insurance?

The insured person or the policyholder is the first-party, the insurance company is the second-party and the person whose vehicle or property is damaged by the first-party in an accident is the third-party person in a bike insurance.

Is insurance necessary for a bike?

Yes, insurance is necessary for bikes and every bike rider must have an insurance to be able to ride his/her bike on the Indian roads hassle-free. It is mandatory for every bike owner to have a third-party bike insurance and it is mandated by the Motor Vehicles Act, 1988. This is because having a third-party bike insurance reduces the liability of the policy holder regarding third-party damages.

Can I claim bike insurance twice?

Yes, you can claim insurance twice as there is no restriction on the number of claims allowed under your policy, so you can file as many claims as you want. However, filing a claim under your policy will affect your No Claim Bonus, and with repeated claims, your insurance premium becomes more expensive when you have to renew the policy. So, it is better to avoid claims for minor issues.

Is two-wheeler insurance mandatory?

Yes, two-wheeler insurance is compulsory for bike riders to be able to ride hassle-free on the Indian roads. In fact, it is mandatory for every bike owner to have a third-party bike insurance and it is mandated by the Motor Vehicles Act, 1988. This is because having a third-party bike insurance reduces the liability of the policy holder regarding third-party damages.

What are the documents required to buy bike insurance online?

Below are the documents required:
Proof of identity, (such as passport, driving license, Aadhaar Card, PAN card etc).
Address proof, (passport, driving license, Aadhaar Card, PAN card etc).
Passport-size photo.
Driving license.
Bike Registration Certificate (RC)

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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