In India, having bike insurance is legally mandatory under the Motor Vehicles Act 1988. With numerous insurance companies offering various plans, selecting the ideal insurer can be challenging. Here, we’ve listed some top public and private insurance providers based on user satisfaction.
Types Of Two-Wheeler Insurance:
Indian insurance companies offer three primary types of two-wheeler insurance:
- Comprehensive Two-Wheeler Insurance: Covers the insured and their vehicle in accidents, including third-party and their vehicle. Claims are subject to terms and conditions set forth under the motor insurance policy. *
- Third-Party Coverage: Mandated by the Motor Vehicles Act of 1988, it covers damage to the third party and their vehicle. Claims are subject to terms and conditions set forth under the motor insurance policy. *
- Own Damage Cover: Protects against losses from fires, accidents, natural disasters, and other incidents. Claims are subject to terms and conditions set forth under the motor insurance policy.
Leading Two-Wheeler Insurance Providers:
1. IFFCO Tokio General Insurance Company Limited:
Established in 2000, IFFCO Tokio offers a wide range of insurance products. With a vast network and over 4,300 cashless network garages, it achieved a claim settlement ratio of 95.82% in FY2021. *
Key Features:
4-hour claim settlement.
- 24/7 customer service for claim assistance.
- An extensive network of 4,300+ cashless network garages.
- Eight customisable add-on covers and concessions.
- High claim settlement ratio of 98.35%. *
2. Bajaj Allianz General Insurance Company:
Known for dependable service, Bajaj Allianz is a preferred choice for Bajaj Allianz third-party two-wheeler insurance. It was awarded ‘Best Insurer in India 2020’ and generated Rs. 10,488 crores in revenue by Q3 FY2021–2022.
Key Features:
- Multi-year bike insurance for up to three years.
- Simple and hassle-free claim settlement.
- Easy online policy purchases and bike insurance renewals.
- 24-hour customer service.
3. Royal Sundaram General Insurance:
Specialising in innovative insurance products, Royal Sundaram has served 28 million clients with 158 branches across India. It was the first to introduce a cashless claims settlement method.
Key Features:
- Two-wheeler insurance plans at reasonable costs.
- Long-term insurance is available for up to three years.
- Quick and hassle-free claim settlement in ten days.
- Minimal paperwork required.
4. SBI General Insurance Company:
Part of the SBI Group, SBI General Insurance serves retail, SME, and corporate segments in over 110 cities. Its comprehensive two-wheeler insurance policy offers personalised pricing based on the customer’s profile.
Key Features:
- Custom pricing based on customer profile.
- Age-based concessions for policy buyers between 25 and 55.
- Additional savings for prompt insurance renewal.
5. The New India Assurance Company:
A government-owned enterprise, New India Assurance operates in 28 nations with a total value exceeding Rs. 31,573 crores. It boasts a solid financial rating and extensive reach across the country.
Key Features:
- The choice between Liability policy and Package policy.
- Various add-on coverages, including accessory, personal accident, passenger, and paid driver. *
- Cashless network garages over 1,173.
- Efficient grievance resolution system
Crucial Considerations Before Buying Two-Wheeler Insurance:
- Claim Settlement Ratio: Choose an insurer with the highest ratio of successful claim settlements. Claims are subject to terms and conditions set forth under the motor insurance policy.
- Garage Network: Examine the nearby network garages linked to the insurance provider for convenience.
- Add-ons And Concessions: Opt for insurers offering add-ons at reduced prices for comprehensive coverage. ##
- Customer Support: Select an insurer providing round-the-clock customer support for assistance.
- Online Claim Filing: Ensure the chosen insurer allows online claims filing for convenience.
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*Standard T&C Apply
##All savings are provided by the insurer as per the IRDAI-approved insurance plan.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
