TOP 5 BEST BIKES INSURANCE COMPANIES IN INDIA 2022
Insurance for your bike will help you fulfill the financial obligations that may arise from an accident or any other mishap that could affect your bikes, such as fire theft, theft, earthquake, or landslide.
It is a requirement under the Indian Motor Tariff that makes it obligatory for each Two-Wheeler owner to have at the very least a third party insurance coverage to use your Two-Wheeler legally in the country.
IFFCO Tokio General Insurance Company Limited
IFFCO Tokio General Insurance Company Limited has been providing an array of insurance services to its customers since. It operates a wide network throughout the country and offers cashless service in more than 4,300 cashless garages.
This renowned insurance company had an average claim settlement rate of 95.82 percent for FY2021. It aims to provide a variety of insurance options to those living in rural regions.
Differentiating Factors: Repairs made with cash on more than 4,300 garages that are cashless rapid claim settlement
IFFCO Tokio Two-Wheeler Insurance: Key Features
- The claims are settled within four hours.
- The customer support for claims assistance is available 24 hours a day, 7 days a week.
- An extensive system of over 4300 cashless garages throughout the United States provides repairs in cash.
- Discounts and 8 customizable add-on covers are also available.
- High rate of settlement for claims, 98.35 percent.
Bajaj Allianz General Insurance Company Limited
A personalized approach and the reliability of its products A personalized approach and trustworthiness make Bajaj Allianz one of the most sought-after companies for two-wheeler insurance.
The company was honored as the “Best Insurance Provider in India 2020 through the IDC Financial Insights Innovation Awards.
It has provided services and products to nearly 11 crore customers. Bajaj Allianz achieved revenue of Rs.10,488 crore at the close of the third quarter of FY 2021-22.
Differentiating Factor: 24/7 Support Easy and quick claims assistance
Bajaj Allianz Two-Wheeler Insurance: Key Features
- Multi-year bike insurance for three years or more. There are no worries about the yearly renewal of the policy.
- The simple and hassle-free procedure of settlement of claims.
- The policy can be purchased or renewed through the web efficiently.
- Round-the-clock customer support service.
- Cover with no depreciation available.
- No inspection of the vehicle on the renewal of the policy online.
Royal Sundaram General Insurance
Royal Sundaram General Insurance is well-known for its ingenious general insurance services specifically designed for business owners, individuals, and families.
The leading insurance company has 158 branches across India, which has helped more than 28 million customers today. It is proud of being the first insurer to provide a cashless settlement method for claims.
Differentiating Factor: Simple and speedy claim settlement, low-cost costs
Royal Sundaram Two-Wheeler Insurance: Key Features
- Two-wheeler insurance plans with low costs.
- The long-term insurance coverage is available for a maximum of 3 years.
- Settlement of claims is simple and painless, with a timeframe of 10 days.
- No extensive documentation is required.
SBI General Insurance Company Limited
SBI is now an iconic name in banking and finance. And now, by launching SBI General Insurance Company, SBI has created a niche on the insurance side as well. Presently, SBI General has a global presence covering more than 110 cities.
It serves three main segments, namely retail SMEs and businesses. SBI General’s Two-wheeler Insurance is comprehensive and includes a range of benefits centered around the customer, making it among the most sought-after insurance products on the market.
Unique Pricing: For each customer, a customized price based on the profile of the applicant, further discounts
SBI General Two-Wheeler Insurance: Key Features
- Pricing is based on the customer profile.
- Discount on purchase of insurance for individuals aged between 25 and 55.
- Bonuses and discounts to ensure timely renewal of the insurance policies.
The New India Assurance Company Limited
The company is owned by the government and is completely state-owned. New India Assurance now operates in 28 countries and boasts global operations that surpass Rs.31,573 million. New India Assurance has an all-encompassing presence in the country with over 2214 offices and 1 10,86 micro-offices.
As the sole direct insurance company in India to receive an A rating from AM Best, New India Assurance has a variety of other ratings which indicate the company’s greatest financial capability to fulfill the obligation of the policyholders.
Differentiating Factor: Accurate grievance resolution system, quick claims processing
- Insurance seekers can choose from the basic ‘Liability Only coverage’ and the more comprehensive “Package policy.”
- Accessories-specific covers Personal accident insurance passengers cover, pay driver coverage available.
How To Choose The Right Two Wheeler Insurance Company In India?
There isn’t a single bike insurance provider that is best for every person, as the requirements of each person will be different. The bike insurance company with a greater collection of cash-free garages is the most suitable option for some.
In contrast, for others, a Two Wheeler insurer that features the highest rate of settlement for claims is the most effective.
So, many factors determine the criteria that determine which bike insurance firm is the most suitable for the individual. Here are some of the aspects you should consider when selecting the best bike insurance provider:
Claim Settlement Ratio
A percentage of claims settled is the proportion of claims settled by the Two Wheeler insurance company out of the total claims received in a financial year. The greater the ratio of claim settlement, the better. So, you must select a bike insurance provider with a favorable claims settlement rate.
Network of Cashless Garages
Each Two Wheeler insurance company maintains an extensive network of garages through which they offer cashless claims. When choosing an insurance provider for bikes, it is essential to verify that garages (especially those in your area) are part of the insurance’s network.
Availability of Add-on Covers
Two-wheeler Insurance add-onsite additional covers are available with own-damage or extensive Two Wheeler insurance plans to expand the coverage offered by the standard bike insurance plan.
These add-ons can be purchased at an affordable fee. It would help if you verified whether the insurance provider chosen by you has the added coverages you wish to add to your existing Two Wheeler insurance plan.
Customer Support Service
Another crucial aspect to consider when choosing the best Two Wheeler insurance company is the accessibility and quality of customer service that it provides. You should select a company that provides 24/7 customer support. This allows for the swift resolution of your issues and gives you prompt help when you need it.
Types of Two-Wheeler Insurance Plans Offered By Different Insurers
There are 3 kinds of Bike Insurance plans provided by various firms.
Third-Party Bike Insurance
Following the Motor Vehicles Act 1988, it is a necessary and required insurance plan. Every bike owner should be covered by a third-party insurance plan to protect against financial losses that result from injury, property damage, or disability caused to another person by their bicycle.
The maximum insurance coverage for property damages will be Rs.7.5 lakh. The liability is unlimited for the insurance company for fatal injuries or deaths. However, the amount of compensation is determined by a law court.
Standalone Own Damage Cover
The insurance policy will cover the damages or losses caused to your bike due to fire, accident, natural disasters, etc.
To ensure that you have a complete insurance policy for your bike, you can choose to purchase your damage coverage and additional third-party liability insurance. You can also choose different add-ons in addition to your damage coverage to tailor the insurance coverage you have.
Comprehensive Two-Wheeler Cover
Complete bike insurance increases the coverage of insurance for bikes since it’s a bundle policy that covers both third-party liabilities and personal damage coverage.
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