Best Two Wheeler Insurance Companies - Healthfet.com

Best Two Wheeler Insurance Companies

There are currently 25 general insurance companies in India that provide two-wheeler insurance plans to policyholders in the country. Each of these insurance companies has its own set of features and offers different bike insurance plans based on the customer's specific demands and budget.


Bike insurance assists you in meeting financial obligations that may emerge as a result of an accident or other occurrence involving your bike, such as fire, theft, earthquake, landslide, and so on. According to the Indian Motor Tariff, every two-wheeler owner must obtain at least third-party bike insurance to legally ride their two-wheeler in the country. In India, there are now 25 general insurance companies that offer bike insurance products.


IRDAI Approved: 21+ Best Bike Insurance Companies in India for 2021


The main details about the 21+ finest two-wheeler insurance policies with claim settlement ratios and network garages can be found below.



Bike Insurance CompanyMotor OD Claim Settlement Ratio FY20Network Garages
IFFCO Tokio General Insurance95.30%4,300+
Royal Sundaram General Insurance92.66%4,600+
The Oriental Insurance Company91.76%3,100+
HDFC ERGO General Insurance91.23%6,800+
Universal Sompo General Insurance90.78%3,500+
Tata AIG General Insurance90.49%5,000+
The New India Assurance89.60%3,000+
SBI General Insurance89.51%16,000+
Bajaj Allianz General Insurance88.83%4,000+
Future Generali India Insurance88.69%2,500+
Bharti AXA General Insurance87.99%5,200+
ICICI Lombard General Insurance87.71%5,600+
Liberty General Insurance87.48%4,300+
Cholamandalam MS General Insurance85.89%7,100+
National Insurance Company85.71%3,100+
Edelweiss General Insurance84.52%1,000+
Reliance General Insurance84.26%3,800+
Acko General Insurance83.91%2,000+
United India Insurance Company82.93%3,100+
Kotak Mahindra General Insurance82.81%1,300+
Go Digit General Insurance80.47%1,400+
Magma HDI General Insurance79.60%4,000+
Shriram General Insurance77.26%2,000+
Navi General Insurance76.20%900+


How Do You Pick The Best Two-Wheeled Insurance Company In India?

Because everyone's needs are different, there isn't a single bike insurance provider that is best for everyone. For some people, the best bike insurance provider is one with a larger network of cashless garages, while for others, the best two-wheeler insurer is one with the greatest claim settlement ratio. As a result, there are a lot of factors that determine which bike insurance company is appropriate for a person. The variables to consider when choosing a bike insurance company are as follows:


1. The Ratio of Claim Settlement

A Two-Wheeler insurance company's claim settlement ratio is the percentage of claims it settles out of the total number of claims it receives in a financial year. It is better if the claim settlement ratio is higher. As a result, you should go with a bike insurance company that has a high claim settlement rate.


2. Cashless Garages Network

Every two-wheeler insurance company has a network of garages where cashless claims are accepted. When choosing a bike insurance company, make sure to examine which garages are included in the insurer's network (particularly those in your area).


3. Add-on Covers are available.

Two-wheeler Insurance add-on covers are optional extras that can be added to own-damage or comprehensive two-wheeler insurance plans to increase the coverage of a normal bike insurance policy. These add-ons are available for a small additional fee. You should make sure that the insurance provider you choose provides the add-on coverages that you want to include in your standard Two Wheeler insurance plan.


4. Customer Service Support

Another crucial thing to consider when picking a Two Wheeler insurance provider is the company's customer service availability and quality. You should go with a company that provides customer service 24 hours a day, seven days a week. This facilitates the quick resolution of your issues and ensures that you receive immediate assistance as needed.


Different Insurers Offer Different Two-Wheeler Insurance Plans

Different firms provide three different types of bike insurance plans.


1. Bike Insurance for Third Parties

This is a necessary and mandated insurance plan, according to the Motor Vehicles Act of 1988. Every bike owner must carry third-party bike insurance to cover financial damages suffered as a result of property damage or injuries, disability, or injury caused by their bike to another person. Property damage coverage is limited to Rs.7.5 lakh. In the case of bodily injury or death, the insurance company's liability is infinite, but the compensation is determined by a court of law.


2. Self-contained Damage Coverage

This coverage compensates you for any losses or damages to your bike that occur as a result of an accident, a natural disaster, or a fire, among other things. You may receive all-around coverage for your bike by purchasing both your damage and third-party liability insurance. To tailor your insurance coverage, you can choose from a variety of add-ons in addition to your damage cover.


3. All-Inclusive Two-Wheeler Coverage

Because comprehensive bike insurance is a package policy that covers both third-party liability and own damage, it strengthens the bike insurance coverage.


What Is Covered By Your Bike Insurance?

The following are the coverages included in various bike insurance plans:

Bike Insurance Coverage

Third-Party Cover

Comprehensive Cover

Standalone Cover

Damage/losses caused to your bike due to accident

No

Yes

Yes

Theft of two-wheeler

No

Yes

Yes

Damage incurred due to fire

No

Yes

Yes

Damage/losses due to natural calamity

No

Yes

Yes

Damage to property and third party vehicle

Yes

Yes

No

Personal Accident Cover (if opted)

Yes

Yes

Yes

Injury/ Death of Third Party due to an accident

Yes

Yes

No


Bike Insurance Companies


Bike Insurance By Popular Bike Manufacturers



Frequently Asked Questions about Two-Wheeler Insurance Companies

Which is the best company for two-wheeler insurance?

There are now 25 general insurance companies in India that offer two-wheeler insurance products. The finest two-wheeler insurance business differs from person to person and is determined by their needs and budget. However, among other things, insurance firms can be compared based on their Claim Settlement Ratio (CSR). IFFCO Tokio General Insurance (96.44 percent), Royal Sundaram General Insurance (94.07 percent), and The Oriental Insurance Company are the bike insurance providers with the highest motor own-damage claim payout ratio in FY 2018-19. (93.16 percent ).

Which is the cheapest two-wheeler insurance company in India?

The cost of a two-wheeler insurance policy is determined by a variety of criteria, including the bike's IDV, the type of insurance plan chosen, the number of add-ons selected, and the RTO location. As a result, the cheapest two-wheeler insurance plan differs from bike to bike, based on the bike owner's needs.

Can I change my two-wheeler insurance policy company?

Yes, when it comes time to renew your coverage, you can switch from one insurance carrier to another.

What are the rules for a bike insurance company in India?

According to the Indian Motor Tariff, having at least a third-party bike insurance policy is required. The absence of at least a third-party bike insurance policy is a criminal offense in India, punishable by a fine of Rs. 2,000 and/or a three-month jail sentence. New bike owners are also obliged to acquire long-term third-party bike insurance coverage with a 5-year validity period.

Which are the top 10 bike insurance companies in India

The top 10 bike insurance providers in India are as follows, based on the motor own-damage claim settlement ratio registered in FY 2018-19: Motor OD Claim Settlement Ratio of Insurance Companies (FY 2018-2019) * IFFCO Tokio General Insurance Co. Ltd., 96.44 percent; Royal Sundaram General Insurance Co. Ltd., 94.07 percent; IFFCO Tokio General Insurance Co. Ltd., 96.44 percent; IFFCO Tokio General Insurance Co. Ltd., 96.44 93.16 percent: Oriental Insurance Co. Ltd. 92.45% Universal Sompo General Insurance Co. Ltd. The New India Assurance Co. Ltd. is a company that provides insurance in India. 90% (92.23%) Tata AIG General Insurance Co. Ltd. owns 91.80% of SBI General Insurance Co. Ltd. and Bajaj Allianz General Insurance Co. Ltd. owns 91.74 percent of Bajaj Allianz General Insurance Co. Ltd. Future Generali India Insurance Co. Ltd. 88.56 percent HDFC ERGO General Insurance Co.Ltd. 91.23 percent HDFC ERGO General Insurance Co.Ltd. 89.48 percent HDFC ERGO General Insurance Co.Ltd (*According to the IBA's General Insurance Claim Insights Handbook For Policyholders - 4th Edition, the claim settlement ratio is:

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

The amount of coverage provided by a bike insurance policy is determined by the type of policy purchased and the add-ons selected. The three different types of bike insurance coverage are as follows: Bike Insurance for Third Parties: The insurer will only cover third-party liabilities like as physical injury, death, permanent/temporary disability, and total/partial impairment of a third party as a result of an accident involving your motorcycle. Third-party property damage coverage of up to Rs. 1 lakh is included in the third-party bike insurance plan.

Standalone Own-Damage Bike Insurance Policy: This policy solely covers your bike's damage in the event of a road accident, natural calamity, fire, explosion, riot, strikes, theft, or any other mishap. Comprehensive Bike Insurance Policy: This policy covers your bike completely. The insurance company compensates you for both your damage and third-party liabilities incurred by your bike under this plan.

How does a bike insurance company provide coverage without checking the condition of the bike in India?

Inspection is the process of examining the condition of vehicle insurance. In the case of two-wheelers, there is no need for an examination before issuing a policy.

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

Certain types of losses are not covered by two-wheeler insurance. The following are some of them:

  1. Breakdown due to electrical or mechanical failure
  2. Two-wheeler wear and tear
  3. Indirect loss/consequential loss
  4. The accidental tail loss that was not planned
  5. Driving while under the influence of alcohol or any other intoxicant
  6. Any contractual responsibilities
  7. Damage was done to or by a person operating a car without a valid driver's license


What is to be done after I have intimated the insurer of my two-wheeler insurance claim?

Following receipt of the notification, the insurance company will dispatch a surveyor to your location/the scene of the accident to inspect the damage. Your two-wheeler will be repaired and the claim will be settled after the examination and verification of facts.




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