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Best Bike Insurance for Zero Depreciation Insurance Cover

Bike insurance plan functions as a protective cover for the policyholders. It offers compensation against the loss or damage sustained by the insured’s bike or a third party due to an accident or a mishap, involving your bike. In short, bike insurance is a method to alleviate the financial liabilities of policyholders, which may arise due to an unanticipated event involving your bike.

With time the value of a bike reduces due to depreciation. Hence, policyholders may receive a lesser claim amount from the insurance provider as the depreciation cost has to be deducted to compute the claim settlement amount.

However, policyholders can avoid bearing depreciation amount and by buying a zero depreciation add-on cover. This is additional coverage that compensates for the depreciation incurred by the insured’s bike. It means the liability to bear the depreciation cost of the bike can easily be shifted from insured to insurer with this add-on cover.

The zero depreciation add-on cover can be availed only with a stand-alone own damage insurance policy and a comprehensive bike insurance policy, and not by a third-party bike insurance plan. Without a zero depreciation add-on cover, depreciation is applied as per the age of the bike and is by default borne by the bike owner and not the insurance provider.

Top 7 Bike Insurance Companies For Zero depreciation Bike Insurance As Per Own Damage Claim Settlement Ratio:

Insurance Company

Claim Settlement Ratio for FY 2018-19

IFFCO Tokio

96.44%

Royal Sundaram

94.07%

Oriental Insurance

93.16%

Universal Sompo

92.45%

New India

92.23%

Tata AIG

91.80%

SBI General

91.74%

(Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition)

As per the claim settlement ratio of FY 2018-19 for own-damage bike insurance, these are the best 7 insurance providers that offer a zero depreciation add-on cover.

1. IFFCO Tokio Bike Insurance

485 reviews
Know more about IFFCO Tokio Bike Insurance
  • Highlights

    Cosmic network garages 4300+ garages
    Check in your City
    PAN India help desk with 24x7 service
    Unlimited Zero depreciation claim
    90.69% Claim Settlement Ratio
  • IFFCO Tokio General Insurance Company

    IFFCO Tokio is a leading insurance provider in India, which grabs the top position in the list with a huge claim settlement ratio of 96.44% in FY 2018-19. It offers the zero depreciation add-on cover for bikes up to the age of 10 years.

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  • Iffco Tokio Bike Insurance User Reviews

    Great team support

    This was my first time checking out insurance from any websi...

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    M
    On: December 24, 2019

2. Royal Sundaram Bike Insurance

418 reviews
Know more about Royal Sundaram Bike Insurance
  • Highlights

    Pioneer of bancassurance in India
    Check in your City
    92.66% Claim Settlement Ratio as per the FY20
    24*7 Emergency Assistance
    Coverage of up to 15 lakhs in accidental cases
    More than 3300 network garages
  • Royal Sundaram General Insurance Company

    The Royal Sundaram has secured a remarkable claim settlement ratio of 94.07%. It makes the zero depreciation add-on cover available for bikes up to 5 years of age. Also, Royal Sundaram promises to process the claim settlements within 10 working days. With its prompt services, it has managed to develop a huge customer base across the nation.

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  • Royal Sundaram Bike Insurance User Reviews

    Affordable two-wheeler insurance

    Found affordable bike insurance with the help of insurance d...

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    A
    On: December 24, 2019

3. Oriental Bike Insurance

73 reviews
Know more about Oriental Bike Insurance
  • Highlights

    24*7 Customer Assistance
    Check in your City
    Claim Settlement Ratio 91.34% as on FY 2018
    Overseas branches
    Quick claim settlement
    Attractive policy plans
  • Oriental Insurance Company

    The Oriental Insurance Firm is the top insurance provider amongst all the public insurance enterprises with a claim settlement ratio of 93.16%. It provides zero depreciation cover to bikes with not older than 3 years.

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  • Oriental Bike Insurance User Reviews

    Attention to details

    The site provides the best comparison which is free of cost ...

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    R
    On: December 24, 2019

4. Universal Sompo Bike Insurance

253 reviews
Know more about Universal Sompo Bike Insurance
  • Highlights

    First private-public joint venture company in India
    Check in your City
    90.36% Claim Settlement Ratio in FY18
    86 branches and 17 Zonal offices across India
    24*7 telephonic Customer support
    Network of more than 3,500 garages
  • Universal Sompo General Insurance Company

    The Universal Sompo General Insurance is a joint venture of public and private enterprises, which was established in 2007 and has its headquarter in Mumbai. It attained a claim settlement ratio of 92.45% for bike insurance providers with zero depreciation cover.

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  • Universal Sompo Bike Insurance User Reviews

    Very supportive executive

    As I am new to this field and had zero ideas regarding insur...

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    N
    On: December 24, 2019

5. New India Bike Insurance

481 reviews
Know more about New India Bike Insurance
  • Highlights

    Only Indian General Insurance Company operating in 28 countries
    Check in your City
    Claim settlement ratio 93.96% as on FY 18
    24*7 Customer assistance
    More than 588 branches nationwide
  • New India Assurance Company

    The New India Assurance is a multinational public sector general insurance firm, based in Mumbai. Being operational in 28 countries, it is counted among the largest general insurance firms in India. It registered a claim settlement ratio of 92.23% in FY 2018-19, which showcases its efficient functionality.

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  • New India Bike Insurance User Reviews

    Suits Customer Needs

    The company offers bike insurance plan at affordable premium...

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    R
    On: December 24, 2019

6. Tata AIG Bike Insurance

385 reviews
Know more about Tata AIG Bike Insurance
  • Highlights

    Impressive claim settlement ratio 90.49% in FY20
    Check in your City
    More than 5,000+ Cashless garages
    24/7 Emergency Assistance
    Premium Cover For Personal Injuries
  • Tata AIG General Insurance Company

    The Tata AIG is a private general insurance company which was established in 2001. It featured a claim settlement ratio of 91.80% by delivering trustworthy and innovative risk solutions. It offers zero depreciation add-on cover to protect the bikes with not more than 5 years of age.

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  • Tata Aig Bike Insurance User Reviews

    Amazing experience

    Before using this website, I was a bit sceptical as I had pu...

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    A
    On: December 24, 2019

7. SBI Bike Insurance

109 reviews
Know more about SBI Bike Insurance
  • Highlights

    Claim Settlement Ratio 89.51% in FY20
    Check in your City
    Offers 16000+ cashless network garage services across India.
    A network of more than 16,000 cashless garage
    Approx 22,000 branches nationwide
    iAAA rating for highest claim settlement
    Presence in more than 110 Indian cities
  • SBI General Insurance Company

    7. SBI General Insurance Company SBI General Insurance Company is a joint venture between State Bank of India and Insurance Australia Group (IAG). The insurer recorded a claim settlement ratio of 91.74% in FY 2018-19.

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  • Sbi Bike Insurance User Reviews

    The best one in the market

    It’s my third time getting insurance with the help of Insura...

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    S
    On: December 24, 2019