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
Highlights
Cosmic network garages 4300+ garagesCheck in your CityPAN India help desk with 24x7 serviceUnlimited Zero depreciation claim90.69% Claim Settlement RatioIFFCO Tokio General Insurance Company
Read MoreIFFCO 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.
Iffco Tokio Bike Insurance User Reviews
2. Royal Sundaram Bike Insurance
Highlights
Pioneer of bancassurance in IndiaCheck in your City92.66% Claim Settlement Ratio as per the FY2024*7 Emergency AssistanceCoverage of up to 15 lakhs in accidental casesMore than 3300 network garagesRoyal Sundaram General Insurance Company
Read MoreThe 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.
Royal Sundaram Bike Insurance User Reviews
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3. Oriental Bike Insurance
Highlights
24*7 Customer AssistanceCheck in your CityClaim Settlement Ratio 91.34% as on FY 2018Overseas branchesQuick claim settlementAttractive policy plansOriental Insurance Company
Read MoreThe 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.
Oriental Bike Insurance User Reviews
4. Universal Sompo Bike Insurance
Highlights
First private-public joint venture company in IndiaCheck in your City90.36% Claim Settlement Ratio in FY1886 branches and 17 Zonal offices across India24*7 telephonic Customer supportNetwork of more than 3,500 garagesUniversal Sompo General Insurance Company
Read MoreThe 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.
Universal Sompo Bike Insurance User Reviews
5. New India Bike Insurance
Highlights
Only Indian General Insurance Company operating in 28 countriesCheck in your CityClaim settlement ratio 93.96% as on FY 1824*7 Customer assistanceMore than 588 branches nationwideNew India Assurance Company
Read MoreThe 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.
New India Bike Insurance User Reviews
6. Tata AIG Bike Insurance
Highlights
Impressive claim settlement ratio 90.49% in FY20Check in your CityMore than 5,000+ Cashless garages24/7 Emergency AssistancePremium Cover For Personal InjuriesTata AIG General Insurance Company
Read MoreThe 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.
Tata Aig Bike Insurance User Reviews
7. SBI Bike Insurance
Highlights
Claim Settlement Ratio 89.51% in FY20Check in your CityOffers 16000+ cashless network garage services across India.A network of more than 16,000 cashless garageApprox 22,000 branches nationwideiAAA rating for highest claim settlementPresence in more than 110 Indian citiesSBI General Insurance Company
Read More7. 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.
Sbi Bike Insurance User Reviews