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Best Bike Insurance with Third Party Liability Cover

The bike insurance policies are divided into three different segments that include a Third Party Insurance Cover, Standalone Own Damage Insurance Plan and Comprehensive Insurance Policy. The third party bike insurance plan is the most basic bike insurance cover which is compulsory to own while driving a bike, according to the Indian Motor Tariff, 2002. It can be termed as an agreement between a policyholder and an insurance firm, where the latter assures to offer compensation against the financial liabilities that might arise towards the third party for their bodily injuries, death or property damage incurred due to an accident or a mishap, involving your bike.

On facing such a situation, a bike owner is eligible to raise a claim request, which is to be borne by the insurer. The claim settlement procedure of every company may vary, based on their terms and conditions. Under this policy, the amount of compensation that is fixed for the property damage under third-party bike insurance policy is limited to Rs. 1 lakh. However, if the third party person sustains bodily injuries or death, then the compensation amount is determined by a court of law.

The market has several insurance providers which offer a diverse range of benefits. Therefore, it becomes a bit tedious for policyholders to select an insurer that suits their requirements in the best manner. In this condition, the Claim Settlement Ratio (CSR) can be utilised as a perfect parameter to select the right bike insurance plan. CSR denotes a ratio of claims paid by insurers to their policyholders out of total claims received.

Top 7 Bike Insurance Companies For Third Party Bike Insurance As Per Third Party Claim Settlement Ratio


Insurance Company

Claim Settlement Ratio (FY 2018-19)











New India



Future Generali






Go Digit


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

As per the Claim Settlement Ratio of FY 2018-19 for the Third Party Bike Insurance, the above mentioned 7 insurance companies can be considered the best to buy a third party bike insurance policy.

1. Oriental Bike Insurance

72 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 Company Ltd. is a public sector general insurance firm of India, which has its headquarter in New Delhi. It possesses 31 regional units and 1800+ branches across the nation.

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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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    On: December 24, 2019

2. IFFCO Tokio Bike Insurance

484 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

    IFFCO Tokio is one of the best insurance companies in India. It is a leading insurance brand, which is committed to achieving customer satisfaction through honesty, transparency and promptness. With its dedication towards customers, it has managed to gain the claim settlement ratio of 42.83% in FY 2018-19, as per the report of IRDA.

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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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    On: December 24, 2019

3. Acko Bike Insurance

277 reviews
Know more about Acko Bike Insurance
  • Highlights

    24*7 Emergency Assistance
    Check in your City
    True digital platform
    Free access to workshops
    Wide range of add-on covers
  • Acko General Insurance

    Acko General Insurance is a private sector general insurance organisation in India, which came into existence in November 2016. In a short span of time, the firm with its clear vision and versatile approach has attained a claim settlement ratio of 40.00% in FY 2018-19, as per the report of IRDA.

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  • Acko Bike Insurance User Reviews

    User-friendly interface

    InsuranceDekho offers a very easy and user-friendly interfac...

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    On: December 24, 2019

4. 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 Company is one of the biggest market leaders in India in Non-Life business for 40+ years. Its business crossed Rs. 23,910 crores in March 2019. It has been leading other insurers in reserves and net worth for several years. The claim settlement ratio of 34.78% also enhances its value among the customers.

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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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    On: December 24, 2019

5. Future Generali Bike Insurance

414 reviews
Know more about Future Generali Bike Insurance
  • Highlights

    Claim settlement ratio 89.40% in FY 2018
    Check in your City
    More than 2,500 Cashless Garages
    ISO 9001:2008 certified
    Located in more than 125 cities of India
    24*7 Roadside Assistance
  • Future Generali India Insurance Company

    Future Generali India Insurance Company Limited is a private general insurance company in India. It is a joint venture between the Future Group and Assicurazioni Generali, which was established in September 2007. Future Generali India stands among the top 7 bike insurance companies with the claim settlement ratio of 32.64%.

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  • Future Generali Bike Insurance User Reviews

    Very informative and easy

    Very useful information on the website and they also made it...

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    On: December 24, 2019

6. Cholamandalam Bike Insurance

155 reviews
Know more about Cholamandalam Bike Insurance
  • Highlights

    Claim settlement ratio 84.75% as on FY 2018
    Check in your City
    24*7 Customer Service Assistance
    ISO Certified
    Robust customer base
    Innovative insurance plans
  • Cholamandalam MS General Insurance

    Cholamandalam MS General Insurance Company Ltd is one of the fast-growing insurance firms in India. It currently holds 87 branches and 34,000+ agents across the nations. The company tends to function by following the philosophy of trust, transparency and technology. The claim settlement ratio of 31.93% makes it a reliable name in the market.

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  • Cholamandalam Bike Insurance User Reviews

    Network of Garages

    Different insurers have their own garage networks and the si...

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    On: December 24, 2019

7. Digit Bike Insurance

490 reviews
Know more about Digit Bike Insurance
  • Highlights

    1,000+ cashless network garages
    Check in your City
    Smartphone-enable self-inspection
    Claim settlement in 11 working days
    Customized IDV
    Round the clock customer service
  • Go Digit General Insurance Company

    The Go Digit General Insurance Company offers solutions through its digital platform. The firm was settled in 2016 in Bengaluru, India. It holds a wide customer base and a team of experienced professionals in the insurance industry.These factors helped the firm attain a decent claim settlement ratio of 28.57%.

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  • Digit Bike Insurance User Reviews

    Transparent and quick process

    The entire process of getting an insurance policy for my bik...

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    On: December 24, 2019