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
Claim Settlement Ratio (FY 2018-19)
(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
Highlights24*7 Customer AssistanceCheck in your CityClaim Settlement Ratio 91.34% as on FY 2018Overseas branchesQuick claim settlementAttractive policy plans
Oriental Insurance CompanyThe 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.Read More
2. IFFCO Tokio Bike Insurance
HighlightsCosmic network garages 4300+ garagesCheck in your CityPAN India help desk with 24x7 serviceUnlimited Zero depreciation claim90.69% Claim Settlement Ratio
IFFCO Tokio General InsuranceRead More
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.
3. Acko Bike Insurance
Highlights24*7 Emergency AssistanceCheck in your CityTrue digital platformFree access to workshopsWide range of add-on covers
Acko General InsuranceRead More
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.
4. New India Bike Insurance
HighlightsOnly 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 nationwide
New India Assurance CompanyRead More
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.
5. Future Generali Bike Insurance
HighlightsClaim settlement ratio 89.40% in FY 2018Check in your CityMore than 2,500 Cashless GaragesISO 9001:2008 certifiedLocated in more than 125 cities of India24*7 Roadside Assistance
Future Generali India Insurance CompanyRead More
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%.
6. Cholamandalam Bike Insurance
HighlightsClaim settlement ratio 84.75% as on FY 2018Check in your City24*7 Customer Service AssistanceISO CertifiedRobust customer baseInnovative insurance plans
Cholamandalam MS General InsuranceRead More
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.
7. Digit Bike Insurance
Highlights1,000+ cashless network garagesCheck in your CitySmartphone-enable self-inspectionClaim settlement in 11 working daysCustomized IDVRound the clock customer service
Go Digit General Insurance CompanyRead More
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%.