Best Bike Insurance Companies
At present, there are overall 25 general insurance companies in India that are offering two-wheeler insurance policies to the policy buyers in India. All of these insurance providers have their own set of unique features and offer different bike insurance plans as per the individual needs and budget of the customer.
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*TP price for less than 75cc two-wheeler. All savings/offers are provided by the Insurers which are subject to modification. Terms and conditions apply
Bike insurance helps you meet the financial obligations which may arise due to an accident or any other mishap involving your bike such fire, theft, earthquake, landslide, etc. The Indian Motor Tariff makes it mandatory for every Two Wheeler owner to have at least a third party bike insurance cover for being able to ride their Two Wheeler legally in the country. Currently, there are 25 General Insurance Companies in India which offer bike insurance plans.
21+ Best Bike Insurance Companies in India for 2023: IRDAI Approved
Find the key information below in regards to the 21+ best two-wheeler insurance plans with claim settlement ratio & network garages.
(Source: IBAI’s General Insurance Claim Insights Handbook - 5th Edition.)
How To Choose The Right Two Wheeler Insurance Company In India?
There is no one bike insurance company which is the best for all individuals as the requirement of each individual is different. For some individuals, a bike insurance company which has a wider network of cashless garages is the best, while for others the Two Wheeler insurer which features the highest claim settlement ratio is the best. Thus, there are a number of parameters on the basis of which bike insurance company becomes the best for an individual. Followings are the factors which you must consider when choosing a bike insurance company:
1. Claim Settlement Ratio
The claim settlement ratio is the percentage of claims settled by a Two Wheeler insurance company out of the total number of claims received by it in a financial year. The higher the claim settlement ratio, the better it is. Thus, you should choose a bike insurance company with a good claim settlement ratio.
2. Network of Cashless Garages
Every Two Wheeler insurance company maintains a network of garages at which it allows cashless claim facilities. While choosing a bike insurance company, it is important to check which all garages (especially the ones in your locality) are a part of the insurer’s network.
3. Availability of Add-on Covers
Two-wheeler Insurance add-on covers are the extra covers which can be opted with own-damage and comprehensive Two Wheeler insurance plans to extend the coverage of a standard bike insurance plan. These add-ons are available against the payment of a nominal premium. You must check if the insurance company chosen by you offers the add-on covers which you want to add to your standard Two Wheeler insurance plan.
4. Customer Support Service
Another important factor to consider while choosing a Two Wheeler insurance company is the availability and quality of the customer support services offered by it. You should choose a company which offers 24*7 customer support. This helps in the easy resolution of your queries and provides you with timely assistance when required.
Types of Two-Wheeler Insurance Plans Offered By Different Insurers
There are 3 types of Bike Insurance plans which are offered by different companies.
1. Third Party Bike Insurance
According to Motor Vehicles Act 1988, this is an essential and mandatory insurance plan. Every bike owner must have a third-party bike insurance plan in order to cover the financial losses incurred due to property damage or injuries, disability, harm caused to another person from their bike. Maximum coverage for property damage is Rs.7.5 lakh. Whereas in case of bodily injuries/death, the liability is unlimited at the part of the insurance company, however, the compensation is decided by a court of law.
2. Standalone Own Damage Cover
This insurance policy covers the losses or damages which are caused to your bike due to accident, natural calamity,fire etc. To get an all-round coverage for your bike, you can opt for the own damage cover along with the third party liability cover. You can also opt for various add-ons along with your own damage cover to customize your insurance policy.
3. Comprehensive Two-Wheeler Cover
Comprehensive bike insurance strengthens the bike insurance coverage as it is a package policy which offers coverage for both third-party liability as well as own damage cover.
What Does Your Bike Insurance Covers?
The coverages offered in different bike insurance plans are as follows:
Bike Insurance Coverage
Damage/losses caused to your bike due to accident
Theft of two-wheeler
Damage incurred due to fire
Damage/losses due to natural calamity
Damage to property and third party vehicle
Personal Accident Cover (if opted)
Injury/ Death of Third Party due to an accident
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Learn about Best Two Wheeler Insurance Companies
- This article lists the top 5 bike insurance companies in India.
- Explore top 5 bike insurance companies in India in 2021 in this post.
- Read about top insurance companies to buy bike insurance in the year 2021.
- Wondering which insurance provider to select for purchasing your two-wheeler insurance? This article will help you make this decision.
Bike Insurance Companies Reviews & Ratings
Two Wheeler Insurance Companies FAQs
Which is the best company for two-wheeler insurance?
Currently, there are 25 general insurance companies in India that offer insurance plans for two-wheelers. The best two-wheeler insurance company varies from individual to individual depending upon their requirements and budget. However, insurance companies can be compared on the basis of their Claim Settlement Ratio (CSR) among other factors. The bike insurance companies which registered the highest motor own-damage claim settlement ratio in FY 2018-19 are IFFCO Tokio General Insurance (96.44%), Royal Sundaram General Insurance (94.07%), and The Oriental Insurance Company (93.16%).
Which is the cheapest two-wheeler insurance company in India?
The premium of a two-wheeler insurance policy depends on a number of factors such as IDV of the bike, type of insurance plan, number of add-ons opted, RTO location, etc. Thus, the cheapest two-wheeler insurance plan varies from bike to bike depending upon the requirements of the bike owner.
Can I change my two wheeler insurance policy company?
Yes, you can switch from one insurance company to another insurance company at the time of renewal of your policy.
What are the rules for a bike insurance company in India?
In India, it is mandatory to have at least a third party bike insurance policy as per the Indian Motor Tariff. The absence of at least a third party bike insurance policy is an offence in the country and attracts a fine of Rs. 2,000 and/or imprisonment of up to 3 months. Also, new bike owners are compulsorily required to have at least a long-term third party bike insurance policy with a validity of 5 years.
Which are the top 10 bike insurance companies in India
On the basis of the motor own-damage claim settlement ratio registered in FY 2018-19, following are the top 10 bike insurance companies in India: Insurance Company Motor OD Claim Settlement Ratio (FY 2018-2019)* IFFCO Tokio General Insurance Co. Ltd. 96.44% Royal Sundaram General Insurance Co. Ltd. 94.07% The Oriental Insurance Co. Ltd. 93.16% Universal Sompo General Insurance Co. Ltd. 92.45% The New India Assurance Co. Ltd 92.23% Tata AIG General Insurance Co. Ltd. 91.80% SBI General Insurance Co. Ltd. 91.74% Bajaj Allianz General Insurance Co. Ltd 91.23% HDFC ERGO General Insurance Co.Ltd. 89.48% Future Generali India Insurance Co. Ltd. 88.56% (*Claim Settlement Ratio As Per IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition)
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