Best Bike Insurance Companies In India

There are numerous bike insurance providers in the Indian insurance market, and no single two-wheeler insurance plan can meet everyone's needs. This is due to the fact that each person has varied needs. Some consumers prefer a two-wheeler insurance provider with a large network of cashless shops, while others prefer a bike insurance provider with the greatest claim settlement ratio. 

List of Some Top Bike Insurance Companies:

1. HDFC ERGO General Insurance
2. Bajaj Allianz General Insurance
3. ICICI Lombard General Insurance
4. Reliance General Insurance
5. Navi General Insurance
6. Shriram General Insurance
7. Magma HDI General Insurance
8. United India Insurance Company
9. Kotak Mahindra General Insurance
10. Acko General Insurance

How To Determine the Best Insurance For You?

There are numerous criteria by which a two-wheeler insurance provider might be determined to be "'best suitable for you”. As a result, we'll list a few factors you should take into account before buying a bike insurance policy:

• Every bike insurance provider collaborates with a few two-wheeler stores or garages. These workshops are referred to as the insurance firms' network workshops or garages. You can use the cashless claims option at these garages. Therefore, when choosing a two-wheeler insurance plan, you should also look into their network of garages. You should think about the one that covers a lot of garages, some of which are close to your property.
• The ratio of Claim Settlement: It is the proportion of claims that a bike insurance company resolves out of the actual claims received throughout a fiscal year. The better the company is, the higher the ratio of claims settled. As a result, you must pick a two-wheeler insurance provider with a high claim settlement ratio.
• The Number of Riders For two-wheeler insurance plans, riders or add-on covers are additional coverage options that you can select in addition to comprehensive and own damage insurance to increase the coverage of these plans. Both rider plans and add-on covers, which are offered for an additional charge, are well known.
• Care for Customers Service Customer care is another important factor to take into account before choosing a two-wheeler insurance coverage. Before choosing a two-wheeler insurance provider, it is important to consider the calibre and accessibility of the customer care services. You need to choose a business that offers you prompt support for resolving your questions and issues about a two-wheeler insurance company or bike insurance.

Different Companies' Types of Bike Insurance Plans

Following are the different types of bike insurance available in India - 

• Third Party Insurance

The Motor Vehicles Act of 1988 specifies that this insurance policy is both necessary and required. To cover the financial losses sustained as a result of property damage or injuries, disability, or harm to another person from their bike, every bike owner must have a third-party bike insurance plan. A maximum of Rs. 7.5 lakh is provided for property damage. While the insurance company's culpability in cases of bodily injury or death is unlimited, the amount of compensation is determined by a court of law.

• Standalone Own Damage Coverage

This insurance policy covers any losses or damages to your bike that result from an accident, a natural disaster, a fire, etc. You can choose to combine third party liability insurance with your own damage insurance to acquire comprehensive coverage for your bike. To personalise your insurance plan, you can choose from a number of add-ons in addition to your own damage coverage.

• Comprehensive Bike Insurance

Because comprehensive bike insurance is a package policy that provides coverage for both third-party liability and own damage cover, it strengthens the bike insurance coverage.

Conclusion

There are now 25 general insurance companies in India that provide two-wheeler insurance products. The finest two-wheeler insurance provider depends on the needs and financial capabilities of the customer. Before selecting the best decision, it is crucial to thoroughly weigh all the aforementioned factors!

Also Read: 

Can Bicycle Insurance And Bike Insurance Be Covered In The Same Plan?

Important Things To Keep In Mind While Buying Bike Insurance In India