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Best Two Wheeler Insurance Companies

Written by Sharad Bajaj

Updated On Dec 29, 20232 min read

Check list of top two-wheeler insurance companies in India on the basis of the claim settlement ratio of each of the companies.

Considering the accidental rate, theft rate, and other natural disasters in India, it is mandatory by law to get a two-wheeler insurance policy. Bike insurance provides financial security to a policyholder against any mishappenings or unusual events such as fire, landslides, and more.

Buying a two-wheeler insurance plan is an important decision. Therefore, you should compare different policies offered by different insurance companies and pick the one that best suits your requirements. To help you in the best possible way, we've gathered a list of the top 10 two-wheeler insurance companies. Continue reading to find out more!

Top 10 Two-wheeler Insurance Companies In India

A claim settlement ratio is the most significant factor in choosing a bike insurance policy. Check the below section to find out the list of some best bike insurance companies.

Two-wheeler Insurance Companies	Claim Settlement Ratio	Network Garages
IFFCO Tokio General Insurance	95.82%	4,300+
Royal Sundaram General Insurance	98.4%	4,600+
The Oriental Insurance Company	91.5%	3,100+
HDFC Ergo General Insurance	99%	6800+
Universal Sompo General Insurance	90.78%	3,500+
Tata AIG General Insurance	98%	7500+
The New India Insurance	90%	3,000+
SBI General Insurance	92%	16,000+
Bajaj Allianz General Insurance	98.54%	4000+
Future Generali Indian Insurance	88.69%	3500

IFFCO Tokio Two Wheeler Insurance

With 20 years of providing customer satisfaction, IFFCO Tokio Two Wheeler Insurance has become a leading motor insurance company. You can easily get your vehicle repaired from any of the 4000+ cashless garages available. Some of the key benefits covered under this plan are no claim bonus benefits, 24*7 customer service, personal damage cover, third-party coverage, and many more.

Royal Sundaram General Insurance

Everything is covered under Royal Sundaram General Insurance: you, your two-wheeler and third-party damages. You can get protection and enjoy a stress-free ride with minimal documentation and affordable premiums. Moreover, starting from inspection to the process of claim settlement, each and every step is done online.

Oriental Insurance Company:

The two-wheeler policy by Oriental Insurance Company is available at affordable prices and at special discounts. Some of the benefits covered under the Oriental Bike Insurance Policy are personal damage, third-party coverage, accidental loss, burglary, theft, damage that occurred due to fire, and much more. Generally, the coverage options are available for 1 year. However, you can also purchase the plans for shorter durations.

HDFC Ergo General Insurance:

You can buy HDFC Ergo Two Wheeler Insurance to secure yourself and your vehicle against any mishappenings. With a 99% claim settlement ratio and 6800 network garages, it is considered as one of the best options. Additionally, you can also get extra coverage through add-on covers available such as zero depreciation cover, emergency assistance cover, and more.

Universal Sompo General Insurance:

Universal Sompo General Insurance is available in two variants, i.e. comprehensive plan and a third-party plan. However, the best-seller of the company is a comprehensive plan. Some of the additional benefits that you can avail of under this plan are depreciation waiver, daily cash allowance benefit, hospital daily cash allowance, and more.

Tata AIG General Insurance:

You can get your Tata AIG Two Wheeler Insurance Policy issued within 2 minutes without any paperwork and documentation. Some of the key features of this plan include no claim bonus, easy claim settlement, premium-saving benefits, own-damage cover, third-party coverage, and many more.

The New India Insurance:

The New India Two Wheeler Insurance is available in two variants. It has a high claim settlement ratio of 90% and provides strong insurance coverage with unlimited liability coverage in case of death or injury of a third party.

SBI General Two Wheeler Insurance:

SBI General Insurance Company is the leading insurance company with a claim settlement ratio of 92%. Some of the key benefits covered under this plan are cashless claims, personal-accident coverage, safety against third-party liability, and protection against natural calamities.

Bajaj Allianz Two Wheeler Insurance:

This is one of the most trustable insurance companies in India with a claim settlement ratio of 98.54%. Along with personal coverage and third-party insurance, you can add additional benefits to your insurance policy such as zero depreciation add-on, NCB protection, anytime road assistance, personal accident cover, and more.

Future Generali Two Wheeler Insurance:

Future Generali Insurance company would be a great option to pick when choosing two-wheeler insurance plans. They have a high claim settlement ratio of 88.69% with 3500+ network garages. Some of the benefits covered under this plan are towing facilities, additional discounts, anytime roadside assistance, and many more.

Conclusion

In India, there are 25 general insurance companies that provide two wheeler insurance. The above list of 10 insurance companies is based on the claim settlement record of the insurance companies. There are many other providers among which you can compare and buy the best bike insurance policy as per your requirements.

FAQs

1. What is two wheeler insurance?

Two wheeler insurance is a protection cover for your bike or scooter. It provides financial protection against damages caused due to accidents, theft, natural calamities, and other unforeseen events. There are mainly two types: Third-party insurance, which covers damages to others caused by your vehicle, and Comprehensive insurance, which covers both third-party damages and damages to your own vehicle.

2. Why do I need two wheeler insurance?

Firstly, it's legally required in many countries to have at least third-party insurance for your vehicle to drive on the roads. Secondly, it protects you from potential financial losses if your vehicle gets damaged or stolen. In case of an accident, it also covers medical expenses and compensates for injuries or death of third parties.

3. How is the premium for my two wheeler insurance calculated?

The premium is determined by several factors, including the make and model of your bike, its age, the location where you use it most frequently, the type of coverage you choose, your claim history, and more. In general, high-risk factors (like living in an area with high theft rates or choosing a luxury bike) will increase your premium.

4. What should I do in case of an accident or theft?

First, ensure your safety and that of any others involved. If it's a minor accident and there's no injury, try to move the vehicle to the side to avoid traffic. Always inform the police, especially if it's a major accident or theft. Next, contact your insurance provider and inform about the incident. They'll guide you on the next steps, which usually include filing a claim and providing the necessary documentation.

5. Can I transfer my two wheeler insurance if I sell my bike?

Yes, two wheeler insurance can be transferred to the new bike owner. It's essential to notify your insurance company and complete the required paperwork. Remember, transferring your policy can protect the new owner and ensures that the bike remains insured under the existing policy.

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Written by Sharad Bajaj

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Sharad is an insurance industry veteran who has managed motor insurance products for over a decade. He helped set up and scale the motor insurance vertical for a leading insurance company in his previous stint. In his spare time, Sharad likes to read and be in tune with nature.