Best Two Wheeler Insurance Plans in India

The two-wheeler insurance is vital for the protection of your bike and your legal responsibility. Motor Insurance is regulated by the Indian Motor Tariff as per which it is compulsory to own at least a third party insurance plan, which is the most basic two-wheeler insurance plan. It is designed to compensate financial liabilities incurred towards a third party due to an accident with the involvement of your bike. The other type of coverage available under a two-wheeler insurance is an own-damage cover, which holds immense significance as it compensates own damages of your bike incurred due to an accident or a mishap.

On this note, comprehensive bike insurance plans are reckoned to be the most beneficial ones to own as they offer coverage for third party expenses as well as own damage expenses. When it comes to the selection of comprehensive insurance plans, different aspects can be taken into account ranging from features, benefits, etc., offered by the insurance providers. However, one of the good factors used to determine the effectiveness of a bike insurance plan is the claim settlement ratio. Claim settlement ratio refers to the percentage of claims settled by an insurance company out of the total number of claims received by it during a financial year.

Following are the best two-wheeler insurance plans based on own-damage claim settlement ratio for the financial year 2018-2019:

1. IFFCO Tokio Comprehensive Bike Insurance Plan

The claim settlement ratio of IFFCO Tokio General Insurance is 96.44%. The plan gives coverage for your two-wheeler from accidents, thefts, riots, etc. Under this plan, you also get coverage against man made activities like riots, burglary, etc, and natural calamities like earthquakes, tsunami, and so on. In addition to these, you can avail multiple add-ons with this plan like zero depreciation cover, no claim bonus protection and return to invoice.

2. Royal Sundaram Comprehensive Bike Insurance Plan

The Royal Sundaram General Insurance features an impressive claim settlement ratio of 94.07%, which shows the dedication of its team towards its customers. The plan gives coverage for damages incurred to your bike, accessories, third party property damage and life. In addition to this, the plan also offers an optional owner-driver cover that gives coverage up to 15 lakh in case of bike accidents.

3. Oriental Insurance Comprehensive Bike Insurance Plan

When it comes to bike insurance, the Oriental Insurance holds a claim settlement ratio of 93.16%, which represents the notable performance of its support staff. This comprehensive policy has a wide range of insurance coverage and multiple add-on covers to offer full proof protection to your bike. Under this plan, you get the coverage for damages incurred due to accidents and mishap. It also gives you add-ons as well as discounts in premium with which you get maximum coverage at competitive prices.

4. Universal Sompo Comprehensive Bike Insurance Plan

The Universal Sompo General Insurance has a claim settlement ratio of 92.45% that unveils the greatness of the team's performance. The plan covers two-wheelers used for different purposes such as personal, commercial, social, etc. Under this cover, policyholders tend to get different insurance solutions for the protection of the third party and own damage expenses, optional coverage like personal accident cover, add-ons from nil depreciation cover to NCB protector, and concessions with no claim bonus, anti-theft device discount, etc.

5. New India Comprehensive Bike Insurance Plan

A claim settlement ratio of 92.23% symbolises efficient customer services of New India Assurance. The insurance plan provides liability only cover and own damage coverage, which enables it to offer a holistic protection to policyholders. In order to widen the standard protection coverage, the policy is equipped with several add-ons to cover the accessories fitted in the vehicle, coverage for non-fare paying passengers in commercial vehicles and so on. Also, it offers a no claim bonus on renewal ranging from 20% to 50%.

Also Read

How to Get Bike Insurance Details by Registration Number

How To Claim Third Party Insurance for Your Bike

Take Away

You should opt for a two-wheeler insurance plan only after a thorough research and understanding of the different insurance plans. The claim settlement ratio signifies the efficiency of the insurance provider to settle the claim requests of the policyholders in the best manner. Hence, the above listed plans are the best two-wheeler insurance plans on the basis of own-damage claim settlement ratio of different insurers, which may help you find the most suitable policy to insure your two-wheeler.

"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."


Add-ons For Your Bike Insurance Policy

  • Zero Depreciation

    Like other assets, the value of your bike also depreciates constantly with time and the liability of this expense by default rests with the policyholder. A zero depreciation add-on protects you against the depreciation expenses incurred by your bike. Thus, if you opt for a zero depreciation cover, depreciation expense of your bike is not deducted from your claim amount at the time of a claim settlement. This add-on is available with comprehensive bike insurance plans as well as standalone bike insurance plans. This is one of the most popular and recommended bike insurance add-on covers.

  • Invoice Protection

    In case of total loss (more than 70% damage) or theft of your bike, the insurance company pays you the Insured Declared Value of your bike as compensation. However, this Insured Declared Value (IDV) is less than the invoice price which you pay at the time of purchasing your bike. The Invoice Protection add-on cover helps you claim the Invoice Price, i.e. total ex-showroom price of your bike plus taxes plus registration charges, of your bike in case of total loss or theft of your bike.

  • NCB Cover

    No Claim Bonus is the reward which is given to the policyholder for not making any claim during the policy period. This reward is offered by the insurer in the form of a discount on the own-damage premium of the bike insurance policy at the time of policy renewal. The NCB ranges from 20% to 50% of the own-damage premium depending on the number of claim-free years. However, if you make even a single claim during the policy period this NCB gets lost. But, with the NCB Cover, you can keep your NCB intact even after making a claim during the policy period.

  • Engine Protection Cover

    The damages incurred by the engine of the bike are by default not covered under a bike insurance policy. However, if you opt for an Engine Protection Cover, the insurer will be liable to compensate you for damages incurred by the engine of your bike such as damage due to leakage of lubricants, water ingress, hydrostatic lock, damaged gearbox, broken crankshafts or pistons and cylinders. The repair cost of the internal engine parts is often high and can sum up to thousands of rupees or more. Thus, addition of this add-on to your comprehensive or standalone bike insurance policy can save you from these expenses.

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