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List of Bike Insurance Companies List In India

Written by Udit Varshney
Updated On Apr 21, 20212 min read
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Are you choosing the ideal bike or scooter model? Here is a list of bike insurance companies list in India.

All valid claims received from policyholders are directly responsible for settlement by insurance companies. These firms are free to check the information before settling claims.

List of Bike Insurance Companies List In India

List of Bike Insurance Companies List In India 

Company name

Founding year

Claim Settlement Ratio FY 2019-20

Acko General Insurance Ltd.

1906

99.61%

Bajaj Allianz General Insurance Co. Ltd.

2016

98.02%

Bharti AXA General Insurance Co. Ltd.

2001

98.27 %

Cholamandalam MS General Insurance Co. Ltd.

2001

85.89%

Edelweiss General Insurance Co. Ltd.

2008

84.52%

Future Generali India Insurance Co. Ltd.

2002

88.69%

Go Digit General Insurance Ltd.

2007

80.47%

HDFC ERGO General Insurance Co. Ltd.

1919

91.23%

ICICI Lombard General Insurance Co. Ltd.

2000

87.71%

Iffco Tokio General Insurance Co. Ltd.

2000

95.30%

Kotak Mahindra General Insurance Co. Ltd.

2001

82.81%

Liberty General Insurance Ltd.

1947

87.48%

Magma HDI General Insurance Co. Ltd.

2001

79.60%

National Insurance Co. Ltd.

2009

85.71%

Navi General Insurance Ltd.

2016

76.20%

Raheja QBE General Insurance Co. Ltd.

2016

83.49%

Reliance General Insurance Co. Ltd.

2016

84.26%

Royal Sundaram General Insurance Co. Ltd.

2001

92.66%

SBI General Insurance Co. Ltd.

2015

89.51%

Shriram General Insurance Co. Ltd.

2013

77.26%

Tata AIG General Insurance Co. Ltd.

2009

90.49%

The New India Assurance Co. Ltd.

2007

89.60%

The Oriental Insurance Co. Ltd.

2006

91.76%

United India Insurance Co. Ltd.

1938

82.93%

Universal Sompo General Insurance Co. Ltd.

2007

90.78%

Factors To Look For In A Two Wheeler Insurance Company

The following facilities and features are included in a good insurance plan. When choosing such protection plans, keep these considerations in mind.

  • Brand reputation

The first thing to look for is a reputable bike insurance company that has been in business for a while. Look up the company's name on the internet and read user reviews to see if its insurance services are satisfactory to the majority of customers. Positive feedback indicates that existing customers had a well-rounded experience.

  • Insurance premiums

Another major factor that also influences decisions about the best insurer is the amount of money required to obtain a two-wheeler insurance policy. An aggregator website will help you compare different rates. However, be sure to double-check the available coverage as well as the premiums. You must choose a policy that offers the best value for money.

  • IRDAI approval

The Insurance Regulatory and Development Authority of India is a government agency that oversees the growth of the country's insurance industry. Choosing from among the IRDAI approved companies is the best option because these companies adhere to all of the IRDAI's rules, ensuring adequate benefits for policyholders.

  • Network Garages

The majority of two-wheeler insurance companies have partnerships with a number of garages in India. When a policyholder visits one of these network garages for repairs, the whole process is cashless. The insurance company pays the garage directly for the repairs, so the policyholder doesn't have to wait for reimbursement. A specific factor to consider when purchasing a two-wheeler insurance plan is the number of network garages available for a particular insurance company.

  • The ratio of claims settled

 The percentage of claims that an insurance company settles out of the total claims it receives is a good indicator of whether or not the company is too strict when it comes to bike insurance claim settlement. Some insurance companies handle claims quickly and painlessly, while others make policyholders jump through hoops to get their due compensation.

  • Convenient and accelerated claims process

During an emergency, people file insurance claims. You need immediate financial assistance from your insurer at this time. As a result, you must choose an insurance company that provides immediate assistance after you file a claim. Because accidents can happen at any time, choose businesses that provide customer service 24 hours a day, seven days a week.

Also Read:- Want To Cancel Your Bike Insurance Policy And Get A Refund? Read How To Do It

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.

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Written by Udit Varshney
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 Udit has built B2C segments across various industries and has had significant contributions to the insurance sector. Udit in his last stint helped set out the last mile vertical, which soon became the go-to logistics name for daily needs, In his free time, Udit likes to write and listen to poetry.

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