Top Insurance Companies to Buy Bike Insurance In 2021
It is best to compare a few insurance policies and sieve through some companies before choosing the one best-suited for your needs. This list contains a few companies that are known to offer the best insurance policies for bikes.
Claim settlement ratio is a vital aspect of each insurance company to take into consideration when choosing an insurer for your bike. It is the ratio that gauges the percentage of claims settled by an insurance company against the total number of claims received by it in a financial year (including all pending claims from the previous year). Here’s a list of the companies we think, provide the best bike insurance plans, based on their claim settlement ratio.
Top Insurance Companies to Buy Bike Insurance In 2021
Following is the list of best bike insurance companies on the basis of the claim settlement ratio for financial year 2019-2020 -
|
Rank |
Insurance Company |
Motor OD Claim Settlement Ratio FY20 |
Network Garages |
|
1 |
95.30% |
4,300+ |
|
|
2 |
92.66% |
4,600+ |
|
|
3 |
91.76% |
3,100+ |
|
|
4 |
91.23% |
6,800+ |
|
|
5 |
90.78% |
3,500+ |
|
|
6 |
90.49% |
5,000+ |
|
|
7 |
89.60% |
3,000+ |
Source: IBAI’s General Insurance Claim Insights Handbook - 5th Edition.
- IFFCO Tokio General Insurance
Going in descending order of claim settlement ratio, this company has a remarkable CSR of 95.30%. The company offers a broad array of coverage and their customer service is impeccable, providing 24-hour service on all 7 days of the week, ensuring that their customers are never left without assistance.
- Royal Sundaram General Insurance
Not only do they guarantee to settle your insurance claim within 10 days of filing, but they also hold unarguable evidence in the form of a whopping 92.66% CSR to their name. You can completely trust this company to be prompt with your bike insurance settlement claims.
- The Oriental Insurance Company
Again, an impressively high claim settlement ratio of 91.76% and a plethora of policy coverage for the policyholder, this company is all-business when it comes to settling your bike insurance claims in a swift, hassle-free process.
- HDFC General Insurance
HDFC is one company that has become synonymous with “insurance” over the years, and their impressive CSR of 91.23% only adds to their already-established credentials. They are extremely approachable, reliable, and offer easy purchase and renewal of processes.
- Universal Sompo General Insurance
Another great option if you want to strike gold, this company has a high CSR of 90.78% and makes sure its policyholders get a quick settlement process during times of their distress.
- Tata AIG General Insurance
Insurance companies are mostly known to be highly unapproachable and ambiguous when it comes to making ethical calls. With a name like Tata, you can be stress-free about the ethical and approachable aspects of your bike insurance. Their customer service is easy to access, helpful, and cooperative, and they also have a CSR of 90.49%.
- The New India Assurance
This one’s got a high CSR of 89.60% too but what’s an added advantage of holding a policy with this insurance company? On top of other extensive coverage, you also get unlimited liability coverage in case of a death or damage to a third party.
Also, Read
Two Wheeler Insurance Comparison - Importance, Steps and More
IRDAI Guidelines For Bike Insurance Policies In India
Conclusion
Keep these insurance companies under consideration while deciding which insurance policy would best suit with the needs of your bike. At the end of it all, it’s your choice to weigh out all the options and see which one aligns the most with your long-term plans and requirements.
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.
