Best Bike Insurance without Previous Insurance

Many insurance providers are available in the market to offer insurance policies for bikes. Every insurer tends to deliver a first-time bike policy to customers, who never had any insurance plans for their bikes. However, insurance providers also offer policies to people who have got their insurance policies expired and are without any active plan. It works like a boon for those who could not renew their policies on time. The insurance providers generally offer different types of bike insurance options such as third-party insurance plan, standalone own-damage insurance plan, and comprehensive insurance plan.

The third party insurance is mandatory to own, therefore, it is offered by every insurance provider. It is designed to offer compensation against the financial liabilities towards the third party for their bodily injuries, death or property damage incurred due to an accident or a mishap, due to the insured’s bike. On the other hand, an own-damage insurance plan provides coverage to lessen the damages or losses incurred by an insured’s bike, which may arise due to an unforeseen event involving the insured’s bike. Besides, comprehensive insurance is a policy, which combines both the other plans.

Even if a customer is without a previous insurance plan due to policy expiration or does not even own any documents of the previous insurance, he or she can still apply for a fresh insurance plan with different insurers. The customers can select any type of policy for their bikes based on their requirements and budget. Hence, it is imperative to always go through the offerings and premium amount of insurance policies to find the most suited plan for their bikes. However, apart from buying the right policy, choosing the right insurance provider is equally vital.

Top 5 Bike Insurance Companies Offering Bike Insurance without Previous Insurance As Per Own Damage Claim Settlement Ratio

(Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 3rd Edition)

As per the own damage claim settlement ratio for FY 2018-19, these 5 insurance providers are the best to buy a Bike Insurance without Previous Insurance.