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, bike 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.
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
Claim settlement ratio for FY 2018-19
(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.
1. IFFCO Tokio Bike Insurance
HighlightsCosmic network garages 4300+ garagesCheck in your CityPAN India help desk with 24x7 serviceUnlimited Zero depreciation claim90.69% Claim Settlement Ratio
IFFCO Tokio General Insurance CompanyIFFCO Tokio General Insurance has been servicing customers with a wide range of insurance policies, since its establishment. It also promises to get the claims of its policyholders settled seamlessly within minutes and tops the chart with 96.44% claim settlement ratio.Read More
2. Royal Sundaram Bike Insurance
HighlightsPioneer of bancassurance in IndiaCheck in your City92.66% Claim Settlement Ratio as per the FY2024*7 Emergency AssistanceCoverage of up to 15 lakhs in accidental casesMore than 3300 network garages
Royal Sundaram General Insurance CompanyRoyal Sundaram is one of the best insurance companies in India. They offer different types of insurance policies and several benefits to its customers. It provides insurance cover to every customer, whether they have any previous insurance policy documents or not.Read More
3. Oriental Bike Insurance
Highlights24*7 Customer AssistanceCheck in your CityClaim Settlement Ratio 91.34% as on FY 2018Overseas branchesQuick claim settlementAttractive policy plans
Oriental Insurance CompanyOriental Insurance is a public sector general insurance company with 1800+ active branches across the nation. It provides bike insurance policies to people with or without any previous insurance plans. This insurer holds a variety of insurance covers to offer to its customers.Read More
4. Universal Sompo Bike Insurance
HighlightsFirst private-public joint venture company in IndiaCheck in your City90.36% Claim Settlement Ratio in FY1886 branches and 17 Zonal offices across India24*7 telephonic Customer supportNetwork of more than 3,500 garages
Universal Sompo General Insurance CompanyUniversal Sompo is a leading name in the general insurance sector. The company offers world-class insurance services to its policyholders and that too at reasonable rates with its team of experienced and qualified professionals. Customers with or without previous insurance of their two-wheelers are allowed to get the insurance with this insurer.Read More
5. National Bike Insurance
HighlightsRewards with additional discountsCheck in your CityClaim settlement ratio of 71.46% in FY 201824*7 Emergency AssistanceRich legacyQuick renewal service
New India Assurance CompanyNew India Assurance allows people to get insurance policies who do not own their previous insurance plan documents or have got their previous plan expired. The company is known as an incredible insurance service provider, which gets proven to quite an extent by its claim settlement ratio of 92.23%.Read More