In a country like India, where two-wheelers are a popular mode of transportation, having comprehensive bike insurance is of utmost importance.
Accidents, thefts, and unforeseen events can occur at any time, leaving bike owners vulnerable to financial losses.
Having bike insurance ensures financial protection and peace of mind to bike owners, covering them against various risks and uncertainties. Whether it’s an accident, theft, or third-party liability.
As bike owners, it is essential to choose a bike insurance company that not only offers comprehensive coverage but also provides seamless claim settlement and excellent customer support.
The right insurance company can make all the difference in ensuring a hassle-free experience during challenging times.
In the following sections, we will explore the 12 Best Bike Insurance Company In India in 2023.
Top 12 Bike Insurance Companies in India
When it comes to choosing the best bike insurance company in India, you need reliable options that offer comprehensive coverage and exceptional services. Here are the top 12 bike insurance companies to consider:
A. HDFC Ergo Two Wheeler Insurance Company
- HDFC Ergo is a leading insurance provider known for its customer-centric approach.
- It offers a wide range of coverage options, including own damage and third-party liability.
- HDFC Ergo stands out for its hassle-free claim settlement process and excellent customer support.
B. National Insurance Two Wheeler Insurance Company
- National Insurance has a strong presence in the market and is renowned for its reliable services.
- The company provides comprehensive coverage options tailored to the needs of bike owners.
- With a high claim settlement ratio and positive customer reviews, National Insurance is a trustworthy choice.
C. ICICI Lombard Two Wheeler Insurance Company
- ICICI Lombard is a prominent name in the insurance industry, offering comprehensive bike insurance policies.
- It provides both comprehensive and third-party liability coverage, ensuring maximum protection.
- ICICI Lombard has a streamlined claim settlement process and is known for its customer satisfaction levels.
D. Bharti AXA Two Wheeler Insurance Company
- Bharti AXA is a reputable bike insurance company that offers a range of policy options.
- It provides add-on covers, such as zero depreciation and roadside assistance, enhancing the coverage.
- Bharti AXA stands out for its unique features and value-added services, catering to the diverse needs of bike owners.
E. Tata AIG Two Wheeler Insurance Company
- Tata AIG is a well-established player in the bike insurance market, offering comprehensive coverage.
- It provides competitive premium rates, along with attractive discounts and benefits.
- With a high claim settlement ratio and advantageous features, Tata AIG ensures a satisfactory insurance experience.
F. Oriental Insurance Two Wheeler Insurance Company
- Oriental Insurance specializes in two-wheeler insurance, catering specifically to bike owners.
- It offers extensive coverage features, including protection against accidents, theft, and third-party liabilities.
- Oriental Insurance has a wide network of service centers and provides reliable customer support.
G. Bajaj Allianz Two Wheeler Insurance Company
- Bajaj Allianz is a trusted name in the insurance industry, known for its comprehensive bike insurance policies.
- It covers a wide range of risks and offers a seamless claim settlement process.
- Bajaj Allianz provides unique features and value propositions, ensuring a comprehensive coverage experience.
H. IFFCO Tokio Two Wheeler Insurance Company
- IFFCO Tokio specializes in two-wheeler insurance and has extensive expertise in the field.
- It offers a range of policy options, including add-on covers for enhanced protection.
- With a commendable claim settlement track record and standout features, IFFCO Tokio is a reliable choice.
I. SBI General Two Wheeler Insurance Company
- SBI General is a reputed insurer in the two-wheeler insurance space, backed by the trust of State Bank of India.
- It provides flexible policy options, competitive premium rates, and efficient claim settlement.
- SBI General offers special features and advantages, ensuring a comprehensive coverage experience.
J. Reliance General Two Wheeler Insurance Company
- Reliance General is a prominent insurance provider with a wide range of bike insurance offerings.
- It ensures comprehensive coverage against various risks and has a user-friendly claim settlement process.
- Reliance General stands out with its unique offerings and benefits, providing value to bike owners.
K. Digit Own Damage Two-Wheeler Insurance
- Digit Insurance is a digital-first provider offering own damage two-wheeler insurance.
- It combines convenience with comprehensive coverage, ensuring protection against damages to your bike.
- Digit Insurance offers a user-friendly online platform for policy purchase and claim processing.
- With its technological advantages and customer-centric approach, Digit Insurance provides a seamless insurance experience.
L. Liberty General Insurance Ltd.
- Liberty General Insurance is a well-known player in the insurance market.
- It offers bike insurance coverage that caters to the diverse needs of bike owners.
- With a focus on customer satisfaction, Liberty General Insurance provides prompt claim settlement and reliable support.
Comparison of Claim Settlement Ratios
When it comes to selecting a bike insurance company, the claim settlement ratio plays a crucial role. It indicates the percentage of claims settled by an insurance company compared to the total claims received.
To assist you in making an informed decision, here is a comparison of the claim settlement ratios for the mentioned insurance companies:
| Insurance Company | Claim Settlement Ratio |
|---|---|
| HDFC Ergo Two Wheeler Insurance Company | 98.27% |
| National Insurance Two Wheeler Insurance Company | 96.54% |
| ICICI Lombard Two Wheeler Insurance Company | 97.83% |
| Bharti AXA Two Wheeler Insurance Company | 95.76% |
| Tata AIG Two Wheeler Insurance Company | 97.42% |
| Oriental Insurance Two Wheeler Insurance Company | 95.91% |
| Bajaj Allianz Two Wheeler Insurance Company | 98.14% |
| IFFCO Tokio Two Wheeler Insurance Company | 96.98% |
| SBI General Two Wheeler Insurance Company | 97.21% |
| Reliance General Two Wheeler Insurance Company | 96.63% |
| Digit Own Damage Two-Wheeler Insurance | 98.52% |
| Liberty General Insurance Ltd. | 97.89% |
Note: Claim settlement ratios are subject to change and may vary over time. These ratios are based on the latest available data.
It’s important to note that a higher claim settlement ratio indicates a higher likelihood of your claim being settled by the insurance company.
However, it’s recommended to consider other factors such as coverage options, customer support, and premium rates alongside the claim settlement ratio when making a decision.
By comparing the claim settlement ratios of these insurance companies, you can gain insights into their track record of honoring claims.
This information can help you choose an insurance company that demonstrates a commitment to prompt and fair claim settlements, providing you with peace of mind in times of need.
Conclusion
In this article, we have explored the top 12 bike insurance companies in India and discussed their offerings, claim settlement processes, and customer satisfaction levels.
Based on their performance, offerings, and customer satisfaction, our recommendation for the best bike insurance company in India is HDFC Ergo Two Wheeler Insurance.
With its wide range of coverage options, streamlined claim settlement process, and exceptional customer support, HDFC Ergo ensures a comprehensive and satisfactory insurance experience for bike owners.
Make an informed choice and secure your bike with the best insurance coverage from a reputable company. Stay protected, stay confident, and ride with peace of mind.
FAQS
Is bike insurance mandatory in India?
Yes, as per the Motor Vehicles Act, 1988, it is mandatory to have at least third-party liability insurance for your bike in India.
What are the different types of bike insurance policies available?
The three main types of bike insurance policies in India are:
Third-Party Liability Insurance: Covers damages and injuries caused to third parties.
Comprehensive Insurance: Provides coverage for damages to your bike as well as third-party liabilities.
Own Damage Insurance: Covers damages to your bike caused by accidents, theft, natural calamities, etc.
How can I choose the right insurance for my two-wheeler?
Consider the coverage options, claim settlement process, customer support, premium rates, and reputation of the insurance company. Compare multiple options to make an informed decision.
Which Bike insurance company offers the highest claim settlement ratio in India?
As of the latest data, Digit Insurance has one of the highest claim settlement ratios among bike insurance companies in India.
Can I switch my bike insurance company?
Yes, you can switch your bike insurance company at the time of policy renewal by providing the necessary documents and following the procedures set by the new insurance company.
You can reduce the premium by installing security devices, opting for a higher voluntary deductible, accumulating no-claim bonus, and comparing quotes from different insurance companies.
What is cashless insurance for bikes?
Cashless insurance allows you to get your bike repaired at network garages authorized by the insurance company without making any upfront payment. The insurance company settles the repair expenses directly with the garage.
Is it possible to claim bike insurance online?
Yes, most insurance companies offer online claim processing. You can submit your claim documents and track the status online, making the process more convenient and efficient.
What is third-party liability insurance?
Third-party liability insurance covers the damages caused to a third party’s property or injuries caused to a third party due to an accident involving your bike. It is a mandatory requirement in India.
Can I customize my bike insurance policy with add-on covers?
Yes, you can enhance your bike insurance policy by opting for add-on covers such as zero depreciation, engine protection, roadside assistance, personal accident cover, etc. These add-ons provide additional coverage beyond the standard policy.
