We have said it before and will say again – buying a bike is perhaps one of the best decisions you’ll ever make! Agreed, it may be heavy on the pocket, but with its promise of thrill, excitement, and freedom, it’s an investment worth making. However, simply buying a bike isn’t the end of the purchase. After you buy it, you’ll also have to get your bike insured.
Yes, not only is bike insurance essential but also mandatory in India under the Motor Vehicles Act. Bike insurance helps you meet any financial expenses that arise from theft, accidents, fire, and other natural calamities. Today, we’ll be rounding up the best insurance companies in India so you can compare their topmost policies and make a decision that suits you best.
Top 5 Bike Insurance Companies in India
1. IFFCO Tokio Two Wheeler Insurance
The two-wheeler insurance offered by IFFCO Tokio is one of the best. A leading general insurance company, IFFCO offers a high claim settlement ratio of 95.30%! It has 4,300+ network garages, 20,000+ branches, and 24*7 customer service, making it the ideal insurance company.
2. Royal Sundaram Two Wheeler Insurance
A reputed private insurance provider in India, Royal Sundaram offers various insurance coverage plans plus add-ons. The company is renowned for its efficient customer service and reasonable insurance premiums and has a claim settlement ratio of 92.66%.
3. The Oriental Insurance Company
This company is a public sector general insurance company well known for bike insurance and other services. It has a claim settlement ratio of 91.76% and is known for its favorable reputation and competitive rates in the market.
4. HDFC ERGO General Insurance
A well-reputed and renowned company, HDFC ERGO comes with a network of 6800+ garages and a presence in 150+ cities. This well-established company has an impressive claim settlement ratio of 91.23%, is quick with its overnight services, and provides affordable premium rates for two-wheeler insurance.
5. Universal Sompo General Insurance
India’s first Public-Private partnership in the General Insurance Industry, Universal Sompo, is a distinguished insurance company in India. It has a claim settlement ratio of 90.78% and comes with attractive add-ons for your insurance plan.
Types of Bike/Two-wheeler Insurance Plans
While different companies offer different insurance plans in India, these plans can be generally clubbed into 3 kinds. Let’s take a look at them:
1. Third-Party Bike Insurance
Third-party insurance is compulsory according to the Motor Vehicles Act, which means that every bike owner must have this insurance plan. As the name suggests, this insurance type offers protection against all third-party liabilities – any injury, damage, or harm caused to another person from your bike.
2. Standalone Own Damage Cover
This insurance type covers damages caused to your own bike due to accidents, fires, natural calamities, etc. Usually, most people opt for a standalone own damage cover along with third-party insurance to get overall well-rounded insurance. One can also customize the insurance policy with the various add-ons to get a plan of their choice.
3. Comprehensive Two-Wheeler Cover
A comprehensive cover is a package plan that protects your two-wheeler from a variety of damage. This insurance type is convenient as one has to pay a single premium for availing of both standalone and third-party insurance.
Factors To Consider While Selecting A Two-Wheeler Insurance Company
There are several insurance companies in India – each with its own unique features, insurance plans, and widespread network. Based on your preferences and needs, you can choose an insurance company whose policy works best for you. But while doing so, remember to keep in mind the below factors:
Claim Settlement Ratio
A claim settlement ratio is a ratio that signifies the percentage of claims settled by the insurance company out of the total number of claims it receives in a particular financial year. When choosing a company to insure your motorbike, always check the company’s claim settlement ratio for the simple logic that the higher the ratio, the better will be the company.
Cashless Garage Network
Each insurance company comes with a network of cashless garages. These are garages where you can avail bike or scooter repair and other facilities without making any payment, hence, cashless. You must consider looking at the company’s garage list to confirm the presence of any in your locality. Plus, the wider the network, the higher the chances of you finding a cashless garage whenever the need arises.
Efficient Customer Service
Similar to any other industry, customer service is crucial in the insurance industry too. After all, that’ll be the team you will be interacting with for any kind of insurance-related work. You must choose a company that offers top-notch customer service and prioritizes the needs of its customers. Moreover, you must also look out for 24*7 customer support as it’ll help you get timely and quick assistance whenever required.
With your regular insurance policy, you can opt for add-ons or additional covers that help expand the coverage of your insurance cover. These covers can be availed by paying an additional premium along with your base policy premium. You can choose one based on your choice and preferences. Different companies offer different add-ons, and hence, it’s crucial to opt for the one that offers maximum add-ons, especially the ones you require.
Thefts, natural calamities, and accidents cannot be predicted. But insuring our assets can help mitigate the damage financially. Thus, buying bike insurance is important and of utmost necessity. As you can tell from the above information, many excellent insurance companies offer several insurance policies at competitive rates. We hope this article has been helpful and has prepared you to choose the right insurance plan for your bike.