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Two Wheeler Insurance Companies

In India, the majority of accidents happen because of two-wheelers. Keeping this in mind, the Indian government introduced the Motor Vehicles Act, 1988, which makes it mandatory for the owner of a two-wheeler to have valid insurance.

Earlier, there were only a few companies that offered two-wheeler insurance. But today, the scenario is different. Several companies in the market are ready to meet the demand. Let's check out the top 15 two-wheeler insurance providers of 2020. These are certified by IRDA & we have updated the claim ratio of each provider with the help of IRDAI's 2018-19 report.

Best Two Wheeler Insurance Companies

1. Bajaj Allianz General Insurance Company 

Bajaj Allianz General Insurance Company Limited is one of the top general insurance companies in India. It was established in 2001 and has a presence in almost 200 Indian towns and cities. The company deals in a wider range of effective insurance products to suit different requirements of customers. The company wants to deliver superior value and an excellent experience.

Key Features:

  • The company offers an easy online purchase.
  • Get your renewals done without any hassles.

Know More - Bajaj Allianz Two Wheeler Insurance

Incurred Claim Ratio

62%

Network Garages

4000+

**Last Updated on 20-11-2020

2. Bharti AXA General Insurance Company

Bharti AXA General Insurance Company Limited is a leading general insurance company that was established in 2008. The company is owned by Bharti Enterprises in a combined undertaking with AXA, a global leader in financial protection.

Key Features:

  • To offer additional coverage, the company offers various add-ons like personal accident cover, zero depreciation cover, among others.
  • One can make payments using digital payment options such as net banking, debit/credit card, Google Pay, etc.

Know More - >Bharti AXA Two Wheeler Insurance

Incurred Claim Ratio

75%

Network Garages

5200+

**Last Updated on 20-11-2020

3. Cholamandalam MS General Insurance Company

Chola MS is a joint venture between Mitsui Sumitomo Insurance Company Limited & Murugappa Group. It has successfully managed to attain the trust of its customers by offering transparent services without breaking a sweat.

Key Features:

  • The company offers financial support of Rs.15 lakhs to the policyholder's family in case of the policyholder's death or disability due to an accident.
  • The company also provides indemnity for third-party property.

Incurred Claim Ratio

84%

Network Garages

7100+

**Last Updated on 20-11-2020

4. Future Generali India Insurance Company

Only a few insurance providers can make a place in the hearts of the people. Future Generali is one of them. The company was founded in 2007 with a primary focus to offer superior services to its customers and bring smiles to their faces. Apart from motor insurance, the company has health, travel, and other services in its arsenal.

Key Features:

  • The company ensures that your claims get settled within 7 days.
  • Get the benefit of an automated renewal reminder service.

Know More - Future Generali Two Wheeler Insurance

Incurred Claim Ratio

69%

Network Garages

3500+

**Last Updated on 20-11-2020

5. HDFC ERGO General Insurance Company

HDFC ERGO is a joint venture between HDFC Ltd. and ERGO International AG, which is the major insurance body of Munich Re Group. The company provides a wide range of effective general insurance products such as motor, health, travel, and others. The company is rated 'iAAA' by ICRA Limited. It also carries the ISO certification.

Key Features:

  • The company offers up to 70% discount on insurance premiums.
  • The company provides the facility of unlimited claims.

Know More - HDFC ERGO Two Wheeler Insurance

Incurred Claim Ratio

82%

Network Garages

6800+

**Last Updated on 20-11-2020

6. IFFCO Tokio General Insurance Company

It is a joint venture between IFFCO (The Indian Farmers' Co-operative), Nichido Fire Group, and Tokio Marine. The company was founded on 4th December 2000. The company has been on a growth path since its inauguration.

Key Features:

  • The company offers the facility of quick claim settlement.
  • The policyholder gets 24*7 customer support assistance.

Know More - IFFCO Tokio Two Wheeler Insurance

Incurred Claim Ratio

87%

Network Garages

4300+

**Last Updated on 20-11-2020

7. National Insurance Company (NIC)

The National Insurance Company was founded in December 1906. It is the oldest insurance company in India and the only PSU non-life insurance company. The company has received many awards, including ‘The Economic Times Best Brands Award'.

Key Features:

  • The company allows the policyholder to avail of additional benefits through add-ons.
  • It offers an easy & convenient claim process.

Know More - National Two Wheeler Insurance

Incurred Claim Ratio

127.50%

Network Garages

Available

**Last Updated on 20-11-2020

8. New India Assurance Company

New India Assurance is a renowned general insurance company that was established in 1919 by Sir Dorab Tata. The company got nationalized in 1973 with the merger of other Indian companies. The company carries its presence in foreign countries like Japan and Australia.

Key Features:

  • The policy coverage can be extended through different add-on covers.
  • Enjoy the quick claim process.

Know More - New India Two Wheeler Insurance

Incurred Claim Ratio

87.54%

Network Garages

Available

**Last Updated on 20-11-2020

9. Oriental Insurance Company Ltd.

The Oriental Insurance Company was founded on 12th September 1947. The company aims to offer high-class service to clients. The company has its headquarters in New Delhi. It also carries 31 regional offices and nearly 1800+ operating offices in different cities of the country.

Key Features:

  • The company offers various discounts to the policyholder.
  • Grab add-ons to get additional coverage.

Know More - Oriental Two Wheeler Insurance

Incurred Claim Ratio

112.62%

Network Garages

Available

**Last Updated on 20-11-2020

10. Reliance General Insurance Company

Reliance is a popular name in the general insurance industry. The company offers a wide range of effective products that include motor insurance, health insurance, travel insurance, and much more. The company has more than 139 branches in India and promises to assist whenever the need arises.

Key Features:

  • Free repair services in any of the 1200+ network garages across India.
  • The company offers No Claim Bonus, under which one can get up to 50% discount for every claim-free year.

Know More - Reliance Two Wheeler Insurance

Incurred Claim Ratio

85%

Network Garages

6200+

**Last Updated on 20-11-2020

11. Royal Sundaram General Insurance Company

Royal Sundaram General Insurance Company (formerly known as Royal Sundaram Alliance Insurance Company Limited) is the first general insurance company of the Indian private sector to be licensed in October 2000. The company offers a wide range of products, including Motor, Health, Personal Accident, Home, and Travel Insurance.

Key Features:

  • One can buy two wheeler insurance with a one-time payment for a period of two or three years.
  • The company allows you to transfer your NCB when you move your insurance from another provider to Royal Sundaram.

Know More - Royal Sundaram Two Wheeler Insurance

Incurred Claim Ratio

89%

Network Garages

4600+

**Last Updated on 20-11-2020

12. SBI General Insurance Company

SBI General Insurance Company Limited is a joint venture between Insurance Australia Group (IAG) & State Bank of India. SBI has spread its branches all over India and it serves high-class products to its customers.

Key Features:

  • The company gives the facility of add-ons to the policyholder.
  • The company offers customised pricing based on your profile.

Know More - SBI Two Wheeler Insurance

Incurred Claim Ratio

87%

Network Garages

Available

**Last Updated on 20-11-2020

13. Tata AIG General Insurance Company

Tata AIG General Insurance Company is a joint venture between AIG (an American conglomerate) and Tata. Since its inauguration, the company maintains its record of offering high-class innovative products to its customers via online and offline methods.

Key Features:

  • Doesn't like to fool people with hidden costs.
  • The company gives pre-determined depreciation slabs.

Know More - Tata AIG Two Wheeler Insurance

Incurred Claim Ratio

70%

Network Garages

5000

**Last Updated on 20-11-2020

14. United India Insurance Company – UIIC

United India Insurance company (UIIC) was founded on 18th February 1938 & got nationalized in 1972. It carries a team of superb agents in 2280 offices that proudly serve more than 1 crore policyholders.

Key Features:

  • Grab several discounts for every claim-free year.
  • The company gives excellent customer support.

Know More - United India Two Wheeler Insurance

Incurred Claim Ratio

120.79%

Network Garages

Available

**Last Updated on 20-11-2020

15. Universal Sompo General Insurance Company

It is India's 1st private-public joint venture between Dabur Investment Corp, Allahabad Bank, Indian Overseas Bank, Karnataka Bank, and Sompo Japan Nipponkoa Insurance Inc. The company came into existence in 2007 and since then, provides innovative two-wheeler policies to fulfil the needs of bike owners.

Key Features:

  • Get a compulsory personal accident cover for owner/drivers.
  • Grab a discount for opting for higher voluntary excess.

Know More - Universal Sompo Two Wheeler Insurance

Incurred Claim Ratio

88%

Network Garages

3500+

**Last Updated on 20-11-2020

What Should You Consider Before Choosing A Two Wheeler Insurance Company?

  • Reliability: The first thing that you should look for while choosing a two-wheeler insurance company is its reliability. It is directly linked to customer satisfaction. To get an insight into the same, you can go online and read reviews about the company's service. If they seem to be positive, you can trust the financial safety of your two-wheeler in their hands.
  • Complaints: Every insurance company promises to offer a superb team of experts who are always prepared to handle your queries. But only a few can keep this promise. Fortunately, there is a way to find out which company is lying to its customers with a straight face. Keep an eye out for the grievance ratio of the company. This ratio will give you a brief idea about the after-sales service of the company.
  • Compare Policies: We compare every single detail in our daily life. So, why shouldn't policy be a part of it? Comparing policies of different companies will answer two key questions- which provider has the better plan and who is offering it at a lower cost?
  • Claim Settlement Ratio: Each year, IRDAI releases its annual report, which states the claim settlement ratio of each insurance provider. This ratio is calculated based on two factors- how many claims were raised and how many of them were settled? Whichever company has a higher ratio should be considered as your future two wheeler insurance provider.
  • Network Garages: You may be attracted to a provider because of its decent past record, but what if it has a limited number of network garages to offer? Will you show the same commitment? Many will search for another provider. A nearby network garage will offer a great level of comfort, which many people desire. So, if you are one of them, remember to check the same before finalizing a provider.
  • With effective two-wheeler insurance, a policyholder will get financial assistance to cover up the damage, which is incurred or caused by your vehicle. Insurance is the best vaccine for your two-wheeler. If your two-wheeler could talk, it would have thanked you for it.

FAQs

Your insurance policy will lapse if you do not renew the policy after the completion of the grace period.

The documents differ from insurer to insurer, however, below are the basic documents that are required at the time of filing a claim for your two-wheeler insurance:

  • The claim form duly filled
  • RC copy of your two-wheeler
  • Original estimates of the loss

Yes, in case you want to sell your two-wheeler, you can transfer the ownership of the policy to the new owner.

Last updated on 20-11-2020