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A bike insurance plan is basically an insurance policy that offers financial coverage against the loss or damages which is incurred to or by your vehicle. In India, It is illegal to drive without a valid vehicle insurance. Moreover, without a valid Two Wheeler insurance policy, it is obvious that you have to bear all the financial burden because of any loss and damages that take place because of your two-wheeler.Why you need a bike insurance in India
According to the Indian Motor Vehicles Act, 1988, mandatory for all the motor vehicles plying on the Indian road to carry a valid insurance policy. It is completely illegal to ride on the roads of India without having a third party liability cover. A liability cover is mandatory to ride your Two Wheeler on Indian roads.
Moreover, it is necessary to have an insurance policy as it offers the needful financial protection against unfortunate accidents that may occur because of damages to the insured vehicle, damages to the third party property, and bodily injury to the rider, pillion, or pedestrians.With Two Wheeler Insurance Policy
No Financial Stress: With a bike insurance policy you will get a financial protection in case of theft or any damages that occur because of or by your vehicle.
Legally Protected: It is compulsory to have an effective form of Two Wheeler insurance, it is advisable to have a copy of the valid insurance policy all times to save yourself from paying a penalty.
Personal Accident Cover: The insurers will provide coverage to the insured up to the sum of Rs 1 lakh that is payable in a case where the policyholder suffers from the total permanent disability or dies an accidental death.
Peace of Mind: As you must be aware of that with a bike insurance, you will be financially protected against the Two Wheeler accidental damage repair costs, you certainly have peace of mind.
|S.no||Insurance Company||Claim Ratio|
|1||Bajaj Allianz General Insurance Co Ltd||78.50%|
|2||Bharti AXA General Insurance Company||76.88%|
|3||HDFC ERGO Insurance Company||76.90%|
|4||Iffco Tokio General Insurance Company||81.96%|
|5||National Insurance Company||97.25%|
|6||New India Assurance Company||91.26%|
|7||Oriental General Insurance Company||112.11%|
|8||Reliance General Insurance Company||92.23%|
|9||Royal Sundaram General Insurance Company||78.13%|
|10||SBI General Insurance Company||75.01%|
|11||TATA AIG General Insurance Company||72.32%|
|12||United India Insurance Company||107.06%|
1. Reliability: The first thing that you should look for while choosing a bike insurance company is its reliability. As a customer, it is very important to check the reputation of the chosen Two Wheeler insurance provider. You must look for the claim settlement ratios as well. Ask expertise of motor insurance industry, or log in to the internet to read reviews about the company’s claim service, get an estimate about how much time does the company takes to process the claims and settle them.
2. Complaints: While you are searching out a motor coverage organization make sure to check the grievance ratio against the agency. This ratio will come up with an idea about the general service of that enterprise, thus, could assist you in making a good choice.
3. Check policies: Check different types of policies and insurance offered by the company. Compare the capabilities, benefits, and exclusions noted in their motorbike insurance with those offered by a few different motorbike insurance companies. This will provide you with a concept that gives and better benefits.
4. Premium: At the same time as you're evaluating the functions and benefits of several motorbike policies provided by one-of-a-kind agencies, make it a factor to additionally check the premium amount charged by way of each organization. often you could stumble upon exceptional motorcycle coverage policies with comparable benefits at a premium fee. Such kind of evaluation allows you in getting the first-rate deal closer to your Two Wheeler insurance at the premium charge.
5. Discounts: Generally, bike insurance vendors provide reductions and bonuses on their policies. There are many insurance companies that provide great discounts to the insured. There are many such things that you should look for.