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.
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:
Know More - Bajaj Allianz Two Wheeler Insurance
Incurred Claim Ratio | 62% |
Network Garages | 4000+ |
**Last Updated on 20-11-2020
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:
Know More - >Bharti AXA Two Wheeler Insurance
Incurred Claim Ratio | 75% |
Network Garages | 5200+ |
**Last Updated on 20-11-2020
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:
Incurred Claim Ratio | 84% |
Network Garages | 7100+ |
**Last Updated on 20-11-2020
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:
Know More - Future Generali Two Wheeler Insurance
Incurred Claim Ratio | 69% |
Network Garages | 3500+ |
**Last Updated on 20-11-2020
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:
Know More - HDFC ERGO Two Wheeler Insurance
Incurred Claim Ratio | 82% |
Network Garages | 6800+ |
**Last Updated on 20-11-2020
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:
Know More - IFFCO Tokio Two Wheeler Insurance
Incurred Claim Ratio | 87% |
Network Garages | 4300+ |
**Last Updated on 20-11-2020
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:
Know More - National Two Wheeler Insurance
Incurred Claim Ratio | 127.50% |
Network Garages | Available |
**Last Updated on 20-11-2020
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:
Know More - New India Two Wheeler Insurance
Incurred Claim Ratio | 87.54% |
Network Garages | Available |
**Last Updated on 20-11-2020
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:
Know More - Oriental Two Wheeler Insurance
Incurred Claim Ratio | 112.62% |
Network Garages | Available |
**Last Updated on 20-11-2020
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:
Know More - Reliance Two Wheeler Insurance
Incurred Claim Ratio | 85% |
Network Garages | 6200+ |
**Last Updated on 20-11-2020
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:
Know More - Royal Sundaram Two Wheeler Insurance
Incurred Claim Ratio | 89% |
Network Garages | 4600+ |
**Last Updated on 20-11-2020
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:
Know More - SBI Two Wheeler Insurance
Incurred Claim Ratio | 87% |
Network Garages | Available |
**Last Updated on 20-11-2020
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:
Know More - Tata AIG Two Wheeler Insurance
Incurred Claim Ratio | 70% |
Network Garages | 5000 |
**Last Updated on 20-11-2020
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:
Know More - United India Two Wheeler Insurance
Incurred Claim Ratio | 120.79% |
Network Garages | Available |
**Last Updated on 20-11-2020
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:
Know More - Universal Sompo Two Wheeler Insurance
Incurred Claim Ratio | 88% |
Network Garages | 3500+ |
**Last Updated on 20-11-2020
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.
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:
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 Aug 2022