Bike Insurance Companies in India

Bike Insurance Companies

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Bike Insurance Companies in India

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.

Claim Settlement Ratios of Bike Insurance Companies in India

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%

Top Two Wheeler Insurance Companies

  1. Bajaj Allianz General Insurance Company
    Bajaj Allianz General Insurance Company Limited is one of the leading general insurance companies of India. The company was established in 2001 and now it carries presence in almost 200 Indian towns and cities. The company is offering a wider range of effective and helpful insurance products that can easily go well with the needs of a person, It has also enabled penetration with its advanced digital applications. The aim of the company is to deliver superior value and excellent experience to its customers.
    Know More - Bajaj Allianz Two Wheeler Insurance
  2. Bharti AXA Motor Insurance Company
    Bharti AXA General Insurance Company Limited is one of the leading general insurance companies which is owned by Bharti Enterprises in a combined undertaking with AXA, a global leader in financial protection. Bharti Enterprises holds around 51% stake in this joint venture while AXA Group, an international insurance, and asset management company share the remaining 49%. The company was founded in 2008 and currently has around 79 branches all over the country. The company is providing helpful insurance policies for the retail and commercial clients. The company has around 79 branches all over the country. There are multiple products that you can avail from this insurer such as two wheeler insurance, car insurance, health insurance, personal accident insurance, critical illness insurance, home insurance and travel insurance. There are many other profitable products that include third-party motor liability insurance, commercial vehicle insurance, commercial line and SME package. The company has issued around 9.8 million policies and has settled 1.3 million claims till date.
    Know More - Bharti AXA Two Wheeler Insurance
  3. HDFC ERGO General Insurance Company
    HDFC ERGO General Insurance Company Ltd.- one of the leading general insurance company which is basically a joint venture between HDFC Ltd. and ERGO International AG, which is the main insurance body of Munich Re Group. It offers a wide range of effective products that include motor, health travel insurance products. Customers can also buy liability, marine, and property insurance products. Right now the company has its presence in 71 cities; it has 80 branch offices and around 1,100 staff members. The company is rated 'iAAA' by ICRA Limited. It also has the ISO certification for its claim services, policy issuance & customer servicing.
    Know More - HDFC Ergo Two Wheeler Insurance
  4. IFFCO-Tokio Insurance Company
    Info Tokio Insurance Company is basically a joint venture between IFFCO or The Indian Farmers' Co-operative, Nichido Fire Group and Tokio Marine. Since its foundation as an insurance giant in India from 4th December 2000, it has been growing rapidly with a wide range of motor insurance solutions, providing easy insurance policies that are able to cover all requirements and facets of motor insurance. The company not only cater to each and every need that may arise when you purchase a vehicle but also promise easy claim settlements so that you can get a seamless solution.
    Know More - IFFCO Tokio Two Wheeler Insurance
  5. L&T Motor Insurance Company
    L&T General Insurance Company Ltd., abbreviated as L&T Insurance, is completely owned by Larsen & Toubro Limited (L&T). L&T has been rated among 50 most reputed companies in the world by ‘The Forbes’.The company’s aim to become the strong insurer who can stand out from all the available options to get effective and helpful insurance policies.
    The L&T Group has experience of around 70 years and the expertise and financial strength that have made it the leaders in the other segments, making the company the most credible and trustworthy insurers from day one. The company is offering a wide range of effective products.
    Know More - L and T Two Wheeler Insurance
  6. National Insurance Company (NIC)
    The National Insurance Company was established in December 1906 and since its foundation, it stands out as the oldest insurance company in India and the only PSU non-life insurance company which has its headquartered in the Eastern part of the country. NIC has been recognized as 'Best in Service' in the motor and health classes of Business which constitute 63% of the Indian non-life insurance market.
    Know More - National Two Wheeler Insurance
  7. New India Assurance
    New India Assurance Co. Ltd. was founded in1919 by the House of Tata founder member- Sir Dorab Tata. The company was nationalized in 1973 with the merger of Indian companies. NIA is one of the leading insurance companies of India. It is the first Indian non-life company to reach Rs14304 Crore gross premium. The company also has its presence in foreign countries like Japan, U.K, Middle East, Fiji, and Australia. Earlier it was a subsidiary of the General Insurance Corporation of India (GIC).
    Know More - New India Two Wheeler Assurance
  8. The Oriental Insurance Company Ltd
    Oriental Insurance Company Ltd was established on 12th September 1947. The organization has made a humble start with first-year premium of Rs.99.946 in 1950. The aim of the corporation was ‘Service to Clients’. Oriental, with its head office at New Delhi, has 30 Regional Offices and nearly 1800+ operating offices in various cities of the country. The company has operations in Nepal, Kuwait, and Dubai. The company has a total strength of around 14,000+ employees.
    Know More - Oriental Two Wheeler Insurance
  9. Reliance General Insurance Company
    The Reliance General insurance company is a part of Reliance Group and one of the best general insurance companies of India which caters into almost every general insurance product such as motor insurance, health insurance, travel insurance and much more. The company has around 139 offices and almost 12,000 intermediaries in all over India. The company has been awarded for its Quality Management System by well-known Global Quality Standards Auditing Company- Det Norske Veritas (DNV). It is the first Indian insurance company that was awarded the company-wide ISO 9001:2008 certification for providing end to end services and products all over India.
    Know More - Reliance Two Wheeler Insurance
  10. Royal Sundaram Alliance Insurance Company
    Royal Sundaram Alliance Insurance Company Limited is the first general insurance company of private sector in India to be licensed since 2001. The company deals in Motor, Health, Personal Accident, Home and Travel Insurance to individual customers currently, Royal Sundaram has over 5 million customers, over 1700 employees and its products are distributed in over 180 cities across India, through agents, distribution partners, and brokers.
    Know More - Royal sundaram Two Wheeler Insurance
  11. SBI Insurance Company
    State Bank of India and Insurance Australia Group (IAG) jointly own SBI General Insurance Company Limited. SBI is the largest banking franchise in India that carries 19600 branches across the country, along with its 5 Associate Banks. It holds around 74% and IAG holds the remaining 26%. The company has its presence in 77 cities pan India and has a workforce of 2250 employees. SBI General has a distribution family that has over 14,178 IRDA approved SBI and its associate bank employees and over 6323 agents. SBI serves Motor, Health, Personal Accident, Travel and Home insurance for individuals, Fire, Marine, Package, Construction and engineering liability, Group Health, Group Personal Accident and Miscellaneous Insurance for Businesses.
    Know More - SBI Two Wheeler Insurance
  12. Tata AIG Motor Insurance Company
    This company is a joint venture with global insurance leader AIG, an American conglomerate and TATA. Since its foundation, the company is providing innovative insurance products so as to provide a complete spectrum of insurance services to its customers under consumer as well as commercial verticals. Right now, the company has around 152 branches, with a current workforce strength of 2833.
    Know More - Tata AIG Two Wheeler Insurance
  13. United India Insurance Company – UIIC
    United India Insurance company(UIIC) is a well-known name when it comes to the general insurance industry. The company was established on 18th February 1938. The general insurance business in India was nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations of 5 foreign insurance companies, besides General Insurance operations of the southern region of Life Insurance Corporation of India, were collated with United India Insurance Company Limited. In a few years, the well-known company United India has grown by leaps and bounds and has teams of around 18300 people and 1340 offices providing insurance cover to more than 1 crore policyholders. The company offers a wide range of effective products to consumers via the online and offline method.
    Know More - United India Two Wheeler Insurance

Things to Know While Choosing a Bike Insurance Company

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.

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