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Best Bike Insurance Companies in India
In India, there are 25 general insurers who deal with two-wheeler insurance policies. Each company offers a wide range of insurance options with its own unique features and benefits. These bike insurance companies in India design their bike insurance plans to suit the different needs, preferences, and budgets of individual policyholders. The company assures that whether the customer needs just a basic third-party cover or a more comprehensive plan with add-ons such as zero depreciation or roadside assistance, they can customize their solution so every rider can get the right insurance policy for their motorcycle.
Motor Insurance Plans
Importance of Bike Insurance
In India, there are 25 general insurers who deal with two-wheeler insurance policies. Each company offers a wide range of insurance options with its own unique features and benefits. These bike insurance companies in India design their bike insurance plans to suit the different needs, preferences, and budgets of individual policyholders. The company assures that whether the customer needs just a basic third-party cover or a more comprehensive plan with add-ons such as zero depreciation or roadside assistance, they can customize their solution so every rider can get the right insurance policy for their motorcycle.21+ Two Wheeler Insurance Company List in India
Disclaimer: The Claim Settlement Ratio (CSR*) listed above comes from the IRDAI motor insurance annual report for 2021-22. Square Insurance does not recommend, rate, or endorse any specific insurance company or product. For a full list of insurance companies in India, please visit the Insurance Regulatory and Development Authority of India (IRDAI) website at www.irdai.gov.in .
Factors That You Should Consider While Choosing the Best Bike Insurance Companies in India
Here are the key factors you should consider when choosing the best bike insurance company in India:
- 01
Types of Coverage
Make sure the company offers all types of coverage, like third-party liability, damage to your own bike, and extras like zero depreciation or roadside help.
- 02
Claim Approval Rate
Check how the company approves claims. A high percentage means they are likely to settle a claim without issues.
- 03
Premium Costs
To get the best deal, you should compare the prices of different companies. Select the policy that gives you good coverage at an affordable price.
- 04
Cashless Garages
Always choose an insurance company that has a large number of cashless garages. This allows you to repair your bike without paying out of your pocket.
- 05
Customer Support
Good customer service is important. Look for a company that offers help 24/7 and quickly answers questions.
- 06
Extra Benefits
Some companies offer extras like covering bike accessories, personal accident coverage, or coverage for passengers.
- 07
No Claim Bonus (NCB)
If you don’t make any claims, a good company will offer a discount on your next premium through a No Claim Bonus.
- 08
Easy Claims Process
Choose a company that makes it easy and quick to file claims. A simple process can reduce stress during an emergency.
- 09
Customer Feedback
Read reviews from other customers to see if the company has a good reputation and offers good service.
- 10
Easy Renewal
Make sure the company offers a simple renewal process, either online or offline, for your convenience.
Difference Between Comprehensive, Third-Party and Standalone Own Damage Bike Insurance Policies
| Sr. No. | Feature | Comprehensive Insurance | Third-Party Insurance | Standalone Own Damage Insurance |
|---|---|---|---|---|
| 1 | Coverage | Covers both third-party liabilities and own damage | Covers only third-party liabilities as required by law | Covers only damage to your own vehicle |
| 2 | Third-Party Liability | Yes | Yes | No |
| 3 | Own Damage | Yes | No | Yes |
| 4 | Add-On Options | Offers multiple add-ons like zero depreciation, roadside assistance, etc. | Typically does not offer add-ons | Offers some add-ons like zero depreciation, engine cover |
| 5 | Premium Cost | Higher premium due to wider coverage | Lowest premium due to limited coverage | Moderate premium as it covers only own damage |
| 6 | Legal Requirement | Not mandatory, but highly recommended | Mandatory by law in India for all two-wheelers | Not mandatory, optional coverage |
| 7 | Ideal For | Riders looking for complete protection against all risks | Riders looking for basic, legal coverage | Riders who already have third-party insurance but want protection for their own vehicle |
| 8 | Protection Against Theft, Fire, Natural Calamities | Yes | No | Yes |
| 9 | Coverage for Personal Injuries | Available as an add-on or built-in with personal accident cover | No | No |
Types of Two-Wheeler Insurance Policies By Best Bike Insurance Companies in India
There are three main types of insurance policies offered by bike insurance companies.Third-Party Insurance
Third-party insurance is the most basic type of bike insurance and is mandatory by law in India. It covers damages or injuries caused to another person, vehicle, or property in an accident where you are at fault. However, it does not cover any damage to your own bike.
Comprehensive Insurance
With comprehensive insurance, you can get complete protection. It covers not only third-party liabilities but also damages to your own bike due to accidents, theft, natural disasters, or vandalism. It is a more complete policy that provides peace of mind but comes with a higher premium.
Own-Damage Insurance
Own-damage insurance only covers the repair or replacement of your own bike in case of accidents, theft, fire, or natural disasters. It does not cover third-party liabilities, so you may need to buy it along with a third-party policy for full protection.
FAQs
Comprehensive insurance provides complete coverage for both damage to your own bike and any damage or injury you cause to others. Third-party insurance is cheaper, but it only covers damage to other people or their property. If you want more complete protection, comprehensive is the best option.
HDFC ERGO General Insurance has one of the highest claim approval rates in India. This means they are good at quickly approving and paying claims when you need them.
Third-party insurance covers damage or injury you cause to other people or their things. Yes, it is required by law in India, so you must have at least this kind of insurance to ride your bike legally.
Yes, comprehensive insurance costs more because it covers more. But the extra cost is worth it because it protects both you and your bike in many situations.