Two-Wheeler vehicles make our daily commute easier and more convenient. However, we must not forget that the busy Indian streets could be highly dangerous. If your vehicle suffers from some damage in an accident, then expenses of repair it might cut a hole in your pocket. So, purchasing a two wheeler insurance policy becomes all the more important.
Besides, buying vehicle insurance is mandatory for all vehicle owners as per the Motor Vehicle Act, 1989. However, there are hundreds of bike insurance companies to choose from. The insurance market is full of bike insurers and it’s hard to select the best one out of them.
We have gone through several policies, customer reviews, and have also analysed a lot of deciding factors to provide you with a list of the best two wheeler insurers in India 2020. So, without wasting any further time, let’s get started!
List of Best Two Wheeler Insurance Companies
|Sl. No.||Company Name||Network Garages||Incurred Claim Ratio (2018 -2019)|
|1.||Bharti AXA Two Wheeler Insurance||2000+||75%|
|2.||Digit Two Wheeler Insurance||1000+||76%|
|3.||HDFC Ergo Two Wheeler Insurance||6400+||82%|
|4.||Bajaj Allianz Two Wheeler Insurance||4000+||62%|
|5.||IFFCO Tokio Two Wheeler Insurance||8400+||87%|
|6.||Tata AIG Two Wheeler Insurance||5000+||70%|
|7.||Kotak Mahindra Two Wheeler Insurance||1300+||74%|
|8.||Reliance Two Wheeler Insurance||1200+||85%|
|9.||SBI Two Wheeler Insurance||2900+||87%|
|10.||United India Two Wheeler Insurance||3100+||120.79%|
1. Bharti AXA Two Wheeler Insurance
Bharti AXA General Insurance Company is one of the leading providers of two-wheeler insurance policies in India. Started back in 2008, Bharti AXA now has more than 79 branches throughout the country. Their two-wheeler insurance comes with several perks as well in addition to providing cover for your vehicle.
2. Digit Two Wheeler Insurance
Digit Two Wheeler Insurance Company was founded by the former CEO of Bajaj Allianz, Mr. Kamlesh Goyal. They offer both comprehensive two-wheeler insurance and third-party liability insurance policy as well.
3. HDFC Ergo Two Wheeler Insurance
HDFC Ergo Two Wheeler Insurance has some exciting perks to offer. You get a paperless purchase, discount, NCB, and a lot more with their two-wheeler insurance policy. They offer insurance for both commercial and private two-wheelers.
4. Bajaj Allianz Two Wheeler Insurance
Bajaj Allianz is one of the most popular insurance providers in India. It has branches in more than 200 Indian locations. Established back in 2001, it has now gained the reputation of being a top two-wheeler insurance company in India.
5. IFFCO Tokio Two Wheeler Insurance
IFFCO Tokio was launched back in 2000 and was the very first company that introduced mega policies in India. The two-wheeler insurance policy offered by IFFCO Tokio will protect your two-wheeler from all kinds of damage resulting from accidents and other calamities.
6. Tata AIG Two Wheeler Insurance
Tata AIG is a private insurance company and has become 19 years old in 2020. They provide several types of insurance and the TATA AIG two-wheeler insurance policy is one of their top-rated products. It will safeguard your bike/scooter from accidental damage, theft, fire, etc. besides covering third-party liabilities as well (if any).
7. Kotak Mahindra Two Wheeler Insurance
Kotak Mahindra Bike Insurance Company is a reputed policy that will safeguard your bike. It will cover all extra expenses arising out of damage to your bike due to accidents, theft, fire, etc. Moreover, it also takes care of any third-party liability due to the same.
8. Reliance Two Wheeler Insurance
Reliance General Insurance Company is one of the best bike insurance companies in India. Their two-wheeler insurance will provide comprehensive coverage to your bike. Besides, you will be able to enjoy the perks and their high-quality services that come along with the insurance.
9. SBI Two Wheeler Insurance
SBI Two Wheeler Insurance Company is one of the most popular insurance providers in India. This is because they provide features that benefit the customers. You can also get additional discounts and personalized premium rates.
10. United India Two Wheeler Insurance
United India Insurance Company is one of the oldest insurance providers in India. It was founded back in 1938 and is currently serving over 1 crore customers. You will get several benefits with this two-wheeler insurance policy like faster claim settlement process, discounts, and more.
How to Select the Best Two-Wheeler Insurance Provider?
Purchasing a two-wheeler insurance is of the utmost necessity for all bike owners. But finding the best two-wheeler insurer in India as per your needs, from hundreds of bike insurance is a hard task. Given below are some of the key aspects you should keep in mind while choosing a two-wheeler insurance policy:
1. Type of Insurance
There are two types of insurance offered by most bike insurance companies: Comprehensive Two Wheeler Insurance and Third-Party Liability Two Wheeler Insurance. Now, the latter option has been mandated by the Motor Vehicles Act, 1989.
The basic difference between the two kinds of insurance is that Comprehensive Insurance provides extensive coverage. It provides cover for damage caused to the vehicle, third-party liability, own damage, personal accident cover, and more.
On the other hand, third-party liability insurance protects the legal issues arising out of a third-party getting injured or a third-party vehicle getting damaged in an accident caused by your bike.
2. Premium Rate
Your two-wheeler insurance premium depends on a lot of factors. Such factors include the Insured Declared Value (IDV), coverage, owner’s age, vehicle’s age, the location you’ll be riding the bike in, etc. So, you need to compare the premium rates offered by several insurance providers and choose the best deal.
3. Claim Settlement Ratio
This is a very important point that you must not miss while choosing any kind of insurance. The claim settlement ratio of a company indicates the chances of your claim being approved or rejected by a company. So, a higher claim settlement ratio indicates that the probability of your claim getting processed is high.
Every bike insurance company claims to be the best in the market. However, that is not the case always. With little or no knowledge about bike insurance companies, you are much likely to be confused and believe what the two-wheeler insurer claims to be.
So, a good way to judge the authenticity of the bike insurance company is to go through all the reviews left on the internet by its previous customers. This will give you an idea about what to expect from the company, its flaws, perks, and other things.
If the tenure of the insurance is long, then a lower premium price will be offered to you. Thus, the deal will be a lot more affordable to you and save you money. Short-term bike insurance needs to be renewed after the completion of the tenure which is generally a year. On the other hand, you don’t have to renew your two-wheeler insurance policy at the end of the year.
6. Customer Service
Check out the reviews left by previous or current customers of the bike insurer in question, to know how good their customer support is. You need to make sure that they are helpful, responsive, and knowledgeable as well. The reason being that during a claim you would need to call the support first to proceed further. Besides, you might also need their help in finding the right garage to get your vehicle repaired.
7. Cashless Garages
You can avail of a cashless claim from your bike insurer only when you get your bike repaired at one of their network garages. A cashless claim is a type of claim wherein the two-wheeler insurer directly pays the garage. This option is much more convenient than the reimbursement claim as there is no hassle involved.
So make sure to check how many cashless network garages your two-wheeler insurer has. This figure indicates how easy it would be for you to find a cashless network garage nearby to get your two-wheeler repaired.
8. Add-on Covers
Go through the details of the bike insurance policy and check out the add-on coverage options they have. Make sure that all your needs are covered by the policy and the add-ons. Also, keep in mind that getting an add-on coverage will increase your premium as well. However, add-ons will give you much more flexibility in the insurance despite increasing the cost a bit.
By now, you must have understood that getting insurance is the best way to protect your two-wheeler. Not only does it provide you with several benefits but also makes your life a lot more stress-free. We have tried our best to put forward some of the top-rated bike insurance companies in India. Let us know which bike insurance company you prefer in the comments below!
Image credit: autonexa.com