Top 5 Two-Wheeler Insurance Companies in India
Unlike other types of insurance, it is legally mandatory to have two-wheeler insurance in India. Under the Motor Vehicles Act 1988, third-party two-wheeler insurance has been made compulsory for all Indian drivers.
Choosing the right insurer for a bike insurance scheme has become rather a difficult task for vehicle owners, given the sheer number of insurance providers in the country. Here, we list out people’s most preferred private and public insurance providers to help you make the decision.
Types of Two-Wheeler Insurance Offered by Insurers
The following are three main types of two-wheeler insurance provided by the insurance companies of India:
- Comprehensive Two-Wheeler Insurance: This type of insurance provides coverage to the insured and the insured individual’s vehicle at the time of the accident. The third party and their vehicle are also provided coverage under this type of insurance.
- Third-party Coverage: The third party and their vehicle are provided coverage for the damage caused due to the vehicle of insured person. As per the Motor Vehicle Tariff Act, 1988, third-party liability insurance is compulsory for two-wheelers operational on Indian road.
- Own Damage Cover: This provides coverage for the damage or loss caused due to natural disasters, fire, accidents, or other incidents.
IFFCO Tokio General Insurance Company Limited
IFFCO Tokio General Insurance Company Limited has been offering a host of insurance products to its customers since 2000. It has a widespread network in the country and offers cashless services in 4,300+ cashless garages. This leading insurance company achieved a claim settlement ratio of 95.82% in FY2021. It aims at offering various insurance products to people residing in rural areas.
Differentiating Factor: Cashless repairs at more than 4,300 cashless garages, fast claim settlement
IFFCO Tokio Two-Wheeler Insurance: Key Features
- Claims are settled within 4 hours.
- Claim assistance customer service is available 24/7.
- A widespread network of more than 4,300 cashless garages across the country that offer cashless repairs.
- Discounts and 8 customisable add-on covers are available.
- High claim settlement ratio of 98.35%.
Bajaj Allianz General Insurance Company Limited
Custome-oriented approach and reliability make Bajaj Allianz one of the most-preferred brands when it comes to two-wheeler insurance. The company has been recognised as the 'Best Insurer in India 2020' by IDC Financial Insights Innovation Awards. It has offered products and services to almost 11 crore customers to date. Bajaj Allianz achieved revenue of Rs.10,488 crore by the conclusion of the third quarter of FY 2021-22.
Differentiating Factor: Cashless garages over 4500, 24/7 support, quick and easy claims support
Bajaj Allianz Two-Wheeler Insurance: Key Features
- Multi-year bike insurance is available for a period of up to 3 years. No troubles with yearly policy renewal.
- Easy and Hassle-free process of claim settlement.
- Policy can be bought or renewed online in a quick and easy way.
- Round-the-clock customer support service.
- No depreciation adds on cover available.
- No vehicle inspection on online renewal of the policy.
Royal Sundaram General Insurance
Royal Sundaram General Insurance is known for its innovative general insurance products designed for individuals, businesses as well as families. This leading insurance provider has 158 branches all over India and has served 28 million customers to date. The company takes pride in being the first insurance provider to introduce a cashless mode of claim settlement.
Differentiating Factor: Simplified and fast claim settlement, affordable premiums, cashless garages more than 3300
Royal Sundaram Two-Wheeler Insurance: Key Features
- Two-wheeler insurance plans at affordable premiums.
- Availability of long-term insurance for up to 3 years.
- Easy and hassle-free claim settlement within 10 days.
- No extensive documentation required.
SBI General Insurance Company Limited
SBI has become a household name for finance and banking and now with SBI General Insurance Company, SBI has carved a niche in the insurance front also. Currently, SBI General has a pan-India presence extending to over 110 cities and serves three key segments namely retail, SME, and corporate. SBI General Two-wheeler insurance policy is comprehensive and comes with an array of customer-centric benefits that make it one of the most sought-after products in the market.
Differentiating Factor: Customized pricing depending on applicant’s profile, additional discounts
SBI General Two-Wheeler Insurance: Key Features
- Pricing customised based on customer profile.
- Discount on policy purchase for people aged between 25 to 55 years.
- Additional discounts and bonuses for timely renewal of insurance policy.
The New India Assurance Company Limited
A wholly government-owned company, New India Assurance now operates in 28 countries and has a global business that exceeds Rs.31,573 crore. The New India Assurance has a nationwide presence with over 2214 offices and 1 1086 micro offices. Being the only direct insurer in India to be given an 'A' rating by AM Best, New India Assurance has several other ratings that indicate the company's highest degree of financial power to fulfill the policyholders' obligations.
Differentiating Factor: Cashless garages over 1173, impeccable grievance resolution system, quick claims processing
The New India Assurance Two-Wheeler Insurance: Key Features
- Insurance seekers can either choose from the basic 'Liability only policy' or the comprehensive 'Package policy'.
- Add-on covers for accessories, personal accident cover, passenger cover, paid driver available.
Important Points to Consider Before Purchasing Two-Wheeler Insurance
The following are the significant points that should be considered before purchasing an insurance for the two-wheeler:
- Choose the two-wheeler insurance company with the highest claim settlement ratio.
- Check the garages, especially the local ones that are associated with the insurance company·
- Select those insurance companies that offers add-ons at a low rate for maximum coverage·
- Choose the two-wheeler insurance company that provides 24x7 customer service
- The insurance company that you will select must have online claim filling option
- Consider the policy premium which id dependent on cubic capacity of the bike’s engine
Note: As per the Motor Vehicle Tariff Act, 1988, there are three categories of cubic capacity, which are 0-150CC, 150-350C, and 350CC and above. The higher the capacity of the engine, the more will be the premium amount.
Read More Related Guides
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- How to Maintain Bike in Rainy Season
- How to Pick The Right Bike
- What is Third Party Two Wheeler Insurance?
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- What to Look for While Buying a Used Motorcycle
- What Documents are Required When Buying Used Bike
- Guide for Buying Used Motorcycle
- Tips For Buying Used Bike Out of State
- Iffco Tokio Two Wheeler Insurance Claim Process
FAQs on Top 5 Two-Wheeler Insurance Companies in India
- What if I lose my two-wheeler insurance papers?
If you have lost your two-wheeler insurance papers, you can reach out to your insurer to apply for a duplicate copy.
- How many two-wheeler insurance companies are there in India?
Currently, there are over 25 two-wheeler insurance companies in India that provide coverage with attractive benefits at affordable interest rates.
- What are the 3 types of bike insurance?
The three main types of bike insurance are Standalone Own Damage (OD) Bike Insurance, Third-Party Liability-Only Bike Insurance, and Comprehensive Bike Insurance.
- How do I choose bike insurance?
Consider your coverage requirement and insured declared value before choosing a bike insurance. Make sure to determine your vehicle's cubic capacity as that determines your premium amount. opt for riders to extend the insurance coverage and look out for a reputable insurer. Do remember to check the online reviews as well before choosing bike insurance.
- What is first, second, and third party bike insurance?
In bike insurance the first party is the insured individual, the second party is the insurance provider, and the third party is the person the first party owes to in case of damage caused due to accident.
- What is full insurance for a bike?
Full insurance is the comprehensive insurance of bike that provides extra coverage from damage caused due to accident, natural disaster, fire, or due to theft.
- Which insurance is compulsory for two-wheeler?
According to the Motor Vehicles Act, 1988, third-party insurance of 5 years tenure is compulsory for brand new bike or scooter.
- Is two-wheeler insurance mandatory?
Yes. According to the Motor Vehicles Act, 1988, two-wheeler insurance is mandatory.
- Can I buy two-wheeler insurance online?
Yes, you can buy two-wheeler insurance online.
- Can I renew my bike insurance online?
Yes. You can renew your bike insurance online.
- Can I change bike insurance company?
Yes, you can change the insurer and coverage depending upon the terms and conditions. Switching the policy insurer is possible irrespective of whether your policy is short-term or long-term.
- Why is bike insurance expensive?
The bike insurance is generally expensive because the chance of road accidents is higher in bike compared to car.
- What is zero DEP in bike insurance?
Zero depreciation is an extra coverage for the insured individual from depreciation charges incurred by the bike, which can be deducted from the claim amount during claim settlement.
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