Two-wheeler insurance policy will cover various kinds of risks in a very efficient manner. If there is damage or loss of the bike, the insurance company will pay the compensation. The personal accident rider will pay compensation to the rider as well. The third-party insurance is mandatory. Hence, you should be covered by some kind of insurance policy offered by a bike insurance company. General insurance companies offer various kinds of insurance policies to protect your bike. You can choose the most appropriate two-wheeler insurance company as per your requirements. You should be aware of the best performing insurance companies, which will also deliver the best service to customers. When you buy a policy from a reputed insurance company, there will not be any issues in settling the claim.
Benefits of a two-wheeler insurance policy
Financial protection – There will not be financial stress when you are covered by the right type of insurance plan. If there is theft or damage to the vehicle, you will get compensation from the insurance company.
Personal accident cover – If there is death or total disability due to the accident, the rider will get Rs. 1 lakh as compensation. If the rider dies in the road accident, the amount will be paid to the beneficiary.
Legal protection – You should possess a bike insurance policy as per the law. You should have a copy of the policy with you so that you will not want to pay penalty during the inspection by the traffic police.
Peace of mind – By buying the right kind of insurance policy, you will have absolute peace of mind.
Factors of concern
The following factors are important while buying a two-wheeler insurance policy from an insurance company:
• Premium – The premium collected by the insurance company should be affordable and it should fulfill your needs completely.
• Reliable service – The insurance company should offer reliable service to fulfill the needs of customers. The customer support should be offered in various ways including the email and email support.
• Complaints against the company – The complaints made by customers against the insurance company will indicate the efficiency.
• Discounts – Insurance companies offer various kinds of discounts to fulfill your needs. If you apply those discounts, you can buy an insurance policy at the best price. Insurance company offers NCB (No-Claim Bonus) if you had not claimed the policy in the previous financial year. You will also get discounts for taking measures to decrease the risk of accidents.
• Claim settlement ratio – The bike insurance company should maintain the highest claim settlement ratio. It will indicate the efficiency in settling the claims by the insurance company. Hence, you should pay attention to the claim settlement ratio of the insurance company before buying or renewing an insurance plan.
Top bike insurance companies in India
• Bajaj Allianz General Insurance Company
• HDFC ERGO General Insurance Company
• IFFCO-Tokio Insurance Company
• New India Assurance Insurance Company
• SBI General Insurance Company
• Bharti AXA Motor Insurance Company
• United India Insurance Company
• TATA AIG Insurance Company
• National Insurance Company
United India Insurance Company – The company maintains the claim settlement ratio of 107%. The company was established in 1938. The company caters to the needs of more than one crore customers spread across the country. It has 1340 offices manned by 18000 personnel. You can buy a third-party or comprehensive insurance plan from the insurance company. The online policy can be purchased by customizing it as per your needs.
National Insurance Company – The claim settlement ratio of the company is 97%. It is one of the best two wheeler insurance companies. The public sector company was established in 1906. The company captures 60% stake in the non-life insurance segment. The award-winning company offers a wide range of products.
Bajaj Allianz General Insurance Company – The company was established in 2001 and it has offices in more than 200 cities in the country. The claim settlement ratio of the company is 78.5%. The company offers innovative products. You can take advantage of the best customer support offered by the company. You can customize a policy and buy a policy of your choice online.
Bharti AXA Motor Insurance Company – The general insurance company caters to the needs of retail as well as commercial clients. You will get direct services from one of its 79 branches or by online. In addition to the auto insurance plans, the company sells health insurance policies, home insurance policies, travel insurance policies and personal accident insurance policies. The claim settlement ratio of the company is 77%.
HDFC ERGO General Insurance Company – HDFC ERGO offers various kinds of general insurance products. The company offers versatile health insurance plans and auto insurance policies. You can buy bike insurance policy of your choice by customizing the policy as per your needs. The claim settlement ratio of the insurance company is 77%.
IFFCO-Tokio Insurance Company – The claim settlement ratio of the insurance company is 82%. The company started its operation in India in 2000. You can buy various kinds of motor insurance policies from the company. You will get the best support while buying an insurance policy as well as settling the claim.
New India Assurance Insurance Company – The New India Assurance Company was established in 1919. It was nationalized in 1973 and it continues to be one of the leading general insurance companies in India. The company has set a record by collecting the highest premium of Rs. 14,000 crores in the non-life segment. The insurance has its offices in other countries including the Middle East, Japan and Australia. The company maintains a claim settlement ratio of 91%.
SBI General Insurance Company – SBI general insurance products can be purchased directly from one of its 77 branches spread across the country. It is a joint venture between State Bank of India and Insurance Australia Group (IAG). The company maintains a 75% claim settlement ratio. Besides, auto insurance policies, the company offers home insurance, travel insurance, personal accident and health insurance policies.
TATA AIG Insurance Company – It is a joint venture between TATA and AIG. The company was founded in 2001 with its headquarters in Mumbai, India. Tata Sons own 51% share of the company and the remaining share is owned by American International Group (AIG). In addition to the auto insurance products, the company offers various kinds of general insurance products such as home, travel and property insurance. The company maintains 72.32% claim settlement ratio.
Features of a bike insurance policy
Before buying a bike insurance policy, you should be aware of the features of the insurance policy. There are mandatory insurance plans (third-party insurance plans) and comprehensive insurance plans.
Third-party insurance plan – You can buy a third-party insurance plan from a reputed insurance company in India. The premium will be low and it will cover all the damages associated with the third-party person or property.
• The plan is also called as third-party liability or liability cover
• It will cover the legal liability when you damage the third-party property
• No protection for the vehicle owner or the rider
• To get protection for the rider, you should subscribe to the add-on personal accident cover
Comprehensive insurance plan – When you buy a comprehensive insurance plan, it will cover various needs in a very efficient manner. The premium will be higher than the third-party insurance plan. However, you will get complete protection. The vehicle, rider and the third party (person or property) will be covered by the insurance policy.
• Offers protection to the vehicle owner
• You can subscribe to the protection of the pillion rider
• There will be protection for the vehicle
• The third-party person will get compensation due to injury or death in the accident
• The insurance company pays damage to the third-party property
• You can subscribe to nil-depreciation cover
• Coverage against the flood, fire, cyclone and various other manmade and natural calamities
Long-term bike insurance policy
If you would like to save insurance premium and forego the renewal on annual basis, you can subscribe to the long-term bike insurance policy.
Most of the insurance companies offer long-term bike insurance policy. If you subscribe to a 3-year bike insurance policy, you will not want to renew the policy after the end of the 1st year or 2nd year.
The insurance premium will be low for a long-term insurance policy. The premium will be the same for all the three years.
As a matter of fact, the insurance regulator (IRDAI) will revise the insurance premium on an annual basis. When you buy a long-term insurance contract from an insurance company, you will not want to pay an additional premium.
Bike insurance policy is mandatory as per the Motor Vehicles Act, 1988. It is illegal to drive on public roads without possessing an active bike insurance policy. You can choose the best insurance policy from reputed two wheeler insurance companies in India. When you are covered by the right kind of policy, you will enjoy great financial protection. You can choose a low-cost third-party liability policy as well as a comprehensive bike insurance policy as per your needs. You can buy or renew a bike insurance policy online so that there will be great savings.