There are now 25 general insurance companies in India that provide two-wheeler insurance plans to policyholders in the country. All of these insurance companies have their own features. They offer a range of bike insurance plans based on your preferences and budget.
Bike insurance assists you in meeting financial responsibilities that may emerge as a result of an accident or other occurrence affecting your bike, such as fire, theft, earthquake, landslide, and so on. According to the Indian Motor Tariff, every two-wheeler owner must obtain at least third-party bike insurance in order to lawfully ride their two-wheeler in the nation.
Purchasing insurance for your two-wheeler is a crucial step. Knowing which insurance providers will best fulfill your requirements is unquestionably advantageous. That is why it is always a good idea to evaluate multiple plans before purchasing one to ensure that you get the best policy for your needs. There are, however, a few two-wheeler insurance providers to choose from.
The following is a list of the best two-wheeler insurance companies to choose from in 2022 when it comes to insuring your prized two-wheeler:
1. IFFCO Tokio Two Wheeler Insurance
IFFCO Tokio's two-wheeler insurance provides a wide choice of coverage as well as 24/7 customer support, guaranteeing that the customer is never left in the dark and can always rely on the insurance company for assistance. The firm has a claim settlement ratio of 96.44 percent, which is rather outstanding.
2. HDFC ERGO General Insurance Company Limited
HDFC ERGO provides comprehensive two-wheeler coverage at a low premium cost. HDFC ERGO has a statewide presence with over 109 offices in 89 Indian cities, making it easy for policyholders to apply for new policies or renew current ones. The firm was also given the "iAAA" grade, indicating that it has the highest claim-paying capabilities. Furthermore, HDFC ERGO has received ISO accreditation for customer service quality, information security consistency, policy issuing procedure, and claims services.
3. Oriental Insurance Company
Oriental Insurance Company is a good choice for insuring your bike or two-wheeler since it offers a wide range of coverage and has a high claim settlement ratio of 93.16 percent.
4. Universal Sompo General Insurance Company
Universal Sompo again scores strongly in terms of claim settlement ratio for own damage, with a ratio of 92.45%. As a result, when it comes to insuring your two-wheeler, it is a smart option to consider to guarantee that your claims are successful.
5. New India Assurance General Insurance
New India Assurance General Insurance is another fantastic option for insuring your two-wheeler. It also offers powerful insurance coverage with an unlimited liability cover in the event of a third-party death or injury, with a claim settlement ratio of 92.23 percent.
6. Tata AIG Two Wheeler Insurance Company
Tata is well-known for being trustworthy and personable insurance business. As a result, their services are easily accessible, and their customer care lines are kind and accommodating. Their claim settlement ratio of 91.80% is very remarkable.
7. SBI General Two Wheeler Insurance Company
SBI is a well-known insurance provider. Their superb credentials are further enhanced by their high claim settlement ratio of 91.74 percent. If you're looking for a friendly and dependable insurance business with a simple purchase or renewal process, look no further.
How to Choose the Best Bike Insurance Company
There is no such thing as a one-size-fits-all solution. In the case of two-wheeler insurance companies, this is also true. There are several two-wheeler insurance providers on the market, but one that is right for your neighbor may not be right for you.
For some, the insurance company with the most network garages may be the best, but for you, the insurance company with the most cost-effective add-ons may be the best. As a result, the best bike insurance company is one that meets your demands and meets your standards. As a result, we've outlined some crucial factors to consider before selecting the finest two-wheeler insurance provider for you.
When trying to acquire bike insurance online, you must compare two-wheeler insurance companies. The following factors must be examined in order to make the optimal decision:
Coverage
The primary goal of a bike insurance policy is to protect you from financial ruin in the event of an accident or theft. As a result, one of the most important components of choosing two-wheeler insurance is the coverage given by the insurance provider. The policy should give adequate coverage to meet your insurance needs.
Cashless Garages Network
Network garages are service centers affiliated with a two-wheeler insurance provider that offer cashless repair services in the event of an accident. These cashless repairs are simple and convenient, and they help you avoid putting strain on your wallet in the event of an unexpected catastrophe. Check the insurance provider's cashless network garages if you want to use cashless services.
Claim Settlement Ratio
The claim settlement ratio shows how many claims the insurance firm processed out of the total received in a given financial year. A higher claim settlement ratio means you have a better chance of having your claims paid out in the event of an accident. When comparing two-wheeler insurance companies, the claim settlement ratio should be considered.
Premium
The simplest approach to choosing a two-wheeler insurance policy is to go with the one that provides the most advantages for the least amount of money. The amount of premium you must pay will determine whether or not insurance fits within your budget. Various parameters, like the engine of your bike, the brand and model of your vehicle, the miles traveled, and so on, have a direct impact on the amount of bike insurance premium you pay.
Customer Service
Another consideration while choosing a two-wheeler insurance provider is the company’s availability and quality of customer service. Choose an insurance provider that provides customer assistance 24 hours a day, 7 days a week. So that you may quickly handle your problems and get help whenever you need it.
Policy Tenure
The IRDAI has changed the two-wheeler insurance laws to mandate that every new two-wheeler be covered by a five-year long-term bike insurance policy. For third-party liability insurance, this period is set at three years, while for comprehensive insurance, it is fixed at three years. Situations are unpredictable, therefore it's always a good idea to get longer-term bike insurance coverage to protect yourself financially from unanticipated responsibilities. If you are dissatisfied with your two-wheeler insurance provider, you may switch to a different one while renewing your bike insurance online.
Add-On Covers
Add-on covers supplement the coverage provided by the basic two-wheeler motor insurance policy. These add-ons give considerable benefits at the cost of a higher price on your bike insurance. When purchasing bike insurance online, check to see if the company offers the add-ons you want.
Conclusion
With each passing year, a rising number of individuals in India purchase motorcycles and scooters. With the increasing number of two-wheelers on Indian roadways, the demand for a dependable two-wheeler insurance provider is also increasing.
From the two-wheeler insurance providers listed above, you may choose anyone. It is usually a good idea to compare two-wheeler insurance online in terms of advantages, restrictions, price, and other important factors before making a final selection. You may compare numerous two-wheeler insurance online plans at GIBL.IN, the largest online insurance marketplace, and choose the best two-wheeler insurance carrier based on your needs.
Read More: Coverage and Benefits of Two Wheeler Insurance Online
