Best Bike Insurance Companies in India - Listed

Numerous bike insurance companies provide policies for two-wheelers in India. As a customer, you have the freedom to choose the best bike insurance policy for yourself from the various policies offered by these companies. How can you select the right two-wheeler insurance policy for you? Let's explore a few of these companies.

One of the options is the Bajaj Allianz Two-wheeler Insurance whose insured claim ratio in the year 2020-21 was 68.06%. Another well-known company is Acko Bike Insurance whose insured claim ratio in the year 2020-21 was 82.35%. And lastly, you can go for HDFC ERGO Two-wheeler Insurance whose insured claim ratio was 70.02%.

✓No Inspection Policy Issuance ✓24x7 Assistance ✓Quick Claim Processing | Buy a Bike Insurance Plan Starting at ₹457/year*

Best Two-Wheeler Insurance Companies In India

According to the Indian Motor Vehicles Act, bike owners are mandated by law to protect themselves with two-wheeler insurance. Bike insurance enables you to meet any financial obligations that may arise due to an accident, or mishaps such as thefts, landslides, earthquakes, fire, etc.

Numerous bike insurance companies offer two-wheeler insurance policies in India. However, this choice is crucial. There are several factors that determine whether a company is right for your insurance needs or not. As a customer, you can choose the best two-wheeler insurance policy among all the options based on factors such as your budget, add-ons available, and the claim settlement ratio of the company. Are you confused regarding the right policy for you? Let's explore a few of these companies. Bajaj Allianz Two-wheeler Insurance, Acko Bike Insurance, and HDFC Ergo two-wheeler insurance are among the best two-wheeler insurance companies in India. According to the data from 2020-2021, they have incurred claim ratios of 68.06%, 82.35% and 70.02% respectively.

List of Two-Wheeler Companies in India

Several two-wheeler insurance companies provide bike insurance in India. Here are some of the best two-wheeler insurance companies in India that have partnered with Bajaj Markets to offer the best two-wheeler insurance policies for you:

Bike Insurance Companies

Incurred Claim Ratio

Third-Party Cover

No Claim Bonus

Bajaj Allianz Two-wheeler Insurance

68.06%

Available

Available

Acko Bike Insurance

82.35%

Available

Available

Bharti AXA Two Wheeler Insurance

75%

Available

Available

Digit Two Wheeler Insurance

76%

Available

Available

Edelweiss Two Wheeler Insurance

145%

Available

Available

IFFCO Tokio Two Wheeler Insurance

87%

Available

Available

Kotak Mahindra Two Wheeler Insurance

74%

Available

Available

Liberty Two Wheeler Insurance

70%

Available

Available

National Two Wheeler Insurance

127.50%

Available

Available

New India Assurance Two Wheeler Insurance

87.54%

Available

Available

Navi Two Wheeler Insurance

29%

Available

Available

Oriental Two Wheeler Insurance

112.60%

Available

Available

Reliance Two Wheeler Insurance

85%

Available

Available

SBI Two Wheeler Insurance

87%

Available

Available

Shriram Two Wheeler Insurance

69%

Available

Available

TATA AIG Two Wheeler Insurance

70%

Available

Available

United India Two Wheeler Insurance

120.79%

Available

Available

Universal Sompo Two Wheeler Insurance

76%

Available

Available

HDFC ERGO Two-wheeler Insurance

70.02%

Available

Available

How to Choose the Right Two-Wheeler Insurance Company in India?

You now no longer need to run from pillar to post in search of the best bike insurance policy. Buying two-wheeler insurance online is a matter of a few minutes. However, it is important to think through the decision and choose a provider after careful consideration. You must be aware of the parameters that need to be considered while purchasing the best two-wheeler insurance policy. Below are some important parameters:

Insurer’s Cashless Network Garages: The best two-wheeler insurance companies in India have tie-ups with numerous local garages and workshops. These garages are known as network garages and offer cashless repair options to two-wheeler owners. The owners can get their bikes repaired by just paying the cost of exclusions and the remaining amount is paid directly by the insurer to the garage. It is thus a good idea to look for an insurer with a wide network of cashless garages.

Insurer’s Claim Settlement Ratio: The percentage of insurance claims that a bike insurance company settles out of the net claims received by them in one fiscal year is known as the claim settlement ratio. The best two-wheeler insurance companies in India offer better claim settlement ratios and thus are a better choice of insurer for your bike insurance needs. This increases the possibility of claim settlement in an unfortunate scenario.

Availability of Riders: Some insurance companies offer riders along with their insurance plans. Riders are add-on covers on your two-wheeler insurance plan that are available for an extra cost. You can use these add-on covers to enhance the scope of coverage of your bike insurance policy. If you are looking for the best 2-wheeler insurance, look for providers that offer useful riders.

Customer Care Support: The customer care support of an insurance company has an important role to play in defining your experience with them. Check reviews and assess the quality of customer care support before deciding to buy two-wheeler insurance from a company. It is better to rely on a company that offers 24×7 support, as problems and mishaps can happen anytime and anywhere.

Different insurers offer various types of two-wheeler insurance plans 

Two-wheeler insurance plans vary from insurer to insurer. These vary based on inclusions and exclusions, possibility of cashless repairs, availability of riders, cost of plans etc. Below are the three policy types that bike insurance providers offer:

Third-Party Insurance: According to the law, all bike owners must have third-party insurance for their bikes. This policy type protects against the losses caused to a third party if the insured vehicle is involved in an accident in them. Death, disability, and loss of property are all covered in this insurance type.

Standalone own damage cover: This policy type offers protection against losses and damages caused to the insured bike in case of a natural or man-made calamity. Combining a standalone own damage cover with a third-party liability cover can help to get complete coverage for the bike. You can also maximise the benefits by choosing riders over your base insurance plan.

Comprehensive insurance: Comprehensive insurance, as the name suggests, offers extensive coverage that protects against expenses incurred both due to third-party and own vehicle damages. 

How to Buy Bike Insurance Plan on Bajaj Markets

Buying a bike insurance policy on Bajaj Markets is very convenient. You just need to follow the steps given below:

1.  Visit the ‘Bike Insurance Premium Calculator’ section on Bajaj Markets.

2.  Fill out the application form with the necessary details like the two-wheeler’s registration number and your contact number.

3.  Choose the two-wheeler insurance plan of your choice, along with the necessary add-on covers.

4.  Pay the bike insurance premium online.

That’s it! You will receive your bike insurance policy documents on your registered email ID soon after you complete the above steps.

Bike Insurance Companies in India

Several bike insurance providers in India offer two-wheeler insurance plans. However, two-wheeler insurance providers provide various products based on their client's requirements and personal situations. You are, therefore, free to select the finest bike insurance coverage from the range of options provided by these firms. Let's consider a few of the best two-wheeler insurance companies in India and discuss how to pick the best two-wheeler insurance plan for your needs.

Key Features of Bajaj Allianz Two Wheeler Insurance

Bajaj Allianz is one of the prominent names when discussing the best two-wheeler insurance companies in India. Bajaj Allianz believes in dependability, innovation, seamless service, and a customer-oriented approach to serve their insurance holders better.

The core features of Bajaj Allianz bike insurance cover -

  • Easy Policy Renewal.

  • Cashless services in network garages.

  • Compensation against damage or loss of the insured vehicle under unfortunate circumstances.

  • Third-party liability benefits in extreme cases of damage, accidental injury or sudden demise of the other party involved in an accident with the insured vehicle.

  • Round-the-clock customer service for instant assistance

  • Quick, hassle-free claim settlement.

  • Regular insurance updates.

Key Features of Acko Two-Wheeler Insurance

Acko offers striking offers on the best two-wheeler insurance policies to bike owners. It thus stands out as an eminent name when it comes to the choice of the best bike insurance company in India. The key features of Acko Two Wheeler Insurance are below -

  • Coverage for third-party insurance liabilities (except for damage/loss of the vehicle)

  • Offers paperless experience

  • Instant claim settlement

  • Low-cost plans

  • Financial coverage, including medical aid 

  • Coverage against natural calamities

  • Personal accident coverage

  • Theft/ loss coverage 

Key Features of HDFC ERGO two-wheeler insurance

HDFC ERGO two-wheeler insurance is among the best two-wheeler insurance companies and covers all types of two-wheelers, including motorcycles, moped bikes, scooters, electric bikes, and more.

As one of the best two-wheeler insurance companies in India, HDFC ERGO offers convenience. Additionally, it offers an extensive range of options and you may choose the bike insurance plan that best meets your needs. The HDFC ERGO network includes more than 8300 cashless garages.

Key features of HDFC ERGO two-wheeler insurance include the following -

  • Comprehensive two-wheeler insurance with a variety of add-on options

  • All round protection, including accident, theft, fire, natural calamities and accidents

  • Personal accident coverage

  • Third-party liability

  • Choice of unique add-ons.

  • Personal damage cover

  • Claim settlement

  • Repair service

  • Emergency roadside assistance

Conclusion

It is important to remember that two-wheeler insurance a mandatory if you own a two-wheeler in India. Third-party bike insurance and comprehensive bike insurance are the two popular bike insurance plans offered by insurance providers. The top bike insurance companies in India now offer their two-wheeler insurance policies online. Choose a bike insurance plan at Bajaj Markets if you're seeking the best online bike insurance company in India.

FAQs on Top Bike Insurance Companies in India

  • ✔️Which is the best bike insurance company in India?

    People have varying preferences and there is no one correct answer to the best two-wheeler insurance company in India. The bike insurance plans on Bajaj Markets, however, are renowned for being among the top contenders on the list and have offered a high level of protection and confidence in the past.

  • ✔️Is it possible to switch from one insurance company to another?

    Yes, you may change your insurance provider at any time. However, you can do it only at the time of renewal.

  • ✔️Which is the cheapest bike insurance policy in India?

    The cost of your bike insurance is governed by a multitude of factors including the on-road price of the bike, age of the bike, RTO location, the bike's IDV (Insured Declared value), the type of insurance coverage, add-ons chosen, etc. Therefore, premiums vary from person to person and you can choose based on your budget.

  • ✔️What is the law regarding two-wheeler insurance in India?

    As per the Motor Vehicles Act, riding a two-wheeler without active third-party insurance can result in a fine of up to ₹ 4000 or imprisonment. A repeated offender may see harsher consequences such as the seizure of their driving licence.

  • ✔️Can I file a claim under my bike insurance policy online?

    Yes, most insurance providers give you an option to submit online claims.

  • ✔️What are the 10 most popular bike insurance corporations in India?

    Below are the best IRDAI-approved bike insurance providers:

    1. HDFC ERGO General Insurance

    2. IFFCO Tokio General Insurance

    3. Universal Sompo General Insurance

    4. Tata AIG General Insurance

    5. The New India Assurance

    6. Royal Sundaram General Insurance

    7. SBI General Insurance

    8. Bajaj Allianz General Insurance

    9. Future Generali India Insurance

    10.  The Oriental Insurance Company

  • ✔️Will bike insurance cover all of the damages in a bike accident?

    The damage cover depends on the plan purchased along with the add-ons chosen. 2 types of insurance are offered by two-wheeler insurance companies in India

    1. Third-Party Cover: The insurance provider will only cover third-party liabilities like injuries, death, disabilities, and property loss caused by an accident involving an insured bike.

    2. Comprehensive Cover: As the name suggests the plan provides complete coverage for your bike. It also includes the features of a third-party cover and you can extend the scope using add-ons.

    Depending upon the type of insurance you choose, the following expenses are covered:

    1. Damage/losses caused to your bike due to an accident

    2. Theft of two-wheeler

    3. Damage incurred due to fire

    4. Damage/losses due to natural calamity

    5. Damage to property and third-party vehicle

    6. Personal Accident Cover (if opted)

    7. Injury/ Death of Third Party due to an accident

  • ✔️In India, how does a bike insurance provider provide coverage without inspecting the bike?

    Although comprehensive bike insurance covers most of the essentials on a bike, there are some exceptions. A few are listed below

    1.     Electrical or mechanical breakdown

    2.     Wear and tear parts/spares of your two-wheeler

    3.     Consequential loss/ Indirect loss

    4.     Intentional accidental loss

    5.     Driving under the consumption of alcohol or any intoxicating substance

    6.     Contractual liability

    7.     Damage caused to/by a person driving without holding a valid driving licence