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 Bike Insurance Companies in India

According to the Indian Motor Vehicles Act, if you are a bike owner, it is mandatory to secure yourself with a two-wheeler insurance policy. Bike insurance helps you to fulfil financial responsibilities that you may encounter during any mishap (like theft, landslide, earthquake, fire, etc.) or any accident. This is one of the major reasons why a two-wheeler insurance policy has now become a necessity.

 

In India, there are numerous bike insurance companies that provide two-wheeler insurance policies. However, two-wheeler insurance companies offer different policies as per the needs and circumstances of their customers. Therefore, you have the freedom to choose the best bike insurance policy for yourself from the various policies offered by these companies. Let's look into some of these bike insurance companies and how you can choose the right two-wheeler insurance policy for yourself.

List of Two-Wheeler Companies in India

Several two-wheeler insurance companies provide bike insurance in India. Here are some of the top bike 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 (2020-21)

Bajaj Allianz Two-wheeler Insurance

68.06%

Acko Bike Insurance

82.35%

HDFC ERGO Two-wheeler Insurance

70.02%

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

Nowadays, you can conveniently purchase bike insurance online. However, before you purchase a two-wheeler insurance plan online or offline, you must be aware of the parameters that need to be considered while purchasing the best bike insurance policy for you and your two-wheeler. Some of these parameters are:

  • Insurer’s Cashless Network Garages

Two-wheeler insurance companies have tie-ups with several local garages or workshops. These garages are known as network garages of the two-wheeler insurance company. At these network garages, you can avail the cashless claim facilities. Therefore, when choosing an insurance company, you should opt for the one with a good number of network garages near your location.

  • Insurer’s Claim Settlement Ratio

The percentage of insurance claims that are settled by a bike insurance company out of the net claims received by them in one fiscal year is known as the claim settlement ratio. The better the claim settlement ratio is, the better the insurance company. Therefore, you should always opt for a company that has a higher claim settlement ratio.

  • 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 you can avail by paying an extra premium. You can use these add-on covers to enhance the scope of coverage of your bike insurance policy. Hence, you must opt for a two-wheeler insurance company that offers the necessary add-on covers for your bike.

  • Customer Care Support

Take a look at the quality of customer care support of the insurance company before deciding to buy two-wheeler insurance from them. It is better to rely on a company that is providing you with 24×7 support, as problems and mishaps can happen anytime and anywhere.

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 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 in no time.

Conclusion

You must remember that two-wheeler insurance policies are mandated if you own or drive a two-wheeler on Indian roads. Generally, the two common bike insurance policies offered by the insurance companies are Third party Bike Insurance and Comprehensive Bike Insurance. Nowadays, the best bike insurance companies offer their two-wheeler insurance plans online. If you're looking for the best bike insurance online that meets your vehicle needs, opt for a bike insurance plan at Bajaj Markets now!

FAQs on Bike Insurance Companies in India

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

    The ‘best company’ can be different for different people. You can select the best online bike insurance company in India for yourself by keeping the above-mentioned parameters in mind. However, the bike insurance plans on Bajaj Markets are known to excel at every front to offer you maximum safety and assurance.

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

     Yes, it is possible to switch from one insurance provider to another. But the switch is only possible at the time of bike insurance renewal.

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

    The premium of your bike insurance depends on various factors like location of RTO, IDV of the bike, type of insurance policy, etc. So, the premium amount completely depends upon the factors related to your bike.

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

    According to the Motor Vehicles Act 1988, it is mandatory to have at least a third-party two-wheeler policy to drive your two-wheeler legally in India. If you are caught driving your vehicle without a valid insurance policy, you will have to pay a fine of ₹2,000 and can be sentenced to prison for up to 3 months.

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

     Yes, you can file an online bike insurance claim on your insurance provider’s official website.