Which Insurance to Choose for Your New Bike: Top 5 Companies

According to the Motor Vehicles Act of 1988, it is mandatory for everyone to have two-wheeler insurance in India. With that in mind, it can be overwhelming for people to choose the right insurance company to purchase bike insurance with so many options around. In this article, we will be looking at the top 5 insurance companies for buying two-wheeler insurance.

Top 5 Insurance Companies for Bike Insurance

IFFCO Tokio- Comprehensive Two-Wheeler Insurance

IFFCO Tokio is one of the most popular options for bike insurance purchases. It was incorporated in 2000 as a joint venture between Indian Farmers Fertilizer Co-operative Limited (IFFCO), which is the world's largest fertiliser manufacturer, and Tokio Marine Group, which is one of the largest insurance groups in Japan. IFFCO Tokio has a wide network consisting of more than 4300 cashless garages that offer cashless settlement claims for its customers. The company boasts a very high claim settlement ratio of 95.82%.

Features

• Coverage for any kind of damage related to natural calamities such as floods

• Coverage for damages due to events such as accidents, theft, and fire

• Zero depreciation cover, which covers the total value of repairs without any depreciation in case of any damage to the two-wheeler.

• Coverage for personal accidents for INR 15 lakh

• Option of choosing the policy for two or three years.

• Hassle-free processing and simple documentation

• 8 customisable add-ons

• Claims are settled within 4 hours.

Bajaj Allianz Long-Term Two-Wheeler Package Insurance

Established in 2001 as a joint venture between Allianz SE and Bajaj FinServ, Bajaj Allianz is one of the leading private insurance companies in India, with over 1100 branches across the country. The company has been recognised as the "Best Insurer of India 2020" by the IDC Financial Insights Innovation Award. Bajaj has an attractive bike insurance scheme, providing comprehensive coverage for two-wheelers against their own damages, theft, and natural disasters and covering their legal liability to third parties.

Features

• Long-term insurance coverage for up to three years

• Inspection is not required for policy renewals.

• There will be no change in premium rates during the policy period.

• Coverage for any kind of damage related to natural calamities such as floods

• Coverage for damages related to unpredictable events such as accidents, theft, and fire

• Coverage for any legal or financial liability for injury, death, and/or property damage caused to a third party up to INR 1 lakh.

• Coverage for personal accidents up to INR 15 lakh, which can be increased more at an additional premium rate.

SBI General Bike insurance

SBI Life Insurance, a joint collaboration between SBI and BNP Paribas Cardiff, is a government-owned insurance giant that has a dominant foothold in the insurance market segment of India. With its presence in over 110 major cities across India, SBI has become a household name in both banking and insurance. The company's bike insurance offers comprehensive and third-party liability premiums alongside low-cost add-ons that are useful, such as no-claim bonus protection cover.

Features

• Pricing is customised based on the customer profile.

• Discount on policy purchases for people aged between 25 and 55 years

• Additional discounts and bonuses for timely renewal of the insurance policy

• Mandatory personal accident cover of INR 15 lakh for the insured owners of the vehicle

• Coverage for the damages arising due to flood, earthquake, landslide, or any kind of theft, riot, strike, or terrorist activity.

• Add-ons like Return to Invoice, Protection of NCB, Nil Depreciation, etc. enhance coverage.

TATA AIG Bike insurance

TATA AIG Insurance, a joint venture between TATA Group and American International Group, was incorporated in 2001. Tata AIG bike insurance is known for its attractive discounts, high settlement ratio, and beneficial add-ons.

Features

• Up to 50% discount on premiums under the no-claims bonus (NCB) after five claim-free years

• Up to 75% discount on the premium if the policy is purchased online.

• Easy claim process thanks to a dedicated team of 650 claim experts

• 8 add-ons

• A network of 4000+ cashless network garages across the country

HDFC Ergo Bike Insurance

HDFC Ergo General Insurance is a joint venture between HDFC and Ergo International. HDFC offers four different types of two-wheeler insurance: comprehensive insurance, third-party insurance, standalone damage cover, and coverage for a brand-new bike. The company also boasts a huge network of cashless garages, close to 6,500.

Features

• Coverage for any kind of damage related to natural calamities such as floods

• Coverage for damages related to unpredictable events such as accidents, theft, and fire

• Coverage for any legal or financial liability for injury, death, and/or property damage caused to a third party up to INR 1 lakh.

• Coverage for personal accidents for INR 15 lakh

• Option of choosing the policy for two or three years.

Conclusion

Choosing the right insurance company to buy your bike insurance requires careful consideration of several factors, like coverage options, budget, the insurer's reputation, etc. The top five companies mentioned above provide a wide range of options to cater to the customer's needs. By conducting research on their policies, comparing their coverages, and reading customer reviews, you can come to a decision about choosing the ideal insurance company that suits your needs.

Frequently asked questions

Q1. Is it possible to change my bike insurance provider?

Yes. It is possible to change your bike insurance provider. It is advised to change provider during the time of renewal for a hassle-free transfer.

Q2. What are the documents required to file a bike insurance settlement claim?

The following details are needed for the bike insurance claim:

• Policy number

• Contact details

• Name of policyholder

• Bike's make and model

• Bike registration number

• Time and date of incident

• Brief description of the incident

• Location and extent of loss

• Workshop name and contact details

Q3. What is an NCB?

NCB stands for No Claim Bonus. No claim bonus (NCB) is a discount in premium offered by insurance companies if a vehicle owner has not made a single claim during the motor insurance policy term.

Q4. What is Zero depreciation cover?

Zero depreciation cover is an add-on offered by insurance companies, enabling customers to obtain claim settlement without including depreciation costs.

Q5. How long does it take for a policyholder to receive the bike insurance settlement?

The time taken for the policyholder to receive the claim settlement depends on a variety of factors, such as the company with which you bought the insurance premium, the extent of the damage, etc. As far as the extent of damage is concerned, minor damage, such as a dent, will be quickly settled, while total loss claims, such as damage beyond repair or theft, take more time.

Also Read: 

Bajaj Allianz Bike Insurance Coverage Options and Benefits Explained