Last Updated on Apr 28, 2023 by Anjali Chourasiya
India has a vast population of two-wheeler owners, and it is mandatory to have insurance for your vehicle. Choosing the right insurance company can be daunting, given the numerous available options. With so many companies offering various policies, selecting the best one for you can be challenging. In this article, let’s understand two-wheeler insurance, its key features, how to choose the right bike insurance, and a list of the best two-wheeler insurance companies in India.
Table of Contents
What is two-wheeler insurance?
Damages due to unforeseen circumstances like fire, theft, burglary, earthquake, or accident can cause huge damages to your two-wheeler and can put a dent in your savings. In such a scenario, two-wheeler insurance protects your vehicle from losses due to unwanted events. It can also be referred to as bike insurance.
Two-wheeler insurance falls under the category of general insurance. It is an agreement between an insurer and the vehicle owner. The best two-wheeler insurance covers damages from all unforeseen events, including an accident that involves a third-party vehicle, person, or property and a natural disaster. All varieties of two-wheelers, including motorcycles, moped bikes and scooters, electric bikes and scooters, and more, are covered under two-wheeler insurance.
Asccording to the Motor Vehicles Act of 1988, riding a two-wheeler without valid third-party insurance is illegal in India. It can lead to massive fines. Hence, owning a two-wheeler or bike insurance can help you meet the financial obligations that may arise due to any unfortunate situation and keep your savings intact.
Inclusion and exclusions of two-wheeler insurance
Now that you have understood ‘What is bike insurance?’, let’s look at what is covered in bike insurance and what is not.
What’s covered
- Accidents
- Calamities
- Fire and explosion
- Theft
- Personal accidents
- Third-party liability
What’s not covered*
- Depreciation
- Electrical and mechanical breakdown
- Illegal driving
*Except for illegal driving, you can get the other two benefits with an add-on plan.
In addition to what’s usually covered in your best two-wheeler insurance, you can get add-on benefits like zero depreciation, roadside assistance, passenger cover, engine protection cover, and so on at a minimal additional cost. Hence, while looking for the best two-wheeler insurance plan, look for the one that suits your needs and explore all add-on options.
Key features of bike insurance
Listed below are the key features of bike insurance:
- Claim settlement
- Own Damage Cover
- Third-Party Damage Cover
- Choice of Unique Add-ons
- Claim Settlement Ratio
- Bike Insurance Premium
- Personal Accident Cover
- Cashless Garage Network
- Policy Buy Time
- Repair Service – Door Step Two Wheeler Repairs
- Emergency Roadside Assistance
List of two-wheeler insurance companies in India
Public/Government two-wheeler insurance companies in India
- National Insurance Company Limited
- The New India Assurance Company Limited
- The Oriental Insurance Company Limited
- United India Insurance Company Limited
- Kshema General Insurance Limited
- HDFC ERGO General Insurance Co.Ltd.
- Acko General Insurance Limited
Private two-wheeler insurance companies in India
- ICICI Lombard General Insurance Co. Ltd
- Reliance General Insurance Co. Ltd
- Future Generali India Insurance Company Ltd
- Liberty General Insurance Ltd
- Cholamandalam MS General Insurance Co. Ltd
- Shriram General Insurance Company Limited
- Universal Sompo General Insurance Co. Ltd
- Royal Sundaram General Insurance Co. Limited
- Navi General Insurance Limited
- Raheja QBE General Insurance Company Limited
- SBI General Insurance Company Limited
- Bajaj Allianz General Insurance Co. Ltd
- Go Digit General Insurance Limited
- IFFCO-TOKIO General Insurance Co. Ltd
- Kotak Mahindra General Insurance Company Ltd
- Tata AIG General Insurance Co. Ltd
- Bharti AXA General Insurance Company
- DHFL GENERAL INSURANCE LIMITED
- Edelweiss General Insurance Company Limited
- Magma HDI General Insurance Company Limited
Why do you need a two-wheeler insurance policy?
Purchasing two-wheeler insurance is essential and mandated by the law. But is that the only reason to get bike insurance? Well, the simple answer is ‘No’. Getting two-wheeler insurance is the right financial decision that provides financial security and protection against unforeseen events. This insurance covers third-party compensation in case of an accident. It simply means that any damage caused to a third party by you will be taken care of by the insurance company.
Two-wheeler insurance covers the cost of repairs in case of any damage caused to your vehicle. In case of total loss or theft of the two-wheeler, you can claim the market value of the vehicle. Additionally, two-wheeler insurance provides compensation in case of natural calamities. Therefore, it is essential to have two-wheeler insurance to safeguard oneself from unexpected events and financial losses.
How to choose the right bike insurance company?
To ensure that you get the best possible coverage and support when you need it the most, choose the right bike insurance company using the following factors:
Claim Settlement Ratio: It is the ratio of claims settled by an insurance company to the total number of claims filed. A high claim settlement ratio indicates that the insurer has a better track record of settling claims.
Cashless garages network: An insurance company with a wide network of cashless garages is a crucial factor to consider when buying bike insurance. This will ensure that you can get your bike repaired at a garage near you without having to pay anything upfront.
Coverage: Having adequate coverage for your bike is essential. It includes coverage for damages to the bike, third-party liability, and personal accident cover for the rider.
Policy tenure: The policy tenure is the duration for which the insurance policy is valid. Look for an insurance company that offers flexible policy tenures to suit your requirements.
Add-on covers: Check for additional covers that the insurance company offers, such as zero depreciation cover, engine protection cover, and roadside assistance. Choose an insurance company that offers a comprehensive range of add-on covers.
Premium: It is always worthwhile to compare the premium charged by different insurance companies and choose one that offers the best value for money.
Customer support: Choose an insurance company that offers excellent customer support. This includes 24/7 customer support, an easy claim settlement process, and a hassle-free renewal process.
To wrap up
It is essential to select a good two-wheeler insurance company that provides you with the right coverage for your vehicle. With so many options available in the market, it can be difficult to choose the right one. Hence, it is always worthwhile to compare all options and decide on the basis of what you need. Remember, having the right insurance policy not only keeps you financially protected but also gives you peace of mind while you ride on the roads.
FAQs
Which is the cheapest two-wheeler insurance company in India?
There are several factors on which the premium of a two-wheeler insurance policy depends, including the type of insurance plan, number of add-ons, RTO location, insured value of the vehicle, and more. Therefore, the cheapest two-wheeler insurance plan varies from vehicle to vehicle and depends upon the requirements of the bike owner.
Can I change my two-wheeler insurance policy company?
You can switch your insurance provider at the time of renewal of your policy.
As an insatiable reader and learner, I’ve spent the last two years exploring the world of finance. With my creative mind and curious spirit, I love making complex finance topics easy and fun for everyone to understand. Join me on my journey as we navigate the world of finance together!
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