It is mandatory under Indian law of Motor Vehicle Act, 1988 to own insurance for your vehicle. You may have probably read and heard from the agents dealers about various insurance providers and the benefits. In this competitive market, insurance agencies are always looking for opportunity to attract the customers with best deals and purchase premiums, one can easily be in a chaotic and confused state. Because there are so many insurance companies in India, and everybody wants to provide the best deal for a great business. This is why, it is important for you to do a thorough research and find out who is the best in market, who can fulfill all your needs at your comfort. It needs have the coverage, benefits, affordable premiums, and good claim settlement track record.
Top Five Two Wheeler Insurance Companies
The following are the top 5 bike insurance companies in India for the past two financial years. This information will minimize your efforts of insurance quest but maximize your knowledge about the best bike insurance providers:
- Bajaj Allianz
- ICICI Lombard
- HDFC Ergo
- TATA AIG
- New India Assurance Company
Bajaj Allianz Bike Insurance:
- It is the most popular and trusted brand in the market. It has won many accolades and awards on various platforms for its consistent performance and for being the top people’s choice for two wheeler insurances.
- Bajaj Allianz insurance services offers you the best services and products in two wheeler insurance. The company provides 24 hours customer service across 4000 plus garages throughout the country. Their customer service is rated the highest rank by the people and they are known for a hassle-free claim settlements, innovative products, etc.
- Bajaj Allianz comprehensive plan comes along with third party cover that provides security against legal liabilities of accidental death, damage or injury caused to the third-party.
- At affordable premiums, the company provides personal accidental cover up to Rs.1 Lakh for the owner of the two wheeler.
- This is one of those few companies who provide cover for the insured bike against own damage, burglary, theft, natural calamities, riots, protests, etc.
ICICI Lombard Bike Insurance:
- ICICI Lombard is India’s largest insurance company known for their brand and service. They have sold over 11 million policies with over 6 million claim settlements. It was awarded ‘Celent Asia Insurance Technology Award’ for excellent technology integration for customer convenience.
- You can easily get the policy once you purchase online via email immediately. They are the pioneers of this service. You can also have customer support anytime online and repair the vehicle across 3000 garages across the country.
- In a comprehensive two wheeler insurance policy purchased by the company, it provides cover for the expenses incurred due to accident of the owner or driver of the vehicle.
- It provides reimbursement of the hospital expenses and if the insured driver dies, then the nominee will be eligible to receive the death benefit as mentioned in the policy.
- ICICI Lombard policy also covers legal liability that arises due to third-party accident death, permanent disability or damage to the property.
- The policy also provides you the cover for replaced parts after repair due to own damage/natural calamities, theft, etc.
HDFC Ergo Bike Insurance:
- HDFC is a renowned brand throughout the world for all its products and services. HDFC Ergo provides insurances for various products including bike insurance with over 109 branches in at least 90 cities in India. They have network with over 1600 garages where you can have the technical assistance for the bike in case of damage.
- The company has been awarded with ‘iAAA’ rating which denotes their highest claim paying ability. You can customize your policy at any of their branches. HDFC Ergo has ISO (International Organisation for Standardisation) certification for the customer service, quick issuance of the policy and uniformity of information in all their branches.
- HDFC Two wheeler policy provides cover legal liability that arises due to third-party accident death, permanent disability or damage to the property.
- The comprehensive policy by HDFC Ergo provides personal accidental cover up to Rs.1 Lakh for the owner of the two wheeler in case of accidental death and permanent disability.
- The company provides cover for the insured two wheeler against own damage, burglary, theft, natural calamities, riots, protests, earthquake, etc.
TATA AIG Bike Insurance:
- TATA AIG is a collaboration between Tata Group and American International Group (AIG) that came into force on 22 January, 2001. The company has won millions of hearts through their range of products and services over the years.
- The company has over 152 branches spread across many cities in the country. It provides some exclusive benefits to the customer like, 6 month warranty on accidental repairs, free pickup facility of the vehicle in case of accident, etc.
- Along with third-party cover the company offers benefits on add-on packs like daily allowance, return invoice, depreciation reimbursement, no-claim bonus protection, key replacement, etc.
- Its unique benefit also provides cover for personal belongings that was in the vehicle during a mishap or accident. One can apply for claim settlements online and the company will clear the request within 7 days of the application.
- Usually the company covers for total loss or damage of the bike during accident along with third party liability; but in exceptional cases TATA AIG provides only partial cover for the damage. Refer the document carefully for more details.
New India Assurance Bike Insurance:
- New India Assurance is a government owned company that operates in over countries with a global business valued over Rs.16, 000 crore. They have network with over 150 plus garages across the country.
- It is the company in India to be given an ‘A’ rating by A.M. Best Company (A USA based rating agency that focuses on the insurance company performances), along with several other ratings that indicates its degree of financial power to solve problems of the policyholders.
- It provides compensations for legal liability that arises due to third-party accident death, permanent disability or damage to the property.
- The comprehensive policy by the company provides personal accidental cover for the owner/driver of the two wheeler in case of accidental death and permanent disability.
- The company provides cover for the insured bike against own damage, burglary, theft, natural calamities, riots, protests, earthquake, etc.
With this information that suffices all your queries about which insurance to buy at what cost and by whom. For more information on these insurance providers, visit their websites or you can also search on third party websites to make more informed decision.