Top Bike Insurance Companies in India

Bike insurance is compulsory in India. Several insurance companies offer bike plans and add-ons for safety purposes. However, choosing one appropriate policy that fits your needs and affordability can become confusing. 

The right guidance will help you choose a reliable insurance company based on your needs and budget. Here is a list of the top 10 bike insurance companies to help you make insurance purchase decisions. 

Types of Bike Insurance

Based on coverage, bike insurance has three types. Understanding them will guide you in making the right selection that fits your needs. These types are as follows:

1. Third-party bike insurance: 

Third-party insurance protects against legal and financial liabilities to third parties. Bike owners must buy at least third-party bike insurance under the Motor Vehicle Act 1988. The premium for third-party insurance is relatively cheaper. 

2. Own damage cover:

This type of bike insurance gives coverage to the bike and its owner. Own damage cover is not compulsory, but advisable to that financial losses that occur with your bike. At the time of the theft, fire, accident, or natural calamities, the insured gets financial coverage from the insurer.

3. Comprehensive bike cover: 

This insurance type is a combination of both insurance plans. Insured and third party, both get covered under a comprehensive bike cover plan. 

List of Top 10 Bike Insurance Companies

Here, is the list of top 10 bike insurance companies along with their cashless garage, claim settlement, and some key features. 

Bike Insurance Company	Cashless Garage	Claim Settlement Ratio (as in FY 2022-23)	Key Features
IFFCO Tokio General Insurance	4300	96.44%	24-hour customer service.
HDFC Ergo General Insurance	2000+	91.23%	Provide pocket-friendly add-ons to the customer.
Royal Sundaram General Insurance	4600+	92.66%	Easy and time-saving claiming process.
The Oriental Insurance Company	3100+	90.18%	The availability of several plans gives scope to make the right selection of plans.
Future Generali India Insurance	3500+	94.86%	They offer affordable add-ons with good customer service.
SBI General Insurance	16000+	89.51%	SBI has made renewal and first-time purchases much more convenient for buyers.
TATA AIG Bike Insurance	7500+	98.02%	Customer service support is available 24/7 to make the experience more convenient.
Bajaj Allianz Bike Insurance	4500+	98.61%	With a high claim settlement ratio and a variety of insurance coverage, this company is one of the favorite insurance companies among purchasers.
The New India Insurance	1173+	91.99%	Provides unlimited coverage for death and injury of third parties.
Cholamandalam MS General Insurance	6912+	93.78+	A high claim settlement ratio makes the experience of customers hassle-free.

 

1. IFFCO Tokio General Insurance 

It was established in the year 2000. This company is the first one to bring Bima Kendra to promote insurance purchases in rural areas. It is widespread in tier 2 and 3 cities as well.

2. HDFC Ergo General Insurance

It was established in 2002. This insurance company came into existence after a merger between HDFC and ARGO International company. It provides 100% digital buying experience. 

3. Royal Sundaram General Insurance

This is the first private sector general insurance company to get licensed by IRDA in the year 2000. 

4. The Oriental Insurance Company

This company started working as a subsidiary of Oriental Government Security Life Assurance Company. In the year 2003, it was owned by the central government. It has an exceptional incurred claim ratio of 139.86%.

5. Future Generali India Insurance

This company was formed due to the merger of the Future Group and Generali Participations Netherlands in the year 2007. This collaboration leads to international experience and local-level awareness of the insurance company.

6. SBI General Insurance

This company was founded in 2009 but starte functioning in the year 2010. It provides a variety of insurance products starting from automobiles to marines. 

7. TATA AIG Insurance Company

This bike insurance company was establishe in 2001. Famous for accessible customer support service, it has become popular among customers in the last few years.

8. Bajaj Allianz Bike Insurance

It is a joint venture between two companies, named Bajaj Finserv Limited and Allianz . It was introduced in the year 2001.

9. The New India Insurance

It was incorporated and owned by the government of India in 1919. It provides unlimited liability for death and injury to third parties.

10. Cholamandalam MS General Insurance

It is a joint venture between the Murugappa Group and the Mitsui Sumitomo Insurance Group in the year 2001. The motto of this company is T3- Transparency, Trust, and Technology.

How to Choose the Best Bike Insurance Company?

It is not possible to tag one insurance company as the best bike insurance company. Some customers may prefer a company with a high claim-settling ratio but other customers can go for cashless garage availability. Still, we need to consider some of the factors before purchasing bike insurance which are as follows:

• Claim settlement ratio

It is the ratio between claims settled out of the claim received by the insurance company. A higher percentage reflects more efficiency of the firm in settling its claim.  

• Add-ons

It refers to the additional benefits you can add to your existing bike insurance plan to increase your financial coverage during times of uncertainty. Add-ons include personal assistance coverage, engine protection, zero depreciation coverage, and many more. 

• Cashless Garage 

A cashless claim facility is provided at the network garage of the insurance company. It must be easily approachable by the customers. 

• Customer Service

The customer wants their query resolve as quickly as possible. Therefore, 24/7 customer service is a crucial factor that influences the insurance purchase decision. 

Conclusion 

Selection of the suitable insurance company is based on your preference and priority. Factors including affordability, services offere, and customer rating affect such decisions. You can use the given data to compare and conclude your decision in the best possible way before buy bike insurance plan. 

FAQs

Is it possible to change my insurance company?

Yes, you can change your insurance company at the time of renewal.

What is a cashless garage?

It is a service center that provides repair services to the customers. Payment for repair is made by the insurance company to the garage. 

How to calculate the claim settlement ratio?

The formula for the calculation of the claim settlement ratio is:

Total number of claims settled/ total number of claims received * 100

What are the factors affecting the selection of a bike insurance company?

There are mainly four factors that you should consider before buying your next bike insurance plan. These are as follows:

• Claim settlement ratio
• Add-ons
• Cashless Garage 
• Customer Service