Best Bike Insurance Companies

How to Choose the Best Two Wheeler Insurance Company in India for your Needs?

There is no one bike insurance company which is the best for all individuals as the requirement of each individual is different. For some individuals, a bike insurance company which has a wider network of cashless garages is the best, while for others the Two Wheeler insurer which features the highest claim settlement ratio is the best. Thus, there are a number of parameters for finding the best insurance company for bikes in India for your needs. Followings are the factors which you must consider when choosing a best online bike insurance company in India:

1. Claim Settlement Ratio

The claim settlement ratio is the percentage of claims settled by a Two Wheeler insurance company out of the total number of claims received by it in a financial year. The higher the claim settlement ratio, the better it is. Thus, you should choose a bike insurance company with a good claim settlement ratio.

2. Network of Cashless Garages

Every Two Wheeler insurance company maintains a network of garages at which it allows cashless claim facilities. While choosing a bike insurance company, it is important to check which all garages (especially the ones in your locality) are a part of the insurer’s network.

3. Availability of Add-on Covers

Two-wheeler Insurance add-on covers are the extra covers which can be opted with own-damage and comprehensive Two Wheeler insurance plans to extend the coverage of a standard bike insurance plan. These add-ons are available against the payment of a nominal premium. You must check if the insurance company chosen by you offers the add-on covers which you want to add to your standard Two Wheeler insurance plan.

4. Customer Support Service

Another important factor to consider while choosing a Two Wheeler insurance company is the availability and quality of the customer support services offered by it. You should choose a company which offers 24*7 customer support. This helps in the easy resolution of your queries and provides you with timely assistance when required.

Types of Two-Wheeler Insurance Plans Offered By Different Insurers

There are 3 types of Bike Insurance plans which are offered by different companies.

1. Third Party Bike Insurance

According to Motor Vehicles Act 1988, this is an essential and mandatory insurance plan. Every bike owner must have a third-party bike insurance plan in order to cover the financial losses incurred due to property damage or injuries, disability, harm caused to another person from their bike. Maximum coverage for property damage is Rs.7.5 lakh. Whereas in case of bodily injuries/death, the liability is unlimited at the part of the insurance company, however, the compensation is decided by a court of law.

2. Standalone Own Damage Cover

This insurance policy covers the losses or damages which are caused to your bike due to accident, natural calamity,fire etc. To get an all-round coverage for your bike, you can opt for the own damage cover along with the third party liability cover. You can also opt for various add-ons along with your own damage cover to customize your insurance policy.

3. Comprehensive Two-Wheeler Cover

Comprehensive bike insurance strengthens the bike insurance coverage as it is a package policy which offers coverage for both third-party liability as well as own damage cover.

What Does Your Bike Insurance Covers?

The coverages offered in different bike insurance plans are as follows: