If you own a bike, it’s important to have good insurance to protect it. But with so many options in India, picking the best one can be tricky. You might want low prices, fast claim settlements, or extra coverage. In this blog, we will show you some of the top bike insurance companies in India and explain what makes them great. This will help you choose the right insurance for your bike. Let’s get started!
List of Top 10 Bike Insurance Companies in India
1. Bajaj Allianz Bike Insurance
- Founded Year: 2001
- Cashless Garages: 4500+
- Claim Settlement Ratio: 98.61% (FY 2022-23)
- Key Features: Promotes digitalization, offers customised plans.
Known for: Bajaj Allianz is well-known for offering a wide range of insurance covers and a very high claim settlement ratio. Their reliability has made them a top choice for bike owners who want trustworthy and effective insurance coverage.
2. TATA AIG Bike Insurance
- Founded Year: 2001
- Cashless Garages: 7500+
- Claim Settlement Ratio: 98.02% (FY 2022-23)
- Key Features: 24/7 customer support, easy-to-follow mobile app process.
Known for: TATA AIG offers easily accessible services and has a customer support team available 24/7. Their helpful team ensures that you can always get the advice and assistance you need for your bike insurance.
3. IFFCO Tokio General Insurance
- Founded Year: 2000
- Cashless Garages: 4300
- Claim Settlement Ratio: 96.44% (FY 2022-23)
- Key Features: Smart phone enabled self-inspection feature, claim settlement within 4* hours.
Known for: IFFCO Tokio is known for its 24-hour customer service. Whenever you require assistance, they offer great help and hence managing your two wheelers insurance requirements becomes very easy.
4. Future Generali India Insurance
- Founded Year: 2006
- Cashless Garages: 3500+
- Claim Settlement Ratio: 94.86% (FY 2022-23)
- Key Features: Active renewal reminders, and 24/7 customer support.
Known for: Future Generali offers many add-ons to enhance your policy, along with outstanding customer service. This combination ensures that you get a personalized insurance experience and reliable support.
5. Cholamandalam MS General Insurance
- Founded Year: 2001
- Cashless Garages: 6912+
- Claim Settlement Ratio: 93.78% (FY 2022-23)
- Key Features: Zero documentation, easy and fast claim settlement process.
Known for: Cholamandalam MS has a comprehensive range of insurance schemes and has a good claim settlement ratio. This gives them the status of a dependable and effective insurer, providing the feeling of security to the bike owners.
6. Royal Sundaram General Insurance
- Founded Year: 2001
- Cashless Garages: 4600+
- Claim Settlement Ratio: 92.66% (FY 2022-23)
- Key Features: Instant claim assistance, one-time payment assistance
Known for: Royal Sundaram is known for its quick and easy claims process. This means you won’t have to wait long to use your insurance after an incident.
7. HDFC Ergo General Insurance
- Founded Year: 2002
- Cashless Garages: 2000+
- Claim Settlement Ratio: 91.23% (FY 2022-23)
- Key Features: 24/7 roadside assistance, instant paperless policy
Known for: HDFC Ergo offers affordable add-on covers that allow you to customize your insurance according to your needs. This makes it a budget-friendly option while still providing solid coverage.
8. The New India Insurance
- Founded Year: 1919
- Cashless Garages: 1173+
- Claim Settlement Ratio: 91.99% (FY 2022-23)
- Key Features: Wide range of customisable insurance products, hassle-free claim assistance.
Known for: The New India Insurance offers a wide variety of coverage options, including unlimited liability for third-party injury or death. Their extensive coverage makes them a great choice for bike insurance.
9. The Oriental Insurance Company
- Founded Year: 1947
- Cashless Garages: 3100+
- Claim Settlement Ratio: 90.18% (FY 2022-23)
- Key Features: Gives discount on premiums, the benefit of No Claim Bonus.
Known for: The Oriental Insurance Company offers a variety of plans and coverage options, helping you find the best fit for both your bike and your budget. Their flexible plans ensure your needs are met.
10. SBI General Insurance
- Founded Year: 2009
- Cashless Garages: 16000+
- Claim Settlement Ratio: 89.51% (FY 2022-23)
- Key Features: Custom insurance products, mobile app, and WhatsApp-enabled process.
Known for: SBI General makes buying or renewing your two-wheeler insurance easy and convenient. They are a trusted choice for both first-time buyers and those renewing their policies.
Disclaimer: Insuranceguruji.in does not endorse, rate, or recommend any particular insurance company or products.
How to Choose the Best Bike Insurance Companies in India?
1. Claim Settlement Ratio
The claim settlement ratio shows how many claims are settled by the company. A higher ratio means the company is more dependable, which boosts your chances of getting your claim approved. It’s a good idea to pick an insurer with a solid track record of settling claims.
2. Network of Cashless Garages
The best bike insurance company should have a wide network of cashless garages. This lets you get your bike fixed without paying upfront, as the insurer handles the bill. It’s worth checking if garages in your area are part of the company’s network.
3. Reputation in The Market
A company’s reputation shows how trustworthy it is and how good its services are. Look at customer reviews and ratings online to see if people are happy with it. Choosing a well-known and trusted company is usually a better option.
4. Availability of a variety of add-on covers
Add-on covers are extra protection for your vehicle such as zero depreciation, engine protection, or roadside assistance. A good insurer offers different add-ons to customize your policy. Ensure you choose the company that will provide the cover you need.
5. Licenced by The IRDAI
The Insurance Regulatory and Development Authority of India approves and regulates insurers. Always make sure the company is IRDAI-licensed, as that ensures it has followed legal rules and provides quality services.
6. Support Team
A support team that quickly answers questions and claims helps handle them fast. The company should make it easy to get in touch by phone, email, or chat. Good customer support leads to a smooth experience.
Conclusion
Choosing the best bike insurance company is important to keep your bike and finances safe. Look for a company with a good claim settlement ratio, a wide network of cashless garages, and strong customer support. Always check if the company is licensed by the IRDAI and offers useful add-ons. So if you want to buy bike insurance online, visit Square Insurance to compare different options in one place.
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