Best Bike Insurance Companies in India

Check the list of some of the best bike insurance companies, their plans, coverages, and premiums.
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Best Bike Insurance Companies in India
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3 mins
20 October 2023

If you are a bike enthusiast or a daily commuter, you understand the importance of securing your two-wheeler with the best bike insurance in India. Having the right insurance policy is not just a legal requirement but also a prudent way to safeguard your bike from unexpected mishaps. In this comprehensive guide, let us delve into the world of bike insurance in India, covering the best two-wheeler insurance providers and helping you make an informed choice.

List of top bike insurance companies in India

Here are some of the best bike insurance companies in India that offer bike insurance at affordable premiums.

Bajaj Allianz General Insurance

Bajaj Allianz General Insurance is a prominent name in the Indian insurance sector. They offer a wide range of insurance products, including bike insurance. Bajaj Allianz is known for its comprehensive two-wheeler insurance policies that cover a gamut of risks. The company has 6,500+ network garages across the country, providing efficient and accessible support to policyholders.

ACKO General Insurance

ACKO General Insurance is a digital-first insurance provider that has gained popularity for its hassle-free and customer-centric approach. One of its core strengths is its user-friendly online platform, which allows policyholders to purchase, renew, and file claims with ease. ACKO offers both third-party and comprehensive two-wheeler insurance policies. Their commitment to customer satisfaction and competitive pricing makes them a top choice for many bike owners.

HDFC ERGO General Insurance

HDFC ERGO General Insurance is a trusted name when it comes to insurance in India. Their two-wheeler insurance policies are well regarded for their comprehensive coverage and prompt claims settlement. With a strong presence and a commitment to customer service, HDFC ERGO has won the trust of many bike owners in India.

ICICI Lombard General Insurance

ICICI Lombard General Insurance is another reputable insurance provider in the Indian market. They offer a variety of two-wheeler insurance plans, including add-on options for enhanced coverage. ICICI Lombard has a wide network of 6,000+ garages for cashless claims settlement, making it a convenient choice for policyholders.

SBI General Insurance

SBI General Insurance, a subsidiary of the State Bank of India, is known for its reliability and financial stability. They provide two-wheeler insurance policies with various coverage options. As a part of the SBI Group, policyholders benefit from 6,600+ network garages, where they can get cashless services. SBI General Insurance offers both comprehensive and third-party two-wheeler insurance policies.

Here’s a quick view at the best two-wheeler insurance companies premium at Bajaj Finance Insurance Mall:

Bike insurance plans

Premiums starting at

ACKO Bike Insurance

Rs. 702*

Bajaj Allianz Two-wheeler Insurance

Rs. 824*

HDFC ERGO Two-wheeler Insurance

Rs. 538*

ICICI Lombard Two-wheeler Insurance

Rs. 588*

SBI General Two-wheeler Insurance

Rs. 753*


Key considerations for choosing the right bike insurance company in India

When selecting best bike insurance company in India, you should pay attention to several crucial factors:

  • Coverage options: Ensure the insurer offers comprehensive coverage for your bike, including third-party liability, own damage, and add-on options like personal accident cover.
  • Claim settlement ratio: A higher claim settlement ratio indicates the company's reliability in settling claims quickly and efficiently.
  • Customer service: Prompt and responsive customer service is essential for hassle-free claims and assistance.
  • Premium costs: Compare premium rates to find the best value for your coverage needs.
  • Policy features: Look for additional benefits like no-claim bonus, cashless servicing, and network garages.
  • Reviews and reputation: Read customer reviews and assess the company's reputation for customer satisfaction.
  • Online convenience: Opt for an insurer with a user-friendly website for easy policy management and renewal.

Different types of two-wheeler insurance plans

When it comes to insuring your bike in India, you have several options to choose from. These are the main types of two-wheeler insurance plans:

Third-party two-wheeler insurance

Third-party two-wheeler insurance is the minimum legal requirement for all vehicles in India. It covers damages or losses incurred by a third party due to an accident involving your bike. This includes injury or death of a third party and damage to their property. While it provides essential coverage, it does not protect your own bike.

Own damage insurance

Own Damage (OD) insurance covers the expenses incurred for repairing or replacing your bike due to accidents, theft, natural calamities, and more. This type of insurance only covers the damages of your own vehicle and does not cover third-party damages. You can opt for this standalone OD policy if you have third-party bike insurance in place.

Comprehensive two-wheeler insurance

A comprehensive bike insurance policy is the most popular choice among bike owners in India. It provides the broadest coverage, including protection for your bike against accidents, theft, natural disasters, and third-party liabilities. This type of insurance comprehensive solution that combines third-party and own damage protection.

What are the coverages offered in different types of bike insurance plans

Here’s a look at the coverages offered by different bike insurance plans:

Coverage options

Comprehensive bike insurance

Third-party bike insurance

Own damage bike insurance

Damages caused to your own vehicle

Yes

No

Yes

Third-party damages cover

Yes

Yes

No

Two-wheeler theft cover

Yes

No

Yes

Damages caused to your vehicle from natural calamities or man-made activities

Yes

No

Yes

Personal accident cover (if opted)

Yes

Yes

Yes

Option to avail add-on covers

Yes

No

Yes


How to choose the best bike insurance policy?

Selecting the best bike insurance policy requires careful consideration of your needs and preferences. Here are some steps to help you make an informed decision:

Assess your coverage requirements:

Understand your specific needs. If you want complete protection, a comprehensive policy is the way to go. If you have budget constraints, consider a third-party policy with additional add-ons.

Compare policies:

Get quotes and compare policies from multiple insurance providers. Look at the coverage, premium, and add-ons offered. This comparison will help you find the best deal.

Also check: Compare bike insurance

Check the claim settlement process:

Research the claim settlement process of the insurance companies you are considering. Choosing a bike insurance company that offers a smooth and hassle-free claims process is crucial.

Evaluate the network of garages:

If you prefer cashless claims, check if the insurance provider has a broad network of garages where you can get your bike repaired without making upfront payments.

Read customer reviews:

Customer feedback can provide valuable insights into the quality of service offered by insurance providers. Look for reviews and testimonials from other policyholders.

Consider the premium:

While it is essential to get comprehensive coverage, the premium should also be within your budget. Find a balance between coverage and cost.

Add-ons:

Some insurance providers offer a range of add-on coverages that can enhance your policy. Consider whether you need any of these additional protections.

Customer service:

Good customer service is essential, especially when you need to file a claim. Check the reputation of the insurance provider in terms of customer support.

Policy renewal process:

Review the ease of policy renewal and any discounts offered for renewing with the same company.

Also Check: How to Claim Bike Insurance

How to apply for bike insurance online?

You can apply for some of the best two-wheeler insurance online without any paperwork at Bajaj Finance Insurance Mall. Here’s a step-by-step guide to apply for the two-wheeler insurance.

Step 1: Click here to visit our online application form.
Step 2: Fill in the details of your two-wheeler, such as the type, registration number, and PIN code, and click on Get Quote.
Step 3: Choose the IDV, NCB value, optional add-on covers, and plan type for your third-party two-wheeler insurance.
Step 4: Select the owner-driver personal accident cover as mandated by the RTO and proceed to the next step.
Step 5: Confirm the vehicle registration date and previous policy type (Comprehensive/third-party).
Step 6: Provide your personal details such as name, date of birth, residential address, contact number, and previous insurance policy details.
Step 7: Review the details entered and make the payment through your preferred online payment mode.

Follow these simple steps to apply for two-wheeler insurance. Stay protected against liabilities arising due to third-party property damage or injury caused by your vehicle.

In conclusion, choosing the best bike insurance policy in India is a critical decision for every bike owner. Choose the best bike insurance plan based on your needs and budget. Take your time to research and compare policies, and do not hesitate to seek expert advice if necessary. With the right policy in place, you can enjoy your rides with peace of mind, knowing that you are prepared forthe unexpected.

Also, check

Frequently asked questions

Which bike insurance is the best to buy?

The best bike insurance for you depends on your specific needs. You can choose between a first-party bike insurance or a third-party bike insurance. A first-party bike insurance provides coverage against damages to your bike caused by natural calamities, theft, fire, and accidents. While a third-party bike insurance covers damages caused to a third-party due to an accident involving your bike. Evaluate your needs and choose the best option for you.

Which is the best bike insurance company?

There are several bike insurance companies in the market. It is important to choose a reputable and reliable insurance company that offers quality service and reliable insurance products. You can compare different bike insurance companies and read customer reviews to help you make an informed decision. Consider factors like the premium, coverage offered, claim settlement process, and customer support.

Can I transfer my bike insurance to a new insurance company?

Yes, you can transfer your bike insurance to a new insurance company. However, you need to follow the process set by the new insurance company. You will have to submit the required documents and follow the transfer process. It is important to note that transferring your bike insurance does not affect your policy benefits.

How can I find the top bike insurance company in India?

To find the top bike insurance company in India, you should consider the company's reputation, range of coverage, pricing, customer service, add-on options, financial stability, and more. You can research online, read reviews, compare coverage, and get recommendations from other bike owners.

Can I switch my bike insurance provider in India?

Yes, you can switch your bike insurance provider in India at the time of policy renewal. It is recommended to compare the coverage, pricing, and benefits of different insurance providers and make an informed decision.

Can I ride a bike without insurance?

No, it is illegal to ride a bike without insurance in India. A valid insurance policy is mandatory for all vehicles plying on the roads, including two-wheelers.

Is having a third-party insurance enough for police checking?

Yes, third-party insurance is mandatory and is enough to show to the police for checking purposes. It covers the liability of damage or injury caused to a third party during an accident involving your vehicle. However, it is always recommended to have comprehensive insurance that covers damages to your vehicle as well.

Which are the affordable bike insurance providers in India?

There are several affordable bike insurance providers in India, including ICICI Lombard, Tata AIG, Bajaj Allianz, HDFC ERGO, and Reliance General Insurance. The cost of insurance may vary based on the make and model of the bike, the age of the bike, and the customer's driving history.

What are the two-wheeler insurance regulations in India?

Two-wheeler insurance regulations in India require all bike owners to have at least third-party insurance, which provides coverage for damages or injuries caused to a third party. Additional insurance options include comprehensive coverage, which protects the policyholder's bike in case of damage or loss due to theft, fire, or natural disasters.

Which bike insurance company has the highest claim settlement ratio?

The claim settlement ratios may also vary based on subjective factors such as the type of policy, the age of the bike, and the insurance premium paid by the policyholder. Therefore, it is always advisable to check the relevant details with the insurer before making a purchase.

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Disclaimer

Bajaj Finance Ltd. (BFL) is merely a distributor of third party products from Assistance Services providers such as CPP Assistance Services Pvt Ltd, Bajaj Finserv Health Ltd.(BFHL), AWP Assistance India Pvt. Ltd. (Allianz), Doc Online Health India Pvt Ltd. etc. Issuance of the product is at sole discretion of Assistance Company or Services provider . The product and services or benefits assured under the product shall be governed by respective partner’s product T&C’s and BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. Your purchase of an assistance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any product. For more details on terms and conditions, inclusions and exclusions please read the product sales brochure carefully before purchase or subscription. All product information such as membership fees, benefits, exclusions, value added services, etc. are authentic and solely based on the information received from the respective value added service provider or Assistance company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.