Two-wheeler insurance is mandatory in India, and for good reason. It protects you from financial losses in the event of an accident, theft, or damage to your bike. With so many bike insurance companies to choose from, it can be difficult to know which one is right for you.
we will take a look at the top five best bike insurance companies in India in 2023, based on factors such as claim settlement ratio, customer service, and product offerings. We will also provide some tips on how to choose the right bike insurance policy for your needs.
Top 5 Best Bike Insurance Companies in India in 2023:
- Bajaj Allianz General Insurance Company Limited
- HDFC ERGO General Insurance Company Limited
- Tata AIG General Insurance Company Limited
- Oriental Insurance Company Limited
- New India Assurance Company Limited
Bajaj Allianz General Insurance Company Limited:
Bajaj Allianz General Insurance Company Limited is one of the leading general insurance companies in India. It offers a wide range of bike insurance products, including comprehensive bike insurance, third-party bike insurance, and personal accident insurance for riders. Bajaj Allianz has a strong network of cashless garages across India, making it easy for customers to get their bikes repaired in the event of an accident.
HDFC ERGO General Insurance Company Limited:
HDFC ERGO General Insurance Company Limited is another leading general insurance company in India. It offers a wide range of bike insurance products, including comprehensive bike insurance, third-party bike insurance, and personal accident insurance for riders. HDFC ERGO is known for its quick and hassle-free claim settlement process.
Tata AIG General Insurance Company Limited:
Tata AIG General Insurance Company Limited is a joint venture between Tata Sons and American International Group (AIG). It offers a wide range of bike insurance products, including comprehensive bike insurance, third-party bike insurance, and personal accident insurance for riders. Tata AIG is known for its innovative products and services.
Oriental Insurance Company Limited:
Oriental Insurance Company Limited is a public sector general insurance company. It offers a wide range of bike insurance products, including comprehensive bike insurance, third-party bike insurance, and personal accident insurance for riders. Oriental Insurance is known for its affordable premiums and wide range of add-on covers.
New India Assurance Company Limited:
New India Assurance Company Limited is another public sector general insurance company. It offers a wide range of bike insurance products, including comprehensive bike insurance, third-party bike insurance, and personal accident insurance for riders. New India Assurance is known for its strong financial position and wide network of cashless garages.
How to Choose the Right Bike Insurance Policy:
When choosing a bike insurance policy, there are a few factors that you should consider:
- Type of coverage: There are two main types of bike insurance policies: comprehensive bike insurance and third-party bike insurance. Comprehensive bike insurance provides the most comprehensive coverage, including coverage for damage to your own bike, third-party liability, and personal accident insurance for riders. Third-party bike insurance only provides coverage for third-party liability.
- Sum insured: The sum insured is the amount that the insurance company will pay you in the event of a total loss to your bike. It is important to choose the right sum insured, so that you are adequately compensated in the event of a loss.
- Add-on covers: Add-on covers are additional benefits that you can purchase with your bike insurance policy. Some popular add-on covers include zero depreciation cover, engine protection cover, and roadside assistance cover.
- Premium: The premium is the amount that you pay to the insurance company for your bike insurance policy. Premiums vary depending on the type of coverage, the sum insured, and the add-on covers that you choose.
Conclusion:
Choosing the right bike insurance policy is important to protect yourself from financial losses in the event of an accident, theft, or damage to your bike. We recommend that you compare bike insurance policies from different companies before making a decision. You can use an online bike insurance comparison portal to compare policies from different companies side-by-side.
