Best Bike Insurance Company In India 2024

Buying a bike insurance policy is extremely crucial for all bike owners in India. As per the Motor Vehicles Act, 1988, it is mandatory to have at least a basic third-party bike insurance policy in place before you take your bike on the road. However, the basic third party policy may not provide adequate coverage to safeguard you from financial liabilities arising from accidents, damage or theft of your bike. This makes choosing the best bike insurance company in india is extremely important.

But with so many bike insurance companies in India, how do you determine which one is the best for your specific needs and budget? This detailed guide will provide you with a comprehensive understanding of bike insurance in India and help you identify and choose the best bike insurance company for optimally protecting your beloved two-wheeler.

What Is Bike Insurance?

Bike or two-wheeler insurance is a contract between the insurance company and the bike owner that provides financial protection against any damage or loss to the insured bike and liabilities arising from an accident. Based on the terms and coverage opted for, the insurance company compensates the insured for expenses incurred during any unfortunate event involving the insured bike.

Key types of bike insurance policies in India:

Third Party Bike Insurance

Covers liabilities arising due to damage caused by the insured bike to a third party individual.

Comprehensive Bike Insurance

Provides wider coverage than third party insurance. Along with coverage for third party liability.

Why Is Bike Insurance Important?

Buying adequate bike insurance coverage is extremely important because:

• It’s legally mandatory – Third party bike insurance is mandated by the Motor Vehicles Act, 1988. Driving uninsured can lead to penalties of up to Rs 2000 along with the possibility of your license getting suspended.
• Protects from heavy financial losses – Bike repairs or replacements in the event of damage can be very expensive. Opting for a comprehensive cover helps cushion the financial impact of such unfortunate incidents.
• Safeguards from third party liabilities – Any accident caused due to your bike can lead to major third party liabilities in terms of property damage and bodily injury. Insurance helps cover these liabilities.
• Add-on covers for wider protection – Add-ons like zero depreciation and NCB protection help further boost financial protection for your bike.
• Hassle-free claims process – The claims process is taken care of by the insurance company, saving you from paperwork and running around during stressful times.
• Peace of mind – The right insurance policy gives you peace of mind by protecting your valuable asset at all times.

What Does Your Bike Insurance Cover?

The coverage offered by your bike insurance policy depends on the type of policy opted for.

Third party bike insurance

It covers the below liabilities arising from an accident caused by your bike:

• Bodily injury or death of a third party individual – Covers death, treatment costs and disability arising from an accident. The current limit as per regulations is Rs 1 lakh per person for two-wheelers.
• Property damage of the third party – Covers property damage cost caused by your bike to a third party. The limit is up to Rs 1 lakh.

Comprehensive bike insurance

Along with the above third party coverage, it covers own damage caused to your bike due to:

• Accidents
• Natural disasters like floods, storms, earthquakes etc.
• Man-made disasters like riots, strikes, terrorist activities etc.
• Theft – Covers the insured declared value or market value of the bike (whichever is lower) in case of theft.
• Fire, explosion or self-ignition – Covers damage to the bike from fire within premises or on the road.
• Transit damage – Covers damage while the bike is being transported via rail, road, lift or elevator.

Additionally, comprehensive policies also cover accessories fitted by the manufacturer like electrical accessories, CNG/LPG kits, bi-fuel systems etc.

Add-on covers – If opted for, add-ons like zero depreciation, engine and gearbox protection, NCB protection etc. further enhance the overall bike insurance coverage as per their terms.

Key Features And Benefits Of Bike Insurance

Liability-only third party cover – Legally mandatory cover to protect from third party liabilities resulting from an accident

• Own damage protection – Protects your bike from damages due to accidents, theft, disasters etc. under a comprehensive policy.
• Cashless garage network – Over 4000+ cashless garages across India for hassle-free repairs.
• Instant policy issuance – Get your policy copy instantly on your email upon purchase completion.
• Add-on covers – Enhance protection with add-ons like zero depreciation, invoice protection etc.
• No Claim Bonus – Get up to 50% discount on own damage premium for claim-free years.
• 24×7 customer support – Assistance via call, email, chat etc. for any policy queries or claims support.

What Are The Different Types Of Bike Insurance Policies?

The main types of bike insurance policies in India are:

Third Party Bike Insurance

• Only covers liabilities arising from damage caused to a third party
• Does not cover any own damage to your bike
• Legally mandatory as per the Motor Vehicles Act

Comprehensive Bike Insurance

• Covers third party liabilities (same as third party policy)
• Additionally covers own damage caused to your bike due to accident, disaster, theft etc.
• Provides wider and optimal protection

Long Term Bike Insurance

• Available for third party and comprehensive policies
• Single multi-year policy for 2 or 3 years instead of annual renewals
• Offered at discounted premiums compared to single-year policies

Group Ride Insurance: Single policy covering an entire group of bikes

• Suitable for biking clubs, tour operators etc.
• Flexibility to add/remove bikes anytime as per group size

Difference Between Third-Party Insurance and Comprehensive Insurance Policy

A key difference in third party and comprehensive bike insurance is the scope of coverage provided by each type of policy:

Third Party Bike Insurance

• Covers only legal liabilities arising from damage caused by your bike to a third party person or property.
• Offers limited protection – does not cover any own damage to your bike under any circumstances.
• Cheaper premiums compared to comprehensive insurance.
• Legally mandatory minimum level of bike insurance in India.

Comprehensive Bike Insurance

• Covers third party liabilities just like third party policy.
• Additionally covers own damage to your bike arising from accidents, disasters, thefts etc.
• Provides optimal protection for your bike.
• Premiums are higher due to wider coverage.
• Highly recommended for comprehensive protection if your bike is new or of high value.

Comprehensive insurance provides complete all-round protection by covering both third party legal liabilities as well as own damage to your bike. Though premiums are higher, it offers true peace of mind to bike owners by safeguarding their valuable asset optimally.

How to Choose The Right Bike Insurance Company In India?

Follow these tips to buy optimal bike insurance tailored to your specific needs:

• Compare bike insurance quotes – Get quotes from multiple insurers to find the most competitive premium and coverage. Online comparison tools make this quick and convenient.
• Check claim settlement ratio – Choose an insurer with a high claim settlement ratio for assurance of hassle-free claims.
• Evaluate network garages – Look for extensive cashless garage network, especially in your city, for convenient repairs.
• Read policy wordings – Read the fine print to understand inclusions, exclusions, terms and conditions.
• Opt for optimal IDV – Ensure the Insured Declared Value adequately covers your bike’s on-road price to avoid under-insurance.
• Check policy add-ons – Evaluate and opt for suitable add-ons like zero depreciation, NCB protection etc. for enhanced coverage.
• Choose ideal coverage – Based on your bike’s value and driving habits, assess whether third party or comprehensive cover is more suitable.
• Consider discounts – Check for discounts like NCB, anti-theft devices, club memberships etc. to reduce premiums.
• Evaluate online buying – Consider the ease and discounts offered for buying bike insurance online.
• Consider reviews – Check online reviews and testimonials for others’ experiences with the insurance provider.
• Compare customers service – Compare customer service quality in terms of responsiveness, chat/call support etc.
• Assess financial stability – Opt for an established insurer with strong financial performance for credibility and stability.

By evaluating these parameters across potential bike insurers, you can identify the ideal company and policy for your insurance needs.

Factors to Consider Before Choosing the Right Bike Insurance Company

Here are the key factors to consider when choosing a suitable two-wheeler insurance company in India:

Claim settlement ratio

• Opt for an insurer with a high claim settlement ratio.
• Indicates ability to process and approve claims smoothly.
• Check IRDAI claim ratios – above 90% is good.

Cashless garage network

• Wider network, especially in your city, ensures cashless and convenient repairs.
• Check network strength in your location.

Add-ons and discounts

• Compare add-ons like zero depreciation, NCB protection etc.
• Check discounts like NCB, discounts on online purchase etc.

Premium rates

• Compare premium quotes across insurers.
• Balance premiums with coverage – don’t focus only on pricing.

Customer service

• Check reviews and feedback for customer service quality.
• Choose an insurer known for smooth customer experiences.

Financial stability

• Opt for an established player with strong financials.
• Ensures credibility and ability to honor claims.

Ease of policy purchase and management

• Evaluate the insurer’s website and app for convenience.
• Smooth purchase, renewal and claims processes important.

By evaluating these key parameters, you can identify the most suitable two-wheeler insurance provider for your needs.

Types of insurance companies in India

There are several types of insurance companies operating in the Indian market:

Public sector insurers

Examples include National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited. These are owned by the government.

Private sector insurers

These are privately owned insurance companies. Examples include ICICI Lombard, Bajaj Allianz, HDFC ERGO, Tata AIG, Reliance General, IFFCO Tokio, SBI General Insurance, etc.

Standalone health insurers

Specialize only in health insurance products. Examples are Star Health, Apollo Munich Health Insurance and Max Bupa Health Insurance.

Reinsurers

Provide reinsurance support to direct insurance companies. Examples are General Insurance Corporation of India (GIC Re) and Export Credit Guarantee Corporation of India.

Foreign insurers

International insurance companies operating in India through branches or joint ventures. Examples include Chubb, Allianz and XL Group.

Broker firms

Act as intermediaries to sell insurance products of various insurance providers. Examples include PolicyBazaar, Coverfox,insurancepandit etc.

When choosing a two-wheeler insurer, evaluate options across public, private and standalone health insurers to find the optimal product and service quality for your needs.

List of Best Bike Insurance Company in India

Here are some of the leading bike insurance providers in India to consider:

• National Insurance Company Ltd – Leading public sector general insurer with extensive branch network pan-India.
• New India Assurance Company Ltd – One of the largest public sector insurers, established in 1919.
• Oriental Insurance Company Ltd – Public sector insurer with robust financial strength and claim servicing.
• United India Insurance Company Ltd – Provides motor, health and travel insurance with pan-India presence.
• Bajaj Allianz – Leading private insurer with specialized bike insurance plans and attractive add-ons.
• HDFC ERGO – Provides customized bike insurance with cashless claims at over 4000 garages.
• Tata AIG – Offers long-term two-wheeler policies along with standard coverage
• Reliance General – Zero depreciation and other add-ons for comprehensive bike protection.
• IFFCO Tokio – Bike insurance plans with protection for accessories, pillion riders etc.
• SBI General – Competitive premiums and fast claim processing through extensive network.
• ICICI Lombard – Innovative ‘Pay as you Ride’ feature for usage-based insurance.

How to apply for bike insurance policy?

Follow these steps to buy a new bike insurance policy:

1. Decide the type of coverage you need – Third party or comprehensive.
2. Determine the correct Insured Declared Value (IDV) for your bike model.
3. Shortlist insurance providers and compare online quotes across them.
4. Choose the ideal insurer based on premium, coverage, service quality etc.
5. Fill the proposal form completely with personal, bike and coverage details.
6. Take pictures of your bike from all sides and attach along with required documents.
7. Pay the premium online or offline as per your choice.
8. Your insurance policy will be emailed instantly upon successful payment.
9. Insurer may inspect your bike before policy issuance in some cases.
10. Read policy and certificate carefully to verify coverage details.

That’s it! Following these simple steps helps you seamlessly buy optimal bike insurance.

How To Buy Or Renew Bike Insurance Online?

Buying or renewing bike insurance online is very quick and convenient. Here are the key steps:

• Visit insurance provider website or use online aggregator like PolicyBazaar, Coverfox etc.
• Enter your personal and bike details for instant quotes.
• Compare quotes and choose ideal insurer and coverage option.
• Select add-ons if required.
• Fill up the proposal form and upload documents.
• Pay premiums online securely using net banking, cards, UPI etc.
• Receive instant policy copy on registered email address.

To Renew Bike Insurance Online

• Login to your insurer’s website with registered credentials.
• Your existing policy details will be auto-fetched.
• Modify details if required and confirm renewal premium.
• Pay premiums online and download renewed policy copy.

That’s it! The entire process takes less than 10 minutes.

Documents Required to Buy A Bike Insurance Claim

Key documents required when buying a new bike insurance policy:

• Duly filled proposal form with personal, bike and nomination details
• Copy of bike registration certificate (RC book)
• Copy of bike purchase invoice
• Copy of your valid driver’s license
• Proof of existing insurance policy if you are porting your No Claim Bonus
• Proof of identity (Aadhar card/PAN card/passport copy)
• Proof of address

Do remember to self-attest all the documents before submission. Having these documents ready ensures quick processing and issuance of your bike insurance policy.

Bike Insurance Claim Process

Standard steps involved in making a bike insurance claim:

For Third Party Claims

• Inform insurer immediately about the accident and third party damage.
• Submit necessary documents like FIR, repair estimates etc. to the insurer.
• Surveyor inspects damage and submits assessment report to insurer.
• The insurer will either arrange repairs at a network garage or provide settlement payment as per policy terms.
• Once repairs are done, submit the invoice and payment receipt to the insurer.
• The insurer will make the final payment on the claim after verification.

For Own Damage Claims

• Inform the insurer immediately about the own damage to your bike.
• Get your bike towed to the nearest network garage if immobilized after accident.
• Surveyor inspects damage and capture photos of the bike.
• Insurer approves the claim and provides authorization to the garage for repairs.
• Once repairs are completed, the garage sends invoice directly to the insurer.
• You only need to pay the applicable deductible/depreciation amount as mentioned in your policy.
• Insurer settles the remaining payment directly with the garage.

Thus, own damage claims are very convenient through the cashless process. Just ensure it’s an approved network garage.

For Theft Claims

• File a police FIR immediately on bike theft. Inform insurer parallelly.
• Submit FIR copy, original bike keys, RC book copy to the insurer.
• Surveyor verifies claim details and submits final report.
• Insurer approves claim as per terms and conditions.
• Claim settlement payment will be made after all documents are submitted.

For Reimbursement Claims

• In case of repairs at non-network garage, pay the full repair bill and collect payment receipt.
• Inform insurer and submit repair bills, payment proof and required documents.
• Surveyor may inspect bike and verify repair details.
• Once claim approved, insurer reimburses the covered expenses as per policy limits.

Thus by submitting requisite documents and following insurer procedures, you can smoothly initiate and complete your bike insurance claim process.

How to Calculate Bike Insurance Premium?

Bike insurance premium is calculated basis these key factors:

Insured Declared Value (IDV)

• IDV is the insured amount fixed for the bike as per its manufacturer listed price and depreciation.
• IDV should adequately cover your bike’s ‘on road price’.
• A lower IDV than on-road price will lead to under-insurance and higher premiums.

Cubic Capacity (cc)

Premium rates are based on bike’s engine cc. higher the cc, higher is the premium.

Zone

Zone denotes the geographical area you reside in. Zone A and B attract higher premiums than Zone C.

Type of Policy

Comprehensive policies have higher premiums compared to Third Party policies due to wider coverage.

Add-ons

Any add-ons like Zero Depreciation, PAI cover etc. added to your base policy will increase premiums.

No Claim Bonus

• NCB discount of up to 50% on own damage premium for claim-free years.

Accurately providing these details ensures your optimal bike insurance premium calculation. Use online premium calculators for quick reference.

Factors Affecting Bike Insurance Premium

Some key factors impacting your bike insurance premiums include:

• Cubic capacity (cc) – Premium increases with higher cc bikes due to higher repair costs.
• Insured Declared Value – Higher the IDV, higher is the premium. Understating IDV reduces premium unlawfully.
• Geographical zone – Zone A and B cities attract higher premiums than Zone C.
• Add-ons like zero depreciation increases premiums but offer added covers.
• Policy tenure – Long term plan of 2-3 years have lower premium than single year plan.
• Age of the bike – Premiums are lower for new bikes and increase with the bike’s age.
• No claim bonus – Tenure of claim-free years reduces premiums through NCB up to 50%.
• Model and make – Premium varies based on the bike’s brand and model.

Considering the above factors, you can take measures to optimize your bike insurance premiums during policy purchase.

Add-On Covers For Bike Insurance Policy

Some useful add-on covers that enhance bike insurance policies:

• Zero Depreciation Cover – Waives off depreciation deduction on bike parts like rubber, plastic and fiberglass during claims.
• Engine and Gearbox Protection – Protects engine and gearbox assemblies from physical damage.
• Accessories Cover – Covers standard accessories like seat covers, electrical fittings etc. during claims.
• Return to Invoice – Provides cover for the bike’s invoice value instead of depreciated IDV during total loss.
• NCB Protect Cover – Allows you to retain accumulated No Claim Bonus during own damage claims.
• Personal Accident Cover for Pillion Rider – Provides compensation for injury or death of pillion rider.
• Inconvenience Allowance – Provides daily allowance for days vehicle is immobilized due to repair.
• Emergency Transport and Hotel Stay – Covers cost of emergency local transport and hotel stay during breakdown.
• Roadside Assistance Cover – Provides assistance like minor repairs, flat tire, fill fuel, lost keys, towing etc.

Opting for relevant add-ons enhances your bike’s overall insurance protection.

Conclusion

We hope this detailed guide has provided you with a comprehensive understanding of bike insurance in India – the types of covers, top insurance providers, premium calculation, and factors to consider when buying and managing your policy.

Evaluating your specific insurance needs, doing thorough research, comparing quotes across insurers, and opting for suitable add-ons can help you identify and purchase the ideal bike insurance policy. This ensures your precious two-wheeler gets the complete financial protection it deserves, while staying compliant with Indian insurance regulations.

Frequently Asked Questions:

Can I buy two-wheeler insurance online?

Yes, most insurance companies today offer the option to purchase or renew your two-wheeler insurance online through their website or mobile app. The process is very convenient and allows you to compare different policies and get the best premium rates.

Can I change bike insurance company?

Yes, you can change your two-wheeler insurance provider at the time of renewal by purchasing a new policy with a different insurance company. Just make sure to intimate your existing insurer about the plan to port so your NCB can be transferred.

Can I change my bike insurance provider?

Yes, you have the option to switch your bike insurance provider at the time of renewal. You can purchase a new two-wheeler policy from a different insurance company and provide intimation to your existing insurer to port the NCB.

Can I renew my bike insurance online?

Yes, most insurance companies allow you to conveniently renew your expired two-wheeler insurance policy online through their website or mobile app. The process only requires you to pay the premium to renew the policy.

Define the two-wheeler insurance rule in India.

As per Indian motor vehicle laws, it is mandatory to have at least a basic third party two-wheeler insurance policy to ride your vehicle legally. Third party cover provides protection against liabilities towards third party life, property etc. Comprehensive policy provides wider coverage by also covering own damages.

Do two-wheeler insurance companies check background before offering insurance in India?

Yes, insurers may conduct background checks on aspects like previous claim history, traffic rule violations etc. to ascertain risk profile, especially for high value bikes. Clean record helps get better pricing and scope of coverage.

How can I find the lowest premium for bike insurance?

Ways to find lowest two-wheeler premiums include comparing online quotes, opting for higher voluntary excess, choosing only TP cover, taking policy from public insurers, and looking for discounts like NCB, online purchase etc.

How do I choose bike insurance?

Important considerations while choosing two-wheeler insurance are IDV, deductibles, add-ons required, network garages, claim settlement ratio, policy inclusions/exclusions, premium rates, discounts offered, insurer financial strength etc. Evaluate your specific needs.

How do two-wheeler insurance companies calculate IDV?

IDV is calculated using the insurer approved depreciation chart based on the bike’s age and model. Typically, brand new bikes have 15% depreciation yearly. So IDV calculation factors the bike’s purchase price, age, model and corresponding depreciation.

How does a bike insurance company provide coverage without checking the condition of the bike in India?

In India, bike insurance is provided without pre-inspection based on the declaration made by the proposer in the proposal form regarding the bike’s condition. However, insurers have the right to inspect before or after policy issuance and deny claims in case of false declarations.

How many two-wheeler insurance companies are there in India?

There are around 25+ general insurance providers offering motor insurance policies including two-wheelers in India. Top players include ICICI Lombard, Bajaj Allianz, HDFC Ergo, IFFCO Tokio, National Insurance Company, New India Assurance Company etc.

How to change a two-wheeler insurance company?

To change your two-wheeler insurance company, do not renew the existing policy. When it expires, apply for a new two-wheeler policy with your preferred insurer. Remember to transfer NCB by providing intimation to the previous insurer.

I lost my two-wheeler insurance policy, can I get a duplicate policy from my company?

Yes, you can request for a duplicate softcopy of the two-wheeler policy through the insurer’s customer portal by providing the basic details. The softcopy will be emailed to your registered email ID.

Is it possible to change to a different insurance provider?

Yes, it is possible to change your two-wheeler insurance provider at the time of renewal. You can buy a new policy from a different preferred insurance company and submit intimation to the existing insurer to port the NCB.

Is two-wheeler insurance mandatory?

Yes, as per Indian Motor Vehicles Act, third party two-wheeler insurance is compulsory. Riding without valid third party cover can attract heavy fines of up to Rs 2000 and/or imprisonment of up to 3 months.

What are the 3 types of bike insurance?

The three main types of two-wheeler insurance policies are – 1) Third party liability only 2) Comprehensive or package policy 3) Long term two-wheeler insurance policy for 2 or 3 years.

What are the losses which are not covered while opting for two-wheeler insurance?

Standard exclusions under two-wheeler policies include – wear & tear, mechanical breakdown failures, damage by a family member, drunken driving, personal belongings theft, war and nuclear perils, driving without license etc.

What are the rules for a bike insurance company in India?

IRDAI mandated rules for Indian two-wheeler insurance companies include – minimum capital requirement, solvency ratio maintenance, reinsurance arrangements, protection of policy holders’ interest, effective customer grievance redressal system etc.

What happens to my NCB if I change my two-wheeler insurance company?

While changing your insurer, you can transfer and retain your accrued NCB by providing intimation about the change to your previous insurer. The new insurer will factor the applicable NCB while calculating premium if proof is provided.

What if I lose my two-wheeler insurance papers?

You can request for a soft copy of the policy through the insurer’s customer portal by providing basic details and submitting identity proof. The digital policy will be emailed instantly to your registered email ID.

What is first, second, and third party bike insurance?

First party is the insured/policyholder. Second party is the insurer. Third party refers to the other person/property involved in an accident caused by the insured vehicle.

What is full insurance for a bike?

Full insurance refers to a comprehensive two-wheeler policy which provides extensive coverage against third-party liabilities as well as protection against own damages to the insured bike.

What is the fine for driving without valid bike insurance?

As per Indian Motor Vehicles Act, the fine for riding without valid third party two-wheeler insurance can go up to Rs 2000. If caught second time, it can lead to disqualification of your driving license as well.

What is to be done after I have intimated the insurer of my two-wheeler insurance claim?

Post intimation, you need to submit necessary documents like FIR, repairs estimates etc. as required by the insurer. Surveyor inspection will follow. Get bike towed to network garage for cashless repairs. Submit final bills etc. for claim processing.

What is zero DEP in bike insurance?

Zero depreciation or zero DEP add-on waiver in two-wheeler insurance waives off the depreciation deduction on plastic, rubber, fiberglass and other parts during claim settlements thereby increasing the claim payout.

Which insurance is compulsory for a two-wheeler?

Third party liability insurance is mandatory by law for two-wheelers plying on public roads. This covers legal liabilities towards third party life/property from an at-fault accident caused by your bike.

Which is one of the cheapest bike insurance companies in India?

Some of the most affordable two-wheeler insurance providers include state-owned insurers like National Insurance, New India Assurance, Oriental Insurance along with private players like Reliance General and IFFCO Tokio.

Which is the best bike insurance company in India?

Top two-wheeler insurance companies in terms of claim servicing, network garages, policy benefits include ICICI Lombard, Bajaj Allianz, HDFC Ergo, TATA AIG, IFFCO Tokio and SBI General Insurance among others.

Which is the cheapest two-wheeler insurance company in India?

National Insurance, New India Assurance and Oriental Insurance are public sector insurers that offer some of the lowest premium rates for two-wheeler policies in India. Reliance General and IFFCO Tokio also have affordable premium pricing.

Why is bike insurance expensive?

Factors that contribute to higher two-wheeler insurance premiums include – high engine capacity bikes, expensive models, coverage of own damage risks, add-ons selection, previous claim history, location in metro cities, young insured’s age etc.

Will bike insurance companies pay for all the damages in a bike accident?

The damages covered in bike accidents will depend on the type of two-wheeler policy you have. Third party will cover only legal liabilities. Comprehensive will cover both third party liability and bike damages as per policy terms and limitations.

 

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