It is everyone’s responsibility to keep their motorcycles secure. This calls for comprehensive bike insurance. In India, it is required for all drivers to have third-party two-wheeler insurance under the Motor Vehicles Act of 1988. It provides us confidence while shielding our car from damage. Everybody is required to maintain their motorcycles secure and safe. For this, a strong bike insurance policy is necessary. In this article, we’ll talk about the top five bike insurance providers for 2023.
Bike insurance: what is it?
A bike insurance policy is a contract that covers any damage to the bike that results from an accident, theft, or collision between the bike owner and the insurance provider. When it comes to safeguarding your financial and legal obligations in the event of an unlucky accident, natural disasters like fires or landslides, or human-caused incidents like theft, aggression, vandalism, and so forth, bike insurance is essential.
All two-wheelers, including motorbikes, scooters, mopeds, and electric bikes, are covered by bike insurance. Every bike owner is obliged to have at least third-party bike insurance coverage, as per the Indian Motor Tariff, 2002.
Why Is Insurance for Bikes Required?
It can be extremely risky and dangerous to own a bike if you don’t have insurance for it. In an emergency, a person can get a sizable sum of money by paying a little premium for an insurance policy. The reasons why having a bike insurance policy is crucial for each owner of a vehicle are as follows:
Protects You from Penal Fines: Riding a bike in India without legal third-party bike insurance is against the law. Because of this, it’s critical to have complete bike insurance in place to prevent paying hefty legal bills.
Protection Against Man-Made and Natural Disasters: Insurance policies provide coverage against natural disasters such as fires, floods, earthquakes, and landslides. It is easy to file a claim in these unforeseen situations if you have the right insurance in place.
Protection from Theft: Your bike being stolen can be a major problem with potentially dire financial repercussions. You won’t have to worry too much, though, if your bike is insured because the insurance provider will pay for the cost of replacing your car as soon as you notify the requirements.
Protection from Third-Party Liabilities: Third-party bike insurance, which is necessary, covers your bike against any losses or injuries that come from an accident involving your car to a third party.
Coverage Against Own Damages: Getting financial support for any expenses incurred in repairing a bike that has been damaged due to an accident or other man-made or natural disaster is one of the main benefits of owning a bike insurance policy.
2024’s Top 5 Bike Insurance Providers
We will go over each of the five companies on the list of the best bike insurance providers, which is provided below.
- SBI General Insurance Business, Inc.
- Bajaj Allianz General Insurance Company Limited
- Tokio General Insurance Company Limited
- Royal Sundaram General Insurance IFFCO
- General Insurance Company Limited, HDFC ERGO
SBI General Insurance Business, Inc.
In addition to becoming a well-known brand in banking and finance, SBI has established a presence in the insurance market with SBI General Insurance Company. SBI General now serves the retail, SME, and corporate markets and has over 110 locations throughout India. One of the most well-liked products on the market is the SBI General Two-Wheeler Insurance Policy since it is comprehensive and offers many benefits that are focused on the needs of the customer.
Differentiating Factor: Extra discounts in addition to pricing tailored to the applicant’s profile.
Important Aspects of SBI General Two-Wheeler Insurance
Pricing is determined on the profile of the customer.
25 to 55-year-olds receive a discount when purchasing policies.
Bonuses and savings for timely renewal of an insurance policy.
Sundaram Royal General Insurance
Modern general insurance options for people, companies, and families are what Royal Sundaram General Insurance is renowned for offering. With 158 offices across India, this well-known insurance provider has served 28 million customers to date. The company is proud to have been the first to settle claims without using cash.
Differentiating factors include inexpensive rates, over 3300 cashless garages, and easy and quick claim processing.
Important Aspects of Royal Sundaram Two-Wheeler Insurance
Cheap premium two-wheeler insurance coverage.
There is options for up to three years of long-term insurance.
Settlement of claims is easy and takes about ten days.
Long-form documentation is not required.
Limited (IFFCO Tokio General Insurance Company)
IFFCO Tokio General Insurance Company Limited has offered its customers a comprehensive selection of insurance products since 2000. With more than 4,300 cashless garages across the country, it offers cashless services. This significant insurance company’s claim settlement ratio was 95.82% in FY2021. It aims to offer a wide range of insurance products to people who reside in rural areas.
Quick claim settlement and cashless repairs at over 4,300 cashless garages are differentiators.
Important Aspects of IFFCO Tokio Two-Wheeler Insurance
Four hours are allotted for resolving claims.
You can contact customer service for claim assistance seven days a week, twenty-four hours a day.
Over 4,300 cashless garages across the country offer cashless repairs.
Limited – Bajaj Allianz General Insurance Company
Because of its dependability and customer-centric philosophy, Bajaj Allianz is one of the most reputable names in two-wheeler insurance. The IDC Financial Insights Innovation Awards recognized the company as the “Best Insurer in India 2020.” About 11 crore customers have benefited from its goods and services to far. By the time the third quarter of the fiscal year 2021–22 ended, Bajaj Allianz had generated revenue of Rs. 10,488 crore.
Claims assistance that is quick and simple, 24/7 service, and more than 4500 cashless garages are differentiators.
Important Features of Bajaj Allianz Two-Wheeler Insurance
There is a three-year maximum period for multi-year bike insurance. You don’t have to reapply for insurance annually.
The procedure of settling a claim is easy and painless.
The last statement
Purchasing the appropriate bike insurance is essential in 2023. When assessing insurance, customer ratings and reviews are crucial since they demonstrate a company’s dependability, superior customer service, and quick claim processing. Consumer input along with factors like coverage options and financial stability need to be taken into account for an informed choice.
