In India, two-wheeler insurance is required by law, unlike other types of insurance. Third-party two-wheeler insurance is required for all Indian drivers under the Motor Vehicles Act 1988. Given the vast quantity of insurance providers in the country, choosing the correct insurer for a bike insurance policy has become a difficult task for vehicle owners. To assist you in making your decision, we have compiled a list of the best 5 private and public insurance providers for two-wheeler policies in 2022.
1. HDFC ERGO General Insurance Company Limited
At a modest premium rate, HDFC ERGO provides complete two-wheeler coverage. With over 109 outlets in 89 Indian locations, HDFC ERGO makes it simple for policyholders to apply for new policies or renew existing ones. The company was also given the "iAAA" rating, which indicates that it has the best ability to settle claims. HDFC ERGO has also been awarded ISO certification in the areas of customer service, information security, policy issuance, and claims services.
Key Features of HDFC ERGO General Insurance Company Limited
- Long-term insurance for a duration of up to three years is available. There are no hassles with annual policy renewals.
- Without having to go through a lengthy documentation process, you can purchase or renew your policy online.
- For a hassle-free and easy experience, HDFC ERGO provides customer service 24 hours a day, 7 days a week.
- More than 75 lakh people have been serviced.
- The filing of claims is a simple and open process.
- Long-term two-wheeler insurance policies are eligible for discounts.
2. Bajaj Allianz General Insurance Company Limited
When it comes to the best two-wheeler insurance companies in India in 2022, Bajaj Allianz is one of the most trusted brands due to its customer-centric approach and dependability. In 2014, ABP News named the company the "Best General Insurance Company in the Private Sector." Bajaj Allianz has definitely gained the trust of all Indians with its impeccable service and creative products, having received other noteworthy awards such as the "Golden Peacock Award 2014" and "Claims Innovation of the Year."
Key Features of Bajaj Allianz General Insurance Company Limited
- Bike insurance for a term of up to three years is offered. There are no issues with yearly policy renewal.
- Claim settlement is a simple and painless process.
- A policy can be purchased or renewed quickly and easily online.
- Add-on protection with no depreciation is available.
- There is no car inspection when renewing your policy online.
- Customer service is available 24 hours a day, 7 days a week.
3. ICICI Lombard General Insurance Company Limited
ICICI Lombard is one of India's largest general insurance firms. ICICI Lombard has established the reputation of being one of the most reliable names in general insurance, having issued over 11 million policies and settling over 6 million claims. ICICI has also received the "Celent Asia Insurance Technology Award" for its mobile application, making it one of the few insurance companies with technology integration. ICICI Lombard focuses on providing a customizable insurance policy to its consumers with features such as long-term policy offerings and one-time premiums. No wonder why it’s on our list of the top 5 two-wheeler insurance companies in India in 2022.
Key Features of ICICI Lombard General Insurance Company Limited
- Flexible policy tenure choices of up to three years are available. You can avoid the difficulties of yearly renewals by purchasing long-term insurance.
- For assistance with breaking or repair, there are over 2150 garages across the country.
- Add-on covers are available to protect electrical and non-electrical components from damage.
- For policy renewal, no vehicle inspection is required.
- Personal accident insurance for co-passengers is included in the vehicle insurance policy.
- Reminders about insurance renewals and other information will be sent to you on a regular basis.
- When you buy insurance online, you can get a copy of the policy right away.
4. SBI General Insurance Company Limited
SBI has established itself as a household name in finance and banking, and now, with SBI General Insurance Company, it has established itself in the insurance sector as well. SBI General now has a presence in 56 locations across India and covers three primary segments: retail, SME, and corporate. The SBI General Two-Wheeler Insurance coverage is comprehensive and offers a variety of customer-centric advantages, making it one of the most popular products on the market.
Key Features of SBI General Insurance Company Limited
- Customized pricing based on the applicant's profile, as well as additional reductions
- People aged 25 to 55 receive a discount when purchasing a policy.
- Discounts and rewards for renewing your insurance policy on time.
- Customized pricing based on the customer's profile.
5. The New India Assurance Company Limited
New India Assurance, a 100% government-owned corporation, today operates in over 27 countries and has a global business worth over Rs. 16000 crores. New India Assurance has around 2097 offices and 1041 micro offices across the country. New India Assurance is the only direct insurer in India to receive an "A" rating from AM Best, and it also has various additional ratings that show the company's financial strength to meet policyholder obligations.
Key Features of The New India Assurance Company Limited
- Accessory covers, personal accident coverage, passenger coverage, and paid driver coverage are all available as add-ons.
- The basic 'Liability only policy' or the complete 'Package policy' are available to insurance applicants.
Conclusion
Every year, an increasing number of people in India purchase motorbikes and scooters. As the number of two-wheelers on Indian roads grows, so does the necessity for a reputable two-wheeler insurance provider.
You may select from the above list of the best two-wheeler insurance companies in India 2022. Before making a final decision, it is typically a good idea to compare two-wheeler insurance online in terms of benefits, limits, price, and other key variables. At GIBL.IN, the largest online insurance marketplace, you may compare many two-wheelers insurance online plans and pick the best two-wheeler insurance carrier depending on your needs.
