Since its start decades ago, insurance in India has seen significant changes. Aside from providing coverage for the life of people, insurance plans can also provide coverage for cars, which have almost become an unavoidable element of modern life. Because of man's increased reliance on automobiles to even go a great distance, most Indian homes have either a two-wheeler or a four-wheeler, or even both. The increasing number of automobiles on India's roads has resulted in irreversible environmental harm.
Accidents are something that people have no control over, even if they drive cautiously on the road. The consequent damage can be costly, hence the Indian government has made it obligatory for cars to carry insurance coverage, as per the Motor Vehicle Act 1988, to protect passengers from unanticipated scenarios and situations.
What Is a Two Wheeler Insurance?
A two-wheeler insurance policy is a sort of coverage that is now required in India. Auto insurance is now required to be purchased at the time of purchase of a car. Motor insurance serves to safeguard people from any unfavorable events (accidents or damages) that occur on the road. Active two-wheeler insurance will protect the owner from unforeseen circumstances. Any recognized insurance company registered with the Insurance Regulatory Development Authority of India (IRDAI) can issue a two-wheeler insurance coverage.
When choosing a two-wheeler insurance plan, the insurance buyer is frequently perplexed as to which one to select for total financial protection. Aside from third-party liability coverage, two-wheeler insurance policies include a variety of other perks such as discounts, accessories, free services, and reduced two-wheeler maintenance, among others.
Picking the finest insurance plans within the stated budget may be tough given the existence of numerous industry participants. Here is a list of the best 5 bike insurance policies in India, chosen from among a plethora of top two-wheeler insurance companies in India. These two-wheeler insurance policies were chosen based on their helpful features, provider performance, and feedback from Indian bike users.
Let's have a look at some of the most important aspects of these top two-wheeler insurance packages in India.
1. Bajaj Allianz Two-Wheeler Insurance
The Bajaj and Finserv Limited joint venture (owned by the Bajaj Group of India and Allianz SE) boasts smooth services, a strong customer-oriented attitude, and innovative solutions, making it one of the best two-wheeler insurance providers in India.
Key Features of Bajaj Allianz Two-Wheeler Insurance
- Provides third-party liability coverage in the event of an accident, property damage, or death.
- Compensation for damage to a two-wheeler caused by natural disasters such as floods, cyclones, earthquakes, and so on.
- Renewal of insurance is simple and convenient when done online.
- Get a quick and painless claim resolution.
- It also compensates for losses caused by human mistakes, such as rioting, theft, and terrorist activities.
2. Bharti AXA Two–Wheeler Insurance
The insurance firm began operations in August 2008 and has close to 104 branches scattered across the length and width of the country, thanks to a joint venture between Bharti Enterprises with 51 percent ownership and AXA Group with 49 percent investment.
Key Features of Bharti AXA Two–Wheeler Insurance
- The insurance will cover third-party liability in the event of property losses or damage, as well as bodily injury to third parties (if the accident is caused due to your two-wheeler).
- Covers you in case of a car accident on the road (including damages or losses).
- To extend the life of your two-wheeler, you can get a depreciation cover add-on.
- Customers can purchase an insurance policy online using any of the following payment methods: debit card, credit card, e-wallet, or net banking.
3. HDFC ERGO Two–Wheeler Insurance
The company has been named as one of the best insurers for two-wheeler insurance at reasonable pricing, with the greatest claim settlement ratio and an 'iAAA' rating. This insurance company also offers smooth policy issuance, high-quality customer care, a smooth claims process, and exceptional data security.
Key Features of HDFC ERGO Two–Wheeler Insurance
- Two-wheeler insurance options that may be customized
- Policyholders can submit claims over the internet.
- Get a discount on your insurance rates.
- Repair services, as well as accessories, are provided
- Has partnerships with over 6800 network garages around the country, allowing for cashless servicing
- Provides instant policy issuance and renewal through the internet.
- Get coverage for zero depreciation.
4. New India Assurance Company
New India Assurance Company, a government-owned company, has a substantial presence in more than 27 countries. It is the first Indian direct insurer to have an 'A' rating from A.M. Best (Credit Rating Agency for Insurance Industry).
Key Features of New India Assurance Company
- For scooters or motorcycles, the coverage covers towing costs from the scene of the accident to the repair shop (up to Rs 300).
- Outstanding grievance resolution system: concerns are resolved within 15 days of being notified.
- A facility for processing claims quickly.
5. Tata AIG Two–Wheeler Insurance
Tata AIG General Insurance Company Limited was founded in January 2001 as a joint venture between Tata Group and American International Group (AIG). It has had significant growth over the years and is now the country's most desired private general insurance provider. The company has multiple praises for its recognition, with a powerful multi-channel distribution network of over 22,000 licensed agents and over 390 license brokers.
Key Features of Tata AIG Two–Wheeler Insurance
- In the event of an accident, your two-wheeler will be picked up for free.
- Accident repairs come with a six-month guarantee.
- Obtain reimbursement for personal property lost within the insured two-wheeler (in case of an accident).
- Get a 7-day guarantee on your claim settlement.
- Daily allowance, no claim bonus protection, key replacement, depreciation reimbursement, and return to invoice covers are available.
List of Factors to Consider Before Selecting the Best Two-Wheeler Insurance Policy
The insurer should go with comprehensive two-wheeler insurance that covers all risk variables in a timely manner. If you choose a basic insurance plan, you'll only be covered for third-party losses. Any form of insurance coverage will not be offered in the event of vehicle theft or loss.
Before purchasing insurance coverage, thoroughly read the policy document. Bike insurance, like any other sort of insurance, should be a well-thought-out decision based on an assessment of your needs and a comparison of the many insurance plans available.
Here are some helpful points to assist you in selecting the best two-wheeler insurance plan that meets your needs and fits your budget.
Claim Settlement Ratio
The claim settlement ratio is used to evaluate the insurance company's performance. You should choose an insurance plan that offers you pre-determined insurance coverage in the event of car loss or damage. The insurance provider should be able to extend a helpful hand in accordance with the policy's terms and conditions. If you choose an insurance provider with the highest claim settlement ratio, your claim will be processed faster.
Premium Amount
The amount of the premium is usually determined by the vehicle's type and age, the owner's age, geographic region, and other risk variables, among other things. If a person uses their vehicle frequently, they will have to pay a greater premium, and vice versa.
Add-on Coverage
Aside from the fundamental features, insurance companies offer add-on coverage based on the demands of their consumers. Although the cost of extra coverage increases, there will be more freedom when it comes to filing claims.
A Network of Service Centers
Always purchase a two-wheeler insurance policy from a company that has a significant number of service centers (garages). As a result, you will be able to administer cashless services from its numerous tie-up centers. If your vehicle is involved in an accident, notify your insurance provider as soon as possible.
Tenure of the Policy
The premium amount is affected by the insurance policy's duration or length. If you choose a long-term policy, your insurance price will be lower, allowing you to save money. Because the Insurance Regulatory and Development Authority of India (IRDAI) has enabled two-wheelers to carry insurance for up to three years, having a long-term two-wheeler insurance plan in place can assist you in battle non-renewals.
Customer Service
Always choose with the insurance company that offers the greatest insurance service and customer assistance, and you should be able to contact them immediately through phone, email, or other means. The customer care representatives should provide the necessary assistance in locating the nearest service center where the repair or replacement of spare components may be completed quickly and efficiently.
Conclusion
Finding the best two-wheeler insurance online policy might be difficult, especially when there are so many auto insurance plans to choose from in India. The top two-wheeler insurance plans listed above should assist you in choosing the best two-wheeler insurance plan for your bike. You can select any of these plans based on your requirements. In terms of cost, features, advantages, restrictions, and exclusions, it is always a good idea to compare two bike insurance online plans.
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