Two wheelers are still the most popular choice for travel for most Indians even today with over 20 million scooters, motorcycles and mopeds sold in 2017-18. The sheer convenience of a small vehicle to run household errands, pick up kids from school, deal with traffic snarls and parking vows in India makes compact yet stylish bikes the need of the hour. To ensure adequate safety for you and your loved ones, the Indian Motor Vehicle Act, 1988 mandates that every two-wheeler plying on the roads needs to have two-wheeler insurance.
To satisfy this large demand for bike insurance, insurance providers offer a range of products to suit every requirement. While many policies are aimed at selling motorcycle insurance at the lowest price by reducing the coverage, it is necessary for you to understand your 2-wheeler insurance policy to make an informed decision. To help you choose better, here are the top 7 bike insurance providers in India along with the coverage offered.
HDFC Ergo Insurance
- Well-known throughout the world for its insurance products, Ergo has tied up HDFC in India to provide two-wheeler insurance.
- Supported by over 109 branches covering over 90 cities in the country, HDFC Ergo Insurance is well spread across the nation.
- A network of 1600 garages provide repair and other services for their customers.
- Their services include repayment for accidental damage to the vehicle along with insurance holders.
- They offer two-wheeler insurance online as well and you also have the option of filing your insurance claims online.
- They also offer easy to access customer care numbers on the website, in case you are unhappy with the service or you want to lodge a complaint.
- ICICI Lombard, one of India’s largest insurance companies has built a brand around good customer service.
- The company has over 11 million policies and have processed over 6 million claims.
- ICICI Lombard has been a pioneer in two-wheeler insurance online and have streamlined the process of application and claims to increase convenience.
- The comprehensive bike insurance offered by ICICI Lombard provides cover for expenses incurred due to an accident to the owner or driver of the vehicle.
- Apart from reimbursement of hospital expenses, in case of death of the insured, the nominee is eligible to receive death benefits.
- The motorcycle insurance from ICICI Lombard also covers the cost of repairs to damaged parts due to accident or natural calamities.
- Bajaj Finserv offers both liability-only two-wheeler insurance as well as comprehensive two-wheeler insurance policies.
- Apart from offering two-wheeler insurance online, Bajaj Finserv also offers the ease to manage your insurance though a dedicated mobile app.
- Bajaj Finserv also allows you to renew your policy online quickly and conveniently.
- Take advantage of the no claim bonus when renewing your bike insurance and also transfer up to 50% of your no claim bonus to the new insurer.
- Benefit from discounts offered to members of recognized automotive associations, if you have an anti-theft device installed or if you have a good rider history.
- With the option of long-term two-wheeler insurance up to 3 years available, you don’t have to worry about renewing your insurance annually and are also protected against rise in insurance costs.
- On completing the online insurance process, the signed 2-wheeler insurance policy is instantly delivered to you.
- You can also benefit from easy renewal of an expired motorcycle insurance policy without inspection or documentation.
Tata AIG Insurance
- Tata offers two-wheeler insurance in India with a collaboration with the American International Group [AIG].
- The company has established a strong base of 152 branches and is spread across most cities.
- They offer 6-month warranty on all repairs as well as free pick-up in case of accident.
- They provide cover for personal belongings that were in the vehicle during an accident.
- They also offer online application for claims settlement and clear all settlements within 7 days.
- Bajaj Allianz is a leading two-wheeler insurance provider in India.
- The company offers free services at certain garages along with hassle free claims settlement.
- The company provides SMS alerts to customers to update them on claims settlements.
- Bajaj Allianz provides the option to renew two-wheeler insurance online.
- Insurance for all accidents and natural calamities including floods, earthquakes, cyclones, typhoons are covered.
New India Assurance Company
- In the past, New India Assurance Company was a subsidiary of the General Insurance Corporation of India (GIC).
- The company works through 447 divisional offices, 31 regional offices, 588 branch offices, 27 direct agent branches, 1239 micro offices and 28 countries around the globe.
- They provide both comprehensive as well as third-party bike insurance cover with easy online purchase.
- The company also provides Raasta Aapatti Kavach policy or Road Safety Insurance optional coverage and add-on coverage such as Personal accident coverage to the passengers which includes driver and employees, accessories cover and coverage for co-passengers (commercial vehicles).
- Vehicles older than 15 years are not covered under this insurance.
- Bharti AXA- Formed in 2008 is one of the most trusted insurance companies in India which provides coverage on bikes across a wide range of models from top manufacturers.
- The company offering a wide range of customizable Two wheeler Insurance products as per owner’s bike requirement.
- Currently the company is having 87 branches all over the country. They are offering travel insurance motor and health products for the customers.
- In situation of disability or death of the driver due to an accident, one can get coverage of up to Rs.1 lakh.
- They have a Customer Support which is available on a 24/7 claim assistance.
With this information, you can choose the right two-wheeler insurance online. With an easy application process and minimal documents required for submission, Bajaj Finserv’s Two Wheeler Insurance also comes with additional covers such as spare parts and accessories cover, cover for the pillion rider, and a zero depreciation cover. This can help you get more from your insurance. To apply instantly with a deal customised for you, check your pre-approved offer and secure yourself today!