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Best Bike Insurance Companies in India

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Home / Two-wheeler Insurance / Best Bike Insurance Companies in India

Best Two Wheeler Insurance Companies
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When it comes to owning a bike in India, having insurance coverage is not just a legal requirement but also a wise decision to protect yourself financially against unforeseen circumstances. In today’s digital world, it’s good to insure your two-wheeler from a digital-first and the best bike insurance company in India as per your needs. To help you, we have listed the best bike insurance companies in India that offer comprehensive coverage, excellent customer service and hassle-free claims settlement.

List of Top and Best Bike Insurance Companies in India [2024]
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Here is a list of all the IRDAI-approved bike insurance companies (24 non-life insurers) in India offering the best two wheeler insurance plans. Please note that the list of the best two wheeler insurance companies in India is arranged alphabetically.

BIKE INSURANCE COMPANY NAME (IN ALPHABETIC ORDER)

YEAR OF INCEPTION

LOCATION (CORPORATE OFFICE)

ACKO General Insurance Ltd.

2016

Bangalore

Bajaj Allianz General Insurance Co. Ltd.

2001

Pune

Cholamandalam MS General Insurance Co. Ltd.

2001

Chennai

Future Generali India Insurance Co. Ltd.

2007

Mumbai

Go Digit General Insurance Ltd.

2016

Bangalore

HDFC ERGO General Insurance Co. Ltd.

2002

Mumbai

ICICI LOMBARD General Insurance Co. Ltd.

2001

Mumbai

IFFCO TOKIO General Insurance Co. Ltd.

2000

Gurugram

Kotak Mahindra General Insurance Co. Ltd.

2015

Mumbai

Liberty General Insurance Ltd.

2013

Mumbai

Magma HDI General Insurance Co. Ltd.

2009

Kolkata

National Insurance Co. Ltd.

1906

Kolkata

Navi General Insurance Ltd.

2016

Mumbai

Raheja QBE General Insurance Co. Ltd.

2007

Mumbai

Reliance General Insurance Co. Ltd.

2000

Mumbai

Royal Sundaram General Insurance Co. Ltd.

2001

Chennai

SBI General Insurance Co. Ltd.

2009

Mumbai

Shriram General Insurance Co. Ltd.

2006

Jaipur

Tata AIG General Insurance Co. Ltd.

2001

Mumbai

The New India Assurance Co. Ltd.

1919

Mumbai

The Oriental Insurance Co. Ltd.

1947

New Delhi

United India Insurance Co. Ltd.

1938

Chennai

Universal Sompo General Insurance Co. Ltd.

2007

Mumbai

Zuno General Insurance Limited (Formerly Edelweiss General Insurance Co. Ltd.)

2016

Mumbai

Please note that Bharti Axa General Insurance Company Limited has merged with ICICI Lombard General Insurance Co. Ltd in September 2021.

What is Claim Settlement Ratio in Bike Insurance?
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In bike insurance industry, the claim settlement ratio refers to the number of claims raised to the number of claims settled in a given year. It is basically a reflection of the insurer’s efficiency in setting claims. When buying a bike insurance policy, it is advisable to choose an insurer that has a higher claim settlement ratio. For the for the Financial Year (FY) 2022-23, ACKO has a claim settlement ratio of 92.71%.

How to Choose the Best Bike Insurance Company in India
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Here are some of the factors you should consider when choosing the best bike insurance company in India.

Reputation in The Market
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The insurer’s brand reputation is one of the primary factors you must consider before choosing an insurer. Check user reviews on the internet to learn about the insurer’s services and the overall experience of existing customers while choosing the best bike insurance in India.

Insurance Cost
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The bike insurance cost is also one of the primary factors when choosing a suitable insurance company for your two-wheeler. For instance, at ACKO, you can get two-wheeler insurance at an affordable price since we work on the direct-to-customer model and avoid middlemen commissions, enabling us to create low-cost two-wheeler insurance policies.

Licenced by The IRDAI
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The IRDAI is the regulator of the Indian insurance industry. Opting for an IRDAI-approved insurer is ideal since it follows the guidelines and regulations issued by the regulator. Hence, policyholders enjoy sufficient benefits without worrying about the insurer's credibility.

Claim Settlement Ratio (CSR)
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The Claim Settlement Ratio (CSR) is the percentage of claims settled out of the total claims received in a year. It acts as an indicator of the insurer's credibility in the market. Typically, the higher the CSR, the higher the insurer's credibility.

Wide Network of Garages
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Most insurers have tie-ups with garages across the country. These are known as network or partner garages, and the main benefit of these garages is that they enable cashless bike insurance claims. Here, the insurer, for instance, ACKO, settles the repair bill directly with the network garage. Select an insurer with a vast network of partner garages for a better claim experience.

Offers an Easy and Quicker Claim Process
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Opt for an insurer that offers a quick and easy process to raise claims against your bike insurance policy while hunting for the best bike insurance in India. At ACKO, you can submit a claim without the need for physical documentation within a few clicks on our website/app. Hence, it is better to buy the best bike insurance online for a hassle-free experience.

Add-ons Customisation
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Check with your insurer about the availability of add-ons. The availability of add-ons gives you the option to customise your bike insurance policy as per your needs.

Policy Inclusions and Exclusions
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Before choosing any bike insurance plan, you should check the policy inclusions and exclusions. This will give you a clear understanding regarding what is covered and not covered in the policy.

Support Team
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You should choose an insurer that has a 24*7 customer support team. When you do so, you will be able to reach out to the support team anytime, whenever you have any query. 

Types of Plans Offered by Best Two Wheeler Insurance Companies in India
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There are three types of insurance plans offered by insurance companies in India. The following sections provide more details to help you choose the best bike insurance policy.

Third-party Bike Insurance Policy
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A Third-party Bike Insurance Policy is the basic and mandatory insurance policy. It provides financial protection against third-party liabilities, including death or injury to a third party or damages to their vehicle. However, it does not cover damages to your bike, and you cannot opt for add-on covers to increase the insurance coverage.

Comprehensive Bike Insurance Policy
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A Comprehensive Bike Insurance Policy is an all-inclusive insurance policy offering financial protection against your bike's damages and third-party losses. Damages sustained by your two-wheeler due to a road accident, natural or manmade calamities, fire, explosions, and theft are covered under this bike insurance policy. You can also opt for add-on covers to further increase the policy coverage. It is the best bike insurance policy you can buy.

Standalone Own Damage Cover (OD)
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The OD Cover is an insurance policy offering financial protection in case your bike gets damaged. It also covers bike theft, but it does not cover third-party liabilities. You can also opt for add-on covers to enhance your bike insurance coverage (subject to availability).

What Does Your Bike Insurance Cover?
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Here are the coverage details of different types of two-wheeler insurance plans.

COVERAGE

3RD PARTY INSURANCE

OWN DAMAGE (STANDALONE COVER)

COMPREHENSIVE INSURANCE

Damages to your bike incurred in an accident

X

Damages to your bike due to natural disasters (floods, cyclones, etc.)

X

Damages to your bike due to manmade disasters (vandalism, riots, etc.)

X

Damages to your bike due to fire/explosions

X

Vehicle theft

X

Damages to 3rd party property or their vehicle

X

Injury/death of 3rd party caused due to an accident involving your bike

X

Personal Accident Cover (if opted)

Add-on Coverages (if opted)

X

 

Frequently Asked Questions on Best Two Wheeler Insurance Companies in India
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FAQs about bike insurance companies in India.

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What are the factors I need to consider to choose the best two wheeler insurance companies?

Some of the factors you need to consider to choose the best two wheeler insurance companies include claim settlement ratio, availability of cashless garages, insuer’s reputation, customer reviews, etc. 

Which insurance is best for bike?

A comprehensive insurance plan is best for bikes as it provides third-party liability coverage and own damage coverage.

Which insurance is best for bike 1st party or 3rd party?

1st party insurance is best for bikes as it provides third-party and own damage coverage.

Which insurance policy is best?

A comprehensive insurance policy is best as it provides dual coverage in the form of third-party liability cover and own damage cover.

How to get best bike insurance?

To get the best bike insurance, you can research online and opt for a digital insurer that offers convenient and hassle-free service like online purchase, renewal and claim options.

Which is the cheapest bike insurance?

Third-party bike insurance is the cheapest insurance. However, it provides partial coverage (third-party liability cover).

Which is the best bike insurance company in India for two-wheelers?

The best insurance company for two-wheeler insurance should provide a superior customer experience. Whether it is claim settlements, purchase process or listening to your feedback, the insurer should be able to provide a seamless service. Insurers such as ACKO offer the benefit of buying bike insurance directly from the website or mobile app, making the entire purchase journey hassle-free. Even our claim process is simple and straightforward.

Why is it not ideal to buy two-wheeler insurance from middlemen?

When you buy bike insurance from middlemen, you usually pay a commission for the services. Hence, your bike insurance premium is higher compared to purchasing the policy directly from an insurer such as ACKO. 

Is buying insurance from an online bike insurance company in India safe?

Buying two-wheeler insurance online from an insurer is safe if you buy from IRDAI-approved insurance companies such as ACKO.

Can I switch to a new insurance company?

Yes, you can switch to a new insurer seamlessly when your bike insurance policy expires. Visit our website/app to get two-wheeler insurance instantly.

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Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions.