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Bike insurance companies in India - IRDAI approved

Team AckoNov 25, 2022

Your beloved bike is not immune to a case of theft or damages caused by a third party. Getting your vehicle covered with bike insurance is a perfect financial shield against such unforeseen damages. It is also mandatory as per The Motor Vehicles Act, 1988, and failure to comply with this compulsory rule invites penalties or even imprisonment. 

Fortunately, vehicle dealerships usually bundle the bike insurance cost while selling the two-wheeler. However, did you know that you can buy two-wheeler insurance directly from insurers in the market? If you want to purchase a policy from such insurers, here’s a list of bike insurance companies in India with licences issued by the Insurance Regulatory and Development Authority of India (IRDAI).

Bike Insurance Companies in India

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List of bike insurance companies in India 2022

Here is the bike insurance company list in India (approved by the IRDAI).

Bike Insurance company name Established year Location (Corporate Office)
ACKO General Insurance Ltd. 2016 Bangalore
Bajaj Allianz General Insurance Co. Ltd. 2001 Pune
Bharti Axa General Insurance Co. Ltd (Merged with ICICI Lombard General Insurance Co. Ltd effective from 3rd September, 2021) 2008 Mumbai
Cholamandalam MS General Insurance Co. Ltd. 2001 Chennai
Edelweiss General Insurance Co. Ltd. 2016 Mumbai
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
Magma HDI General Insurance Co. Ltd. 2009 Kolkata
Kotak Mahindra General Insurance Co. Ltd. 2015 Mumbai
Liberty General Insurance Ltd. 2013 Mumbai
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

What does your bike insurance cover?

Here are the coverage details of two-wheeler insurance.

Coverage 3rd Party Insurance Standalone Cover (Own Damage) Comprehensive Insurance
Damages to your bike incurred in an accident
Damages to your bike due to natural disasters (floods, cyclones, etc.)
Damages to your bike due to manmade disasters (vandalism, riots, etc.)
Damages to your bike due to fire/explosions
Vehicle theft
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)

Types of two-wheeler insurance policies offered by insurance companies in India

Here are the various types of bike insurance policies offered by insurers in India.

1. Comprehensive Two-wheeler Insurance Policy

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

2. Third-party Two-wheeler Insurance Policy

A Third-party Bike Insurance Policy is the most 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.

3. Own Damage Cover (OD)

The OD Cover is an insurance policy that offers financial protection against damages to your bike. 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). 

Insurance company vs Insurance middlemen vs Insurance aggregators

Refer to the table mentioned below to understand the main difference between insurance companies, middlemen and aggregators.

Insurance company Middlemen Aggregators
Insurance companies design and market their bike insurance policies that offer wide-ranging coverage. Middlemen are individuals or agencies who are intermediaries between the insurer and the customer. Insurance aggregators are websites that collect, collate and provide information about various insurance companies' insurance policies on a website/app.
The role of an insurance company is to design meaningful and feature-rich insurance policies that offer financial protection against damages to the vehicle, theft and other mishaps. The role of middlemen is to sell insurance policies on behalf of the insurer. They, in turn, receive a commission for the sale of the policy The role of an aggregator is to provide information about bike insurance policies to prospective customers and help compare and get an insurance policy for their vehicle
Standalone company and is employed by none. Middlemen are usually engaged by the insurer on a permanent or contractual basis. An aggregator is a third party who does not design or offer insurance products. However, they can enter into an agreement with the insurer to sell and service the insurer’s products.
Claims are settled by the insurance company. NA NA

How to choose the right two wheeler insurance company in India

Here are some factors you need to consider while choosing a bike insurance company in India.

1. Reputation in the market

Brand reputation is one of the primary factors you need to consider before choosing the insurer. Check user reviews on the internet to learn about their services and the overall experience of existing customers. Reviews offer an insight into the customer experience the insurer offers to policyholders.

2. Insurance cost

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

3. Licenced by the IRDAI

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

4. Claim Settlement Ratio or CSR

Claim Settlement Ratio 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. Choose a two-wheeler insurance company with higher CSR since it offers higher customer satisfaction.

5. Wide partner garages

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 offer cashless bike insurance claims. The insurer, in this case, ACKO, settles the repair bill directly with the network garage. Select an insurer with a vast network of partner garages for a better customer experience.

6. Offers an easy and quicker claim process

Whether it is damage to your bike or third-party liabilities, the situation can be difficult sometimes, especially during emergencies. Thus, opt for an insurer that offers a quick and easy process to raise claims against your bike insurance policy. At ACKO, you can submit a claim without paperwork within a few clicks on our website/app.

Why purchase two-wheeler insurance directly from insurance companies (such as ACKO)?

Buying bike insurance directly from ACKO offers a plethora of benefits. Let’s look into them.

  • Various choices: When you purchase a bike or a scooter, you may be forced to buy the insurance policy offered by the dealership. Usually, vehicle dealerships might push a particular type of policy; hence, there is a lack of options. However, when you buy directly from the insurer, you have the option to compare all options available.

  • Low-cost advantage: ACKO offers bike insurance directly to the customer. There are no middlemen commissions involved. Hence, we are able to create affordable bike insurance policies compared to traditional insurers in the market.

  • Option to research and compare policies: You can capitalise on the power of the internet and research for insurers that offer superior experience and low-cost two-wheeler insurance policies.

  • Option to customise the policy: Usually, vehicle dealerships or an aggregator, you typically lose out on customising the insurance policy as per your needs. When you buy 2 wheeler insurance directly from ACKO, you have the option to modify the policy based on your requirements.

Be sure to read the terms and conditions of the policy, as it offers in-depth knowledge about the policy’s advantages and disadvantages.

Steps to buy online bike insurance from ACKO

Here’s how you can quickly buy a two-wheeler insurance policy from ACKO.

  • Step 1: Head to the top of this page to compare and buy bike insurance for your vehicle.

  • Step 2: Provide details of your bike such as make/model, year of manufacture, location, etc.

  • Step 3: Select the type of bike insurance policy based on your needs, pay the premium online and receive the policy document instantly. It is that simple!

Frequently asked questions

Here are answers to common queries about two-wheeler insurance companies in India.

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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 does not require much paperwork.

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

When you buy bike insurance from middlemen, you pay a commission for the services. Hence, your bike insurance premium is higher compared to buying the policy directly from an insurer such as ACKO, which is affordable compared to insurance companies operating through middlemen or agencies.

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

Buying two-wheeler insurance online 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 when your bike insurance policy is about to expire. Visit our website/app to get two-wheeler insurance instantly.

Reference:

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.

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