Best Bike Insurance Companies in India
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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 prudent 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.
20+ Best bike insurance companies in India (March 2023)
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 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 on September 2021.
Plans offered by the best bike insurance companies in India
There are three main types of bike insurance policies offered by insurers in India. Here’s an overview.
Comprehensive Bike Insurance Policy
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.
Third-party Bike 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.
Own Damage Cover (OD)
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?
Here are the coverage details of different types of two-wheeler insurance plans.
Coverage | 3rd Party Insurance | Standalone Cover (Own Damage) | 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) | ✔ | ✔ | ✔ |
Insurance company vs Insurance middlemen vs Insurance aggregators
Refer to the table mentioned below to understand the main differences 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/apps that collect, collate and provide information about insurance policies offered by various insurance companies. |
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. |
Insurers are standalone companies and are employed by none. | The insurer usually engages middlemen 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. |
The insurance company settles claims. | Usually, middlemen are not involved in claim settlement. | Usually, aggregators are not involved in claim settlement. |
How to choose the best bike insurance company in India
Here are some factors you need to consider while choosing a bike insurance company in India.
Reputation in the market
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.
Insurance cost
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
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 insurer's credibility.
Claim Settlement Ratio or CSR
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
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 customer experience.
Offers an easy and quicker claim process
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 the need for physical documentation within a few clicks on our website/app.
Why is it better to 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 can compare all available options.
Low-cost advantage
ACKO offers bike insurance directly to the customer. There are no middlemen commissions involved. Hence, we are able to offer affordable bike insurance policies.
Option to research and compare policies
You can capitalise on the power of the internet and research for insurers that offer a superior experience and low-cost two-wheeler insurance policies by just using your smartphone!
Option to customise the policy
When it comes to buying insurance from a vehicle dealership or an aggregator, you usually lose out on customising the insurance policy as per your needs. However, if you buy 2 wheeler insurance directly from ACKO, you have the option to modify the policy based on your requirements.
Note: 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 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’s that simple!
Frequently asked questions
Here are answers to common queries about bike insurance companies in India.
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.
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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CIN: U66000KA2016PLC138288
IRDAI Registration No: 157
Category: Non-Life Insurance
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