A two-wheeler provides many advantages & benefits mainly in terms of time and resource savings. In today’s scenario, the number of people choosing a two-wheeler as a form of transportation is constantly increasing. Particularly in cities where traffic and crowding are an issue, people prefer it more.
Why do You Need Bike Insurance?
Here are a few reasons why two-wheeler owners should have insurance:
- Anyone must get an insurance coverage who has purchased a new motorcycle. The Government of India has made it compulsory for all bike owners. It is compulsory to get insurance coverage under the Motor Vehicles Act.
- Natural disasters like earthquakes, floods, and fires are also covered in insurance policies. As a result, you are eligible to file a claim in certain instances.
- The bulk of bike owners is low-income individuals. Having insurance coverage protects them against the financial pit. They don't have to worry about unpredicted bills in case of a Bike accident or theft.
- With third-party bike insurance, you can submit a claim for losses to the other vehicle included in an accident. This insurance is known as the third party.
- Accidents are more likely to happen when roads are in poor condition or drivers are irresponsible. Accidents may damage automobiles, but they can also cause injuries. In some cases result in the death of people. Money loss is inescapable in such instances. Since one must pay money to fix the two-wheeler and seek medical attention if damaged. If you have a policy, the insurance provider will cover all the repair costs. As a result, it won't blow a hole in the pocket, and you won't have to worry about unexpected costs.
- One can claim a respectable quantity of money in their moment of need by just spending a minimal amount to get an insurance policy. The important goal of having an insurance policy is that it offers financial assistance for any expenses incurred by the policyholder.
- It is prudent to purchase bike insurance coverage for a minimal fee. You must do it to avoid an additional financial burden if the bike met in an accident.
You may like to read: A Complete Bike Insurance Guide – Top 3 Bike Insurance Companies in India
How to Choose the Best Two-Wheel Insurance Plan?
Consider the Following Points When Buying Two-Wheeler Insurance:- If you want comprehensive coverage, choose a Comprehensive plan.
- Select good Add-ons. It will improve the value of the coverage.
- Take a look at the plan's terms & conditions.
- Check the complete policy's coverage, features, and cost in detail.
- Already, when you go out and get a policy, be sure you know what you need.
- Digital-first insurers provide at a low cost. They are popularly known for providing comprehensive coverage at extremely low costs.
Best Bike Insurance Agencies In India
There are now 25 general insurance firms in India. It provides two-wheeler insurance plans to policyholders in the country. Each of these insurance companies has its set of offers and features. Different bike insurance plans are based on the customer's specific demands as well as costs. We have sorted some of the best two-wheeler insurance companies in India:
| Bike Insurance Company | Claim Settlement Ratio | Network Garages | Office Locator |
|---|---|---|---|
| Bajaj Allianz | 88.83% | 4,000+ | Bajaj Allianz Office Locator |
| Bharti AXA | 87.99% | 5,200+ | Bharati AXA Office Locator |
| HDFC Ergo | 91.23% | 6,800+ | HDFC Ergo Office Locator |
| IFFCO Tokyo | 95.30% | 4,300+ | IFFCO Tokyo Office Locator |
| Liberty Videocon | 87.48% | 4,300+ | Liberty Videocon Office Locator |
| Reliance General | 84.26% | 3,800+ | Reliance General Office Locator |
| Royal Sundaram | 92.66% | 4,600+ | Royal Sundaram Office Locator |
| SBI General | 89.51% | 16,000+ | SBI General Office Locator |
| Shriram General Insurance | 77.26% | 2,000+ | Shriram General Insurance Office Locator |
| TATA AIG | 90.49% | 5,000+ | Tata AIG Office Locator |
| The New India Insurance | 89.60% | 3,000+ | The New India Insurance Office Locator |
| Universal Sompo | 90.78% | 3,500+ | Universal Sompo Office Locator |
Because everyone's needs are different, there isn't a single bike insurance provider that is suitable for everyone. Some prefer the best bike insurance provider is one with a larger network of cashless garages. For others, the best two-wheeler insurer is the one with the greatest claim settlement ratio.
Many factors find out which bike insurance company is correct for you. The variables to consider while choosing a bike insurance provider are as follows:
- Network of Cashless Garages
- Claim Settlement Ratio
- Availability of Add-on Covers
- Customer Support Service
- Different Insurers Offer Different Two-Wheeler Insurance Plans.
- Distinct firms provide three different types of bike insurance coverage.
- Bike Insurance for Third Parties
Related Article: Buy or Renew Car Insurance in 2022, Find Car Insurance Agencies Near You
- Self-contained Damage Coverage: You may receive all-around coverage for your bike by purchasing both personal damage and third-party liability insurance. The coverage recompenses for any type of losses/ damages to the bike. Damage occurs due to an accident, a fire, or a natural disaster, among other things. To tailor your insurance coverage, you may choose from a variety of add-ons in addition to your damage protection.
- Coverage for Two-Wheelers in Its Entirety: Because comprehensive bike insurance is a package policy that covers both third-party liability and own damage, it improves the bike insurance coverage.
