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List of Top Two Wheeler Insurance Companies in India, 2022
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英雄联盟视频直播比赛

Not one size fits all. And that is true in the case of two-wheeler insurance companies as well. There are numerous two-wheeler insurance companies in the market however, one which is suitable for your neighbor might not work for you at all.
For someone, a company with the largest number of network garages may be the best, but your choice could be the insurance company with the most economical add-ons. Hence, the best bike insurance company is the one that fits your requirements and fulfils your needs. Therefore, we have laid down some important parameters ahead which you must consider before choosing the best two-wheeler insurance company for you.
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Reliance General Insurer
Amount Covered: ₹ 1 Lakh
Deal Price: ₹ 2,094 / Year
Waiting period: 4 yrs

Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.

Types of Two Wheeler Insurance Policy

Comprehensive Two Wheeler Insurance
Comprehensive Two Wheeler Insurance
Third Party Two Wheeler Insurance
Third Party Two Wheeler Insurance
Own Damage Two Wheeler Insurance
Own Damage Two Wheeler Insurance

Types of Two-Wheeler Insurance Offered by Insurers

Comprehensive Two-Wheeler Insurance

A comprehensive insurance policy is designed to provide coverage to you and your vehicle at the time of an accident. This means that the liability arising out of such an event is taken over by the two-wheeler insurance company. At the same time, it provides coverage to the third party and to their two-wheeler as well.

Third-Party Coverage

As the name suggests, third-party liability insurance provides coverage to the third party and their bike for the damage caused by your vehicle in case of an accident. Third-party liability insurance is mandatory for every two-wheeler on the Indian road, under the Motor Vehicle Tariff Act, 1988.

Own Damage Cover

This insurance policy covers losses or damages to your two-wheeler caused by an accident, natural disaster, or fire. By acquiring both your own damage and third-party liability insurance for your motorcycle, you can enjoy full coverage. You can tailor your insurance policy by adding add-ons to your damage coverage.

25+ Best Two-Wheeler Insurance Companies in India

Here is a list of top bike insurance companies along Cashless Garage & Incurred Claim Ratio 2019 - 2020

Insurance Company
Claim Ratio in %
Cashless Garages
IFFCO Tokio
92.50
4300+
Oriental Insurance
91.51
Available
HDFC ERGO
90.43
6800+
New India
89.87
1173+
Bajaj Allianz
88.83
4500+
Tata AIG
84.52
5000+
Edelweiss
83.81
1500+
Royal Sundaram
82.29
3300+
Liberty General
81.53
4300+
Bharti AXA
81.01
3200+
Navi General
80.77
Available
United India
80.70
500+
National Insurance
80.59
Available
ICICI Lombard
80.40
5600+
Universal Sompo
80.17
3500+
Future Generali
79.55
TD 3c
SBI General
78
Available
Kotak Mahindra General
77.67
Available
Go Digit
TD 2c
1000+
Reliance
76.17
430+
Magma HDI
75.33
4000+
Cholamandalam
72.66
7100+
Acko
72
2000+
Shriram General
66.42
Available
Raheja QBE
30.55
1300+

Top Rated Two Wheeler Insurance Companies

HDFC ERGO
HDFC ERGO Two Wheeler Insurance
Reliance
Reliance Two Wheeler Insurance
Oriental
Oriental Bike Insurance
TATA
TATA AIG Bike Insurance
Bharti AXA
Bharti AXA Two Wheeler Insurance
Go Digit
Digit Two Wheeler Insurance
Kotak
Kotak Two Wheeler Insurance
Royal Sundaram
Royal Sundaram Two Wheeler Insurance
National
National Two Wheeler Insurance
SBI
SBI Two Wheeler Insurance
Liberty General
Liberty General Two Wheeler Insurance
Magma HDI
Magma HDI Two Wheeler Insurance
Shriram
Shriram Two Wheeler Insurance
Universal Sompo
Universal Sompo Two Wheeler Insurance
ICICI Lombard
ICICI Lombard Two Wheeler Insurance
Edelweiss
Edelweiss Bike Insurance
United India
United India Bike Insurance
Bajaj Allianz
Bajaj Allianz Two Wheeler Insurance
IFFCO TOKIO
IFFCO TOKIO Two Wheeler Insurance

How to Choose the Right Bike Insurance Company?

You must compare two-wheeler insurance companies when looking to buy bike insurance online. To make the best decision, the following parameters must be considered:

  • 1. Claim Settlement Ratio: The claim settlement ratio reflects how many claims were processed by the insurance company in one financial year, out of the total received. A higher claim settlement ratio indicates greater chances of your claims getting met at the time of an accident. Hence, the claim settlement ratio must be looked upon when comparing two-wheeler insurance companies.

  • 2. Cashless Garages Network: Network garages are service outlets associated with the two-wheeler insurance company, which provide cashless repair service at the time of an accident. These cashless repairs are hassle-free and help you avoid pressure on your picket in case of a sudden mishap. To avail of cashless services, ensure to check the cashless network garages of the insurance provider.

  • 3. Coverage: The primary purpose of a bike insurance policy is to ensure minimal financial loss in case of a liability caused by accident or theft. Hence, the coverage provided by the insurance company is one of the crucial aspects of selecting two-wheeler vehicle insurance. The policy must provide sufficient coverage that fulfils your insurance requirements.

  • 4. Policy Tenure: IRDAI has amended the two-wheeler insurance regulations to require that every new two-wheeler be issued with a five-year long-term bike insurance policy. This tenure is set for third party liability insurance and is reduced down to three years in case of the comprehensive insurance policy. Situations are unpredictable and it is always advisable to invest in a bike insurance policy for longer terms to keep you financially safe from unforeseen liabilities. In case you are unhappy with your two-wheeler insurance company, you can shift to a new insurer at the time of renewing bike insurance online.

  • 5. Add-On Covers: Add-on covers provide additional coverage than those offered by the main two-wheeler vehicle insurance. These add-ons provide significant benefits and come with an increase in your bike insurance premium. While buying bike insurance online, you should consider if the company is offering your desired add-ons or not.

  • 6. Premium: The simplest way of choosing a two-wheeler insurance policy is to select the one which offers maximum benefits in the lowest bike insurance premium. A policy that fits in your budget shall be decided by the amount of premium you are required to pay. The amount of bike insurance premium is directly affected by various factors like the engine of your bike, make and model of your vehicle, mileage covered etc.

  • 7. Customer Support: Another factor when zeroing down a two-wheeler insurance company is the availability and quality of its customer care service. You should select an insurance company that offers 24-hour customer care service. So that you can easily address your issues and receive assistance anytime you require it.

India's Popular Two Wheeler Manufacturers

BMW Two Wheeler
BMW
Honda Two Wheeler Insurance
Honda
Hyosung Bike Insurance
Hyosung
Kawasaki Two Wheeler Insurance
Kawasaki
KTM Two Wheeler Insurance
KTM
LML Two Wheeler Insurance
LML
Mahindra Two Wheeler Insurance
Mahindra
Triumph Two Wheeler Insurance
Triumph
Royal-Enfield Two Wheeler Insurance
Royal-Enfield
Indian Two Wheeler Insurance
Indian
BAJAJ Two Wheeler Insurance
BAJAJ
Piaggio Two Wheeler Insurance
Piaggio
TVS Two Wheeler Insurance
TVS
Yamaha Bike Insurance
Yamaha
Harley-Davidson
Harley-Davidson
Suzuki Two Wheeler Insurance
Suzuki
Aprilia Two Wheeler Insurance
Aprilia
Hero Two Wheeler Insurance
Hero
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Key things to consider while buying Two Wheeler Insurance

There are a number of parameters to keep in mind as every individual requirement is different from the other. Following are the key parameters which you must consider when choosing a two wheeler insurance policy.

  1. Claim Settlement Ratio:

    It is the percentage of claims settled by a Two Wheeler insurance company out of the total number of claims received by it in a financial year. The reputation of the Two- wheeler Insurance company is determined by its highest rate of claim settlement ratio . Always go for the highest claim settlement ratio insurance companies.

  2. Network of Cashless Garages:

    All the Two Wheeler insurance companies are connected with a network of garages at which it allows cashless claim facilities. While opting for Two Wheeler insurance company, it is essential to check which all garages (especially the local ones ) are associated with the Two Wheeler Insurance Company.

  3. Availability of Add-on Covers:

    Two-wheeler Insurance add-on covers are the additional covers which can be selected combined with own-damage and comprehensive Two Wheeler insurance plans. These add-ons are available at extremely low rates. They are pocket friendly and allow you to have maximum coverage. Go for those Two Wheeler Insurance companies only which offer the add- on covers.

  4. Customer Support Service:

    Choose the Insurance company who has a 24*7 customer support service. Such Insurance Companies can go beyond limits to explore ways and provide you the best assistance without any hassle.

  5. Online Claim Filling:

    Check if you can file an online claim. This will save you a lot of time and effort in case of an emergency.

  6. Policy Premium:

    Last but not the least, while choosing a bike insurance company, we must always keep in mind regarding the policy premium as the cubic capacity (CC) of the bike’s engine will be the prime determinant of the premium. As per the India Motor Tariff, there are three categories: 0-150CC, 150-350C, and 350CC and above. And the policy premium will depend on the category your bike belongs to. Hence higher the engine capacity, the more will be the policy premium.

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Step's to Buy Two Wheeler Insurance Plan on Coverfox

Let us help you guide here buy two wheeler Insurance plan. You can You may choose to apply for a third party liability or comprehensive Two Wheeler insurance policy. Here is a step by step guide for buying two wheeler insurance on Coverfox. Please follow these easy steps:

  • Step 1 - Visit Coverfox and Select Bike/Two Wheeler Insurance
  • Step 2 - Enter the Requested Details or Bike Registration Number
  • Step 3 - Select the Type of Cover and Plan
  • Step 4 - Choose the Mode of Payment - UPI/Net Banking/Credit/Debit Card
  • Step 5 - The Policy will be delivered straight to your Registered Email
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Frequently Asked Questions

  • Q. How to Change a Two Wheeler Insurance Company?
    • This is a Claims Assistance service. You can use this facility to get your damaged car repaired and the claims processed.

      • In case your car breaks down and you need emergency services – you can contact our 24x7 Roadside Assistance at 1800-103-9433. They would be able to provide you with a host of services when you are stuck on the road.
      • If your car is damaged and cannot be driven, you can contact our express claims service. They can manage both the towing as well as repair/claims services for you.
  • Q. Which is the Best Two Wheeler Insurance Company in India?
    • For More Details Two Wheeler Insurance Plans

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Written By: Coverfox - Updated: September, 2022.
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