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Ultimate Guide on Bike Two Wheeler Insurance in India

India is One of the Largest Manufacturer of Two-Wheelers in the World. 

What is a two-wheeler insurance policy? 
A two-wheeler insurance policy protects your bike or scooter against any damages caused due to road accidents, natural disasters, and theft or loss. A bike insurance policy covers damages to your two-wheeler and legal liability towards a third party. With us, you can secure your bike at affordable rates.
Online Guide on Bike Insurance Policy India

A two-wheeler insurance policy protects your motorbike or scooter against any damages caused because of road accidents, natural disasters, and theft or loss.

A  motorbike insurance policy covers damages to your two-wheeler and legal liability towards a 3rd party. With us, you'll be able to secure your bike at reasonable rates.
A Bike Insurance Company Online Form screenshot
A Bike Insurance Company Online Form screenshot



Why One Should Buy A Bike Insurance Policy in India?

There are two main reasons on Why you should buy Bike Insurance Policy in India :

Reason #1: Law in India Requires it

The Answer to it is that First and Foremost is the fact that in India it’s illegal to ride a bike without a basic two-wheeler insurance policy.


So every Bike owner needs to have a Two-wheeler Insurance Policy for his or her bike.


According to the Motor Vehicle Act, it is compulsory to have at least a basic third-party insurance policy. Without this policy, it is illegal to ride your bike on Indian roads. Hence, with a two-wheeler policy covering you, you have nothing to worry about!


Reason #2: Financially Secure

With two-wheel insurance, you are financially protected if your bike is damaged by a natural or man-made disaster.


Reason #3: Personal Accident Cover:

One of the main benefits of getting a bike insurance policy is that it also covers Your personal accident cover along with two-wheeler insurance which helps you stay protected arising from any accidents

Types of Two-Wheeler Insurance in India :

There are two main types of Two Wheeler Insurance in India. 

  1. Third-party insurance and 

  2. Comprehensive insurance.

Third-party insurance only covers you against third-party liabilities in an accident. 

Comprehensive insurance covers you for your own damages, third-party liabilities, and losses due to natural disasters like floods, cyclones, earthquakes, or man-made disasters like Strikes, Riots, Theft, etc.


Note: As a caution, one should Carefully evaluate your need for coverage and expectations from a Bike or Two-wheeler insurance policy and select a plan that suits your requirements.


TIPS ON BUYING BIKE INSURANCE POLICIES


Before Buying Any Bike Insurance Policy Online or Directly from Insurance Company Agent Please Note the Following Tips :

Tip #1: What is Included in the Bike Insurance Policy?

Please Do check What are the Inclusions in your Policy  - is Loss /Damage to your Two-Wheeler due to Natural disasters like flood, fires, Thunderstrike, Cyclone, Earthquake, Landslide is Covered or Not.


As India is a diverse Climatic Country, and More often the Damages are happened due to Natural Disasters, it’s a very wise decision to look out for this essential inclusion in your Bike Insurance Policy or When you want to Renew Two-Wheeler Insurance.


Also, Check out for Bike Insurance Cover in case of loss or Damage due to Man-made disasters like Theft, Strike, Terrorist activity, Damage during Transit by Land, Sea or Air, etc


Tip #2:  Check Out For Hassle-Free Two-Wheeler Insurance Policy

So Any Bike-Insurance Policy you opt for please do check, how much time it takes to get the Policy ready.


In the Busy Schedule of this digital world, especially in India from getting ready for Office after having the cup of tea and Medu Vada or Dosa for Breakfast, the rushing Bike starts the journey to Office or Shop or any Business location, sometimes to a relaxing place too. 


So if you have a hassle-free Bike Insurance Policy, most likely Online via a Website or via Apps it’s the best.


In India Most of the Bike Insurance Policy Companies Like HDFC ERGO, ICICI LOMBARD, Royal Sundaram, Bajaj Allianz,  TATA AIG, IFFCO-Tokio, Reliance General, Acko General Insurance Ltd., SBI General Motor Insurance provide the Facilities of getting fast with Email or Mobile no. 


Most of these companies provide policy copies to your registered email-id.

Tip #3: Please do Check the Excluded features under your Bike Insurance Policy

Most Bike Insurance Companies Provide Exclusion List on Policy. So please do check these as they may give you a good idea of your need and requirements.


Exclusions like 

  1. Wear & tear of tyres and tubes and aging of the bike or scooter.

  2. Depreciation  of Bike

  3. Mechanical or Electrical Breakdown

  4. Loss or Damage due to War or unintended Riots etc



Tip #4 Choose Cashless and No-Claim Bonus Policies

Cashless Facilities like Garages Network reaches as well as Repair and Damage Assessments are one of the most looked after facilities for the Bike Owner. You Should certainly look out for it.


No Claim Bonus


A no claim bonus is a bonus given to Insurance policyholders for every year that passes out without a claim. The rate of the no claim bonus offered by most of the Insurance providers varies from 20% to 70%. 

Tip #5: Claim Settlement Ratio


Honestly speaking, we are really get confused by the Bike insurance Policy company’s claims. So it gets easier to identify the most trusted company by analyzing certain data provided on IBAI Website online related to Claim Settlement Ratio.



Like for example as given in the IBAI’s General Insurance Claim Insights Handbook For Policyholders - 5th Edition for the Financial Year 2020,
 IFFCO Tokio General Insurance is leading with a 95.30% claim Settlement Ratio, while Royal Sundaram General Insurance comes second with 92.66%.

Tip #6: Network Garage

One of the best ways to Repair your Damaged Bikes for Insurance Cover or rather in any circumstance in a Bike/Motor Garage.


So Check out a more detailed list of Network Garages as per respective  Two Wheeler Insurance Companies. 


 Like in the above list image you can see as per FY 2020, the SBI General Insurance is having the most Networked garages i.e 16,000 plus. While Cholamandalam MS General Insurance with 7100 and HDFC Ergo General Insurance with 6800+ networked Garages come second and third. 

Source: IBAI’s General Insurance Claim Insights Handbook For Policyholders - 5th Edition
Two Wheeler Insurance CompaniesClaim Settlement Ratio FY20Personal Accidental CoverThird-party CoverNetwork GaragesNo Claim Bonus
IFFCO Tokio General Insurance95.30%Upto Rs. 15 LakhAvailable4,300+Available
Royal Sundaram General Insurance92.66%Upto Rs. 15 LakhAvailable4,600+Available
The Oriental Insurance Company91.76%Upto Rs. 15 LakhAvailable3,100+Available
HDFC Ergo General Insurance91.23%Upto Rs. 15 LakhAvailable6,800+Available
Universal Sompo General Insurance90.78%Upto Rs. 15 LakhAvailable3,500+Available
TATA AIG General Insurance90.49%Upto Rs. 15 LakhAvailable5,000+Available
The New India Insurance89.60%Upto Rs. 15 LakhAvailable3,000+Available
SBI General Insurance89.51%Upto Rs. 15 LakhAvailable16,000+Available
Bajaj Allianz General Insurance88.83%Upto Rs. 15 LakhAvailable4,000+Available
Future Generali India Insurance88.69%Upto Rs. 15 LakhAvailable2,500+Available
Bharti AXA General Insurance87.99%Upto Rs. 15 LakhAvailable5,200+Available
ICICI Lombard General Insurance87.71%Upto Rs. 15 LakhAvailable5,600+Available
Liberty General Insurance87.48%Upto Rs. 15 LakhAvailable4,300+Available
Cholamandalam MS General Insurance85.89%Upto Rs. 15 LakhAvailable7,100+Available
National Insurance Company85.71%Upto Rs. 15 LakhAvailable3,100+Available
Edelweiss General Insurance84.52%Upto Rs. 15 LakhAvailable1,000+Available
Reliance General Insurance84.26%Upto Rs. 15 LakhAvailable3,800+Available
Acko General Insurance83.91%Upto Rs. 15 LakhAvailable2,000+Available
United India Insurance Company82.93%Upto Rs. 15 LakhAvailable3,100+Available
Kotak Mahindra General Insurance82.81%Upto Rs. 15 LakhAvailable1,300+Available
Go Digit General Insurance80.47%Upto Rs. 15 LakhAvailable1,400+Available
Magma HDI General Insurance79.60%Upto Rs. 15 LakhAvailable4,000+Available
Shriram General Insurance77.26%Upto Rs. 15 LakhAvailable2,000+Available
Navi General Insurance76.20%Upto Rs. 15 LakhAvailable900+Available

Conclusion : 

With the Abobe listed Tips, one can understand Two Wheeler Insurance basics and can utilize this knowledge to decide better on which company Insurance will be best for my Bike or Two Wheeler.




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