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Bike insurance helps you meet the financial obligations which may arise due to an accident or any other mishap involving your bike such fire, theft, earthquake, landslide, etc. The Indian Motor Tariff makes it mandatory for every Two Wheeler owner to have at least a third party bike insurance cover for being able to ride their Two Wheeler legally in the country. Currently, there are 25 General Insurance Companies in India which offer bike insurance plans.
21+ Best Bike Insurance Companies in India for 2024: IRDAI Approved
Find the key information below in regards to the 21+ top bike insurance companies list in India with claim settlement ratio & network garages.
| Bike Insurance Company | Motor OD Claim Settlement Ratio FY20 | Network Garages | |
| IFFCO Tokio General Insurance | 95.80% | 4,300+ | |
| Royal Sundaram General Insurance | 92.66% | 4,600+ | |
| The Oriental Insurance Company | 94.00% | 3,100+ | |
| HDFC ERGO General Insurance | 100.00% | 6,800+ | |
| Universal Sompo General Insurance | 90.00% | 3,500+ | |
| Tata AIG General Insurance | 98.00% | 7,500+ | |
| The New India Assurance | 91.00% | 3,000+ | |
| SBI General Insurance | 94.00% | 16,000+ | |
| Bajaj Allianz General Insurance | 88.83% | 4,000+ | |
| Future Generali India Insurance | 87.40% | 3,500+ | |
| Bharti AXA General Insurance | 87.99% | 5,200+ | |
| ICICI Lombard General Insurance | 87.71% | 5,600+ | |
| Liberty General Insurance | 98% | 4,300+ | |
| Cholamandalam MS General Insurance | 98.00% | 6,912+ | |
| National Insurance Company | 93.00% | 3,100+ | |
| Zuno General Insurance | 89.00% | 1,500+ | |
| Reliance General Insurance | 98.60% | 8,700+ | |
| Acko General Insurance | 83.91% | 2,000+ | |
| United India Insurance Company | 95.00% | 3,100+ | |
| Kotak Mahindra General Insurance | 98.00% | 3,000+ | |
| Go Digit General Insurance | 97.00% | 1,400+ | |
| Magma HDI General Insurance | 79.60% | 4,000+ | |
| Shriram General Insurance | 98.00% | 2,000+ | |
| Navi General Insurance | 76.20% | 900+ |
(Source: IBAI’s General Insurance Claim Insights Handbook - 5th Edition.)
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How to Choose the Best Two Wheeler Insurance Company in India for your Needs?
There is no one bike insurance company which is the best for all individuals as the requirement of each individual is different. For some individuals, a bike insurance company which has a wider network of cashless garages is the best, while for others the Two Wheeler insurer which features the highest claim settlement ratio is the best. Thus, there are a number of parameters for finding the best insurance company for bikes in India for your needs. Followings are the factors which you must consider when choosing a best online bike insurance company in India:
1. Claim Settlement Ratio
The claim settlement ratio 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 higher the claim settlement ratio, the better it is. Thus, you should choose a bike insurance company with a good claim settlement ratio.
2. Network of Cashless Garages
Every Two Wheeler insurance company maintains a network of garages at which it allows cashless claim facilities. While choosing a bike insurance company, it is important to check which all garages (especially the ones in your locality) are a part of the insurer’s network.
3. Availability of Add-on Covers
Two-wheeler Insurance add-on covers are the extra covers which can be opted with own-damage and comprehensive Two Wheeler insurance plans to extend the coverage of a standard bike insurance plan. These add-ons are available against the payment of a nominal premium. You must check if the insurance company chosen by you offers the add-on covers which you want to add to your standard Two Wheeler insurance plan.
4. Customer Support Service
Another important factor to consider while choosing a Two Wheeler insurance company is the availability and quality of the customer support services offered by it. You should choose a company which offers 24*7 customer support. This helps in the easy resolution of your queries and provides you with timely assistance when required.
Types of Two-Wheeler Insurance Plans Offered By Different Insurers
There are 3 types of Bike Insurance plans which are offered by different companies.
1. Third Party Bike Insurance
According to Motor Vehicles Act 1988, this is an essential and mandatory insurance plan. Every bike owner must have a third-party bike insurance plan in order to cover the financial losses incurred due to property damage or injuries, disability, harm caused to another person from their bike. Maximum coverage for property damage is Rs.7.5 lakh. Whereas in case of bodily injuries/death, the liability is unlimited at the part of the insurance company, however, the compensation is decided by a court of law.
2. Standalone Own Damage Cover
This insurance policy covers the losses or damages which are caused to your bike due to accident, natural calamity,fire etc. To get an all-round coverage for your bike, you can opt for the own damage cover along with the third party liability cover. You can also opt for various add-ons along with your own damage cover to customize your insurance policy.
3. Comprehensive Two-Wheeler Cover
Comprehensive bike insurance strengthens the bike insurance coverage as it is a package policy which offers coverage for both third-party liability as well as own damage cover.
What Does Your Bike Insurance Covers?
The coverages offered in different bike insurance plans are as follows:
Bike Insurance Coverage | Third-Party Cover | Comprehensive Cover | Standalone Cover |
Damage/losses caused to your bike due to accident | No | Yes | Yes |
Theft of two-wheeler | No | Yes | Yes |
Damage incurred due to fire | No | Yes | Yes |
Damage/losses due to natural calamity | No | Yes | Yes |
Damage to property and third party vehicle | Yes | Yes | No |
Personal Accident Cover (if opted) | Yes | Yes | Yes |
Injury/ Death of Third Party due to an accident | Yes | Yes | No |
Calculate Your Bike Insurance Premium Online
Select your Two wheeler brand
- Hero
- Honda
- TVS
- Bajaj
- Yamaha
Which city is your Two wheeler registered in?
- Ahmedabad
- Bangalore
- Chandigarh
- Chennai
- Gurgaon
When did you buy your Two wheeler?
Have you made a insurance claim in the previous year?
Bike Insurance for Popular Bike Models
Suzuki Access 125
*Premium Starting from ₹1,110
Check Premium
TVS NTORQ 125
*Premium Starting from ₹1,075
Check Premium
TVS Jupiter
*Premium Starting from ₹1,076
Check Premium
Honda Activa 125
*Premium Starting from ₹1,065
Check Premium
Honda Dio
*Premium Starting from ₹1,045
Check Premium
TVS Apache RTR 160
*Premium Starting from ₹1,716
Check Premium
Bajaj Pulsar NS200
*Premium Starting from ₹2,070
Check Premium
Royal Enfield Bullet 350
*Premium Starting from ₹1,883
Check Premium
*The above-mentioned premiums are suggestive and may change basis terms & conditions
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Two Wheeler Insurance Companies FAQs
-
Which is the best company for two-wheeler insurance?
Currently, there are 25 general insurance companies in India that offer insurance plans for two-wheelers. The best two-wheeler insurance company varies from individual to individual depending upon their requirements and budget. However, insurance companies can be compared on the basis of their Claim Settlement Ratio (CSR) among other factors. The bike insurance companies which registered the highest motor own-damage claim settlement ratio in FY 2018-19 are IFFCO Tokio General Insurance (96.44%), Royal Sundaram General Insurance (94.07%), and The Oriental Insurance Company (93.16%).
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Which is the cheapest two-wheeler insurance company in India?
The premium of a two-wheeler insurance policy depends on a number of factors such as IDV of the bike, type of insurance plan, number of add-ons opted, RTO location, etc. Thus, the cheapest two-wheeler insurance plan varies from bike to bike depending upon the requirements of the bike owner.
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Can I change my two wheeler insurance policy company?
Yes, you can switch from one insurance company to another insurance company at the time of renewal of your policy.
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What are the rules for a bike insurance company in India?
In India, it is mandatory to have at least a third party bike insurance policy as per the Indian Motor Tariff. The absence of at least a third party bike insurance policy is an offence in the country and attracts a fine of Rs. 2,000 and/or imprisonment of up to 3 months. Also, new bike owners are compulsorily required to have at least a long-term third party bike insurance policy with a validity of 5 years.
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Which are the top 10 bike insurance companies in India
On the basis of the motor own-damage claim settlement ratio registered in FY 2018-19, following are the top 10 bike insurance companies in India:Insurance CompanyMotor OD Claim Settlement Ratio(FY 2018-2019)*IFFCO Tokio General Insurance Co. Ltd.96.44%Royal Sundaram General Insurance Co. Ltd.94.07%The Oriental Insurance Co. Ltd.93.16%Universal Sompo General Insurance Co. Ltd.92.45%The New India Assurance Co. Ltd92.23%Tata AIG General Insurance Co. Ltd.91.80%SBI General Insurance Co. Ltd.91.74%Bajaj Allianz General Insurance Co. Ltd91.23%HDFC ERGO General Insurance Co.Ltd.89.48%Future Generali India Insurance Co. Ltd.88.56%(*Claim Settlement Ratio As Per IBAI’s General Insurance Claim Insights Handbook For Policyholders - 4th Edition)
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