header Two Wheeler Insurance

A Guide to Finding the Best Insurance Provider for Your Bike

By Juhi Walia
09 September 2022, 5:43 PM

The Indian Motor Vehicles Act, 1988 mandates that every vehicle driven on the road has a valid two wheeler insurance policy. However, this rule only applies to third-party liability. This type of insurance protects a policyholder against losses from physical damages to a third party or their property.

While on the other hand, comprehensive bike insurance provides complete protection against theft, loss, or any kind of damage to the vehicle due to natural calamities, accidents, riots, and so on, as well as covers own damages sustained by the policyholder himself hence providing the financial support required to recover from injuries sustained during an accident. 

Bikes are one of the most comfortable modes of transportation, especially in cities in India that are jammed with traffic. However, the perks of smooth travel are also accompanied by an equally high risk of operation. Hence, it is of great value to buy motor insurance policy

Extensive Research is of Paramount Importance 

In order to get the best out of your insurance policy, you need to analyse various aspects. Compare different insurers on parameters like claim settlement ratio, network garages, claim settlement process, premium, etc. 

It is considerably easier to access information and relevant areas on the internet than it is offline. Hence, finding the best-suited bike insurance online is the way to go.

Learn How the Insurer Serves Customers

This is a factor that many buyers generally tend to overlook. The quality of service provided by the company should be ascertained by the reviews posted online by existing customers. There should be a record of excellent pre and post-sales service that the insurer has provided to the consumers. 

It’s beneficial to scrutinise the data on the claim settlement ratio of the insurer. This ratio indicates the claims the company managed to settle in comparison with the volume they received. It is advisable to select a company that has a higher claim settlement ratio (CSR).

The overall reputation of the insurer with regards to their financial solvency as well as the number of years in the business also plays a huge part here. 

Dissect the Effects of the Policy on Your Pocket 

It is extremely important to check how cost-effective the policy being offered is. It is highly recommended to make an effort to compare two wheeler insurance policies provided by different insurers online. It will save you the repentance of finding out that there was better coverage available at a lesser premium. The power to compare and contrast various policies is the single greatest tool that the internet provides to insurance buyers. Over time, the correct use of this can save you a significant chunk of your income. 

Explore the Scope of the Coverage Provided

An assessment based on your coverage requirements is necessary before choosing a policy. You must ascertain that the coverage your insurer provides is flexible. This means that the insurer should be able to customise and modify the policy according to your individual needs. 

Some insurers provide add-on benefits that can be availed, such as zero-depreciation cover, engine cover, roadside assistance cover, NCB or no-claim benefit cover (a discount offered by the insurer even if you make any claims during the policy term) among others.

Analyze the Network of Your Insurer’s Distribution 

It’s always preferable to have an insurer with a wider scope of service across the country. So, opt for someone who is accessible 24 x 7. In recent times, insurers have added an attractive feature — cashless settlement of claims. It allows you to avail service even when you are short of funds at a given point. Insurance companies that have tie-ups with extensive networks of garages for cashless services are more eminent. For instance, if you damage your bike in an accident and the total costs of the repairs come up to INR 50,000/- but you do not have that amount, with the cashless claim settlement facility, the insurer will settle the payment directly with the garage. 

Read more - Tips to Choose the Most Suitable Two-wheeler Insurance in India


There isn't a single bike insurance provider that suits everyone's needs because those requirements are unique to each person. Some people prefer a bike insurance provider with a larger network of cashless garages, while others prefer the two-wheeler insurer with the highest claim resolution ratio. Therefore, there are a variety of factors that determine which bike insurance provider is appropriate for a particular customer.

The more information you acquire, the more comfortable you become with the idea of buying an insurance policy. Trust between the insurer and the insured is of great significance, it is only possible with adequate knowledge. By taking the added precautions mentioned above, you will become more confident in your insurer. 



1. How big a part does claim settlement ratio play to build an insurer’s reputation?

The best two-wheeler insurance companies place a lot of emphasis on after-sale support. Insurance is not like an over-the-counter item, where the effects are noticed right away. It is a financial product that shields against catastrophic losses for the insured. When the insured person's claim is approved, this is done. Therefore, the claim settlement procedure of an insurer is crucial. That procedure must be clear, practical, and hassle-free.

2. Is purchasing a bike insurance policy online cheaper?

Before the internet era, everything was largely manual. However, that has changed, and this new reform also applies to the insurance sector. In comparison to their offline equivalents, bike insurance coverage is now more affordable online. This is because creating your bike insurance policy online has cheap operational expenses and involves no agent commissions or other costs. Additionally, this method saves time. Buy or renew your bike insurance online to get the best deals.

3. I am a member of the Western India Automobile Association, is this somehow beneficial to my bike insurance?

If you are a member of organizations like the Western India Automobile Association or the Automobile Association of Southern India, your bike insurance provider may grant you a further reduction in insurance premiums.

4. Can an insurer overcharge me?

When you are aware of the type of coverage you require, you can look for insurance companies that charge less for that policy. Policies are offered by various insurance companies at various prices. It should be noted that while the premium for comprehensive insurance coverage fluctuates, two wheeler third-party insurance rates are set by the Insurance Regulatory and Development Authority of India (IRDAI).

5. Does my bike insurance policy protect me against acts of God?

Your bike insurance coverage will provide financial protection for you against losses brought on by a local natural or man-made disaster. Both natural and man-made disasters, such as rioting and vandalism, can occur. Natural disasters include earthquakes, floods, landslides, etc.

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