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Here's a List of Two-wheeler Insurance Companies in India to Look Out For

By Juhi Walia
14 September 2022, 11:29 AM

Two-wheelers are one of the most commonly used modes of commuting in India. With the traffic rush and the narrow meandering lanes, reaching your destination on time is convenient if you happen to be on a bike instead of a car or a bus. However, despite the convenience that two-wheelers offer, it is also true that most road accidents take place because of these modes of transportation.

Hence, the Motor Vehicles Act 1988 makes it compulsory for every bike owner to have a bike insurance plan to support it. Initially, there were very limited insurance providers for two-wheelers in India. But, with time, several insurance companies have developed multiple insurance plans for two-wheelers.

However, when choosing the right two-wheeler insurance company for your bike, it is important to survey the benefits and plans. You can select the one that provides maximum benefit at optimum premium rates that suit your requirements and pocket both.

Top Bike Insurance Providers in India

With a fleet of companies offering attractive bike insurance plans at attractive premium rates, it sometimes becomes quite challenging to pick and choose the one that fits your budget and specifications perfectly. Here is a list of India's top motor insurance providers for you to consider and choose from.

Bajaj Allianz General Insurance Company

Established in 2001, having branches in over 200 cities across India, Bajaj Allianz General Insurance Company provides comprehensive and third-party insurance plans.

Bajaj Allianz bike insurance plans have multiple features like free damage and loss coverage to the vehicle when afflicted by natural calamities, easy online policy renewal facilities, free services in particular garages, hassle-free claim settlement procedures and many more. The company has an incurred claim ratio of 62% and 6,500 plus network garages. 

Cholamandalam MS General Insurance Company

The Chola MS is a joint venture firm that offers financial support to the policyholder in case of accidental death or disability.

Cholamandalam MS bike insurance also entitles the insured to indemnity for third-party claims. The company has an incurred claim ratio of 84% and has a network of over 8,500 garages. 

Future Generali India Insurance Company

Another popular name for motor and bike insurance is Future Generali India Insurance Company, founded in 2007. It offers other services, like health, travel and other services, over and above motor insurance.

Future Generali bike insurance assures claim settlement within 7 days and even has an automated renewal reminder service, which adds convenience and ease to customers. Its incurred claim ratio is 69%, and a network of 4,000 garage tie-ups. 

HDFC Ergo General Insurance Company

HDFC Ergo is a joint venture of HDFC Ltd. and ERGO International AG. The company offers insurance services to customers, including two-wheeler insurance, health, travel and others.

The company has been rated iAAA by ICRA Limited and carries the ISO certification. It is a good choice for HDFC Ergo bike insurance because it offers about a 70% discount on insurance premiums and even provides facilities for unlimited claims. Its incurred claim ratio is 82%, and has a network with 8,300 garages. 

National Insurance Company

Founded in 1906, the National Insurance Company is one of India's oldest insurance companies and the only PSU non-life insurance company.

National bike insurance offers many additional add-on benefits to customers and an extremely easy claim process. Its incurred claim ratio is 127.5%. 

IFFCO-Tokio General Insurance Company

One of the best two-wheeler insurance companies in India, the IFFCO-Tokio allows individuals to get IFFCO-Tokio bike insurance plans at discounted rates. This company is a joint venture of the Indian Farmers' Cooperative (IFFCO), in collaboration with Nichido Fire Group and Tokio Marine.

Founded in the year 2000, the company boasts of an incurred claim ratio of 87% and even offers customer support assistance round the clock. 

New India Bike Insurance

The New India bike insurance is the best bike insurance company in India that offers multiple plans at the most affordable rates. Moreover, this company allows two-wheeler owners to determine their IDV independently when it comes to damage coverage. 

Royal Sundaram Bike Insurance

This insurance company offers bike owners the most affordable and budget-friendly insurance plans. It offers three basic types of plans for customers, an excellent support team to guide them while buying Royal Sundaram bike insurance plan and even has facilities for third-party insurance coverage. 

Things to Consider Before Choosing a Bike Insurance Plan

There are various factors you must consider when choosing the right plan for your bike insurance. 

  • The first and foremost is the insurance provider's reliability, which can be best known by reading customers' online reviews.
  • Check on the complaints and grievance ratio of the company, as this would give you an idea about its after-sales service.
  • Compare policies from various online bike insurance companies and select the one that offers the best premium rates and the maximum benefits therein.
  • Check for the bike insurance claim settlement ratio of each insurance provider before choosing one for your two-wheeler.

Wrap Up

There are myriad options available in the market for selecting the right bike insurance policy provider for your two-wheeler. However, checking out the list before making the final decision is advisable.

Log on to the website of different bike insurance companies, or check out the Paytm Insurance page to get a list of bike insurance companies under one window. Punch in your requirements and premium paying capacity and wait for a whole list of possible options right in front of your eyes on your mobile/laptop. 

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1. Which type of bike insurance is the best?

A comprehensive bike insurance is the best as it covers third-party liability and own damage. 

2. Where can I compare different bike insurance policies and their premiums online?

Online bike insurance plans and premium amounts can be compared on various online portals like Paytm Insurance. They are 100% reliable and give information about everything relating to motor insurance policies under one roof with a single click on your gadgets.

3. Which companies provide bike insurance in India?

Various companies offer bike insurance in India like BhartiAXA, HDFC Ergo, Bajaj Allianz and so on. You can get a list of them on any insurance portal, like Paytm Insurance.

4. Is it mandatory to have bike insurance?

Yes, as per Motor Vehicles Law in India, every bike owner must have valid bike insurance to ride it on Indian roads.

5. Can I renew my bike insurance online?

You can renew your bike insurance online by logging on to the company's portal to which your insurance belongs. 

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