Bike insurance is legally compulsory if you want to ride on Indian roads. Several government and private companies offer two-wheeler insurance plans with premium features. This makes it difficult to choose a plan that meets your requirements.
This article will delve into the different insurance plans available and the criteria based on which you should select a plan. So, let's get started!
What to Look for in a Bike Insurance Plan?
To ease your search, you can evaluate the bike insurance policy’s efficacy on the parameters discussed below.
Premium of Plan
The premium will depend on:
- Cubic capacity (CC) of the bike’s engine.
- Location (Zone A and B areas) in which the motorcycle is registered.
- Make and model.
Bikes with higher CC and registered in Zone A will attract a higher premium.
Insured Declared Value (IDV)
IDV represents
- The present market value of the bike.
- The maximum value that the insurer may reimburse in the event of theft or damage.
IDV in bike insurance decreases as the bike ages since the components' depreciation is deducted from the market value.
No-claim Bonus (NCB)
NCB in bike insurance comes in the form of premium discounts that you get on renewal. Below are some terms and conditions for NCB -
- If you don't claim during the previous policy tenure.
- To a maximum extent of 50% of the own damage premium component.
- It is available only for comprehensive bike insurance and standalone own damage bike insurance policyholders.
Claim Settlement Efficiency
Reviews posted by customers and published in industry journals will help you assess the ease and haste with which the insurer settles claims.
Incurred Claim Ratio
The ratio is best explained as -
- The ratio between the total number of claims settled to claims received.
- The ratio between the total value of claims reimbursed to the premium amount collected.
The period for settling the claim is not considered. The higher the ratio, the better the efficiency of the company in settling the bike insurance claim.
Online Availability
The plan should be available for online purchase as it -
- Eliminates the commission of middlemen.
- Reduces the policy premium.
- Makes paperwork less.
Extent of Coverage
A good plan will offer comprehensive coverage against all kinds of manmade and natural calamities or damages resulting from -
- Theft
- Fire
- Landslide, earthquake, flood, etc.
- Vandalism
- Accidents
Also, damage to third-party life and property must be maximally compensated.
Exclusions from Insurance Coverage
The policy’s list of exclusions should be minimum. These may commonly include -
- Damage due to aging-related wear and tear
- Damage caused while riding in an intoxicated state or performing risky stunts
- Faults due to electrical or mechanical reasons
Best Two-wheeler Insurance Plans of 2022
Below are some of the best bike insurance plans that have become popular in 2022. These are from credible bike insurance companies with a high claim settlement ratio.
| S.No. | Plan from Company | Features of the Plan | Incurred Claim Ratio |
| 1. | Bharti AXA Two-wheeler Insurance |
| 75% |
| 2. | Bajaj Allianz Two-wheeler Insurance |
| 62% |
| 3. | Digit Two-wheeler Insurance |
| 76% |
| 4. | Edelweiss Two-wheeler Insurance |
| 145% |
| 5. | IFFCO Tokio Two-wheeler Insurance |
| 87% |
| 6. | Kotak Mahindra Two-wheeler Insurance |
| 74% |
| 7. | Liberty Two-Wheeler Insurance |
| 70% |
| 8. | National Two-Wheeler Insurance (Government Company) |
| 127.50% |
| 9. | New India Assurance Two-wheeler Insurance (Government Company) |
| 87.50% |
| 10. | Oriental Two-wheeler Insurance |
| 112.60% |
| 11. | Reliance Two-wheeler Insurance |
| 85% |
| 12. | SBI Two-wheeler Insurance |
| 87% |
| 13. | United India Two-wheeler Insurance (Government Company) |
| 120.79% |
| 14. | Tata AIG Two-wheeler Insurance |
| 70% |
The aforementioned bike insurance policy providers offer a host of common benefits as mentioned below -
- Coverage for damage due to natural and man-made calamities.
- You can add a personal accident cover of up to INR 15 Lakhs.
- Policy papers are issued online immediately.
- Automobile association members are offered attractive discounts.
- No-claim bonus offered.
- Different payment modes are available for online payment.
- Free servicing can be availed of in cashless network garages.
- Customer support available 24X7 for quick resolution of claim-related issues.
- Riders or add-ons are available at affordable rates over basic premium.
- You can renew online.
- Third-party compensation for accidental damage to property, injury or death
- No physical inspection of the bike is required.
Conclusion
You can choose from several good bike insurance plans to suit your coverage needs. Once you enter your bike’s registration number or relevant information at https://paytminsurance.co.in, you will have all the best bike insurance plans for reference. Evaluate the benefits offered by the plans and make an informed decision.
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