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Top Selling Bike Insurance Plans of 2022

By Juhi Walia
22 July 2022, 12:12 PM

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 -

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 CompanyFeatures of the PlanIncurred Claim Ratio
1.Bharti AXA Two-wheeler Insurance
  • Up to 20% discount available on the premium on not claiming in the first policy year.
  • Accidental coverage of INR 1 Lakhs for the pillion rider.
  • Compensates for damage resulting from both man-made and natural calamities.
2.Bajaj Allianz Two-wheeler Insurance
  • Compensates for damages due to natural calamities or manmade problems like riots.
  • Claim status is updated through SMS.
3.Digit Two-wheeler Insurance
  • The plan can be customised as per need.
  • Claim settlement through smartphone mode.
  • Bike will be towed, repaired and dropped at your location.
4.Edelweiss Two-wheeler Insurance 
  • Claim for damages and losses.
  • Exciting add-on covers for an additional premium.
5.IFFCO Tokio Two-wheeler Insurance
  • Personal accident coverage: INR 15 Lakhs.
  • Emergency Services Available.
6.Kotak Mahindra Two-wheeler Insurance
  • Personal Accidental Coverage: INR 15 Lakhs.
  • Exhaustive range of add-ons available at a minimum rate.
7.Liberty Two-Wheeler Insurance
  • Personal Accidental Coverage: INR 15 Lakhs.
  • The settlement is done quickly, within one week.

National Two-Wheeler Insurance

(Government Company)

  • Customizable plan.
  • Online tracking of claim status.

New India Assurance Two-wheeler Insurance

(Government Company)

  • Acknowledgement of reported grievances: 3 days.
  • Grievance resolution: 15 days
10.Oriental Two-wheeler Insurance
  • Premium discounts on no claim in a policy yeat, installation of ARAI-approved anti-theft devices.
  • Plan can be tailored for short-term coverage
11.Reliance Two-wheeler Insurance
  • Quick and trouble-free claim settlement through NEFT.
  • 2100 network garages spread across India
  • INR 1500 provided for free towing of the bike to the garage.
12.SBI Two-wheeler Insurance
  • Premium customisable based on applicant’s profile.
  • Attractive discounts available.

United India Two-wheeler Insurance

(Government Company)

  • Complete coverage against damage to the bike, third-party claims, etc.
  • Exciting premium discounts.
14.Tata AIG Two-wheeler Insurance
  • Free pick-up service for accidental bikes.
  • 6 months warranty for repairs related to the accident.
  • Assured 7 days claim settlement.
  • Total/ Partial coverage of loss to bike during an accident involving third-party property damage.
  • Compensation for personal belongings damaged or lost during a bike accident.

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.


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.

Read more -


1. What are the names of companies that offer the best two-wheeler insurance plans?

Bharti Axa, Bajaj Allianz, Digit, Edelweiss, IFFCO Tokio, SBI General, Tata AIG, Kotak Mahindra, Liberty, National Insurance, New India Assurance, United India, etc, offer the best bike insurance plans.

2. Which is the best parameter to judge a bike insurance plan’s attractiveness?

Claim settlement ratio or incurred claim ratio is the best parameter.

3. How can I choose from several similar plans by different bike insurance companies?

When buying two-wheeler insurance, go for a company that maintains an extensive network of garages. This will help you get your bike repaired via cashless mode after informing the insurance company. The second point is the coverage - that should be extensive.

4. Is my bike's IDV linked to the premium amount?

Bike insurance companies allow you to adjust the IDV or accept the IDV calculated by them based on your bike’s model, age, location and other parameters. If the IDV is high, the premium amount would be more.

5. What are the add-ons available with the best insurance plan?

Zero depreciation cover, key loss cover, personal assistance cover, safe engine cover, roadside assistance cover, etc, are some of the add-ons available with the best insurance plan.

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