Two-Wheeler Insurance Companies

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In India, we have lanes and roads of all lengths and breaths and there is always hustle and bustle there. On the crowded roads, a two-wheeler seems to know all the twists and turns. There is no doubt that a two-wheeler is one of the main modes of commuting and there is always a demand for them. 

Generally, when the demand for two-wheelers increases, so does the demand for two-wheeler insurance, but unfortunately in our country, there are still many people who do not consider two-wheeler insurance to be a necessity. A lack of understanding also creates a hindrance in the process of buying two-wheeler insurance.  In our article today, we are going to discuss the various companies that offer two-wheeler insurance, it will help you learn about the different options you have when buying insurance for your two-wheeler.

Two-Wheeler Insurance Companies 

As per the Motor Vehicle Act, 1988 it is compulsory to have valid third-party bike insurance on every vehicle, whether it is a car or a two-wheeler. However, when you decide to go for comprehensive two-wheeler insurance, the insurance would cover your own-damage as well as the third-party’s.

As two-wheeler insurance is mandatory, most general insurance companies provide their customers with two-wheeler insurance plans.

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Best Two-Wheeler Insurance Companies in India

There are two types of insurance companies

  1. Government two-wheeler insurance companies 
    For example:
    • National Insurance Company Limited
    • New India Assurance Company
    • Oriental Insurance Company
  2. Private two-wheeler insurance companies
    For example:
    • HDFC Ergo General Insurance Company
    • TATA AIG  General Insurance Company
    • ICICI Lombard  General Insurance Company

When it comes to picking an insurance company, you can choose either a government or a private company. The number of private companies is much more and they offer many innovative benefits to their customers. Due to the Indian mindset, government insurers are regarded to be the most trusted. You must choose the two-wheeler insurance based on what you are looking for in a two-wheeler insurance policy

Name of the Company 

Features Offered by the 

Company

Incurred Claim Ratio
New India Insurance 
  • Quick Purchase and Settlements
  • Paper-less renewals
  • Towing facility for - Own damage and Third-party
  • Cover for fire and theft
  • No Claim discount
  • Add-Ons available



 

87.54%

Reliance Insurance 
  • Easy video claims
  • Customised Add-Ons
  • Long-term plans available
  • Discounts available
  • Over 1200 network garages



 

85% 

ICICI Lombard Insurance
  • Quick Purchase, Renewal and Settlements
  • Personal Accident Cover
  • Covers the Accessories
  • 24*7 Assistance
  • Strong customer care



 

74%

Bajaj Allianz Insurance 
  • Long-term plans available
  • Covers natural and man-made damages
  • Quick and Easy Claim Settlement
  • NCB cover available
  • Excellent customer service



 

62%

Oriental Insurance
  • Discounts in premium
  • Customised protection plans
  • Efficient Online portal


 

112.62%

HDFC Ergo Insurance 
  • High Claim paying ability
  • Early processing of minor claims
  • Easy to purchase policies requiring minimum paperwork
  • Range of Add-Ons



 

82%

IFFCO Tokyo Insurance 
  • 4300 cashless garages
  • 10 years of industry experience
  • 4-hour claim settlement


 

87% 

Bharti AXA Insurance
  • Easy and Instant policy purchase
  • 24*7 Claim Assistance
  • Ong-term plans
  • Discounts available
  • Over 2500 cashless garages



 

75%

TATA AIG Insurance
  • Customer-centric plans
  • 24*7 Assistance
  • Strong customer care
  • Pre-declared depreciation slabs
  • Various add-on options



 

70% 

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How to Choose the Right Two-Wheeler Insurance Company?

With so many companies offering two-wheeler insurance policies, it can be overwhelming to select the best one for yourself.  Given below are a few aspects that you must keep in mind when buying  two-wheeler insurance:  

  1. List your Insurance Needs
    You first need to decide what kind of insurance coverage you want for your two-wheeler. It is recommended that you select comprehensive two-wheeler insurance, especially if you are buying a new or an expensive two-wheeler. A third-party plan will not cover the damages that are caused to your scooter/bike, thus plan carefully.
  2. Comparison Helps
    Different plans offer different features, and so you must do some research about the various options that are available in the market. The best way to compare plans is to do so online. You can also make use of Online Two-Wheeler Insurance Premium Calculator to draw a comparison between the premium charged by various companies.
  3. Premium Amount
    One of the most important factors for choosing insurance is its cost. Choose a plan that fits your budget, but do not go for a plan only because it is cheaper. Saving a little today may make you regret if tomorrow you get involved in an accident. You’ll be cutting a big hole in your pocket, and paying for your two-wheeler repairs yourself. Choose a policy that offers a lot of coverage at an affordable price.
  4. Look-Out for Discounts
    Many two-wheeler insurance companies offer discounts in premium when you buy a long-term plan or when you buy certain plans, make sure you lookout for a discounted deal.
  5. Option of Add-Ons
    Add-ons and riders can greatly expand the coverage of your base two-wheeler policy, try and select a company that offers a variety of Two-Wheeler insurance add-ons cover that you would be able to incorporate in your plan.
  6. Find out about the Claim Procedure
    When you buy insurance, the main goal is ‘claim’, so do try and find out as much as possible about the claim procedure it follows. Most companies these days promise an easy and quick claim settlement, you can get a fair idea about it through online reviews.
  7. Network Garages
    At a network garage, the company settles the repair bills on its own and you end up paying only a nominal charge. It takes away the stress and makes the repair of your bike easy and trouble-free. Look for a company that offers a big number of network garages.
  8. Claim Settlement Ratio
    Claim settlement ratio of a company will give you an estimate of the claims that have been settled against the number of claims raised.
  9. Reputation of the Insurance Company
    An idea about the company’s general reputation, its customer care, its policies etc. will make it easier for you to select the right company and then the right insurance policy for your two-wheeler. Choosing a well-established and trustworthy company will go a long way.

Remember, buying the right two-wheeler insurance plan is very important. It must be a well-researched and well-informed decision. The factors given above are just basic guidelines, you will have to finalise the best plan for yourself.

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Two Wheeler Insurance Companies FAQs

  • 1. Which is the best company to buy two-wheeler insurance in India?

    No two insurers may have the same insurance needs, and thus finding the best company may not be enough when looking for a suitable insurance plan. However, the following companies are said to be the best:

    • HDFC Ergo General Insurance Company
    • TATA AIG  General Insurance Company
    • ICICI Lombard  General Insurance Company
  • 2. Do two-wheeler insurance companies check background before offering insurance in India?

    Backgrounds checks before offering insurance are not done in India as yet. However, the companies may keep a tab on you if you have been an insurance defaulter previously.

  • 3. How two-wheeler insurance companies calculate IDV?

    IDV or the Insured Declared Value is the current market value of your scooter/bike/scooty. The formula to calculate the IDV is Manufacturer’s Selling Price - Depreciation Value.

  • 4. What happens to my NCB, if I change my two-wheeler insurance company?

    The NCB, No Claim bonus is earned by you and thus it belongs to you, it does not belong to the two-wheeler. So, if you sell your bike, you can transfer the insurance and still claim the NCB when you purchase a new plan.

  • 5. I lost my two-wheeler insurance policy, can I get a duplicate policy from my company?

    Yes, you simply need to get in touch with the insurance company and raise a request. They will issue a duplicate copy in a few days.

  • 6. Is it possible to change the bike insurance company online?

    Yes, at the time of policy renewal you can easily switch from one insure to the other. However, if you are in the middle of the policy tenure, you would first have to cancel the existing policy and then buy a new one.

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