Best Two wheeler Insurance Companies in India
A Two Wheeler Insurance Policy protects your bike against accidents, theft, and natural, and man-made calamities. According to Motor Vehicle Act 1988, every two-wheeler owner must at least own third-party bike insurance. Indian motorcycle riders have multiple options when it comes to buying a two wheeler insurance policy. You can either buy a third party liability bike insurance plan which comes with limited features or buy a comprehensive bike insurance policy for exhaustive coverage.
Top Two wheeler Insurance Plans
Several good plans are available at a cost that will enhance your day.
Top Two-wheeler Insurance Companies
Bike Insurance Company | Network Garages | Claim Settlement Ratio |
United India Insurance | 3100+ | 82.30% |
Reliance General Insurance | 8700+ | 98% |
New India Assurance | 3000+ | 89.60% |
Go Digit | 2900+ | 97% |
Bajaj Allianz | 4000+ | 95.01% |
Royal Sundaram | 3300+ | 92.66% |
ICICI Lombard | 4800+ | 88% |
Oriental Insurance | 3100+ | 91.76% |
How to select the Best Two Wheeler Insurance?
There are legions of Insurance companies in India offering two wheeler insurance policies to the Indian populace. Selecting the best insurance company among the lot is not an easy task. The fact of the matter is the requirement of every individual requiring policy varies. What is important to one need not necessarily be important to others. Some might want to have better coverage and access to more number of network garages, while some would prefer the one with lower premium. The truth is there are some important parameters that every potential policy buyer must check before narrowing in on the insurance policy. Following are the parameters which you must verify in every insurance provider to identify the best insurance policy in the market.
- Network Garages
Every Insurance company has tie-up with some two-wheeler workshops or garages known as Network Garages. Following an accident, you can get your bikes repaired in these network garages without having to pay out of hand. At the time of selecting the best insurance policy for your bikes, it is crucial that you select the one that has most number of network garages near to your location.
- Claim Settlement Ratio
Claim Settlement Ratio abbreviated as CSR is the percentage of claims settled by the insurer out of the total claims received in one financial year. A higher CSR rate indicates that the company has a good record in settling claims. Therefore, you must select the insurance provider which has a good CSR.
- Riders
Riders or add-ons are additional packages that you can add to your comprehensive bike insurance policy for enhanced protection. You can buy these riders at a nominal price. Zero depreciation cover, Protection of NCB, Roadside Assistance, Consumables cover are some of the prominent riders purchased by the policyholders. Select the company that offers these cover at a nominal price.
- Customer Service
It is one of the most important factors that define the reputation of the company. The quality and service of the customer care is very important as you would need their assistance anytime should there be an unfortunate event. Most insurance providers offer 24/7 support to their customers these days. You can check the reviews of different insurance providers online to get an idea about the customer service of the insurer.
Conclusion
Keep the above points in mind when selecting the insurance policy for your bikes. Also, ensure to renew your policy on time as not renewing it on time might lead to legal complications. Make sure to review your requirements periodically to understand if the coverage meets your needs and requirements.