In India, having two-wheeler insurance is required by law, unlike other types of insurance. All Indian drivers must carry third-party two-wheeler insurance under the Motor Vehicles Act of 1988. Given the vast array of insurance companies in the nation, choosing the right one for a bike insurance plan has become a challenge for vehicle owners. Below are some of the most popular private and public insurance companies.
Best Two Wheeler Insurance Company In India
1. Royal Sundaram General Insurance Company Ltd.
Royal Sundaram General Insurance is renowned for its cutting-edge general insurance solutions created for families, individuals, and organizations. Over the years, this well-known insurance company has helped 28 million clients through its 158 locations in India. The business takes pride in being the first insurer to offer a cashless method of settling claims.
KEY FEATURES:
- Plans for two-wheelers with reasonable premiums.
- Long-term insurance is available for up to three years.
- Quick and simple claim resolution within 10 days.
- There isn’t a lot of paperwork needed.
2. Bajaj Allianz General Insurance Company Ltd.
Bajaj Allianz is one of the most favored brands for two-wheeler insurance due to its customer-focused approach and dependability. The company has received the IDC Financial Insights Innovation Awards designation “Best Insurer in India 2020.” It has provided goods and services to over 11 crore clients. By the end of the third quarter of FY 2021–2022, Bajaj Allianz had generated revenues of Rs. 10,488 crores.
KEY FEATURES:
- Bike insurance that covers several years is offered for up to three years. No hassles with annual policy renewal.
- Simple and hassle-free claim settlement process.
- Online policy purchases or renewals are quick and straightforward.
- No vehicle inspection is required for online policy renewal.
3. Iffco Tokio General Insurance Company Ltd.
Since 2000, IFFCO Tokio General Insurance Company Limited has offered its clients a wide range of insurance products. It has a vast nationwide network and provides cashless services in more than 4,300 cashless garages. In FY2021, this top insurance provider achieved a claim settlement ratio of 95.82%. It intends to provide a range of insurance options to residents of rural areas.
KEY FEATURES:
- Within four hours, claims are resolved.
- The customer care line for claim assistance is open 24/7.
- A nationwide system of more than 4,300 cashless garages that provide cashless repairs.
- There are discounts and 8 individualized add-on covers available.
- High (98.35%) claim settlement ratio.
4. SBI General Insurance Company Ltd.
With the launch of SBI General Insurance Company, SBI has established itself as a household name in the financial and banking sectors. SBI General now services the retail, SME, and corporate markets and is present in more than 110 cities in India. The SBI General Two-Wheeler Insurance Policy is one of the most sought-after products on the market due to its comprehensiveness and multitude of customer-focused perks.
KEY FEATURES:
- Personalized pricing based on consumer profile.
- There is a discount for those who get insurance between the ages of 25 and 55.
- Additional savings and rewards for timely insurance renewal.
5. The New India Assurance Company Ltd.
New India Assurance, a fully-owned subsidiary of the government, does business globally with more than Rs. 31,573 crores and is present in 28 different countries. Across the country, New India Assurance has more than 2214 offices and 1 1086 micro offices. The highest level of financial strength to meet the commitments of the policyholders is demonstrated by New India Assurance, the only direct insurer in India to be given an “A” rating by AM Best.
KEY FEATURES:
- Insurance buyers have two options: the straightforward “Liability alone policy” or the all-inclusive “Package policy.”
- There are available add-on options, including accessories, personal accident insurance, passenger insurance, and paid drivers.
6. Bharti Axa General Insurance Company Ltd.
Leading general insurance provider Bharti AXA General Insurance company Ltd. was founded in 2008. A joint venture between Bharti Enterprises and AXA, a leader in financial protection, owns the business.
KEY FEATURES:
- The organization offers a variety of add-ons, such as personal accident cover and a zero depreciation policy, to provide additional coverage.
- Digital payment methods include net banking, debit/credit cards, and Google Pay.
7. Future Generali India Insurance Company Ltd.
Only a select few insurance companies can win over customers. The future general is one of them. The company was established in 2007 with the primary goal of providing exceptional services to its clients and making them happy. The organization offers health, travel, and other services and auto insurance.
KEY FEATURES:
- The company will resolve your claim within 7 days.
- profit from a service that automatically reminds you to renew.
8. HDFC Ergo General Insurance Company Ltd.
The leading insurance company of the Munich Re Group, ERGO International AG, and HDFC Ltd. have partnered to form HDFC ERGO. The organization offers a variety of efficient general insurance solutions, including those for travel, health, and motor vehicles. ICRA Limited has given the company an “AAAA” rating. It also has the ISO seal of approval.
KEY FEATURES:
- On insurance rates, the company provides discounts of up to 70%.
9. Tata Aig General Insurance Company Ltd.
TATA A joint venture between AIG (an American business) and TATA is known as AIG General Insurance Company. Since its founding, the company has maintained a reputation for providing its clients with premium, cutting-edge products through offline and online channels.
KEY FEATURES:
- Dislikes deceiving people with hidden expenses.
- The business provides depreciation slabs.
10. Oriental Insurance Company Ltd.
On September 12, 1947, Oriental Insurance Company was established. The business wants to give customers first-rate service. The business’s main office is in New Delhi. It has 31 regional offices and more than 1800 operational offices nationwide.
KEY FEATURES:
- The insurer receives several discounts from the company.
- Purchase add-ons to receive more coverage.
CONCLUSION
By purchasing reliable two-wheeler insurance, policyholders will receive financial assistance if their vehicle causes any damage. The most effective protection for your two-wheeler is insurance. Your two-wheeler would have expressed gratitude to you if it could speak.
