It is the duty of each individual to maintain their motorcycles safe. Comprehensive bike insurance is required for this. The Motor Vehicles Act of 1988 mandates that all drivers in India have third-party two-wheeler insurance. It gives us assurance and prevents harm to our automobile. It is necessary for all individuals to keep their motorcycles safe and secure. A robust bike insurance coverage is required for this. We’ll discuss the best five bike insurance companies for 2023 in this post.
What is bike insurance?
An agreement between the bike owner and the insurance company that covers any damage to the bike resulting from an accident, theft, or collision is known as a bike insurance policy. Bike insurance is crucial for protecting your financial and legal responsibilities in the case of an unfortunate accident, natural catastrophes like fires or landslides, or incidents perpetrated by people like theft, violence, vandalism, and so on.
Bike insurance covers all two-wheelers, including scooters, motorcycles, mopeds, and electric bikes. The Indian Motor Tariff, 2002 mandates that all bike owners carry at least third-party bike insurance.
Why Is Bicycle Insurance Necessary?
If you don’t have insurance, owning a bike may be very risky and dangerous. By paying a little payment for an insurance policy, one can obtain a substantial amount of money in an emergency. Each owner of a vehicle should have a bike insurance coverage for the following reasons:
- Saves You from Penal Fines: It is illegal to ride a bike in India without valid third-party bike insurance. For this reason, having comprehensive bike insurance is essential to avoiding having to pay large legal expenses.
- Protection from Man-Made and Natural catastrophes: Policies that offer insurance coverage can offer protection from natural catastrophes including earthquakes, landslides, floods, and fires. If you have the appropriate insurance in place, filing a claim under these unanticipated circumstances is simple.
- Protection from Theft: Having your bike stolen may be a serious issue with potentially disastrous financial consequences. If your bike is insured, however, you won’t have to worry too much because the insurance company will cover the expense of repairing your vehicle as soon as you tell them of the requirements.
Insurance for bikes
- Defence Against Third-Party Liabilities: It is imperative that you get third-party bike insurance to protect your bike from any damages or injury to third parties resulting from an accident involving your vehicle.
- Protection Against Personal Injury: One of the primary advantages of having a bike insurance coverage is being able to receive financial help for any costs associated with repairing a bike that has been damaged due to an accident or other man-made or natural disaster.
The Top 5 Bike Insurance Companies for 2024
We will review each of the five businesses that make up the following list of the top bike insurance companies.
- The SBI General Insurance Company, Ltd.
- Limited – Bajaj Allianz General Insurance Company
- Limited – Tokio General Insurance Company
- Sundaram Royal General Insurance HDFC ERGO SBI General Insurance Business, Inc.;
- IFFCO General Insurance Company Limited.
With SBI General Insurance Company, SBI has entered the insurance industry and grown to be a well-known brand in banking and finance. SBI General now operates more than 110 sites across India and caters to the retail, SME, and corporate industries. The SBI General Two-Wheeler Insurance Policy is one of the most popular products available since it is comprehensive and provides a number of customer-focused features.
Differentiating Factor: Additional savings over and beyond application-specific cost.
SBI General Two-Wheeler Insurance: Key Features
- Pricing is established based on the consumer profile.
- Those who are between the ages of 25 and 55 can get plans for less.
- discounts and bonuses for promptly renewing an insurance policy.
- Royal General Insurance of Sundaram
Royal Sundaram General Insurance is well known for providing contemporary general insurance solutions for individuals, businesses, and families. This well-known insurance company has serviced 28 million customers to date and has 158 locations throughout India. The business takes pride in being the first to resolve disputes without exchanging money.
Significant Elements of Two-Wheeler Insurance from Royal Sundaram
- Affordable, high-quality two-wheeler insurance.
- Options exist for long-term insurance that lasts up to three years.
- Claim settlement is simple and typically takes 10 days.
- Long-form records are not necessary.
Since its founding in 2000, IFFCO Tokio General Insurance Company Limited has provided a wide range of insurance products to its clientele. It provides cashless services and has more than 4,300 cashless garages nationwide. In FY2021, this noteworthy insurance company’s claim settlement ratio was 95.82%. It seeks to provide residents in rural regions with a broad selection of insurance products.
- Crucial Elements of Tokio IFFCO Two-Wheeler Insurance
- For settling disputes, four hours are allocated.
- For assistance with claims, get in touch with customer care twenty-four hours a day, seven days a week.
- Cashless repairs are available at more than 4,300 cashless garages nationwide.
Bajaj Allianz General Insurance Company, Limited
One of the most respected brands in two-wheeler insurance is Bajaj Allianz, which prides itself on its dependability and customer-centric culture. The firm was named “Best Insurer in India 2020” by the IDC Financial Insights Innovation Awards. So far, its products and services have helped almost 11 crore people. At the end of the third quarter of the 2021–22 fiscal year, Bajaj Allianz had brought in Rs. 10,488 crore.
- Differentiators include over 4500 cashless garages, 24/7 service, and quick and easy claims support.
- The Bajaj Allianz Two-Wheeler Insurance’s Key Elements
- The maximum duration for multi-year bike insurance is three years. It is not necessary to reapply for insurance every year.
- A dispute can be settled in a simple and painless manner.
Conclusion
In 2023, getting the right bike insurance is crucial. Customer ratings and reviews are very important when evaluating insurance since they show how dependable, excellent the customer service is, and how quickly claims are handled by the organisation. To make an educated decision, consideration should be given to consumer feedback in addition to elements like coverage alternatives and financial soundness.
