Top 10 Two-Wheeler Insurance Companies in India - Complete Details

One of India's biggest and best general insurance companies, Bajaj Allianz General Insurance Company came into existence in 2001. Since its establishment, it has grown exponentially, with a presence in nearly 200 towns and cities across the country.

It offers a wide variety of insurance products that cater to the requirements of a diverse customer base. The company has been able to penetrate the market to a great extent thanks to its state-of-the-art digital applications. Bajaj Allianz two wheeler insurance carries superior values and the company ensures that its customers have an excellent experience.

HDFC Ergo General Insurance Company

Another major general insurance company in India, HDFC Ergo General Insurance Company is a joint venture between ERGO International AG - the primary insurance body of the Munich Re Group, and HDFC Ltd. The company offers a variety of insurance products across travel, health, motor, and general categories. It also provides property insurance, marine insurance, and liability insurance to its customers.

Currently, HDFC Ergo General Insurance Company has 122 branches in 106 cities and employs more than 1,000 people. ICRA Limited has given HDFC Ergo General Insurance Company the iAAA rating and it has also received the ISO certification for its customer service, policy issuance, and claim services, making it one of the best options out there.

National Insurance Company

Founded in 1906, the National Insurance Company is India's oldest insurance company. It is also the only non-life insurance company in the public sector and among the most trusted insurers across the country.

The National Insurance Company has received the 'Best in Service' award for its health and motor insurance business that comprises 63% of the non-life insurance market in India, making it an option worth considering if you are looking to purchase two-wheeler insurance online

IFFCO Tokio Insurance Company

The Indian Farmers' Fertilizer Co-operative Nichido Fire Group, or IFFCO, as it is commonly known, and Tokio Marine got into a joint venture to create IFFCO Tokio Insurance Company in the year 2000. Since it was established as an insurance major in the country, IFFCO Tokio Insurance Company has grown significantly as the years have passed.

It offers a wide variety of motor insurance products that cater to the needs of a diverse customer base. The two wheeler insurance policies offered by IFFCO Tokio Insurance Company are simple, and the company also has a high claim settlement ratio which makes it a preferred option among many bike owners in the country.

New India Assurance Company Limited

Sir Dorabji Tata, the founding member of the House of Tata established the New India Assurance Company Limited in 1919. A merger of Indian companies saw the New India Assurance Company Limited get nationalised in 1973, and it has since gained a reputation for being one of India's leading insurers.

It remains the first non-life company in the country whose global business crossed Rs.22,270 crores in March 2017, and has an international presence in Singapore, Kenya, Japan, the UK, and the middle east. It offers comprehensive and liability-only two wheeler insurance policies to its customers at competitive rates and has plans that are designed to meet your unique insurance needs.

SBI Insurance Company

The SBI General Insurance Company Limited is jointly owned by Insurance Australia Group (IAG) and the State Bank of India. The State Bank of India is the country's largest banking institution and has more than 20,000 branches in towns and cities across India.

It also has five associate banks and owns 74% of the SBI Insurance Company while the remaining 26% stake is held by IAG. SBI Insurance Company offers a variety of insurance products such as travel insurance, home insurance, health insurance, motor insurance, personal accident insurance, fire insurance, marine insurance, etc. SBI two wheeler insurance is definitely one of the options to consider if you plan to buy bike insurance online.

Royal Sundaram Alliance Insurance Company

The very first private sector insurance company to be licensed in India, Royal Sundaram Alliance Insurance Company offers a wide range of insurance solutions across travel, home, personal accident, motor, and health sectors. The company has more than five million customers and distributes its products across 136 cities in India.

It is one of the most reputable and trusted insurance companies in the country and Royal Sundaram two wheeler insurance is one of the best options out there if you are looking for bike insurance online.

Reliance General Insurance Company

A part of the Reliance Group, the Reliance General Insurance Company is among India's most trusted insurance companies. It caters to a diverse customer base and has a variety of insurance products such as travel insurance, health insurance, motor insurance and much more.

With several offices across the country, Reliance General Insurance Company is among the most popular as well as trusted insurers in India. The company has received several awards for Quality Management System from Det Norske Veritas - a renowned Global Quality Standards Auditing Company.

It also holds the distinct privilege of being the first insurance company from India to receive the company-wide ISO 9001:2008 certification thanks to its provision of quality products and services to customers across the country.

ICICI Lombard Bike Insurance

The three different bike insurance options that ICICI Lombard offer are Comprehensive Bike Insurance, Standalone Own Damage Bike Insurance, and Third-Party Bike Insurance. Once you purchase a bike insurance policy, the policy is issued instantly.

ICICI Lombard offers 24x7 roadside assistance and customer support. You can visit the official website of the insurer to get a quote.

Digit Bike Insurance

The claim settlement ratio of Go Digit is 96%. Third-party losses, personal accidents, natural disasters, fire, theft, and accidents are cover under the Digit Bike Insurance policy.

The policy is provided instantly once you purchase the insurance. You can also renew the policy and raise a claim online.

Types of Two-Wheeler Insurance Plans Offered by Different Insurers

Here are the three different types of two-wheeler insurance plans offered by different insurers:

1. Standalone Own Damage Cover: This plan covers financial loss caused due to any damage to your bike caused due to natural calamity, accident, or others. This plan can be opted for along with third-part insurance plan for all-round coverage and add-ons can also be opted for customising the policy.

1. Comprehensive two-wheeler cover: This insurance policy is a combination of both own damage cover and third part insurance coverage that strengthens the overall insurance coverage.

1. Third Party Bike Insurance: This is a mandatory insurance plan that a vehicle owner must have according to the Motor Vehicles Act 1988 and will protect the bike owner from financial losses incurred due to disability property damage or injuries, or harm caused to any person due to your bike. The maximum coverage provided under this insurance plan is Rs.7.5 lakh and the coverage are unlimited in case of bodily injury or death.

What Does Your Bike Insurance Covers?

Here is the list of coverages included under different bike insurance plans:

Comprehensive two-wheeler cover

The following is the list of coverages under this plan:

1. Theft of two-wheeler
2. Losses or damage caused due to natural calamity
3. Damage or losses to your bike caused due to accident
4. Damage due to fire
5. Personal Accident Cover, if opted
6. Damage to third party vehicle and property
7. Injury or death of Third Party due to an accident

Standalone Own Damage Cover:

The following is the list of coverages under standalone own damage cover plan:

1. Personal Accident Cover, if opted
2. Losses or damage caused to your bike due to accident
3. Damage or losses caused due to natural calamity
4. Damage caused due to fire
5. Theft of two-wheeler vehicle

Third Party Bike Insurance:

Here is the list of coverage under third part bike insurance plan:

1. Death or injury to Third Party due to an accident
2. Damage to third party vehicle and property
3. Personal Accident Cover, if opted

What are the Points to Consider Before Choosing the Right Two-Wheeler Insurance Company in India?

The following are some of the vital points to remember before choosing the right two-wheeler insurance company in India:

1. Cashless Garages: The network garages are places where an individual can claim cashless facility provided by the insurance company for their insured vehicle. Before choosing the right two-wheeler insurance company, check for the cashless garages in your locality.

1. Claim Settlement Ratio: This is the percentage of claims settled by the two-wheeler insurance companies out of total claims received. The higher the ratio, the better the company’s profile.

1. Customer Support Service: Customer service is another vital factor that should be considered before choosing a two-wheeler insurance company. Select the insurance company that offers 24x7 customer support service.

Add-on coverage offered: Add-on coverage is provided by some of the insurance companies against a nominal premium. Check for the add-on benefits before choosing a two-wheeler insurance company.