In India, owning a two wheeler insurance is a necessity and a passion for many. While buying a two-wheeler is a great feeling, ensuring its safety on the road is also essential. This is where a good two-wheeler insurance policy comes in. In India, several insurance companies provide two-wheeler insurance policies, but not all are the same. To help you choose the best two-wheeler insurance policy for your bike or scooter, we have created a comprehensive guide listing the best two-wheeler insurance companies in India for 2023.
Factors to Consider when Choosing the Best Two-Wheeler Insurance Company
When choosing the best two wheeler insurance company, it is essential to consider various factors, including costs, available discounts, customer service reviews, and the claims-filing process. We have used these factors to determine the best two-wheeler insurance companies overall, by state, and for specific driver profiles.
It is also important to note that the best two-wheeler insurance policy is only sometimes the cheapest. This is why we have compiled a resource to help you determine which insurance companies are considered the best by customers and third-party reviewers. The best two-wheeler insurance companies are based on average premiums, customer services, and coverages.
In addition to the factors mentioned above, there are other essential considerations when selecting a two-wheeler insurance company. These include:
Coverage Types: The coverage you need depends on the protection you want for your bike. You can choose from two types of coverage – third-party liability insurance and comprehensive bike insurance. Third-party liability insurance covers damages caused to third-party property or persons in the event of an accident. In contrast, comprehensive insurance covers both third-party liability and own-damage expenses.
Add-on Covers: Many insurance companies offer additional coverage options to add to your policy for a fee. These add-ons can enhance your policy’s protection and cover things like a pillion passenger cover, zero depreciation cover, engine protector cover, and more.
No Claim Bonus (NCB): NCB is a discount you can earn if you don’t make any claims during the policy period. The discount can range from 20% to 50%, depending on the number of consecutive years without any claims. Choosing an insurance company that offers a high NCB percentage is essential.
Network Garages: A network garage is a garage that has a tie-up with the insurance company, where you can get cashless repairs done in case of an accident. Check the list of network garages of the insurance company you’re considering, and ensure there are garages near your location.
Policy Period: Choose a comprehensive bike insurance company that offers flexible policy periods, such as one, two, or three years, depending on your preference.
Best Two-Wheeler Insurance Companies in India for 2023
Raheja QBE Bike Insurance
With a claim settlement ratio of 100.51% and a network of over 1300 cashless garages, Raheja QBE Bike Insurance is one of India’s best two-wheeler insurance companies. They provide a customer-oriented approach and offer comprehensive coverage at an affordable price.
Edelweiss Bike Insurance
Edelweiss Bike Insurance offers affordable coverage, a variety of insurance types, and plenty of discounts. They have a claim settlement ratio of 93.38% and a network of over 2000 cashless garages. Their EMI protector and 50% discount on their damage premium make them popular among customers.
Universal Sompo Bike Insurance
Universal Sompo Bike Insurance is known for its affordable premiums and a high claim settlement ratio of 87.96%. They have a network of over 3500 cashless garages and offer personal accident cover up to Rs. 15 lakh for the owner-driver.
Royal Sundaram Bike Insurance
With a claim settlement ratio of 87.89% and a network of over 4600 cashless garages, Royal Sundaram Bike Insurance provides excellent coverage and service. They also offer 100% invoice insurance price and personal accident coverage up to Rs. 2 lakhs.
SBI Bike Insurance
SBI Bike Insurance is known for its budget-friendly policies and a claim settlement ratio of 86.1%. Their third-party price for bikes with less than 1000 cc is Rs. 1500, and they have a network of over 5000 cashless garages.
IFFCO TOKIO Bike Insurance
IFFCO TOKIO Bike Insurance provides:
- Affordable coverage.
- A high claim settlement ratio of 84.04%.
- A network of over 4300 cashless garages.
They offer personal accident cover up to Rs. 15 lacs and are known for their advanced options.
Navi Bike Insurance
Navi Bike Insurance provides excellent discounts, including a premium starting at Rs. 2072 and third-party liability up to Rs. 7.5 lakh. They have a claim settlement ratio of 82.91% and a network of over 1100 cashless garages. Navi Bike Insurance is known for its easy and hassle-free claim process.
When buying a two wheeler insurance policy, it is essential to research and compares different policies before deciding. While cost is essential, it should not be the only factor you consider. Look for a policy that provides the coverage you might need, good customer service, and an easy claim-filing process. The above-listed companies are some of the best two-wheeler insurance companies in India for 2023 and can help you find the right policy for your bike or scooter.