5 Best Two Wheeler Insurance Companies to Consider for FY 2018-19

Two wheelers are the most preferred and convenient mode of transport, especially for the traffic-packed roads of India. With a bike, it is easy to avoid the pick office-hours rush or lengthy red light jam. But, this easy-to-ride feature comes with its shares of risks as well. The growing rate of bike accidents on roads has made it essential to have two wheeler insurance with comprehensive cover. When third-party bike insurance is mandatory in India, having an extensive policy to cover own damages as well as the need of the hour.

The Indian insurance market has been flooded with many two wheeler insurance providers with various insurance plans. The sheer range of insurance policies may leave the insurance seekers in the state of confusion. Given that, it is very important to choose the insurance company carefully, by keeping certain things in mind. However, before coming to that point, the below list of best two wheeler insurance companies in India can be handy in terms of their offerings and services.

Best Two Wheeler Insurance Companies in India

  • HDFC Ergo Insurance
  • TATA AIG General Insurance
  • SBI General Insurance
  • Reliance General
  • Bajaj Allianz General Insurance

Let’s dig into details…

1. HDFC ERGO General Insurance Company Limited

HDFC ERGO General Insurance was jointed formed by HDFC Ltd. and a Germany-based company, ERGO International AG, with 51% and 49% stake respectively. The company has its presence in 101 Indian cities with 117 branches across the country. The two-wheeler insurance plans offered by the HDFC ERGO can be availed at an affordable premium.

The key features of HDFC ERGO Two Wheeler Insurance include:

  • With long-term two wheeler insurance policy up to 3 years, the hassle of yearly policy renewal can be avoided
  • The 24×7 customer support helps you avail the services any time just a call away
  • Two-wheeler policy of HDFC ERGO can be availed or renewed online by visiting the official website of the insurer
  • Experience an easy and transparent claim settlement process
  • The insurer offers discounts on long-term two-wheeler insurance plans at the time of purchasing

2. Bajaj Allianz General Insurance Company Limited

The company is well-known for its reliability and customer oriented approach. Bajaj Allianz is one of the most preferred insurance brands in terms of two wheeler insurance. ABP news has declared it as the “Best General Insurance Company in Private Sector” in the year 2014. It was also rewarded with “Golden Peacock Award 2014” and “Claims Innovation of the Year” and is able to maintain the rapport with flawless and prompt services.

Salient Features of Bajaj Allianz Two Wheeler Insurance

Some of the outstanding features of Bajaj Allianz Two wheeler insurance include:

  • The insurer also offers multi-year two wheeler insurance available for a period of up to 3 years.
  • Easy and Hassle-free process of claim settlement
  • Policy can be bought or renewed online in a quick and easy way
  • Round-the-clock customer support service
  • Zero depreciation add-on cover to ensure optimum protection
  • No vehicle inspection if you renew the policy online by visiting the official website

3. SBI General Insurance Company Limited

SBI has been the most trusted brand in both the banking and insurance sector. Currently, SBI General has its presence in 56 cities across the country and offering services in three segments namely Corporate, Retail and SME. The company offers a range of innovative insurance products to ensure financial protection in case of an unfortunate event. The SBI two-wheeler insurance comes with comprehensive coverage that includes third-party liability and own damage as well. The plans with customer-centric benefits and customisable features have made this provider one of the most sought-after option in the market.

SBI General Two Wheeler Insurance: Key Features

  • Avail customised plans within the budget
  • Discount at the time of buying for the people aged between 25 to 55 years
  • Avail additional discount or bonuses for renewing the policy on time

4. TATA AIG Insurance Company

The company was formed in the year 2001 under the collaboration between Tata Group and American International Group. The TATA AIG two wheeler insurance offers a range of innovative insurance solutions for individual and business, among which two wheeler insurance is a major attraction. It is one of the top general insurance companies in India offering insurance for all two-wheelers with myriad benefits.

The reasons for considering Tata AIG two wheeler insurance are:

  • The company facilitates with the free pick up of your two-wheeler in case of accidents and assures six-month accident repair warranty
  • The claims can be settled directly within 7 days
  • The insured vehicle is well-protected against partial or total loss in an accident, along with third party liability insurance
  • Add-on benefits such as depreciation reimbursement, no claim bonus protector, key replacement, daily allowance etc. to boost the basic policy coverage
  • It offers a warranty on accidental repairs as well
  • The 24×7 customer care support is always ready to serve you and is just a phone call away

5. Reliance General Insurance Company

Reliance General Insurance is one of the top general insurers under the umbrella of the Reliance group. The two-wheeler insurance offered by the company worth your investment. The comprehensive coverage along with excellent post-sale services, the company has made its way to be in the list of most sought-after insurance companies in India.

Some of the reason for choosing Reliance General Insurance are:

  • You can experience a hassle-free claim settlement via NEFT
  • No Claim Bonus and other discounts on the installation of the anti-theft device, discounts to members of automobile association etc. are exciting features
  • Easy access to network garages for any type of damage repairing. Damage due to man-made or natural calamities can be repaired free of cost by approaching a network garage
  • Repayment of the cost in case of accident, theft, damage due to riot, natural calamities, third-party liability, without any documentation

However, the above are just a few of the long list and it is not the comprehensive one. The insurance seeker is recommended to go with a thorough research at the time of buying.

Essential Factors to Consider While Choosing Two Wheeler Insurers

In the process of hunting for the right two-wheeler insurers, the following factors will help you make an informed decision. However, there is no guarantee that you will find one that meets all the parameters. Still, consider the one who fulfils most of the important aspects. Here we go:

  • The genuineness of the Insurer: It should be your foremost concern while selecting an insurance provider. The authenticity matters a lot and you should not compromise it. Always go for an insurer with good records in terms of claim settlement process and those are with a proper IRDAs registration number. You can check IRDAs registration online as well.
  • Financial Background: Consider the financial background of the insurer. It is one of the important points to consider at the time of buying a plan. A simple Google search will help you have a fair idea about the financial background of various insurers.
  • Claim Rejection Ratio: The claim rejection ratio of an insurer will indicate whether the insurance provider is capable of paying off the claims or Claim rejection ratio means how many of registered claims are rejected by the insurer in a financial year. Lower the rejection ratio, better it is.
  • Premium Amount: Needless to say, every insurer comes with a different premium for different coverage. It is recommended to compare each one of them at the time of policy hunting and make an informed decision. Select an insurer that offers two wheeler insurance at an affordable rate. However, the cheapest can’t be the best always. While going for the cheapest plan is a pure waste of your time and money, buying a plan with extensive coverage at an affordable premium is what you should look for.
  • Post-Sales Support: buying two wheeler insurance is not enough. In order to sustain a good customer relationship, every company has come up with post-sale services. Post-sale services are offered free-of-cost and in a phone call away. Choose a company that offers a maximum of these services and which is easily approachable. This way you would not have to run pillar from the post to settle a claim or renewing a policy.
  • Types of Coverage Offered: As simple as it gets. You should compare the types and coverage offered by various insurance providers. It goes without saying, select the insurer that comes with wide coverage. The premium also needs to be considered. Make sure you are availing maximum cover at an affordable premium.
  • Riders: Rider covers offer extra benefits, which can be availed by paying extra With a slightly more premium, you can opt for various add-ons such as Nil Depreciation cover, cover for accessories, roadside assistance etc. make sure the insurer you have selected offers optimum options for riders.

Over to You

Here you have got the 5 best two wheeler insurance providers in India. When bike insurance provides you with the assurance of optimum financial during an emergency, finding the right plan is the real challenge. You can compare the insurers online on certain parameters to make sure that you have opted for the right one.