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 Top 10 Bike Insurance Companies in India 2023 and Price Comparision

Top 10 Bike Insurance Companies in India 2023 and Price Comparision

Under the Motor Vehicles Act, it is mandatory for all two-wheeled vehicles in India to have third-party insurance coverage. However, it is advisable to opt for comprehensive insurance coverage due to its numerous advantages. Comprehensive insurance not only covers the owner but also provides substantial protection against third-party liabilities and covers damages caused by accidents, fires, theft, or natural disasters.

Indian bike insurance providers are considered reliable due to several factors. Firstly, their claim settlement procedure is efficient, and they have a high claim settlement ratio, which increases the likelihood of settling claims without any issues. Secondly, they provide excellent customer service, with competent and accommodating staff who can assist with inquiries whenever needed. Thirdly, these providers have a strong online presence, offering user-friendly websites and mobile applications for purchasing policies, renewals, and claim submissions.

When choosing a bike insurance policy, it is essential to consider the scope of coverage offered. Look for a plan that offers the broadest range of coverage, including high IDV (Insured Declared Value), zero depreciation clause, personal accident insurance for passengers, key replacement coverage, NCB (No Claim Bonus) protection for new bikes, and engine protection in flood-prone areas.

In addition to coverage, the claim settlement procedure and customer support services are crucial factors. It’s important to understand the entire claim process, including cashless claim options and network garages. A provider with effective customer support, including chatbots and user-friendly mobile applications, can make the insurance experience more efficient.

It is also recommended to assess the various bike insurance providers based on their cashless garage network, third-party cover, personal accidental cover, incurred claim ratio, and policy term. This comparison can help in selecting the best insurance policy for bikes.

To choose the best auto insurance policy, consider factors such as the type of plans available, riders or additional coverage options, policy tenure, and cost. Evaluate your specific needs and determine the most appropriate type of bike insurance. Assess riders based on your requirements and read the clauses carefully to understand the coverage they offer. Decide on the policy duration based on the bike’s condition and your future plans. Finally, consider your budget and compare bike insurance quotes to find a plan that offers the desired features and fits your financial situation.

1.Bajaj Allianz Insurance General Insurance Co Ltd.4500+✔️Rs. 15 lakh68.53%1 year
2.Cholamandalam MS General Insurance Co Ltd.6912+✔️Rs. 15 lakh65.05%1 year
3.IFFCO Tokio General Insurance Co. Ltd.4300+✔️Rs. 15 lakh84.12%1 year
4.Kotak Mahindra Insurance Co. Ltd.3000+✔️Rs. 15 lakh82.67%1 year
5.Liberty General Insurance Ltd.4300+✔️Rs. 15 lakh62.84%1 year
6.The Oriental Insurance Co. Ltd.3100+✔️Rs. 15 lakh97.95%1 year
7.Reliance General Insurance Co. Ltd.8700+✔️Rs. 15 lakh75.57%1 year
8.SBI General Insurance Co. Ltd.16000+✔️Rs. 15 lakh93.58%1 year
9.Shriram General Insurance Co. Ltd.2000+✔️Rs. 15 lakh72.97%1 year
10.TATA AIG General Insurance Ltd.7500+✔️Rs. 15 lakh70%1 year

In conclusion, it is advisable to obtain bike insurance coverage from reliable providers in India. Consider factors like coverage scope, claim settlement procedure, customer service, and online presence when making your decision. Compare policies, assess your needs, and budget accordingly. Apna Mechanic is a platform that provides access to more than 15 insurers, offering customizable coverage options and excellent customer care. They also offer convenient payment methods like cash, debit cards, and UPI for purchasing insurance plans.

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