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.
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 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.
The insurer also offers multi-year two wheeler insurance available for a period of up to 3 years.
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.
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.
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.
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.
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 IRDA registration number. You can check IRDA 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.
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.