All you need to know about Bike Insurance in India

Firstly, we need to understand the need to go for bike insurance. In general sense, insurance is required as a risk mitigation measure and as a protection for financial loss. So, a bike insurance will save us from the uncertainties that may arise from theft, damage, and accidents. The process of issuance of policy and settlement of claims is quick. The policy covers damage to the bike on account of accident, theft, etc., third party liability, personal accident cover of INR 15 lakhs for bike owners and INR 2 lakhs per person for passengers and other legal liabilities. 

An important thing here to note is the coverage of the policy and the premium charged. The coverage of the policy will include protection cover on consumables such as coolant, nuts and bolts, spark plugs, oils, etc. There are broadly three types of bike insurance policies as given below.

A zero-depreciation policy, also known as bumper-to-bumper insurance in general discussions, charges a higher premium than other policies but covers the vehicle against any type of losses; the claim process is simple, and the policy holder is covered for all losses or damages. 

A comprehensive policy will have relatively low premium compared with the zero-depreciation policy and the coverage is limited. In case of any damage to the vehicle, the amount can be claimed in a cashless way and minimum charges need to be paid to get the claim. 

A third-party policy covers financial loss that may arise out of the vehicle causing physical damage to a person or his/ her property due to an accident. Since the coverage is limited, the premium is lower compared with other policies. 

Now, that we understand which type of policy to pick for our vehicle, we need to see what is being offered in the market. There are three ways of looking for and booking a policy- self-selection by logging online, taking help of customer service executives and through an agent. 

We will look at the top-5 bike insurance policies available in the market today. While we do that, we need to see the agent network and the claim settlement ratio of each insurer. This will help us to make an informed decision on our auto insurance purchase. 

Vehicle insurance buying tip

While selecting bike insurance, you must keep in mind that the cheapest policy isn’t always the best choice. Rather, the best policy is the one that satisfies all your needs for the lowest possible price.

What you need to buy bike insurance? 

Before starting to search for bike insurance online, you need to have the following things handy:

1. Bike’s make, model, and year
2. Details of any claim taken in the past year- if a claim is taken, then No Claim Bonus (NCB) will be calculated accordingly. 
3. Your personal details, like contact details including contact no., e-mail, and PAN. 

Top 5 bike insurance policies in India in 2021

There are 17 insurers offering bike insurance policies in India. We have picked the best for you, basis the claim settlement ratio. There are a lot of common features that every insurer is offering, so chose the best for you from the distinct features. 

Covering the top-5 two-wheeler insurers based on the claim settlement ratio

1. New India Assurance Two-wheeler Insurance

It is a wholly government-owned insurance provider with pan-India presence and international presence in 27 countries. The key features of the policy include: 

• Quick claim processing as evident from the high claim settlement ratio 
• Robust grievance redressal mechanism with proper escalation matrix for resolution of queries related to policy and claims.

2. Iffco Tokio Two-wheeler Insurance

It is one of the pocket-friendly policy having sufficient coverage to cater to the needs of most people. Key features of the policy include:

• Hassle-free documentation
• Quick claim settlement process highlighted by high claim settlement ratio
• Array of emergency services offered
• Round-the-clock assistance available to policy holders

3. SBI Two-wheeler Insurance

The comprehensive two-wheeler insurance policy covers customer-centric offerings and benefits. A brief list of those is given below.

• Customized pricing in line with applicant’s profile
• Additional discounts 

4. Reliance Two-wheeler Insurance

One of the prime insurers in the market today, offering comprehensive coverage and wide range of services and benefits. The features and benefits given below are easy to interpret by the purchaser.

• Fast and hassle-free claim settlement via NEFT
• Easy policy renewal process
• NCB, installation of anti-theft devices and membership of recognized automobile association, etc.
• Free repair/ replacement services in any of the 2,100 network garages across India, along with allowance on vehicle towing. 
• 24×7 customer support. 

5. Hello Zindagi (Future Generali) two-wheeler insurance

This comprehensive policy from Future Generali comes with cover for all potential damages and ensures safety and peace of mind. It offers cover against any losses (including legal) arising out of third-party liabilities. The key features of this policy are:

• Coverage against accidental damages, fire, and theft. 
• Any third-party liability be it legal or other is covered under this policy.
• Compulsory personal accident cover of INR 15 lakhs for driver and maximum up to INR 2 lakhs for passenger. 
• Instant policy issuance
• Quick claims settlement
• Personalized service through helpline

By now you would have understood the need for bike insurance. Hope you would have made-up your mind on features required by you and which policy suits you best. Don’t forget to read the policy carefully and get prices of the selected policy from multiple channels. Be insured, Be safe!