According to the rules of the Motor Vehicles Act, 1988, a bike insurance policy is a necessary requirement if you have a bike. The policy protects the policyholder from facing a financial liability in case of any third party liability. Moreover, if a comprehensive bike insurance policy is selected, the damages suffered by the bike itself are also covered. The insurance company pays the repair costs incurred in repairing such damages.
Since a bike insurance policy is mandatory, almost all general insurance companies offer a bike insurance policy. Amidst such companies are both Government insurance companies as well as private ones.
Table of Contents
- Overview of Best Bike Insurance Companies
- Features of Bike Insurance Companies
- Benefits of Bike Insurance Companies
- List of Best Bike Insurance Companies in India [2024]
- Types of Bike Insurance Plans in India
- What Does Your Bike Insurance Cover?
- How to Buy a Bike Insurance Plan Online on Turtlemint
- What is the Bike Insurance CSR?
- Documents required for filling Bike Insurance Claim
- Add-On Cover for Two-Wheeler Insurance
- How To Choose The Right Two Wheeler Insurance Company In India?
Best Two Wheeler Insurance Companies – Overview
Buying insurance for your two-wheeler or bike as soon as you purchase it is mandated by law in India. Besides the legal obligation, it is a good idea to buy two-wheeler insurance as it offers financial protection against any unforeseen event such as road accident, theft, or natural disaster. In this case, you would not need to burn a hole in your pocket for damage repair. Your insurance company would take care of your finances and save you from the undue monetary burden.
This blog details the top bike insurance companies in India that are ideal for buying two-wheeler insurance. Read on.
Features of Two Wheeler Insurance Companies
While every bike insurance company in India may have a set of unique features to offer to its customers, listed below are some of the common features generally offered by all two-wheeler insurers:
- Roadside assistance is provided in case of vehicle breakdown or damage
- Consumables cover that provides financial protection against the cost incurred on certain bike components that can only be used one single time, such as nuts, bolts, and the like
- Coverage for legal liabilities in case a third party person or property has incurred damage from the insured vehicle
- Coverage against natural calamities causing damage to the insured vehicle, such as floods, earthquakes, or cyclones
- Personal accident cover offers protection against injury due to accident or death of the insured vehicle’s owner
Benefits of Two Wheeler Insurance Companies
There are several advantages that insurance companies offering two-wheeler or bike insurance offer to customers. Some of these are shared below:
- Comprehensive financial protection is assured to policyholders who opt for the comprehensive coverage plan. It covers both personal and third-party liabilities and has a wider protection net.
- No claim bonus is a special discount offered by insurance companies to customers who have not made a single claim during the fiscal year.
- Buying the best bike insurance policy frees you of unnecessary risk and stress. You can rest assured of financial protection against any unforeseen incidences – both natural and man-made.
List of Best Bike Insurance Companies in India [2024]
If you are looking for the best bike insurance company in India, the table below contains details of 20 top insurance companies that offer bike insurance customized to your needs.
| Two-Wheeler Insurance Company | CSR | Cashless Garage Network |
| Cholamadalam MS General Insurance Co. Ltd. | 98% | 6,912+ |
| GO DIGIT General Insurance Ltd. | 97% | 1,400+ |
| IFFCO Tokio General Insurance Co. Ltd. | 95.8% | 4,300 |
| Liberty General Insurance Ltd. | 98% | 4,300+ |
| New India Assurance Co. Ltd. | 91% | 1,173+ |
| Reliance General Insurance Co. Ltd. | 98.6% | 8,700+ |
| Shriram General Insurance Co. Ltd. | 98% | 2,000+ |
| United India Insurance Co. Ltd. | 95% | 500+ |
| ZUNO (Edelweiss) General Insurance Co. Ltd. | 89% | 1,500+ |
| Bajaj Allianz General Insurance Co. Ltd. | 96.5% | 4,500+ |
| Future Generali India Insurance Co. Ltd. | 87.4% | 3,500+ |
| HDFC ERGO General Insurance Co. Ltd. | 100% | 2,000+ |
| Kotak Mahindra Insurance Co. Ltd. | 98% | 3,000+ |
| National Insurance General Insurance Co. Ltd. | 93% | 900+ |
| Oriental Insurance Co. Ltd. | 94% | 3,100+ |
| SBI General Insurance Co. Ltd. | 94% | 16,000+ |
| TATA AIG General Insurance Ltd. | 98% | 7,500+ |
| Universal Sompo Insurance Co. Ltd. | 90% | 3,500+ |
| Royal Sundaram General Insurance | 92.66% | 4,600+ |
| Bharti AXA General Insurance | 87.99% | 5,200+ |
Types of Two-Wheeler Insurance Plans Offered by Different Insurers
1. Third-Party Liability/Bike-insurance
Third-Party insurance is mandatory for all motorised vehicles as per the Motor Vehicle Act, 1988. Under this policy, in case the insured bike is the cause behind an accident, any damage incurred to the third-party vehicle/injury/loss of life of the 3rd party will be reimbursed. Note that the third-party liability cover excludes damage/loss caused to the insured bike. In case of accidents, the insured bike can suffer considerable damage and the owner of the injured bike can undergo several injuries as well. Hence, to avail each of these expenses of the insured bike, you must either buy a standalone own damage or go for a comprehensive bike insurance policy.
2. Comprehensive Two-wheeler Insurance
As the name suggests, the comprehensive plan is 360-degree protection for your bike. The plan offers security not just to your bike but against all third-party liabilities as well. This insurance provides an own-damage cover for the insurer against all financial and personal accident cover to the owner. In addition, insurers achieve a particular coverage against certain circumstances by adding extra add-ons in their policy. These add-ons include Roadside Assistance Cover, Zero-Depreciation cover, etc.
3. Standalone Own Damage Cover
This is two-wheeler insurance that covers all damages incurred on the bike. It encompasses all damages caused due to man-made calamities, natural calamities, total damage(beyond repair), or theft. However, note that this policy does not accept any third-party liabilities. Eventually, you can only buy this policy with legal and mandated third-party liability cover.
4. Bundled Motor Policy
This policy provides mandatory third-party insurance for an extended period. Insurers can pay a one-year premium for their own damage (OD) coverage following an annual renewal.
What Does Your Bike Insurance Cover?
Let us now take a look at the coverage provided by a bike insurance plan to the customer:
| Coverage Under Bike Insurance | Third-Party Insurance | Comprehensive Insurance | Standalone Insurance |
| Loss due to natural disasters | Not covered | Covered | Covered |
| Damage to bike due to accident | Not covered | Covered | Covered |
| Injury or death of third-party due to accident | Covered | Covered | Not covered |
| Loss of two-wheeler due to theft | Not covered | Covered | Covered |
| Personal accident cover (if selected by customer) | Covered | Covered | Covered |
| Damage to bike due to fire | Not covered | Covered | Covered |
| Damage to third-party property and vehicle due to the insured bike | Covered | Covered | Not covered |
Steps to Buy a Two-Wheeler Insurance Plan Online on Turtlemint
You can easily buy plans from the best two-wheeler insurance company in India from Turtlemint. Turtlemint provides a common platform for the best bike insurers to offer third-party and comprehensive coverage plans to customers to meet their varied insurance needs.
Here’s how you can buy the best two-wheeler insurance in India at competitive prices on Turtlemint:
- Visit https://www.turtlemint.com/ and go to the ‘Bike’ tab on the home screen.
- You can start by comparing quotes offered by different top bike insurers in India.
- When you have done your research and are convinced of buying a bike insurance plan from one of the insurers, you may proceed with buying the plan on Turtlemint.
- Simply follow the instructions on the website or ask for personalized assistance in the matter from one of Turtlemint’s team members to guide you through the process.
- Pay for the plan you choose and your policy will be issued within minutes. You will receive a copy on your email which you can download and save for reference.
What is the Bike Insurance Claim Settlement Ratio?
Claim Settlement Ratio (CSR) indicates the total number of claims settled by a bike insurance company during a fiscal year. The higher the CSR, the more credible a company seems to a potential policyholder in the insurance market. It implies that the bike insurer is capable of paying all claims raised and offering financial protection to the insured as the need arises.
Documents required for filling Bike Insurance Claim
While making a claim request, individuals need to present a set of essential documents. Below is a checklist of documents required to fill a bike insurance claim.
In Terms Of An Accident
- Copy/proof of the insurance policy
- Copy of Driving Licence (DL)
- Copy of Registration Certificate (RC)
- Duly filled and signed form (claim form)
- Original tax record/receipt (for verification)
- Copy of First Information Report (FIR)
- An estimate of Damage repair
- Payment bills and receipts after the vehicle is repaired
- Satisfaction Voucher plus claim discharge (to be signed across a revenue stamp) in case the claim amount is provided by the repairer.
In Terms Of Theft
- Tax payment receipt
- Original insurance policy document
- Original Registration Certificate (RC)
- Prior insurance plan details such as policy number, policy term, insurer’s name, etc.
- Extra informative accessories such as duplicate keys, warranty cards, etc.
- Letter of subrogation
- Theft endorsement declaration from the RTO (Regional Transport Office)
- FIR (First Information Report), JMFC (Judicial Magistrate First Class), and a final police report
- Intimation letter to the RTO regarding theft and discontinuation of the vehicle
- Claim Discharge Voucher
- Form 35 signed by the finance
- Form 28, 29, 30 signed by the policyholder
Add-On Cover for Two-Wheeler Insurance
Generally, insurance companies provide a wide range of add-ons for policyholders to select an ideal insurance cover that best suits their needs. That said, below is a list of 5 scrumptious add-ons that come along with a two-wheeler insurance policy. Note that these add-ons are available at a negligible premium above the primary insurance policy.
Two Wheeler Insurance Add-Ons
- Zero Depreciation Cover
In most cases, the bike owner pays for the replacement and depreciation of new parts right after an accident. However, if owners want this expense to be covered by the insurance company, they need to purchase a Nil or Zero Depreciation Add-on to obtain the benefits of the cover along with the current insurance policy. - Roadside Assistance
This add-on helps you in all situations. Roadside Assistance assists you with all of its help on the road that your two-wheeler needs. The add-on offers an array of benefits, right from getting your vehicle fixed on a spot or getting a taxi service to help you in reaching your destination. - Consumables Cover
Generally, consumables such as nuts, oil, bolts, etc. are not covered under the insurance during claims. However, with the consumable add-on, individuals can save all those consumables irrespective of how tiny they are. This add-on takes overall expenses incurred in unfit consumables that arise due to accidents or damages. - Engine Protection Cover
In a regular two-wheeler policy, usually damages incurred during accidents are covered. But, most of the time, the engine suffers consequential damages as well. With an engine protection add-on, insurers can attain protection for damages that occur due to leaks, lubricating oils, at times when the water enters the engine or natural calamities. - Return To Invoice Cover
Now, this is the worst nightmare for motorists. At times when the bike is destroyed beyond repair, the return to Invoice cover enters the show. In extreme cases, insurance companies provide conciliation. They refund the entire amount/value noted on the invoice.
How To Choose The Right Two Wheeler Insurance Company In India?
The government of India has made it compulsory for every two-wheeler owner to have an insurance policy as soon as they purchase a bike. This very rule makes it a tough decision for every bike owner to choose wisely the insurance company they want to invest in. However, we are here to help you put your hands on the right one. First of all, it is essential to understand that one insurance company cannot fulfil all your needs. Some can offer better premium rates, while some can offer wider network garages. So, you need to gauge your requirements and then make the choice. Here are some pointers that might be helpful:
- Claim settlement ratio
The CSR refers to the percentage of claims that a company is able to settle in contrast to the claims filed in a policy year. The higher the CSR, the better its performance is. - Customer Service
You are definitely not only concerned about the coverage. The service quality also makes a difference. The way the company solves your query and provides you assistance is what you need to assess as well. - Cashless network
Cashless network garages help you cover the cost of repairing without paying from your pocket. The company and the garage settle on their own without your interference until some costs fall out of the coverage. So, the more there is network garages, the easier it will be for you to go cashless while repairing your bike. - Add-ons
Add-ons are the extra coverage you can add to your policy. Make sure you find the required add-ons in the particular company you want to invest in before purchasing the policy.
FAQ’s
Yes, after the expiry of your two-wheeler insurance policy, you can renew it between a grace period of 30 and 90 days. You will not lose the No Claim Bonus in this case (in case it applies).
Since it is compulsory to have bike insurance to use your two-wheeler on Indian roads, it is recommended that you renew your policy before it expires to avoid penalties and to continue enjoying the benefits of coverage.
The Central Motor Vehicle Rules define that all private vehicles must be re-registered at the end of 15 years for 5 years. This is done up to the time that the Department deems the vehicle to be worthy of being used on the road.
Yes, it is possible to cancel your bike insurance at any time. You would need to submit the required documents to your insurer at the time of cancellation.
Yes, you can choose to switch between insurers if you are not happy with your current insurance provider.
A comprehensive bike insurance plan is generally deemed to be the best for two-wheeler insurance in India owing to the coverage it provides for own damage as well as third-party liability.
Some of the top bike insurance companies in India highly popular among customers are:
- Cholamadalam MS General Insurance Co. Ltd.
- GO DIGIT General Insurance Ltd.
- IFFCO Tokio General Insurance Co. Ltd.
The Motor Vehicle Act of 1988 mandates every person who buys a bike to purchase a third-party bike insurance policy before riding the bike on the road.
