Best Bike Insurance Company in India 2018: If you have a two wheeler/bike in your wish list for the new year or if you would like to renew your existing bike insurance it’s time to know more about the best bike insurance company in India. Both public sector and private sector companies providing different plans of two wheeler insurance in India. As per the Indian Motor Vehicle Act, 1988 it is mandatory that every vehicle should have a valid Insurance to drive on the road.
Most of the time you will stick with the insurance company recommended by the bike dealer, but if you spend some time researching the pros & cons of different insurance provider you will be able to find a better plan suits you. In this article I will help you choose some of the best bike insurance in India for the year 2018.
Table of Contents
1.New India Assurance Company Ltd
The New India Assurance Company is the largest general insurance provider in India based on gross premium collection. They have two types of covers are available:
- Liability only policy. This covers third party liability for bodily injury liability and / or death and property damage. Personal Accident cover for Owner-driver is also included.
- Package policy. This cover loss or damage to the vehicle insured in addition to (1) above.
No- claim discounts are available on renewal of policy, ranging from 20% to 50%, depending upon the type of vehicle and the number of years for which no claim has been made.
The policy also pays for towing charges from the place of accident to the workshop upto a maximum limit of Rs.300/- for Scooters/Motorcycles and Rs.1500/- for cars and commercial vehicles. It is also permissible to opt for higher towing charges subject to payment of extra premium.
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2.ICICI Lombard Insurance:
ICICI Lombard is one of the largest private insurance companies in India. Till now ICICI Lombard insurance issued over 11 million policies and they settled more than six million insurance claims.
- Loss or damage to your vehicle against natural calamities – Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
- Personal Accident Cover – Coverage of ₹ 1 lakhs for the individual driver of the vehicle while travelling, mounting or dismounting from the Two Wheeler. Optional personal accident covers for co-passengers are also available.
- Loss or damage to your vehicle against man-made calamities – Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air.
- Third Party Legal Liability – Protection against legal liability due to accidental damages resulting in the permanent injury or death of a person, and damage caused to the surrounding property.
- You can renew your Two-wheeler Insurance policy online, starting 60 days before expiry of your existing policy. In case your vehicle insurance policy has already expired, our authorised surveyor will inspect the vehicle, before policy issuance. The policy would only be issued subject to a satisfactory inspection and submission of the required documents.
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3.HDFC Ergo Life Insurance
HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Ltd. and ERGO International AG. At present operates in 91 Indian cities with over 108 branches. HDFC ergo offers 24×7 support, Zero Documentation & Fair and transparent claim settlement policies.
- Estimated approval within 24 hours, of vehicle reaching garage
- You can avail cashless claim service with over 4800+ authorized network of garages across India.
- You can also avail no claim bonus for every claim free year.
- Wherever you go, use our mobile app for instant buying.
- Thanks to paperless documentation and quick approval, you can download your policy document on successful payment of premium.
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4.Bajaj Allianz General Insurance:
Bajaj Finserv Ltd. and Allianz SE started their joint venture in 2001. Basic covers offered by your Two Wheeler Insurance are as follows Loss or damage to your two wheeler due to natural calamities, Loss or damage to your two wheeler due to other unforeseen events, Personal Accident Cover and Third Party Legal Liability. Bajaj allianz also offers Long term two wheeler insurance with coverage for up to 3 years.
- Insure once and stay secure for upto 3 years
- Hassle-free claim settlement
- Quick and easy steps to purchase bike insurance online
- 24×7 service and claim support
- Zero Depreciation Cover available*
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5.TATA AIG Insurance
TATA & AIG started their joint venture in 2001 and they offers a range of general insurance covers for your two wheeler. TATA AIG Bike insurace scheme are as follows
1.Auto Secure-Two Wheeler Package Policy
2.Long Term Two Wheeler Package Policy
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These are the list of top 5 bike insurance company of India in 2018. There are other big names in the market such as Reliance General Insurance, SBI General Insurance, United Insurance Company Ltd etc. If you have any questions or concerns submit your message at the comment box below.
