Unlike other types of insurance, it is legally mandatory to have a two-wheeler insurance in India. Under the Motor Vehicles Act 1988, third-party two wheeler insurance has been made compulsory for all Indian drivers. Choosing the right insurer for a bike insurance scheme has rather become a difficult task for vehicle owners given the sheer number of insurance providers in the country. Here we list out people’s most preferred private and public insurance providers to help you make the decision.
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HDFC ERGO General Insurance Company Limited
HDFC ERGO offers a comprehensive cover for two wheeler at a competitive premium rate. With over 109 branches in 89 Indian cities, HDFC ERGO has a nationwide footprint which makes it easier for the policyholder to apply for a policy and also renew an existing policy. The company has also been awarded the “iAAA” rating which stands as a testimony to its highest claim paying ability. What more – HDFC ERGO also has an ISO certification for the quality of customer service, uniformity of information security, policy issuance process and claims services.
Differentiating Factor: Instant Online Policy, customizable motor policy
HDFC ERGO Two Wheeler Insurance: Key Features
- Availability of long term insurance for a period of up to 3 years. No hassles of yearly policy renewals.
- HDFC ERGO offers 24*7 customer support for a hassle-free and convenient experience.
- Policy can be purchased or renewed online without going through a lengthy documentation process.
- More than 75 lakh customers served.
- Easy and transparent claim filing and settlement process.
- Discounts on purchasing long-term two-wheeler insurance policies.
Bajaj Allianz General Insurance Company Limited
Customer oriented approach and reliability makes Bajaj Allianz one of the most-preferred brands when it comes to two-wheeler insurance. The company was also declared as the “Best General Insurance Company in Private Sector” by ABP news in 2014. Recipient of other notable awards like, “Golden Peacock Award 2014” and “Claims Innovation of the Year”, Bajaj Allianz has clearly earned the trust of all Indians with its flawless service and innovative products.
Differentiating Factor: 24/7 support, quick and easy claims support
Bajaj Allianz Two Wheeler Insurance: Key Features
- Multi-year bike insurance available for a period of up to 3 years. No troubles of yearly policy renewal.
- Easy and Hassle-free process of claim settlement.
- Policy can be bought or renewed online in quick and easy way.
- Round-the-clock customer support service.
- Nil depreciation add on cover available.
- No vehicle inspection on online renewal of the policy.
ICICI Lombard General Insurance Company Limited
ICICI Lombard is one of the largest general insurance companies in India. Having issued over 11 million policies and with over 6 million claims settlements, ICICI Lombard has earned the reputation of being one of the most trustable names when it comes to General Insurance. One of the few insurance companies to have technology integration, ICICI was also awarded “Celent Asia Insurance Technology Award” for its mobile application. With features like long term policy offering and one time premium, ICICI Lombard focuses on offering a flexible insurance policy to its customers.
Differentiating Factor: Cashless claim servicing at over 1900 garages, immediate issuance of policy copy
ICICI Lombard Two Wheeler Insurance: Key Features
- Flexible policy tenure options up to 3 years. A long term insurance can save you from the hassles of yearly renewals.
- A network of over 2150 garages across the country for assistance with breakage or repair.
- Availability of add-on covers to get protection against damage to electrical and non-electrical components.
- In-built personal accident cover for co-passenger.
- No vehicle inspection required for policy renewal.
- Policy copy of the insurance can be immediately obtained on online purchase.
- Receive policy renewal reminders and other updates from time to time.
SBI General Insurance Company Limited
SBI has become a household name for finance and banking and now with SBI General Insurance Company, SBI has carved a niche in the insurance front also. Currently, SBI General has a pan-India presence extending to 56 cities and serves three key segments namely retail, SME and corporate. SBI General Two-wheeler insurance policy is comprehensive and comes with an array of customer-centric benefits that makes it one of the most-sought after product in the market.
Differentiating Factor: Customized pricing depending on applicant’s profile, additional discounts
SBI General Two Wheeler Insurance: Key Features
- Pricing customised based on customer profile.
- Discount on policy purchase for people aged between 25 to 55 years.
- Additional discounts and bonuses for timely renewal of insurance policy.
The New India Assurance Company Limited
A wholly government owned company, New India Assurance now operates in over 27 countries and has a global business that exceeds Rs.16000 Crores. The New India Assurance has a nationwide presence with over 2097 offices and 1041 micro offices. Only direct insurer in India to be given an “A” rating by AM Best, New India Assurance has several other ratings that indicate the company’s highest degree of financial power to fulfil the policyholders’ obligations.
Differentiating Factor: Impeccable grievance resolution system, Quick claims processing
The New India Assurance Two Wheeler Insurance: Key Features
- Insurance seekers can either choose from the basic ‘Liability only policy’ or the comprehensive ‘Package policy’.
- Add-on covers for accessories, personal accident cover, passenger cover, paid driver available.