There are a lot of two-wheeler insurance providers on the market, but the one that works for your neighbor might not be the best fit for you. You could choose the insurance provider with the least expensive extras, but for someone else, the business with the most network garages might be the greatest.
Therefore, the 5 Best Bike Insurance Companies In 2023 Lyricsbaazaar.Com provider is the one that meets your demands and specifications. As a result, we have outlined a few crucial factors for you to take into account before selecting the finest two-wheeler insurance provider.
Top Two Wheeler Insurance Companies in India 2023
Claim Ratio in % and
INSURANCE COMPANY Cashless Garages
IFFCO Tokio
92.50
4300+
Oriental Insurance
91.51
Available
HDFC ERGO
90.43
6800+
New India
89.87
1173+
Bajaj Allianz
88.83
4500+
Tata AIG
84.52
5000+
Zuno (Edelweiss)
83.81
1500+
Royal Sundaram
82.29
3300+
Liberty General
81.53
4300+
Bharti AXA
81.01
3200+
Navi General
80.77
Available
United India
80.70
500+
National Insurance
80.59
Available
ICICI Lombard
80.40
5600+
Universal Sompo
80.17
3500+
Future Generali
79.55
TD 3c
SBI General
78
Available
Kotak Mahindra General
77.67
Available
Go Digit
TD 2c
1000+
Reliance
76.17
430+
Magma HDI
75.33
4000+
Cholamandalam
72.66
7100+
Acko
72
2000+
Raheja QBE
30.55
1300+
Types of Two-Wheeler Insurance Policy
Primarily, a two-wheeler insurance policy is of three types.
1. Comprehensive Two-Wheeler Insurance
When an accident occurs, a comprehensive insurance policy is meant to protect both you and your car. This indicates that the two-wheeler insurance provider assumes all liability resulting from such an incident. It also offers coverage for their two-wheeler and the third party at the same time.
2. Third-Party Coverage
Third-party coverage insurance, as the name implies, covers the other person and their bike for damage your car does in the event of an accident. All two-wheelers operating in India are required to carry third-party liability insurance.
3. Own Damage Cover
This insurance coverage pays for losses or damage that a fire, natural calamity, or accident causes to your two-wheeler. You may benefit from complete coverage by purchasing both third-party liability and damage insurance for your motorbike. By enhancing your damage coverage with add-ons, you may customize your insurance policy.
How to Choose the Right Bike Insurance Company
1. Claim Settlement Ratio
This is the percentage of all claims that the insurance company handled in a given fiscal year relative to the total number of claims received.
2. Cashless Garages Network
In the event of an accident, network garages, which are service locations connected to the two-wheeler insurance carrier, offer cashless repair services. In the event of an unexpected incident, these hassle-free cashless repairs let you prevent strain on your picket.
Conclusion
Last but not least, the policy premium is something we should never overlook when selecting a bike insurance provider because it is mostly determined by the bike’s engine’s cubic capacity (CC).
