In India, it is compulsory to buy insurance for your two-wheeler or bike as soon as you purchase it. Also getting a two-wheeler insurance is advisable as it is a legal necessity and provides financial cover against any unforeseen contingencies like road accidents, theft, or natural disaster-related damages. In that case, big amounts aren't to be incurred in repairing the damages because your insurance company will settle the case and therefore relieve a heavy financial burden off of you.

Top 10 Two Wheeler Insurance Companies in India

Two Wheeler Insurance policy covers you against damages to your two-wheeler due to accidents, natural/man-made disasters, fire, and theft. The insurance policy also provides law-mandated coverage against third-party liabilities, such as damage to another person's vehicle or property or injuries/death of a third party caused due to the insured two-wheeler. You can purchase insurance for two-wheelers to obtain coverage for motorcycles, scooters, mopeds, etc. Here is a list of top Two-Wheeler Insurance companies you can consider before purchasing insurance for your two wheeler:

• Bajaj Allianz Two-Wheeler Insurance Company
• HDFC ERGO Two-Wheeler Insurance Company
• Bharti AXA Motor Insurance Company
• SBI Insurance Company
• New India Assurance Company Limited
• Reliance General Insurance Company
• National Insurance Company
• IFFCO Tokio Two–Wheeler Company
• Tata AIG Two-Wheeler Insurance Company
• Navi Two-Wheeler Insurance Company

1. Bajaj Allianz Two-Wheeler Insurance Company

Bajaj Allianz General Insurance Company was founded in 2001, becoming one of the largest and private best general insurance companies in India. Bajaj Allianz quickly expanded its operations across the country, reaching over 200 towns and cities. The company offers a wide range of insurance solutions to meet the diversified needs of its customers. India has acquired tremendous market penetration through cutting-edge digital applications. Bajaj Allianz two-wheeler insurance value proposition is very high, and the company promises to deliver a unique experience to its clients.

2. HDFC ERGO Two-Wheeler Insurance Company

HDFC ERGO Bike Insurance offers several kinds of coverage - from a standalone to a third-party or comprehensive plan. The policies can be customized by including additional features such as zero depreciation and on-road emergency assistance, which ensure personalized protection. The insurance includes coverage against accidents, theft, fire, and natural disasters, along with personal accident insurance for the rider. Third-party liability cover, pillion rider cover, and accidents are also covered under other benefits. The 'No Claim Bonus' feature discounts the renewal premium for policyholders who did not make any claims during the term of the policy. This is a good and convenient solution for a bike owner.

3. Bharti AXA Motor Insurance Company

Bharti Enterprises holds ownership of Bharti AXA General Insurance Company in partnership with AXA, a global leader in financial protection. The company was founded in 2008 and has more than 80 branches across India. The company offers a variety of insurance policies for both commercial and retail clients. One may obtain travel insurance, critical illness insurance, personal accident insurance, home insurance, car insurance, and two-wheeler insurance from Bharti AXA General Insurance Company. Bharti AXA two-wheeler insurance encompasses a multitude of beneficial offerings, including but not limited to commercial vehicle insurance and third-party liability insurance. Bharti AXA Motor Insurance Company was founded more than ten years ago, and since then, it has issued about 10 million policies and resolved about 1.3 million claims.

4. SBI Insurance Company

The SBI General Insurance Company Limited is jointly held by the Insurance Australia Group (IAG) and the State Bank of India. The State Bank of India is the nation's largest banking institution, with over 20,000 branches situated in towns and cities across India. The SBI Insurance Company offers a diverse range of insurance products, including but not limited to travel insurance, home insurance, health insurance, motor insurance, personal accident insurance, fire insurance, and marine insurance. SBI two-wheeler insurance is one of the options you should consider if you plan to buy bike insurance online.

5. New India Assurance Company Limited

Sir Dorabji Tata, founder of the House of Tata, established the New India Assurance Company Limited in 1919. In 1973, following a merger of Indian enterprises, the New India Assurance Company Limited was nationalized, establishing it as one of the foremost insurers in India. It has an international presence in Singapore, Kenya, Japan, the United Kingdom, and the Middle East. It provides comprehensive and liability-only two-wheeler insurance policies to its clients at competitive rates. It also has plans that are designed to meet your unique insurance needs.

6. Reliance General Insurance Company

The Reliance General Insurance Company, which is part of the Reliance Group, is one of the most trusted insurance companies in India. It has a lot of insurance products, such as travel insurance, health insurance, motor insurance, and more. Reliance General Insurance Company is one of the most popular and trusted insurers in India. The company has been awarded several awards for Quality Management System from Det Norske Veritas, a renowned Global Quality Standards Auditing Company. It is also the first insurance company in India to get ISO 9001:2008 certification.

7. National Insurance Company

The National Insurance Company was founded in 1906, and is India's oldest insurance company. It is also the only non-life insurance company in the public sector, and one of the most trusted insurers across the country. The National Insurance Company has received the 'Best in Service' award for its health and motor insurance business, which comprises 63% of the non-life insurance market in India. It is worth considering if you are looking to purchase two wheeler insurance online.

8. IFFCO Tokio Two–Wheeler Company

IFFCO Tokio is one of India's major insurance firms, providing insurance policies such as two-wheeler insurance. The Company covers damages to the insured two-wheeler in case of accidents, natural calamities, thefts, and third-party liabilities. The premium of this plan depends on different factors like the age of the two-wheeler, its make and model, the geographic location, and the sum insured opted by the policyholder.

9. Tata AIG Two-Wheeler Insurance Company

Tata AIG Two-Wheeler Insurance is a comprehensive insurance policy that covers damages to your two-wheeler. It also provides additional coverage options, such as personal accident cover, consumables cover, and roadside assistance. The Two-Wheeler Insurance plan is available for both new and used two-wheelers, both new and used. It can be purchased either online or through a Tata AIG insurance agent.

10. Navi Two-Wheeler Insurance Company

Navi General Insurance is considered the best since it offers the most affordable insurance with options like third party, comprehensive, and stand-alone own damage coverage for two-wheelers. Policyholders can customize their insurance plans to include various enhancements to suit their needs. The plans are implemented to be cost-effective, administration-friendly, and giving out coverage almost holistic. Moreover, there is accidental hospitalization cover for managing medical expenses gained in an accident and a provision called NCB Secure that ensures retaining the No Claim Bonus even after a claim has been filed, that makes Navi a trusted name under the two-wheeler insurance segment.

Besides these insurance companies, there are several others in the lines of trusted insurance companies when it comes to obtaining two wheeler insurance. United India Insurance, Oriental Insurance, Kotak Mahindra General Insurance, Liberty General Insurance, Digit Two-Wheeler Insurance and Shriram General Insurance provide very competitive rates, easy claim procedures and a wider variety of coverage options. These companies let you keep your budget in check while making sure your ride is protected for you to choose a plan that perfectly suits your requirements.

Types of two wheeler Insurance Companies

Third-party Coverage: The third-party insurance cover is one of the most fundamental types of bike insurance. It is compulsory in India and provides for damages and liabilities incurred by a third party in the event of an accident. Such insurance does not, however, cover damages to your own bike, but ensures that you comply with the law and shields you from potential financial liabilities arising from accidents involving your bike.

Comprehensive Two-Wheeler Insurance: Comprehensive bike insurance is the most comprehensive coverage. This plan provides coverage for both third-party and own damage. It safeguards you from third-party liabilities and also covers the expenses of repairing or replacing your bike in case of an accident, theft, or other unfortunate events. Comprehensive bike insurance provides comprehensive protection for your two-wheeler, ensuring you can ride with confidence.

Own damage cover: For those who are looking to protect their bike from damage due to accidents, theft, or natural calamities, standalone own-damage bike insurance is the way to go. This plan covers the cost of repairs or replacements to your bike, providing peace of mind in unforeseen situations.

Benefits of Two Wheeler Insurance Companies

1. It protects you from financial liabilities arising from third-party damages, by covering legal expenses and compensation claims.
2. Protects you and your bike from expenses caused by accidents, such as repair costs or replacement if the damage is severe.
3. This coverage covers the financial loss if your bike is stolen or damaged due to vandalism.
4. Offers protection against weather-related events that could harm your bike, such as storms, earthquakes, and floods.
5. Provides financial support in the event that a rider or passengers pass away accidentally or become disabled.
6. Having insurance gives you peace of mind when you ride because you know that money is covered in case something goes wrong.
7. Many countries require you to have insurance in order to avoid penalties for riding without it.
8. If no claims are filed during the policy period, you will receive a discount on your premium during renewal.
9. The basic policy can be enhanced with optional extra covers that can be purchased to provide more thorough protection catered to particular needs.
10. The cost of an insurance premium reduces the risk of accidents, theft, or damage, which adds up to a substantial amount of value.

How to Choose the Two Wheeler Insurance Company?

To choose the Two Wheeler Insurance Company in India, consider these factors:

1. Claim Settlement Ratio: Select a company with a high ratio, ensuring they efficiently handle and settle claims.
2. Cashless Garages: A wide network lets you repair your bike without upfront payments, saving time and money.
3. Add-On Covers: Look for flexible add-on options to customize your policy, like zero depreciation or roadside assistance.
4. 24/7 Customer Support: Choose a company with reliable support for quick help with claims or queries.

Documents Required for Filing A Bike Insurance Claim

1. Completed and signed the claim form.
2. Valid copy of the Registration Certificate (RC)
3. Valid driver's license.
4. Repair invoice with the original payment receipt.
5. Valid two-wheeler insurance policy.
6. Proof of release (when a reimbursement claim is concluded)
7. Police records for accidents, theft, and third-party liability.

What is the process to Purchase Two-Wheeler Insurance Online?

The procedure for purchasing two-wheeler insurance online is as follows:

1. Visit the insurer's official website.
2. Choose bike insurance or two-wheeler insurance.
3. Enter the car number.
4. Choose ‘Get Quote’.
5. The vehicle details will be presented.
6. To obtain a quote, select the necessary add-on coverages and the kind of insurance coverage.
7. Make the payment to purchase bike insurance protection.

Documents Required for Filing A Two Wheeler Insurance Claim

The paperwork required for making a bike insurance claim are listed below.

1. Completed and signed the claim form.
2. Valid copy of the Registration Certificate (RC)
3. Valid driver's license.
4. Repair invoice with the original payment receipt.
5. Valid two-wheeler insurance policy.
6. Proof of release (when a reimbursement claim is concluded)
7. Police records for accidents, theft, and third-party liability.

Conclusion

The two-wheeler insurance companies mentioned above are among the best in the market, each offering unique benefits. To find the one that meets your budget and requirements, it is essential to compare options. If you require assistance in purchasing, comparing, or renewing your bike insurance conveniently, CreditKaro is here to assist you. With CreditKaro, you are able to make an informed decision that brings you peace of mind and hassle-free coverage.