Are you the proud owner of a two-wheeler in India? Have you ever considered getting your two-wheeler insured? It is mandatory by law to have third-party liability insurance,
But there are other insurance policies you can purchase to safeguard your vehicle for example Acko two wheeler insurance. When purchasing two-wheeler insurance, there are many options to choose from. This article will discuss India’s top two-wheeler insurance companies and the factors you need to consider before choosing the right insurance policy.
Why is Two-Wheeler Insurance Important?
Bike insurance is crucial for every bike owner in India. A comprehensive insurance policy covers the damages to the vehicle and the third-party liabilities in case of an accident. In addition to that, it also provides financial protection against natural calamities like floods, storms, and earthquakes, among others.
Without insurance, you will have to bear the entire cost of repairing your vehicle or compensating the third party, which can be financially taxing. Also, if caught without insurance, you could face legal consequences like fines, impounding your vehicle, and even imprisonment.
Types of Two-Wheeler Insurance Policy in India
There are three types of two-wheeler insurance policies available in India:
Comprehensive Two-Wheeler Insurance: This policy offers full coverage for your vehicle in case of theft, natural disasters, and accidents.
Third-Party Two-Wheeler Insurance: This policy covers the third party and their bike for the damage caused by your vehicle in case of an accident.
Own Damage Two-Wheeler Insurance: This policy covers losses or damages to your two-wheeler caused by an accident, natural disaster, or fire.
Top Two-Wheeler Insurance Companies in India 2023
Here is a list of the top bike insurance companies in India for 2023, along with their claim ratio and cashless garage network.
Acko: Acko two wheeler insurance offers a high claim ratio and has a cashless garage network across India
IFFCO Tokio: IFFCO Tokio has a claim ratio of 92.50% and offers a cashless garage network of over 4300+ garages across India.
Oriental Insurance: Oriental Insurance has a claim ratio of 91.51% and provides a cashless garage network in select locations across India.
New India Assurance: New India Assurance has a claim ratio of 89.87% and has a cashless garage network of over 1173+ garages across India.
TATA AIG: TATA AIG has a claim ratio of 79.38% and has a cashless garage network of over 2200+ garages across India.
When choosing a two-wheeler insurance company, there are several factors that you need to consider to make an informed decision. Here are some key factors to keep in mind:
Claim Settlement Ratio: The claim settlement ratio is essential when choosing an insurance provider. It indicates the number of claims settled by the insurance company compared to the number of claims received. A higher claim settlement ratio indicates a better chance of getting your claims met at the time of an accident. Therefore, opting for an insurance provider with a higher claim settlement ratio is recommended.
Cashless Garages Network: Network garages are associated with the insurance company and offer cashless repair services in case of an accident. Ensuring that the insurance provider has an extensive network of garages in your area is essential. This will enable you to get your two-wheeler repaired quickly and efficiently without worrying about costs.
Coverage: When choosing a two-wheeler insurance policy, look for one that offers maximum coverage for your vehicle at an affordable premium. A comprehensive insurance policy covers damages caused to your two-wheeler due to natural calamities, theft, and accidents. It’s essential to ensure that your policy covers all the possible damages and losses to your two-wheeler.
Add-Ons: Most insurance companies offer various add-ons that can enhance your policy coverage. These add-ons may include zero depreciation cover, pillion rider cover, and roadside assistance, among others. It’s essential to go through the list of add-ons offered by the insurance provider and choose the ones that suit your requirements.
Customer Reviews: One of the most effective ways to get an idea of the insurance company’s service quality is to read reviews and feedback from other customers. You can check online reviews and ratings of insurance providers to know about their experiences with the company. Opting for an insurance provider with positive customer reviews and ratings is always a good idea.
Choosing a reliable two-wheeler insurance provider that offers maximum coverage at an affordable premium, has a high claim settlement ratio, and has a vast network of cashless garages is essential. Considering the above factors, you can make an informed decision when purchasing your bike insurance policy.
Choosing the right two-wheeler insurance company is crucial to ensure you get the best coverage for your vehicle. Look for a policy that provides maximum coverage at an affordable premium, has a high claim settlement ratio, and has a vast network of cashless garages. With the above-listed two-wheeler insurance companies, you can make an informed decision when purchasing your policy.
