The 7 Best Bike Insurance Providers In 2021

Bike insurance is compulsory if you have a bike and you want to drive it within India. The Indian Motor Vehicles Act, 1988 mandates having a valid bike insurance policy for all bike owners. Given the necessity, mostly all general insurance companies offer a two wheeler insurance policy. Amidst so many companies, do you know which are the best bike insurance providers in India?

Though all general insurance companies offer good bike insurance policies, here are seven of the top rated companies in 2020 –

  1. HDFC Ergo General Insurance Company
    HDFC Ergo is a leading name in the general insurance segment which offers a range of general insurance plans, both retail as well as commercial. Some of the salient features of the company include the
    following –

    • The company has a customer base of more than 1 million
    • Claims are approved within 30 minutes and claim can be intimated online making it easier for the policyholders
    • 24*7 support is provided for all your queries and needs
  1. Bajaj Allianz General Insurance Company
    Another leading name, Bajaj Allianz offers several unique benefits to customers which makes it a top rated bike insurance provider. These benefits include the following –

    • The company is tied-up with more than 4000 garages across India for cashless claim settlements
    • If cashless facility is not available, the company settles 75% on account
    • A quick inspection is required in case of lapsed policies
    • Motor on the Spot claim settlement service is offered by the company wherein claims can be filed through mobiles for quick settlements
  1. Bharti AXA General Insurance Company
    Bharti AXA offers both comprehensive as well as third party liability policies which have some of the most comprehensive coverage benefits. The benefits of buying the policy from Bharti AXA include the
    following –

    • A network of 3800+ garages for easy cashless claims
    • 24*7 claim assistance services
    • Attractive discounts on premiums so that the policy becomes affordable
  1. The New India Assurance Company Limited
    New India is a public sector general insurance company which enjoys immense trust from its customers. The features which make the company’s bike insurance plans attractive are as follows –

    • A range of add-on covers are available for customising the plan and for making it comprehensive
    • The company has international presence in about 28 countries
    • CRISIL has rated the company AAA/Stable which shows the stability of the company
  1. Liberty General Insurance Company
    Liberty is a relatively new company which has rapidly made its presence known in the general insurance segment. The company offers a wide range of general insurance plans, two wheeler insurance being one of them. The benefits offered by the company are as follows –

    • The company has more than 2500 partner garages ensuring you have hassle-free cashless claim settlement
    • The company’s claim settlement ratio is 95% which shows that most of the company’s claims are settled
    • The company has several awards in its kitty like SAP Pinnacle Award 2015, Rising Star Insurer Award at the Indian Insurance Awards, etc.
  1. TATA AIG General Insurance Company Limited
    TATA AIG is a joint venture between two reputed companies, TATA Group and the American International Group (AIG). The salient features about the company are as follows –

    • As of September 2018, the company’s asset base stood at INR 8035 crores which shows that the company is stable
    • The company settles maximum claims which are made on it
    • TATA AIG has a wide network of cashless garages in India
  1. Reliance General Insurance Company
    The last company on the list is Reliance General Insurance which is a part of India’s leading conglomerate Reliance Group. The company has the following benefits for its customers which make it a name to reckon with –

    • The policy is issued and delivered within 10 seconds flat
    • The company has ISO 9001:2015 certification adding to its reputation
    • A free roadside assistance cover of INR 500 is allowed under the company’s motor insurance policies

These are the leading bike insurance providers in India in 2020. You can choose a policy of any of these companies and you would get comprehensive coverage, affordable premium rates and world class service from the company. Turtlemint is associated with all these leading insurance companies and offers their bike insurance policies. You can visit Turtlemint’s website at www.turtlemint.com and choose the most suitable bike insurance policy for your needs. The purchase process is simple and Turtlemint would also help you get the settlement of your claims.

Read more about How to get your claims settled simply?

So, what are you waiting for? Buy your bike insurance policy from a leading insurer and get the best insurance experience.

Read more about Buying a Bike or the first time? Know about Bike insurance policy.

Read more about Everything you should know about two wheeler insurance policies in India

Age vis-à-vis retirement planning – It is never too early to start

New age millennials are all about planning ahead for stable careers. They have innovative and refreshing ideas for starting their own ventures, are up to speed with the latest developments in their surrounding and believe in smart work. Their age is on their side and they try to reach for the stars. However, when it comes to thinking about retirements, millennials are far from the concept.

Millennials believe that they are too young to worry about retirement and their life after that. After all, when one is in their 20s and 30s, why would they bother about retirement planning, right?

Wrong. Though retirement seems like a far-fetched reality, it is a reality no doubt. You should, therefore, start planning for this reality from an early age, the earlier the better. If you are wondering why retirement planning should be started at the earliest, here are some reasons to help you see light –

  • So that you can benefit from compounding returns

Investments give you compounded returns which means that returns are calculated on the principal you invest as well as the returns earned earlier. This compounding of returns multiplies the returns payable if you keep your investments for a long period of time, the longer the better.  For instance, if you invest INR 5000 every month in an avenue with a moderate return of 12% per annum, here’s how compounding would give you miraculous returns if investments are left for longer periods –

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So, as the term increases the corpus grows substantially.

To grow your corpus you need to give investments time to grow. You can give this time if you start early. When you start early you can give your corpus time to grow before you would need it. Time is money and the power of compounding proves to you the financial implication of time.

  • So that retirement planning becomes affordable

How much corpus do you think you would require when you retire? If you factor in inflation and the decreasing value of money over time you would need a substantial amount when you retire. Say, for instance, INR 1 crore would be sufficient in meeting your retirement expenses. How much savings do you think would be required to create this corpus?

The amount of savings required to accumulate a specified corpus depends on the investment tenure. The higher the investment tenure, the smaller would be the amount that you would need to invest. Let’s understand with the help of an example –

Say you need INR 1 crore at the time when you retire at 65. Here are the monthly savings which you would need to do when you start at different ages to accumulate the corpus (assuming an interest of 12%) –

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So, you see, as you delay your investments, the monthly savings required to achieve the target corpus increases. While INR 1500 is quite affordable, INR 9900 or INR 20,000 per month might not be.

Given these two reasons, you can fathom why planning for retirement should start at the earliest. There is no time like now. Even if you are young, retirement planning should feature in your to-do list so that when retirement actually arrives you would have the financial security of knowing that you have amassed a substantial corpus to take care of you.

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