According to the rules of the Motor Vehicles Act, 1988, a bike insurance policy is a necessary requirement if you have a bike. The policy protects the policyholder from facing a financial liability in case of any third party liability. Moreover, if a comprehensive bike insurance policy is selected, the damages suffered by the bike itself are also covered. The insurance company pays the repair costs incurred in repairing such damages.
Since a bike insurance policy is mandatory, almost all general insurance companies offer a bike insurance policy. Amidst such companies are both Government insurance companies as well as private ones.
|Private Bike Insurance Companies||Government Bike Insurance Companies|
|Bajaj Allianz General Insurance Company Limited||National Insurance Company Limited|
|Reliance General Insurance Company Limited||The New India Assurance Company Limited|
|Liberty General Insurance Company Limited||The Oriental Insurance Company Limited|
|SBI General Insurance Company Limited||United India Insurance Company Limited|
|Universal Sompo General Insurance Company Limited|
|HDFC Ergo General Insurance Company Limited|
|TATA AIG General Insurance Company Limited|
|ICICI Lombard General Insurance Company Limited|
|Royal Sundaram General Insurance Company Limited|
|Cholamandalam MS General Insurance Company Limited|
|Future Generali India Insurance Company Limited|
|Shriram General Insurance Company Limited|
|Bharti AXA General Insurance Company Limited|
|Raheja QBE General Insurance Company Limited|
|Magma HDI General Insurance Company Limited|
|Kotak Mahindra General Insurance Company Limited|
|DHFL General Insurance Company Limited|
|Acko General Insurance Company Limited|
|Go Digit General Insurance Company Limited|
|IFFCO Tokio General Insurance Company Limited|
Here are some of the best two-wheeler insurance companies in India along with their respective plans:
|Comapny name||Plan name||Salient features|
|IFFCO Tokio||Two-wheeler insurance policy||
|Reliance General Insurance||
|New India||Two-wheeler insurance||
|Liberty General Insurance||
Documents required for filling Bike Insurance Claim
While making a claim request, individuals need to present a set of essential documents. Below is a checklist of documents required to fill a bike insurance claim.
In Terms Of An Accident
In Terms Of Theft
Generally, insurance companies provide a wide range of add-ons for policyholders to select an ideal insurance cover that best suits their needs. That said, below is a list of 5 scrumptious add-ons that come along with a two-wheeler insurance policy. Note that these add-ons are available at a negligible premium above the primary insurance policy.
Two Wheeler Insurance Add-Ons
In most cases, the bike owner pays for the replacement and depreciation of new parts right after an accident. However, if owners want this expense to be covered by the insurance company, they need to purchase a Nil or Zero Depreciation Add-on to obtain the benefits of the cover along with the current insurance policy.
This add-on helps you in all situations. Roadside Assistance assists you with all of its help on the road that your two-wheeler needs. The add-on offers an array of benefits, right from getting your vehicle fixed on a spot or getting a taxi service to help you in reaching your destination.
Generally, consumables such as nuts, oil, bolts, etc. are not covered under the insurance during claims. However, with the consumable add-on, individuals can save all those consumables irrespective of how tiny they are. This add-on takes overall expenses incurred in unfit consumables that arise due to accidents or damages.
In a regular two-wheeler policy, usually damages incurred during accidents are covered. But, most of the time, the engine suffers consequential damages as well. With an engine protection add-on, insurers can attain protection for damages that occur due to leaks, lubricating oils, at times when the water enters the engine or natural calamities.
Now, this is the worst nightmare for motorists. At times when the bike is destroyed beyond repair, the return to Invoice cover enters the show. In extreme cases, insurance companies provide conciliation. They refund the entire amount/value noted on the invoice.
The government of India has made it compulsory for every two-wheeler owner to have an insurance policy as soon as they purchase a bike. This very rule makes it a tough decision for every bike owner to choose wisely the insurance company they want to invest in. However, we are here to help you put your hands on the right one. First of all, it is essential to understand that one insurance company cannot fulfil all your needs. Some can offer better premium rates, while some can offer wider network garages. So, you need to gauge your requirements and then make the choice. Here are some pointers that might be helpful:
The coverage of a bike insurance policy depends upon the type of policy you are purchasing. Some popular policies for two-wheelers are:
Some policy coverage can be beneficial for some owners while not for others. So, you first need to assess your needs and then look for a company fulfilling your requirements.