Best Bike Insurance Companies in India

By Okbima 25 Nov 2023
best-bike-insurance-companies

 

Are you looking for the best bike insurance company in India? When protecting your bike in India, it is essential to find a reliable and reputable insurance company that offers comprehensive coverage. As per the Indian Motor Vehicle Act, having at least a third-party insurance policy is mandatory. 

Currently, there are around 25 general insurance companies in India providing two-wheeler insurance plans. In this article, we will discuss the best bike insurance company in India, which provides high-quality coverage, excellent customer service, and affordable premiums.

 

List of the Best Bike Insurance Companies in India

There are so many insurance companies available in India, where you can buy bike insurance. Below, we have mentioned a list of the best bike insurance companies in India:

 

Two-Wheeler Insurance Company

Cashless Garages

Claim Settlement Ratio

                            

Bajaj Allianz Insurance 

4500+

68.53%

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Cholamandalam MS General Insurance

6912+

65.05%

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Future Generali India Insurance

3500+

62.43%

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GO DIGIT General Insurance 

1400+

79.54%

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IFFCO Tokio General Insurance 

4300

84.12%

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Kotak Mahindra Insurance 

3000+

82.67%

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Liberty General Insurance 

4300+

62.84%

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National Insurance 

900+

90.68%

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Navi General Insurance 

1110+

76.7%

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The New India Assurance 

1173+

91%

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Best Bike Insurance Company in India: An Overview

In the above table, we have mentioned the list of the best bike insurance companies in India. Below, we have given a detailed overview of the best bike insurance companies.

Bajaj Allianz Insurance 

Bajaj Allianz General Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE. It is one of the leading general insurance companies in India, offering a range of insurance products and services. Here's a simple overview:

• Type of Company: Bajaj Allianz General Insurance is a private-sector general insurance company.

• Product Portfolio: The company provides a wide range of insurance products, including motor insurance, health insurance, travel insurance, home insurance, and commercial insurance.

• Customer Services: The company focuses on providing customer-centric services, with easy online access to policy information, premium payments, and claims processing.

• Network of Branches: Bajaj Allianz has a widespread network of branches and offices across India, making it accessible to customers in various locations.

 

Cholamandalam MS General Insurance

Cholamandalam MS General Insurance Company Limited is a joint venture between the Murugappa Group, an Indian conglomerate, and the Mitsui Sumitomo Insurance Company, a part of the MS&AD Insurance Group (Japan). Here's a simple overview of Cholamandalam MS General Insurance:

• Type of Company: Cholamandalam MS General Insurance is a private-sector general insurance company in India.

• Product Portfolio: The company offers a diverse range of general insurance products, covering areas such as motor insurance, health insurance, travel insurance, home insurance, and commercial insurance.

• Customer Services: The company emphasizes customer-centric services, providing easy online access to policy information, premium payments, and claims processing.

• Pan-India Presence: Cholamandalam MS has a widespread presence with a network of branches and offices across India, making it accessible to customers in various regions.

 

Future Generali India Insurance

Future Generali India Insurance Company Limited is a private general insurance company in India. It is a joint venture between Future Group and Generali Participations Netherlands N.V. Future Generali started its operations in 2006. Here's a simple overview:

• Type of Company: Future Generali India Insurance is a private-sector general insurance company.

• Product Portfolio: The company offers a range of general insurance products, covering areas such as motor insurance, health insurance, travel insurance, home insurance, and commercial insurance.

• Customer Services: The company focuses on providing customer-centric services, with easy online access to policy information, premium payments, and claims processing.

• Pan-India Presence: Future Generali has a widespread presence with a network of branches and offices across India, making it accessible to customers in various regions.

 

GO DIGIT General Insurance 

GO DIGIT General Insurance Limited (GO DIGIT) is a private general insurance company in India, established in 2016, and headquartered in Noida, India,

• Type of Company: GO DIGIT General Insurance is a private-sector general insurance company.

• Product Portfolio: General insurance companies typically offer a variety of insurance products, including motor insurance, health insurance, travel insurance, home insurance, and commercial insurance.

• Customer Services: Focus on providing customer-centric services, with easy online access to policy information, premium payments, and claims processing.

• Digital Initiatives: Many modern insurance companies, especially those with "Digital" in their name, embrace digital technologies for online policy purchases, mobile app access, and online claim settlements.

 

IFFCO Tokio General Insurance 

IFFCO Tokio General Insurance is a well-known general insurance company in India and it’s a joint venture between the Indian Farmers Fertiliser Cooperative (IFFCO) and its associates and Tokio Marine Group, one of the largest insurance groups in Japan. Here's a brief overview:

• Type of Company: IFFCO Tokio General Insurance is a private-sector general insurance company.

• Product Portfolio: IFFCO Tokio offers a comprehensive range of general insurance products, including motor insurance, health insurance, travel insurance, bike insurance, home insurance, and commercial insurance.

• Customer Services: The company focuses on providing customer-centric services, with online access to policy information, premium payments, and claims processing

• Pan-India Presence: IFFCO Tokio has a widespread network of branches and offices across India, making it accessible to customers in various regions.

 

Kotak Mahindra Insurance

Kotak Mahindra Insurance refers to the insurance products and services offered by Kotak Mahindra Life Insurance Company Limited and Kotak General Insurance. Here is a brief overview: 

• Type of Company: Kotak Mahindra Life Insurance is a private-sector life insurance company in India.

• Product Portfolio: It offers a range of life insurance products, including term insurance, endowment plans, ULIPs (Unit Linked Insurance Plans), and retirement plans.

• Customer Services: The company focuses on providing customer-centric services, with online access to policy information, premium payments, and claims processing.

• Digital Initiatives: Like many modern life insurers, Kotak Mahindra Life Insurance has embraced digital technologies for online policy purchases and servicing.

 

Liberty General Insurance 

Liberty General Insurance is a private-sector general insurance company operating in India and it’s a joint venture between Liberty Citystate Holdings PTE Ltd, a group company of Liberty Mutual Insurance Group, a leading global property and casualty group, and DP Jindal Group, an industrial conglomerate in India. Here's a brief overview:

• Type of Company: Liberty General Insurance is a private-sector general insurance company.

• Product Portfolio: The company provides a variety of general insurance products, including motor insurance, health insurance, travel insurance, home insurance, and commercial insurance.

• Customer Services: The company focuses on providing customer-centric services, with online access to policy information, premium payments, and claims processing.

• Pan-India Presence: Liberty General Insurance has a widespread network of branches and offices across India, making it accessible to customers in various regions.

 

National Insurance Company

National Insurance Company Limited (NIC) is a public sector general insurance company in India. It is the largest general insurance company in India in terms of gross premiums written. NIC was founded in 1906 and is headquartered in Kolkata, India. Here's a brief overview:

• Type of Company: National Insurance Company Limited (NICL) is a public-sector general insurance company.

• Product Portfolio: The company provides a range of general insurance products, including motor insurance, health insurance, travel insurance, home insurance, and commercial insurance.

• Customer Services: National Insurance Company focuses on providing customer-centric services, with online access to policy information, premium payments, and claims processing.

• Pan-India Presence: As a public-sector insurance company, National Insurance has a widespread network of branches and offices across India, making it accessible to customers in various regions.

 

Navi General Insurance 

Navi General Insurance Limited is a private general insurance company in India. It is a wholly-owned subsidiary of Navi Technologies. The company was incorporated on July 5, 2016, and started its business operations in November 2017. Here's a brief overview:

• Type of Company: It is a private-sector general insurance company.

• Product Portfolio: General insurance companies typically offer a range of insurance products, including motor insurance, health insurance, travel insurance, home insurance, and commercial insurance.

• Customer Services: Focus on providing customer-centric services, with online access to policy information, premium payments, and claims processing.

• Digital Initiatives: Many modern insurance companies, especially newer ones, often embrace digital technologies for online policy purchases, mobile app access, and online claim settlements.

 

The New India Assurance 

The New India Assurance Company Limited is a public-sector general insurance company in India and operates under the regulations and policies set by the Government of India. Here's a brief overview:

• Type of Company: The New India Assurance Company Limited (NIACL) is a public-sector general insurance company.

• Product Portfolio: NIACL provides a wide range of general insurance products, including motor insurance, health insurance, travel insurance, home insurance, and commercial insurance.

• Customer Services: The New India Assurance Company focuses on providing customer-centric services, with online access to policy information, premium payments, and claims processing.

• Digital Initiatives: Like many traditional insurers, NIACL has likely implemented digital technologies for online policy management and claims.

 

Benefits to Choose the Best Bike Insurance Company In India

Choosing the best bike insurance company in India offers multiple benefits for the policyholders such as comprehensive coverage, competitive returns, and many more. Here are some of the main benefits:

  1. Comprehensive coverage: The best bike insurance companies in India provide comprehensive coverage for both third-party liability and own damage. This ensures that you are financially protected against any damage caused to your vehicle as well as any third-party property or person.
  2. Customized policies: Top insurance companies offer personalized policies that suit the specific needs of different individuals. They provide options to choose various add-ons and coverage limits, allowing you the policy according to your requirements.
  3. Competitive premiums: The best companies provide bike insurance plans at competitive premiums, ensuring that you receive the best value for your money. They also offer attractive discounts and offers to make the insurance more affordable.
  4. Cashless claim settlements: Reputable insurance companies have tie-ups with a wide network of authorized garages, allowing policyholders to avail of cashless claim settlements. This means you can get your bike repaired without paying upfront and the insurance company settles the bills directly with the garage.
  5. Quick and hassle-free claim settlement: India's best bike insurance companies have a streamlined and transparent claim settlement process. They have dedicated customer service teams that assist policyholders through the entire claims process, making it quick and hassle-free.
  6. 24x7 customer support: Leading insurance companies offer round-the-clock customer support to address any queries or concerns you may have. This means you’ll always have access to help and support at any time.

  7. Additional benefits and services: The best insurance providers often offer additional benefits such as roadside assistance, towing facilities, emergency repairs, and coverage for accessories. These value-added services enhance the overall customer experience and provide additional convenience.

  8. Online policy purchase and renewal: Most top insurance companies provide the convenience of online policy purchase and renewal. This saves time and effort, allowing you to buy or renew your policy with just a few clicks.

  9. Easy claim settlement process: India's best bike insurance companies have a user-friendly claim settlement process. They provide detailed guidelines and assistance to policyholders to ensure a smooth and hassle-free claim settlement experience.

  10. Reputed and trustworthy companies: Opting for the best two-wheeler insurance company ensures that you are dealing with a reputed and trustworthy organization. It gives you peace of mind, knowing that your policy is in safe hands and that the company will honor its commitments.

 

How To Choose the Best Bike Insurance Company In India?

Choosing the best bike insurance company in India is crucial to ensure that you get the maximum benefits and coverage for your bike. With numerous options available in the market, it can be challenging to make the right decision. However, by considering the following factors, you can make an informed choice:

  1. Research and Compare: Begin your research by looking at different insurance companies in India. Look for well-established companies with a good reputation in the market. Compare their policies, coverage, add-ons, and claim settlement ratio. 

  2. Coverage and Add-Ons: Check the coverage offered by different insurance companies. It is essential to choose a policy that provides comprehensive coverage, including protection against natural disasters, theft, accidents, and third-party liability.

  3. Claim Settlement Ratio: A company's claim settlement ratio reflects its efficiency in settling claims. Higher claim settlement ratios indicate a better chance of your claim being settled smoothly.

  4. Network Garages: Opt for an insurance company that has a wide network of garages. This ensures that you have access to cashless repairs at authorized service centers across the country. 

  5. Customer Service: Good customer service is crucial when dealing with insurance companies. Choose a company that offers prompt and efficient customer service.

  6. Premium: While it is important to consider the premium amount, do not base your decision solely on it. Opt for a policy that offers adequate coverage and benefits, even if the premium is slightly higher.

  7. Reviews and Recommendations: Read customer testimonials and ask friends, family, or online forums for recommendations. Real-life experiences can give you valuable insights into an insurance company's service quality.

  8. Financial Strength: Look for the financial stability and strength of the insurance company. A financially stable company guarantees the availability of funds to settle claims.

  9. Online Process: Look for insurance companies that offer online policy purchase, renewal, and claim settlement processes. This makes it convenient and saves time during emergencies or when you need immediate assistance.

 

Confused about bike insurance? Ask our Expert!

 

How to Buy Two-Wheeler Insurance from Okbima?

It is very easy to buy bike insurance with our user-friendly website Okbima. Here is a step-by-step process of how you can buy it:

Step 1: First, visit the Okbima's official website.

Step 2: Click on the "Bike Insurance" icon, and fill in the basic details such as your mobile number, email ID, and bike number.

Step 3: Once you fill out the form, the Okbima will display you the different bike insurance options. 

Step 4: Compare and select the bike insurance options according to your requirements, and complete the payment process.

Step 5: Once payment is completed, policy details will be sent to your registered email ID.

 

Conclusion

In conclusion, the best bike insurance companies in India are an essential aspect of protecting one's vehicle and personal safety. With a wide range of companies offering various policies and benefits, individuals have the opportunity to choose insurance that fits their specific needs. 

These companies provide financial coverage for damages caused to bikes due to accidents, theft, or natural disasters, relieving the owners of significant f

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