Articles 869 views July 27, 2019

Insurance Companies for Two Wheeler

Best Insurance Companies for Two Wheeler  in India

Not all insurance companies in India are the same, especially when it comes to selling two-wheeler insurance. This is because every two-wheeler insurance policy is different from the other. Though many people compare two-wheeler insurance price before zeroing on their choice of insurer, there are a lot of factors that one must consider before buying two-wheeler insurance from any particular insurance company. After all, paying for a two-wheeler insurance policy as an essential cover against future expenses is as good as investing in any financial instrument.

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List of Insurance Companies for Two Wheeler in India – 2020

However, for your ease, we have listed the details of top insurance companies for two-wheeler in India that you may choose from. These include:-

1. Bharti AXA General Insurance Company

This company hit the headlines recently for its tie-up with Wishpolicy, an insurance web aggregator, to sell two-wheeler insurance policies through WhatsApp. Formed as a result of a collaboration between Bharti Enterprises and AXA, a global insurance firm, this company is the first of its kind to sell two-wheeler policies through the instant messaging application.

Customers buying long-term two-wheeler insurance from this company can avail policies at discounted rates. In addition, policyholders post payment of additional premiums can avail a personal accident cover limited to Rs 15 lakhs. Just by paying a one-time premium in addition to necessary documents and details, customers can have a copy of the policy issued online immediately. Apart, policyholders can avail further discounts on premiums if they have taken membership of any of the automobile associations mentioned in the policy. The efficiency of its instant customer care service adds to the growing popularity of this insurance company.

2. Bajaj Allianz General Insurance Company

This is a company whose reputation precedes over every other factor in the market. Customers approaching it can avail from the benefits of three different two-wheeler insurance policies that it sells. Based on the policy period ranging from one year to three years, interested customers may choose from among the policy types:-

  1. Third-Party – Liability Only Insurance
  2. Two-wheeler Insurance for one year
  3. Long-term Two-wheeler Insurance for prolonged periods extending to 2-3 years.

Moreover, due to the efficiency of its all-around customer care service and availability of cashless claim settlement across more than 4000 garages across the country, this company is now deemed as the most popular and trusted brand in the insurance market. Customers can also avail a personal accident cover to the extent of Rs. 1 lakh by paying additional premiums

3. ICICI Lombard General Insurance Company

This is one of the largest general insurance companies in terms of size and market share. The gross premium amounts collected by this company till March 31, 2018; stood at Rs 126 billion, thus, underscoring the large number of policies that the company sells each year. A major percentage of Indians opt for two-wheeler insurance from ICICI considering the company’s focus on providing adequate cover at nominal premium rates. Its 24*7 customer care service ensures all-around support while its tie-up with more than 3000 garages across the country enables easy cashless settlement. Customers may buy third-party liability cover or comprehensive insurance coverage depending on need and budget.

4. HDFC Ergo General Insurance Company

The most popular plans sold by this company include Single Year Comprehensive Insurance, Long-term Comprehensive Insurance, and Two-wheeler Liability Only Insurance. While the third-party liability cover may extend up to 2-3 years, comprehensive cover for as long as three years is also available. Add-on riders like Zero Depreciation Cover and Emergency Assistance Cover are available on comprehensive insurance cover bought for a year. Those opting for third-party liability cover can also opt for the personal accident add-on cover for pillion rider against damage including temporary or permanent disability due to an accident by paying an extra premium. 

Customers can buy from any of the plans either online or through any of its branches spread over 90 cities in India. Moreover, with a network spread across more than 1600 network garages, the cashless settlement process is nothing short of a cakewalk.

5. TATA AIG General Insurance Company

An insurance giant formed as a result of joint efforts between Tata Group and American International Group (AIG) has been operating in the Indian market since January 2001. Available both online and offline, customers can avail either third-party liability cover or comprehensive insurance cover depending on their needs and budget. Apart from the third-party or comprehensive insurance that you may opt for, you may also choose a Personal Accident Cover up to Rs. 15 lakhs. Benefits exclusive only to plans sold by this company include a six-month warranty on accidental repairs, free pickup facility of the vehicle in the event of damage due to accident, etc. Add-on covers that customers buy to enhance the effect of this policy include:-

  1. Daily Allowance Cover
  2. Return to Invoice Cover
  3. Zero Depreciation Cover
  4. Key Replacement Cover

Customers may also opt for online policy renewal by logging on to the company’s site and providing necessary documents.

6. New India Assurance Company

If you are more keen to buy policies from a government-backed insurance company, then this is the right two-wheeler insurance product for you. With a net worth exceeding Rs. 16,000 crores, the company compensates for liabilities arising out of damage to the third party involved in the accident or the insured two-wheeler vehicle. This policy also covers hospitalization expenses for treatment of injuries sustained during the accident. The claim process is relatively simple. One may opt for cashless claim settlement or choose to get the claims reimbursed depending on preference. To ensure hassle-free claim, the customers have to submit the following documents. These include:-

  1. A copy of the FIR lodged with the police;
  2. A copy of the policyholder’s valid driving license;
  3. A copy of the policyholder’s insurance policy;
  4. A copy of the claim form downloaded from the company’s site and duly signed by the policyholder;
  5. A copy of the two-wheeler’s registration certificate;
  6. A copy of the repairs bills certified by the garage.

7. SBI General Insurance Company

Backed by one of the largest banks operating in India, the State Bank of India (SBI), this company combines the market value of SBI with the expertise of Insurance Australia Group (IAG). While this insurance company sells myriad insurance products, its two-wheeler insurance product is gaining attention in the minds of Indians looking to buy sufficient insurance coverage amount at reasonable two-wheeler insurance prices. The increasing repute of this company can also be traced to its robust and effective multi-distribution channel including agents, bancassurance, retail direct channels in addition to selling policies online through its website. The claim settlement ratio is considerably higher than most insurance companies, thus, indicating its high claim paying ability.

While customers aged 25-55 years can avail discounted premium rates on their insurance plans, policyholders who continue to renew their policies without any breaks are entitled to greater discounted premium rates.

8. Reliance General Insurance Company

Run by the famous business group Reliance, this insurance company has managed to gain an increasing customer base in the two-wheeler insurance sector. While the features attributed to this policy are not much different from the other insurance plans sold in the market, the added benefit of Rs 1500 allowance on towing charges reinforce its position among prospective customers. Apart, this company has tied up with more than 2100 garages across the country, thus, enhancing the repair and cashless claim facility. Easy premium payment and seamless claim settlement through NEFT ensures that the company’s policyholders are well taken care of. Installation of anti-theft accessories to the vehicle can help policyholders in seeking additional discounts on premium prices.

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