Best Motorcycle Insurance Companies of 2024 It is mandatory for all two-wheeler vehicles like bikes, motorcycles, and scooters to have a third-party insurance policy according to the Motor Vehicles Act. However, it is advisable to have an appropriate two-wheeler insurance policy for its advantages. A comprehensive policy offers protection against third-party liabilities and also includes coverage for damages to the vehicle from accidents, fire, theft, natural disasters, and provides cover for the owner. As a motorcycle enthusiast, you know the importance of having reliable insurance coverage to protect your prized possession. But with so many options out there, how do you choose the best motorcycle insurance company for your needs?
In this blog post, we’ll take a look at the top motorcycle insurance companies of 2024 and what sets them apart from the competition. From comprehensive coverage options to affordable premiums and exceptional customer service, these companies have proven themselves to be leaders in the industry. So whether you’re a seasoned rider or just starting out, read on to find out which insurance company is the best fit for you and your bike.
Best Motorcycle Insurance Companies of 2024
- Reliance General Two-Wheeler Package Policy: Best Overall
- ICICI Lombard Two-Wheeler Insurance: Best comprehensive two-wheeler policy
- TATA AIG Bike Insurance Policy: Best policy with variety of add-ons
- Bajaj Allianz Two-Wheeler Insurance: Best long-term policy
- HDFC Ergo Two-Wheeler Insurance: Best policy with no-limit on the number of claims
- IFFCO Tokio Two-Wheeler insurance: Best zero depreciation policy
- SBI General Bike Insurance: Best coverage for personal and third-party liabilities
- Digit Two-Wheeler Insurance: Best third-party bike insurance policy
Reliance General Two-Wheeler Package Policy
Why We Picked It
The Reliance General Two-Wheeler Package plan is a comprehensive policy, which provides coverage for third party liabilities along with own damages arising out of any kind of accident, theft or natural calamities such as flood or earthquake. This policy provides the freedom to the insured to cover their new vehicle for two, three and five years. The insured is also entitled to receive great discounts on the premium under NCB and voluntary deductibles benefits.
Key Features
- Policy tenure options are for two, three and five years.
- Personal accident coverage for INR 15 lakh.
- Option of choosing voluntary deductibles between INR 500 to INR 1,500 to lessen the amount of premium by 5% to 20%.
- 50% discount on the premium under NCB, in case of no claims made in the entire policy tenure.
- Coverage for any kind of damages related to natural calamities such as floods.
- Coverage for own damages related to unpredictable events such as accident, theft, fire.
- Coverage for any legal or financial liability for injury, death and/or property damage caused to a third party up to INR 1 lakh.
Add-ons
- Coverage for zero depreciation which provides the entire value of repairs without any deduction for depreciation, in case of any damage to the two-wheeler.
- Daily allowance benefit provides the cash benefit of up to INR 5,000 per day for covering the traveling expenses if the vehicle is in any network garage for more than two days.
- In EMI protection cover, the insurer will take care of the insured’s three EMIs of the current two-wheeler loan, if the insured’s vehicle is in any of the network garage for more than a month.
- Helmet cover provides an allowance for replacing the damaged helmet of the same kind and model, if damaged during an accident of the insured vehicle.
Pros & Cons
Pros
- Digital inspection for claims.
- Instant issuance of the policy via mobile app.
- Wide presence of cashless garages.
- 24/7 roadside assistance.
Cons
- Limited optional covers.
- No coverage for damage due to regular wear and tear.
- No coverage for any mechanical and electric breakdown.
TATA AIG Comprehensive Bike Insurance Policy
Why We Picked It
TATA AIG’s Comprehensive Bike Insurance policy offers extensive protection against third-party liabilities, coverage for own damages or loss caused by theft and natural as well as man-made disasters. It offers a wide variety of add-on covers such as consumables coverage and zero depreciation cover which is the highest amongst other major two-wheeler insurance companies. TATA AIG also has a wide network of cashless garages with a strong pan-India presence.It also offers up to 75% discount on their two-wheeler insurance premiums with online purchase of the policy.
Key Features
Covers damage and loss caused due to:
1. Accidents and any loss happened in transit by air, waterways, railways, roadways.
2. Theft of the two-wheeler.
3. Natural calamities such as floods, landslides, earthquakes.
4. Man-made calamities arising from terrorist attacks, riots, strikes.
5. Fire caused by self-ignition, lightning, explosions, etc.
6. Any third-party property or death bodily damages caused to a third party by the insured’s vehicle are covered up to INR 1 lakh.
7. Up to 50% discount on premium under no claims bonus (NCB) after five claim-free years.
8. Up to 75% discount on premium if policy purchased online.
Add-ons
- Coverage for zero depreciation provides the entire value of repairs without any deduction for depreciation, in case of any damage to the two-wheeler.
- Roadside assistance cover provides round the clock roadside assistance for any kind of breakdown, tyre replacement, towing, fuel replacement just by contacting the customer care.
- Consumables expenses cover vehicle oil, refrigerants, coolants, electrolytes, fluids, nuts, bolts, screws, filters, bearings, washers, clips and other similar items.
- Return to invoice gives the insured the benefit of receiving the original invoice price of the two-wheeler, including road tax and registration charges.
- Engine protection cover offers protection against any damage of the engine arising out of oil leakage, natural calamities or mechanical issues.
- The insured will receive reimbursement of emergency medical expenses and also the costs related to ambulance charges for the damages caused in an accident.
- Personal accident coverage can be enhanced beyond INR 15 lakh.
- Additional third-party coverage.
Pros & Cons
Pros
- Extensive network of cashless garages.
- Discount on premium under online policy and NCB.
- Quick claim settlement process.
Cons
- No coverage for regular wear and tear.
- No coverage for any electrical and mechanical issues.
Bajaj Allianz- Long term Two-Wheeler Package Insurance
Why We Picked It
HDFC ERGO’s Comprehensive Two-Wheeler Insurance provides an extensive coverage to the two-wheelers, including own damages and damages to a third-party person or property. There is also no limit on making claims under this policy. The insured also has the option of choosing the tenure as per their choice; however, it is recommended to go for three-year policy tenure to avoid any kind of renewal issues.
Key Features
- Coverage for any kind of damages related to natural calamities such as floods.
- Coverage for damages related to unpredictable events such as accident, theft, fire.
- Coverage for any legal or financial liability for injury, death and/or property damage caused to a third party up to INR 1 lakh.
- Coverage for personal accident for INR 15 lakh.
- Option of choosing the policy for two years and three years.
Add-ons
1. Zero depreciation cover or bumper to bumper cover gives the advantage of having this cover as the insured is entitled to get the coverage of the entire amount, without any deductions.
2. Emergency assistance cover provides round the clock roadside assistance for any kind of breakdown, tyre replacement, towing, fuel replacement just by contacting the customer care.
3. NCB retention add-on cover protects no-claim bonus amount during the policy period, even if the insured has raised a claim. After the full term of policy, the insured will be eligible for NCB on the policy renewal.
Pros & Cons
Pros
- Zero paperwork.
- Claims settled on the same day.
- No limit on making claims.
- Door-step two-wheeler repairs.
Cons
- No coverage for depreciation in the value of a two-wheeler.
- No coverage for any electrical and mechanical issues.
IFFCO Tokio- Comprehensive Two-Wheeler insurance with Zero Depreciation Cover
Why We Picked It
IFFCO Tokio’s Comprehensive Two-Wheeler insurance with Zero Depreciation Cover aims to provide extensive coverage to its policyholders. Other than own damages and third party liabilities, the insured also gets the advantage of zero-depreciation benefit in the same policy, where the insured does not need to pay the depreciation value of the damaged or replaced parts. The policy can be opted for two years and three years
Key Features
- Coverage for any kind of damages related to natural calamities such as floods.
- Coverage for damages related to unpredictable events such as accident, theft, fire.
- Coverage for any legal or financial liability for injury, death and/or property damage caused to a third party up to INR 1 lakh.
- Coverage for zero depreciation, which provides the entire value of repairs without any deduction for depreciation, in case of any damage to the two-wheeler.
- Coverage for personal accident for INR 15 lakh.
- Option of choosing the policy for two years and three years.
Add-ons
1. NCB protection provides a discount on premium up to 50%, if no claim is made in five consecutive years.
2. Return to invoice provides coverage against any damage and the insured receives the original invoice price of the two-wheeler, including road tax and registration charges.
3. Roadside assistance cover provides round the clock roadside assistance for any kind of breakdown, tyre replacement, towing, fuel replacement just by contacting the customer care.
4. Engine protection cover offers protection against any damage of the engine arising out of oil leakage, natural calamities or mechanical issues.
Pros & Cons
Pros
- Paperless process.
- Claims to be settled on the same day.
- Option to make claims up to INR 20,000 instantly via QCS app.
- Huge presence in India with 20,000 agents.
- Easy online application process.
Cons
- Limited network of cashless garages.
- No coverage for any accessories.
- No coverage for regular wear and tear.
- No coverage for any electrical and mechanical issues.
SBI General Comprehensive Bike Insurance
Digit Own Damage Two-Wheeler Insurance
Why We Picked It
Digit Own Damage Two-Wheeler policy is good for those who only have third-party insurance as their insurance. The own damage insurance policy will enhance the scope of coverage of their existing third-party cover by providing them coverage for damages and losses caused due to accidents, theft or due to fire or any natural calamity. The most convenient feature for the policyholders is that the company inspect the vehicle digitally.
Key Features
Coverage available for damages and any kind of losses due to:
1. Accidents
2. Theft
3. Fire
4. Any kind of natural calamity such as flood or landslide
Add ons
1. Coverage for zero depreciation which provides the entire value of repairs without any deduction for depreciation, in case of any damage to the two-wheeler.
2. Roadside assistance cover provides round the clock roadside assistance for any kind of breakdown, tyre replacement, towing, fuel replacement just by contacting the customer care.
3. Consumables expenses provide coverage to vehicle oil, refrigerants, coolants, electrolytes, fluids, nuts, bolts, screws, filters, bearings, washers, clips and other similar items.
4. Return to invoice provides coverage against any damage where the insured receives the original invoice price of the two-wheeler, including road tax and registration charges.
5. Engine protection cover offers protection against any damage of the engine arising out of oil leakage, natural calamities or mechanical issues.
6. This policy also gives the freedom to the insured of opting the IDV as per their choice. IDV is the maximum amount of claim that the insurer will pay if the vehicle is damaged beyond repair or in case of a theft. The own damage premium is calculated like this below:
IDV X [Premium Rate (decided by insurer)] + [Add-Ons (like extra coverage)] – [Discount & benefits (like No Claim Bonus)]
Pros & Cons
Pros
- Cost-effective policy.
- Smartphone-enabled self-inspection.
- Customize the vehicle’s IDV as per the insured’s choice.
- Responsive support system.
- Paperless claim process.
Cons
- No coverage for third-party losses.
- Limited network of cashless garages.
- No coverage for regular wear and tear.
- No coverage for any electrical and mechanical issues.
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Methodology
Forbes Advisor India considered the below-mentioned factors while selecting the best two-wheeler insurance policies for your two-wheeler vehicle:
Scope of Coverage Requirement (30% of the score):
It is very crucial to consider which coverage would best suit your needs. Forbes India analyzed the two types of insurance policies in depth such as third-party insurance and comprehensive insurance and standalone own damage policies.
Research on the Background of the Insurers (30% of the score)
We only considered those reputed insurance providers with a high claim settlement ratio and those offering bike insurance plans with useful add-ons. By enhancing your policy with appropriate add-ons, one can completely protect their vehicle.
Cashless Network Garages (20% of the score)
The number of tie-ups listed these insurance companies have with garages for cashless repairment expenses. Some companies including ICICI Lombard, HDFC Ergo and TATA AIG have more than 8,000 network garages.
Policy Terms And Conditions (10% of the score)
It is again important to choose your two-wheeler insurance policy vigilantly and thus be very sure to read the offer documents carefully before just buying the policy. Also, consider the inclusions and exclusions before finalizing the two-wheeler insurance policy.
Online Insurance (10% of the score)
With the advent of online and digital technology, buying an insurance policy is just a matter of a few minutes. We have listed those policies, which can be easily purchased online with zero paperwork. Certain companies are also offering discounts on premium, if the policy is purchased online.
What Is Bike Insurance And How Does It Work?
Without a doubt, motorcycles and other two-wheeled vehicles are the most cost-effective option for Indian commuters, but they also carry a significant risk due to their high susceptibility to road accidents. As the number of two-wheelers on the road continues to rise and the likelihood of accidents increases, obtaining reliable bike insurance has become exceptionally important. Good bike insurance not only assists in covering financial losses resulting from bike accidents but also provides protection for any other individuals injured in an incident involving your bike. This comprehensive guide on bike insurance covers the various policy options, features, and benefits, enabling you to select the most suitable one based on your specific needs and requirements.
What Is Bike Insurance?
Bike insurance is a legal agreement between the bike owner and the insurance company. The insurance company provides coverage for any damage caused to the bike due to accidents, theft, or collisions. This insurance is important for protecting against financial and legal obligations that may arise from accidents, natural disasters like fire or landslides, or man-made causes such as theft, riots, and vandalism. Bike insurance policies cover various types of two-wheelers, including motorcycles, scooters, moped bikes, and electric bikes. According to the Indian Motor Tariff, 2002, it is mandatory for every bike owner to have at least a third-party bike insurance policy.
Why Is Bike Insurance Necessary?
Owning a bike without insurance can be highly dangerous and potentially deadly. Investing in an insurance policy for your bike can provide significant financial support in times of need for a minimal cost. The following reasons outline the importance of having a bike insurance policy for any vehicle owner.
Safeguards you from Legal Fines
it is illegal to drive any bike without having a valid third-party bike insurance policy. Therefore, it is mandatory to have a proper bike insurance in place which saves you from paying hefty legal fines.
Coverage for Natural and Man-Made Disasters
Insurance policies cover damage to the bike caused by natural calamities such as landslides, floods, earthquake, fire and so on. With proper insurance in place, one can easily make a claim under these unforeseen situations.
Coverage Against Theft
Theft of your bike can cause a major concern and the financial implications of losing the bike can be worse. But if your bike is insured, then you don’t have to worry much, as immediately when you report the theft of your bike, the insurance company is bound to cover the cost of replacing your vehicle.
Coverage Against Third-Party Liabilities
A third-party bike insurance which is mandatory, provides financial protection to your bike against any damages or injuries caused to a third party, with an involvement of your vehicle in an accident.
Coverage Against Own Damages
One of the most important reasons to have a bike insurance policy, is that it aids financial help to the insured bike owner for any cost incurred on repair work of damaged bikes due to accidents or any man-made or natural calamities.
Key Features And Benefits Of Bike Insurance
360-Degree Protection
A bike insurance policy provides 360-degree financial and legal protection to you, your vehicle and third-party person or property, in case of the occurrence of any accident or mishap. Having a bike insurance also covers you against loss and damage arising due to theft, strike or war. While third-party insurance is mandatory, one can opt for comprehensive coverage policy to get coverage for own damages caused to your bike also.
Cashless Claim
This is one of the main benefits of a bike insurance policy. An insured bike owner can easily apply for a cashless claim, in case of any damage caused to their bike due to an accident or any mishap. All they need to get their damaged vehicle at any of the network garages, where the bill will be directly settled between the garage owner and the insurance company.
No Claim Bonus
No-claim bonus is a kind of discount which insurance companies provide for making no claim in the preceding years. Bike insurance companies provide up to 50% NCB benefit on the insurance premium which is indeed a great benefit for insured. The NCB discount can be even carried further at the time of renewal of your policy.
Personal Accident Cover
Personal accidental coverage is one of the benefits which the insured receives as soon as they insure themselves under a bike insurance policy. This cover provides coverage to the bike rider against any bodily injuries or death arising due to an accident. It is crucial to have a personal accident cover especially when you drive, but if you do not have a separate PA cover, you can definitely get it along at the time of buying a bike insurance for you.
Coverage for Long-term
Bike insurance companies have launched several long-term insurance policies which can cover your bike up to a maximum of three years. The benefit of being covered in a long-term policy is that the premium is fixed for the next three years and there will be no hassle of yearly renewal of policy. Many insurance companies also provide discounts on premium for option these long tenure bike insurance policies.
What Are The Different Types Of Bike Insurance Policies?
When it comes to purchasing bike insurance in India, there are various kinds of policies available to choose from based on your coverage requirements. The three major categories of bike insurance in India include third-party insurance, comprehensive insurance, and standalone own-damage insurance. Third-party insurance is mandatory by law and covers damages caused by your bike to a third party or their property. Comprehensive insurance offers wider coverage that includes third-party liability as well as protection for your own bike against theft, accidents, and natural disasters. Standalone own-damage insurance provides coverage only for damages or losses incurred by your own bike. It is important to carefully consider your coverage needs before selecting a policy to ensure that you have adequate protection in case of any unforeseen events.
Third-Party Insurance
According to The Motor Vehicles Act of 1988 in India, every bike rider is required to have a third-party insurance policy to ride on Indian roads legally. This type of insurance covers injuries, disabilities or death caused to the third-party due to an accident from the insured bike. However, it does not cover any damages or theft of the insured bike. The premiums for third-party insurance are set by the insurance regulator of India, ensuring that all riders have access to affordable coverage. It is essential to understand the importance of having this type of insurance to protect yourself and others in case of an accident. Additionally, it is highly recommended to consider purchasing comprehensive coverage that includes damage and theft protection for your own bike.
Comprehensive Insurance
Comprehensive insurance offers extensive protection for the bike owner, the bike itself, and third parties or their property. It encompasses financial damages and provides a personal accident cover for the owner-driver. Opting for comprehensive insurance ensures full safety for the bike. However, it is more costly than third-party bike insurance due to its wide-ranging coverage. Additionally, policyholders have the option to include extra coverage such as zero depreciation, engine protection, and key replacement for an additional premium.
Standalone Own-Damage (OD)
This type of motorcycle insurance provides coverage for any damages sustained by your own vehicle in the event of an accident. Under this plan, the policyholder is financially protected against damages to their insured motorcycle. It’s important to note that this policy does not provide coverage for any damages caused to third-party individuals or their property. Additionally, the policyholder has the choice to purchase a third-party policy and an own-damage policy from either the same insurance company or separate ones. Moreover, it is possible for the policyholder to expand the coverage of an own-damage insurance policy by opting for additional covers.
Difference Between Third-Party Insurance And Comprehensive Insurance Policy
Add-On Covers For Bike Insurance Policy
Zero Depreciation Cover: if a bike owner purchases this cover along with the policy, then they don’t have to pay for the cost of depreciation of your vehicle and thus you would be able to claim for a bigger amount.
Road Assistance: This add-on is useful in providing any kind of emergency help which a bike owner might require in case of a mechanical breakdown of their bike in the middle of a road. With this cover, one gets the services such as fixing bike issues on the spot, provides free drop to reach your destination, covers the cost of getting the bike to the garage and so on.
Consumables Cover: While making the claims, generally the cost of damaged nuts, bolts and other consumables are not covered under basic insurance policy. However, this add-on helps you to cover the expenses of consumables damaged due to an accident.
Engine Protection Or Gear Box Protection Cover: We all know that replacing important bike parts such as engine and gearbox can be very expensive, but when you apply for its protection add-on cover, the same thing can be replaced at zero cost. However, the cost of the engine and gearbox would be only covered, if it has been damaged due to accident or any unfortunate mishap.
Return to Invoice Cover: This cover allows the bike owner to avail the full invoice price of their bike, if the bike has been damaged totally or in case of theft.
Tyre Protection Cover: Tyre is an important component of a bike or any two-wheeler. Any wear and tear of tyre due to accidental damage gets covered, if the bike owner has opted for tyre protection cover.
Above-mentioned add-ons are the most useful ones which can be easily clubbed with the comprehensive bike insurance policy with an aim to make the coverage most beneficial. The other add-ons which are also available such as key protection cover, NCB protection, any loss of personal belongings and passenger assistance cover.
Bike Insurance Claim Settlement Process
The bike owner can raise the claim either via cashless claim or by reimbursement claim process. The claim settlement process for both cashless and reimbursement is different from each other. Let’s understand one by one the claim settlement process for filing claims under both the options.
Steps to File Cashless Claims
- Step 1: Notify your insurance company by contacting them directly. You can use their mentioned toll-free number or visit their website.
- Step 2: Now, register your claim and always save the claim reference number for future use.
- Step 3: The insurance company assigns a surveyor or a claim inspector who is responsible for assessing the damage incurred to your vehicle. This assessment will be later submitted by the surveyor to the insurance company.
- Step 4: Once the insurance company approves the claim report, your bike will be transferred to the nearest network garage for repair work.
- Step 5: After analyzing the documents submitted by you, the insurance company will settle the bill directly with the garage and thus the claim will be settled via cashless process.
Step To File Reimbursement Claims:
- Step 1: Notify your insurance company by contacting them directly. You can use their mentioned toll-free number or visit their website.
- Step 2: Now, register your claim and always save the claim reference number for future use.
- Step 3: Take your damaged bike to the nearest garage and get the bike repaired. Settle the final bill and pay directly to the garage.
- Step 4: Submit the respective original bills, necessary documents and claim settlement form to the insurance company to initiate the process of claim.
- Step 5: Once the claim is approved, the insurance company will compensate you and thus the claim amount will be reimbursed.
Documents Required to File A Bike Insurance Claim
- Signed and filled claim settlement form.
- Copy of an insurance policy.
- Copy of license.
- Copy of Registration Certificate of your bike.
- FIR copy is required in case of a huge accident or theft.
- Original invoice/bills of repair.
How To Choose The Right Bike Insurance Policy?
Keep the below-mentioned points in mind while choosing the right bike insurance policy for your vehicle.
- Assess your coverage requirement and select that policy which fits in your budget.
- Know your bike’s cubic capacity and then accordingly select the policy.
- Understand in detail about every add-on or riders available and then extend your policy coverage.
- Know the current insured declared value (IDV) of your bike. IDV is the maximum sum insured which is fixed at the time of buying a bike insurance policy. This amount will be paid by the insurance provider in case of total loss or theft of your bike.
- Research about the insurance company online and select the reputed insurer.
- Compare the premium quotes online and read the policy terms and conditions online, as per your own convenience.
- Always consider reading customer feedback and reviews online.
Details Needed For Calculating Premium For A New Bike:
- Name and year of manufacturer
- Model of bike
- Variant of bike
- Registered Location
Details Needed For Calculating Premium For A Used Bike:
- Make/model and year of purchasing bike.
- Fuel type.
- Current policy details
- Registered state and city
- Details of NCB.
- Past record or details of claim reports.
Calculating Insurance Premium For A New/Used Bike
Post filling the details of new or used vehicle, here is how an insured can calculate their bike insurance premium via insurance calculator:
- Enter the details mentioned above with respect to new/used vehicles.
- Select and add the optional riders which you wish to buy.
- Apply for NCB, if applicable.
- Click on “get price/get premium quotes”.
- The insurance calculator will show the premium cost.
Factors Affecting Bike Insurance Premium
Type of Insurance Policy Selected
In general, insurance companies typically provide two types of policies for bikes: third-party and comprehensive. The premium for third-party bike insurance is relatively low and covers only third-party liabilities. In contrast, the premium for comprehensive policies is higher, but it offers additional benefits and broader coverage compared to basic third-party insurance.
Engine Capacity And Other Such Factors
Various types of two-wheelers come with different specifications, leading to varying premium costs based on the bike’s type and condition. For example, the insurance premium amount increases with the cubic capacity of the engine. Additionally, the premium amount is influenced by factors such as the bike’s age, model, location, and fuel type.
Insured Declared Value (IDV) of Bike
One of the key determinants that significantly affects the cost of motorcycle insurance premiums is the Insured Declared Value (IDV). IDV represents the present value of the bike, taking into account its make, usage, and other features. In the case of an older vehicle, the IDV is lower, resulting in a corresponding decrease in the premium charged.
Add-on Covers
Add-on covers expand the coverage but also raise your premium. Each add-on you select comes with an additional premium cost, so choose wisely as they are not free.
Extra Accessories or Modifications
The additional accessories and alterations may appear stylish and attractive, but they will also raise your insurance premium. Since a standard insurance policy does not include coverage for these accessories, you may have to pay an additional premium to insure the costly modifications made to your bike.
How To Buy Or Renew Bike Insurance Online?
Documents Required To Buy a Bike Insurance Online
- Identity Proof: Passport, driving license, PAN card.
- Address Proof: Voter ID, Passport, Aadhar Card.
- Copy of Registration Certificate of your bike.
- Registration number of your bike.
- Copy of your recent passport size photograph.
- Old policy number, if any.
Bottom Line
When it comes to finding the best motorcycle insurance company, there are several factors to consider. From coverage options and pricing to customer service and claims handling, every rider wants a company they can trust to protect their investment. After researching and reviewing numerous insurance providers, we have narrowed down the top contenders for the title of the best motorcycle insurance companies of 2024. These companies have proven themselves to be reliable, reputable, and dedicated to serving the unique needs of motorcycle enthusiasts. Whether you’re a seasoned rider or just starting out, having the right insurance coverage is essential for your peace of mind on the road. Take a look at our list and find the perfect insurance company to protect you and your bike.
Best Motorcycle Insurance Companies 2024 Faqs
Which is the best two wheeler insurance company in India?
The top bike insurance companies in India are:
- Reliance General Two-Wheeler Package Policy
- ICICI Lombard Two-Wheeler Comprehensive Insurance
- TATA AIG Comprehensive Bike Insurance Policy
- Bajaj Allianz- Long term Two-Wheeler Package Insurance
- HDFC Ergo-Comprehensive Two-Wheeler Insurance
- IFFCO Tokio- Comprehensive Two-Wheeler insurance with Zero Depreciation Cover
- SBI General Comprehensive Bike Insurance
- Digit Own Damage Two-Wheeler Insurance
How to get a copy of your bike insurance policy?
You can easily get your bike insurance copy by downloading the policy from the website of the insurance company.You also have the option to get a physical copy by dialing the respective toll free number of the insurance company and ask them to do the needful.
Is buying/renewing bike insurance online safe?
Yes. Buying and renewing bike insurance online is 100% safe and a very simple process. It is advisable to buy from the authentic and official websites to get the best benefits of online purchase.
What is no claim bonus (NCB) in bike insurance?
NCB is a kind of incentive or bonus which an insurance provider gives for not making any claims during the preceding years. This bonus is given to the policyholder which makes the premium cost lower by a certain percentage. Generally, the insurance company provides NCB in the range of 20% to 50% over the period of one to five years.
What is the insured’s declared value IDV in bike insurance?
IDV is the insured declared value of the bike which refers to the maximum value of the vehicle which can be covered by the insurance company, in case of total loss of your bike or in case of theft.
What impacts the insured’s declared value (IDV)?
Age, make, model and variant of the bike impacts the IDV largely. Other factors such as registration date, your location and fuel type also impacts the IDV.
Which insurance is best for an old bike?
Whether the bike is old or new, it is important to buy either the third party policy, which is a mandatory one, or, the comprehensive insurance policy to cover damages against your bike or yourself.
What is zero depreciation in bike insurance?
Zero depreciation or nil depreciation in bike insurance is very relevant as it ensures that a policyholder receives the total bike settlement without any amount deducted on the basis of depreciation. Depreciation causes decrease in the bike’s value over time due to normal wear and tear.
Do we get personal accident cover within bike insurance policy?
Yes, if you purchase a comprehensive bike insurance policy, you tend to get a personal accident cover as an add-on. However, the insured has an option to get the personal accident cover separately other than the bike insurance policy. As per law, it is mandatory for bike riders to have a personal accident cover along with the basic bike insurance policy.
How to download your bike insurance policy copy?
- Step 1: Visit the insurance company’s website.
- Step 2: Select the policy type and enter the policy details.
- Step 3: Verify your policy and profile.
- Step 4: Now, you can download, print or view the policy document.
Can I replace a new vehicle in my current bike insurance policy?
Yes, you can easily transfer or replace your insurance cover from old bike to new bike by filling up the proposal form. However, the insurance company has to re-look the specifications of the new bike and thus re-calculate the IDV as per the new bike’s market value.
How to save on bike insurance premium?
- Ride carefully and maintain your clean driving record.
- Choose a higher amount of deductibles.
- Avail only necessary add-ons.
- Check your NCB before renewing the policy.
- Do not avoid the traffic norms.
- Compare policies online before buying one.
- Avoid making claims for small damages.
- Select long-term policy and avail best discounts.
What is an endorsement in a bike insurance policy?
An endorsement is a kind of official written document which helps to rectify the current terms and conditions of an existing policy. For instance, if someone wishes to enhance the coverage or maybe add more riders, then these required changes can be done via a process called endorsement.
