List of Government Bike Insurance Companies in India
2024-10-21 15:10:24Getting bike insurance from a trusted insurance provider is important to ensure you're protected on the road, and government insurance companies are known for their reliability. As there are so many companies to choose from, selecting the right company according to your needs can be challenging. Government insurance companies offer a range of plans and coverage options that are dependable and easy to trust.
In this blog, we'll take a look at some of the top government bike insurance companies to help you make an informed decision when selecting the best insurance for your bike.
List of Govt Bike Insurance Companies in India
1. New India Assurance Company Limited (NIA)
- IRDA Registration Number: 190
- Founding Year: 1919
- Headquarters Location: Mumbai
- Claim Settlement Ratio: 91.99% (FY 2022-23)
New India Assurance is one of India's largest government-owned insurance companies. It has different bike insurance plans with decent coverage. They have a big branch system all over the country and have a wide network of cashless garages. New India Assurance has a very easy claim settlement process so that you can get the assistance you need without much trouble.
2. United India Insurance Company Limited (UIL)
- IRDA Registration Number: 545
- Founding Year: 1938
- Headquarters Location: Chennai
- Claim Settlement Ratio: 88.76% (FY 2022-23)
United India Insurance is a well-established government insurance company that has the best bike insurance plans. They have all types of coverage for your two-wheeler in case of accidents, theft, etc. The company also has a wide network of cashless garages, so you don't even have to pay for the repairs upfront. They are also known for giving good customer service, and they settle claims on time.
3. Oriental Insurance Company Limited (OICL)
- IRDA Registration Number: 556
- Founding Year: 1947
- Headquarters Location: New Delhi
- Claim Settlement Ratio: 90.18% (FY 2022-23)
Oriental Insurance is a trusted government insurance company where you can get different kinds of bike insurance plans to satisfy your needs. The company is known for providing complete coverage for your bike which includes damage, theft, third-party liabilities, and more. They also have a very easy claims process that makes it easy for you to get financial support if any incident happens.
4. National Insurance Company Limited (NICL)
- IRDA Registration Number: 58
- Founding Year: 1906
- Headquarters Location: Kolkata
- Claim Settlement Ratio: 85.71% (FY 2022-23)
National Insurance, founded in 1906, is one of the oldest and most reputed government-owned insurers in India. NICL is based out of Kolkata and provides various motorbike insurance plans at very reasonable prices. They have coverage for accidents, natural disasters, and of course third-party liability so that your bike is always covered.
Factors to Consider the Best Government Bike Insurance Companies
Here are some important things to think about when choosing the best government bike insurance company in India:
1. Market Reputation
Check reviews and ratings from other customers to see how well the insurance company handles claims and overall service. A good reputation means better reliability.
2. Premium
Compare the prices of different insurance plans to make sure you’re getting a good deal. Some companies may offer lower prices by avoiding middlemen and making their policies more affordable.
3. IRDAI License
Make sure the insurance company is licensed by the IRDAI (Insurance Regulatory and Development Authority of India). This ensures they follow all the rules and are trustworthy.
4. Extensive Network of Garages
Pick an insurance company that has many partner garages. That way you can easily find a garage near you and this saves you from paying up front.
5. Easy and Fast Claim Process
So when choosing an insurance company, make sure that they have a very easy and fast claim process, best if they have an online claim service. It will also make it easier and quicker for you.
Conclusion
Selecting the right govt bike insurance companies is very important to get every possible assistance from the insurers. So if you are looking to buy bike insurance, and want to compare different company policies at a time, visit Square Insurance. We are here to help you in every manner we can.
Can I buy bike insurance from a government insurance company online?
Yes, all the government insurance companies have a simple online process to purchase or renew your motorcycle insurance. You can go to their websites and do it in a few clicks.
What is the claim settlement ratio, and why is it important?
The Claim Settlement Ratio of an insurance company means how many claims the company has successfully handled. The higher the ratio, the better for the company because that means the company is more likely to settle claims quickly and efficiently.
Do government insurance companies offer cashless repairs?
Yes, government insurance companies always have a wide network of cashless garages. So you don't even have to pay to get your bike fixed, the insurance company pays the garage.
Can I transfer my bike insurance to a government insurer?
Yes, you can transfer your bike insurance to a government insurance company when it is time for renewal. It's an easy process and your No Claim Bonus (NCB) can also be transferred.
