List of Top 10 Bike Insurance Companies in India

List of Top 10 Bike Insurance Companies in India

1. IFFCO Tokio General Insurance

• Founded Year: 2000
• Cashless Garages: 4300
• Claim Settlement Ratio: 96.44% (FY 2022-23)

Known for

IFFCO Tokio is known for offering 24-hour customer service so if you ever need any help, you can get the best assistance. They are very cooperative and helpful in managing any requirements of your motorcycle insurance.

2. HDFC Ergo General Insurance

• Founded Year: 2002
• Cashless Garages: 2000+
• Claim Settlement Ratio: 91.23% (FY 2022-23)

Known for

HDFC Ergo provides a variety of add-on covers at affordable rates. This makes it more pocket-friendly for you to have insurance that you can customize according to your needs.

3. Royal Sundaram General Insurance

• Founded Year: 2001
• Cashless Garages: 4600+
• Claim Settlement Ratio: 92.66% (FY 2022-23)

Known for

Royal Sundaram is known for its fast and easy claiming process. This indicates that you don't have to wait when you need to use your insurance after an incident.

4. The Oriental Insurance Company

• Founded Year: 1947
• Cashless Garages: 3100+
• Claim Settlement Ratio: 90.18% (FY 2022-23)

Known for

Oriental Insurance Company has many plans and coverage to offer, so you can find the one that is right for your bike and right for your pocket. Their variety helps tailor your coverage closely to your requirements.

5. Future Generali India Insurance

• Founded Year: 2006
• Cashless Garages: 3500+
• Claim Settlement Ratio: 94.86% (FY 2022-23)

Known for

Future Generali has so many add-ons to add to your policy and has really good customer service. This combination will provide a customized insurance experience and reliable assistance.

6. SBI General Insurance

• Founded Year: 2009
• Cashless Garages: 16000+
• Claim Settlement Ratio: 89.51% (FY 2022-23)

Known for

With SBI General, your two-wheeler insurance buying or renewal is hassle-free and trustworthy. They focus on making it easy and convenient for first-time buyers as well as renewals.

7. TATA AIG Bike Insurance

• Founded Year: 2001
• Cashless Garages: 7500+
• Claim Settlement Ratio: 98.02% (FY 2022-23)

Known for

TATA AIG bike insurance company has very accessible services and a customer service team that is available 24/7. They are helpful in that you always know that you can go to them for any type of advice or assistance.

8. Bajaj Allianz Bike Insurance

• Founded Year: 2001
• Cashless Garages: 4500+
• Claim Settlement Ratio: 98.61% (FY 2022-23)

Known for

Bajaj Allianz provides a wide variety of insurance covers and also has a very high claim settlement ratio. This dependability has made them a favorite amongst bike owners who want reliable insurance.

9. The New India Insurance

• Founded Year: 1919
• Cashless Garages: 1173+
• Claim Settlement Ratio: 91.99% (FY 2022-23)

Known for

New India Insurance provides a lot of coverage options, even unlimited liability for the death/injury of a third party. They offer huge coverage in worst-case scenarios which makes it the best choice for bike insurance.

10. Cholamandalam MS General Insurance

• Founded Year: 2001
• Cashless Garages: 6912+
• Claim Settlement Ratio: 93.78% (FY 2022-23)

Known for

Cholamandalam provides extensive insurance plans and has a high claim settlement ratio. This makes them a reliable and efficient insurance company when dealing with claims and gives peace of mind to bike owners.

Disclaimer: Sqaureinsurance.in does not endorse, rate, or recommend any particular insurance company or products.

How to Choose the Best Bike Insurance Company in India?

Some factors that you should consider while choosing a bike insurance company in India are:

1. Claim Settlement Ratio

KnowHow to Claim Insurance For a Bike

The Claim Settlement Ratio is the ratio of the number of claims that the insurance company has handled. A higher ratio indicates that the company is more stable in handling and paying claims. It lets you know which insurance company you can rely on when you need some financial support in the event of an accident.

2. Network of Cashless Garages

A wide network of cashless garages means you can easily get your bike repaired without paying upfront at many service centers. The insurance company will directly settle the bill with the garage. The more cashless garages available, the more convenient it is for you to find one nearby.

3. Availability of Variety of Add-on Covers

Add-on covers are extra benefits you can add to your basic insurance plan, like protection for accessories or coverage against natural disasters. These options help you customize your policy to suit your needs, making sure you have the right protection.

4. 24/7 Customer Support Service

Good customer support service means the company is easy to contact and helps quickly with any questions or problems. And when it comes to claims or even policy questions, good service is key. It ensures a smooth and stress-free experience.

Conclusion

The above-mentioned bike insurance companies are best in their own ways. You just need to pick one that suits your budget and requirements. And if you are looking to buy, compare, or renew your bike insurance on one platform, Square Insurance is here to help you. With us, you can make the right decision that gives you peace of mind.