List of Best Bike Insurance Companies

17+ Best Bike Insurance Companies in India

The table below gives information related to the best bike insurance companies in India, along with their network/cashless garages and Claim Settlement Ratio (CSR):

*Disclaimer: The Claim Settlement Ratio (CSR*) mentioned above is as per the figures mentioned in the IRDAI motor insurance annual report 2021-22 and are arranged in alphabetical order. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

What is the Bike Insurance Claim Settlement Ratio?

In the insurance industry, a bike insurer's claim settlement ratio refers to a percentage showing the number of claims settled by the company during a period. It is a numerical representation reflecting the company's ability to pay claims and financially aid policyholders.

Remember, the higher claim settlement ratio means a trustworthy and cooperative insurance company. Moreover, it reflects the financial security for a policyholder, claims assistance during emergencies, and has an excellent brand reputation.

How Do You Select the Most Suitable Bike Insurance Company in India?

With several bike insurance providers available in the Indian insurance industry, finding the right two-wheeler insurance plan is quite challenging. This is because the needs of every individual are different. For some people, a two-wheeler insurance company with a vast network of cashless workshops is suitable, while for others, insurers with the highest claim settlement ratio is the best.

In this way, a 2-wheeler insurance company can become the most suitable for you by many parameters. Therefore, below is a list of pointers that you must consider while buying a two-wheeler insurance policy:

1. Network of Cashless Garage

   Every bike insurance company has a tie-up with some of the two-wheeler workshops or garages. These garages are known as network garages or authorized network garages of the insurer. At these garages, you can avail the facility of cashless claims. Therefore, when selecting atwo-wheeler insurance policy, you should also check its list of network garages. The one that covers many garages, some in your nearby premises, should be considered.

2. Claim Settlement Ratio

   CSR or Claim Settlement Ratio refers to the percentage of the claims that a bike insurance company settles out of the actual number of claims received in one financial year. The higher the CSR, the better the company's health. Therefore, you must select a two-wheeler insurance company with a good claim settlement ratio.

3. Availability of Add-ons

   The add-on covers are the extra covers you can buy with own damage or comprehensive bike insurance policy to extend the basic coverage by paying some additional premium. However, this extra premium is very nominal. Therefore, before selecting a bike insurance company, you must also check whether it offers add-on covers that you may need.

4. 24*7 Customer Assistance

   Another significant factor to consider before selecting a two-wheeler insurance policy is the company's customer care service. The quality and availability of customer care services should be checked before finalizing a two-wheeler insurance company. You must select a company that provides 24*7 customer care service and gives you timely assistance for resolving your queries and problems related to an insurance policy.

   As we take care of our other assets, we should also take care of our most prized possessions, i.e., bikes, by getting a suitable two-wheeler insurance policy. With the help of this page, you can make the appropriate decision to select the right bike insurance plan for your bike.