Two-wheeler insurance or Bike insurance provides financial security to the bike, scooter and other two-wheeler vehicle owners against any financial loss due to accidental damage or other unfortunate events like theft, fire, natural calamities, etc.
In India, people usually buy two-wheeler insurance from the dealer who sold them the two-wheeler without doing much research. However, there are several drawbacks to it, some of which are listed below –
- You might be paying a higher premium on the two-wheeler insurance.
- You may have a lower Insured Declared Value (IDV) on the two-wheeler insurance.
- The two-wheeler insurance company may not have many cashless garage networks.
- The dealer might not provide information regarding add-on covers.
- The claim process is also not explained while purchasing a policy from the dealer.
- The dealer might sell only third-party two-wheeler insurance to all, while comprehensive two-wheeler insurance might be a better option for few.
Hence, it is recommended to compare, buy or renew bike insurance online to get the best one.
CHECKLIST TO COMPARE TWO-WHEELER INSURANCE ONLINE:
|Sr. No||Parameter for Comparing||Explanation||Decision making|
|1||Insured Declared value (IDV) and premiums online||IDV is the maximum sum assured that the insurance provider shall pay on the two-wheeler insurance policy. Premiums are paid by the policyholder to the insurance provider for getting their two-wheeler insured.||Select the insurance companies which offer a certain sum assured at lowest premium to buy two-wheeler insurance online.|
|2||Claim Settlement ratio (CSR)||CSR is one of the most important points of comparison. It denotes the percentage of claims settled by an insurance company against all claims received in a year.||Select insurance companies having higher CSR to buy two-wheeler insurance online|
|3||Incurred Claim ratio (ICR)||ICR indicates the financial ability of the car insurance companies to pay claims. ICR value is calculated using the value of claims paid against the total premiums received in a year.||Select insurance companies having higher ICR to buy two-wheeler insurance online|
|4||Solvency ratio||Solvency ratio indicates the financial stability of an insurance company as it compares all assets and inflows against the liabilities and outflows.||Select insurance companies having higher Solvency ratio to buy two-wheeler insurance online.|
|5||Claim settlement speed||Claim settlement speed shows how quickly the insurance provider approves and disburses the claim amount.||Select insurance companies having quick claim settlement speed to buy two-wheeler insurance online|
|6||Cashless Garage Networks||Cashless garage networks are garages approved by the insurance provider for cashless two-wheeler repair.||Select insurance companies having a long list of cashless network garages to buy two-wheeler insurance online.|
|7||Online customer reviews||You may view the ratings and read reviews of the customer service experience on internet for any Insurance company||Select insurance companies having highest online ratings to buy two-wheeler insurance online|
|8||Additional benefits or riders||Additional riders help in enhancing the scope of coverage of a two-wheeler insurance policy such as pillion rider, zero depreciation, invoice protection, personal accident cover etc.||Select insurance companies having various add-on benefits and riders to buy two-wheeler insurance online|
Based on the comparison parameters discussed above, find the list of best bike insurance companies in India:
|Sr. No.||Insurance Company||Network Garage||CSR|
|1||Bajaj Allianz General Insurance||4000+||88.83%|
|2||Bharti Axa General Insurance||5200+||87.99%|
|3||HDFC Ergo General Insurance||6800+||91.23%|
|4||ICICI Lombard General Insurance||8800+||87.71%|
|5||IFFCO Tokio General Insurance||4300+||95.30%|
|6||Kotak General Insurance||1300+||82.81%|
|7||National General Insurance||3100+||85.71%|
|8||New India General Insurance||3000+||89.60%|
|9||Reliance General Insurance||6200+||84.26%|
|10||SBI General Insurance||16000+||89.51%|
|11||United India General Insurance||3100+||82.93%|
|12||Universal Sampo General Insurance||3500+||90.78%|
There are several benefits of buying or renewing a two-wheeler insurance online. A few of them are mentioned below:
1. Unbiased opinion while buying or renewing online:
When you buy two-wheeler insurance online, you are not influenced by vehicle dealers or any specific insurance company. You can do your own research or get help from expert advisors in choosing the best two-wheeler insurance for your vehicle.
2. Several insurance options available for comparison:
You can view and compare two-wheeler insurance on several parameters for different insurance companies at your convenience anytime and anywhere on the internet.
3. Buy policy without paperwork and minimum documents:
You can buy and renew two-wheeler insurance at the comfort of your home in a few clicks and with least documents. The policy documents are received instantly on payment directly from the insurance broker and insurance company.
4. Direct payment to Insurance companies through secured payment gateway:
While it is true that there are several online frauds. You need to make sure that you are on the official website of an insurance company or insurance broker to make the payments. You can make payments online by debit cards, credit cards, net banking, e-wallets on the secured payment gateways offered by insurance companies and brokers.
5. Making a claim application online:
You can even request a claim online in a few steps at the comfort of your home. The insurance company arranges a staff visit to verify the damages and the claim is processed to your bank account on approval.