Logo- EquitySeeds
ENHANCE YOUR RIDING EXPERIENCE

Bike Insurance

Compare & Buy Best Bike Insurance
Tie Up with All Bike Insurance Companies
Consult for free. No Spam Calls or Email
Define

What is a Bike Insurance?

Bike Insurance or a Two-Wheeler Insurance is a legal agreement between a General Insurance company and the policyholder where the Insurance company assures payment of any financial loss that the policyholder may incur to his two-wheeler or to the third party due to an accident, theft, fire, natural calamities or other unfortunate events. The policyholder pays a premium to the bike insurance company for this financial security.

Bike Insurance Policy EquitySeeds
Talk to Our advisors

Get The Best Bike Insurance in India!

Fill out the form below and our team will reach out to you to discuss your insurance requirement.


5 SIMPLE STEPS

How to get a bike insurance policy online from us?

EquitySeeds Consultants would collect the neccessary details and share with Insurance companies and brokers to get the best bike insurance policy in India for you. You can follow the steps below to buy a bike insurance policy online from us:

Enquire Now:

Click on Enquire Now or Get a Quote button for any bike insurance policy of your choice and you will be redirected to a whatsapp chat.

Consult:

Talk to our advisor on whatsapp by sending a message quoting ‘Looking for Bike Insurance policy’. Our team will consult with you regarding your insurance requirement and provide the quotes and suggestion on the best bike insurance policies in India. 

Select:

Choose the bike insurance policy you want to buy from all the several options shared by our advisor, once a decision is made tell our advisor to help you get the selected bike insurance.

Documents & Payment:

You will be asked to submit necessary KYC documents and a payment link will be shared with you using the Insurance companies partner portal. Once the documents and payment is done, the confirmation and policy documents are shared on your email, whatsapp and SMS instantly.

Service Request:

Once the policy is purchased, you will be provided with necessary details like how to submit a claim request, how to use the contact a cashless garage, how to renew the policy, etc. While these information is useful for you to know, we promise to be there for getting your service request conveyed whenever you need.

Compare and apply for

Best Bike Insurance Policy in India

EquitySeeds Consultants offers guidance in getting a bike insurance policy from the below list of General insurance companies in India:

TOP SELLING

Bike Insurance Policies:

Below are the top selling bike insurance policies at EquitySeeds:

Acko General Insurance
Acko General Insurance

IDV – ₹31,400
Premiums starting at – ₹1,032* (60% discount)

Enquire Now
Bajaj Allianz Insurance
Bajaj Allianz Insurance

IDV – ₹42,463
Premiums starting at – ₹1,033* (83% discount)

Enquire Now
United India Insurance
United India Insurance

IDV – ₹43,556
Premiums starting at – ₹1,098* (76% discount)

Enquire Now
Future Generali Insurance
Future Generali Insurance

IDV – ₹39,960
Premiums starting at – ₹1,174* (68% discount)

Enquire Now
Universal Sampo Insurance
Universal Sampo Insurance

IDV – ₹32,544
Premiums starting at – ₹1,176* (56% discount)

Enquire Now
IFFCO Tokio Insurance
IFFCO Tokio Insurance

IDV – ₹34,190
Premiums starting at – ₹1,218* (52% discount)

Enquire Now
Reliance General Insurance
Reliance General Insurance

IDV – ₹40,372
Premiums starting at – ₹1,249* (20% discount)

Enquire Now
Magma HDI Insurance
Magma HDI Insurance

IDV – ₹44,209
Premiums starting at – ₹1,390* (52% discount)

Enquire Now
Royal Sundaram Insurance
Royal Sundaram Insurance

IDV – ₹41,131
Premiums starting at – ₹1,434* (20% discount)

Enquire Now
Liberty General Insurance
Liberty General Insurance

IDV – ₹41,041
Premiums starting at – ₹1,476* (36% discount)

Enquire Now
ICICI Lombard Insurance
ICICI Lombard Insurance

IDV – ₹40,720
Premiums starting at – ₹1,530* (20% discount)

Enquire Now
SBI General Insurance
SBI General Insurance

IDV – ₹42,066
Premiums starting at – ₹1,898* (20% discount)

Enquire Now
Digit General Insurance
Digit General Insurance

IDV – ₹37,821
Premiums starting at – ₹3,062* (20% discount)

Enquire Now
New India Gen Insurance
New India Gen Insurance

IDV – ₹42,209
Premiums starting at – ₹3,180* (36% discount)

Enquire Now

Get the best bike insurance policy in India from us.

Talk to our advisors!
8 AMAZING FEATURES

Benefits of Bike Insurance in India:

Bike insurance provides financial security to the bike owners against any financial loss due to accidental damage or other unfortunate events like theft, fire, natural calamities, etc. Having a bike insurance is not a choice but a necessity due to two main reasons:

  1. It is a mandatory requirement to have at least a third-party bike insurance in India under The Motor Vehicle Act. Failure to abide by this rule can result in penalties or jail. Moreover, if an accident is caused by an uninsured bike, then legal actions can be put against the bike owner.
  2. Accidents can happen anytime, these accidents can be caused due to bad roads, natural calamities, man-made calamities like fire, theft, etc. Such accidents can damage the vehicle or cause injury or death too, bike insurance provides financial assistance in such accidents. 

Do not buy two-wheeler insurance just because it’s mandatory. Also, keep a note of several benefits that a two-wheeler insurance offers: 

Assurance to cover financial losses:

The financial loss incurred due to accidental damage or theft, fire, natural calamities, etc are usually huge. Getting a two-wheeler insurance provides assurance for such damages and unfortunate events and proves to be of great help in recovering the financial losses incurred.

Assurance for bike repairs and part replacements:

Your vehicle may require regular repairs and part replacements due to damages caused by regular use. Depending on the severity of damage, the cost of repairs or parts can be huge. Getting a two-wheeler insurance provides assurance for such damages by covering the cost of repairs and part replacements.

While, it is a mandatory requirement to have at least a third-party bike insurance under The Motor Vehicle Act. A two-wheeler insurance can help in covering the legal fees for any lawsuit filed against you due to an accident from your bike.

Acts as a Health Insurance:

A two-wheeler insurance may cover for the medical expenses such as dental treatment, fractures, etc which may not be covered in your health insurance policy. 

No Claim Bonus:

No claim bonus is provided to the bike owners on renewal of their two-wheeler insurance policy if there is no claim made in the policy period.

Add-on riders:

Additional riders such as pillion rider, zero depreciation, invoice protection, personal accident cover, etc helps in enhancing the scope of coverage of a two-wheeler insurance.

Cashless network garages:

You can get your vehicle repairs and part replacements at network garages on a cashless basis.

Cover for third party damages:

A third-party bike insurance provides financial cover for any damage caused to the third party due to your bike’s accident. The Insurance company pays in case of bodily injuries, permanent disability, temporary disability or death of the third party due to bike accident, also property damage is covered.

KNOW YOUR INSURANCE REQUIREMENTs

Types of Bike Insurance Policy:

There are 3 different types of bike insurance policies in India offering benefits to fulfill your different insurance needs. Thus, it’s important to understand the differences in each bike insurance policy before you get one.

TYPE 1

Comprehensive Bike Insurance:

What is a Comprehensive Bike Insurance?

A comprehensive bike insurance is an extensive insurance cover that provides the benefits of both Third-Party Bike Insurance and Own-Damage Bike Insurance. On buying a Comprehensive Bike Insurance in India, you can get financial security for damages caused to your own bike or to a third party due to an accident involving your bike.

What is covered in Comprehensive Bike Insurance?

A Comprehensive Bike insurance while acting as an Own-damage Bike Insurance not only provides insurance coverage for road accidents but also damages caused by natural and man-made calamities like explosion, fire, theft, etc. And while acting as a Third-Party Bike Insurance, it provides insurance coverage for any bodily injuries, permanent disability, temporary disability or death of the third party caused by an accident involving your bike. It also covers the property damage of third party up to Rs. 1 Lakhs.

TYPE 2

Third-Party Bike Insurance (TP):

What is a Third-Party Bike Insurance?

Third-party Bike Insurance is a mandatory requirement for driving a two-wheeler in India as per law. It is the most basic two-wheeler insurance cover one can get. On buying a Third-Party Bike Insurance in India, you can get financial security for the third-party damages caused due to an accident involving your bike. However, it does not cover the damages to your own vehicle.

What is covered in Third-Party Bike Insurance?

The two-wheeler insurance company pays for the financial liabilities if there are bodily injuries, permanent disability, temporary disability or death of the third party caused by an accident with your vehicle. It also covers the property damage of third party up to Rs. 1 Lakhs.

TYPE 3

Own Damage Bike Insurance (OD):

What is an Own-Damage Bike Insurance?

An Own-Damage Bike Insurance was first introduced in India by IRDAI in September, 2018. On buying an Own-Damage Bike insurance, you can get financial security for any damage caused to your own bike due to accident, natural/man-made calamities like fire, explosion, theft or any other unfortunate event. 

What is covered in Own-Damage Bike Insurance?

Even before the Own-Damage Bike Insurance was introduced by IRDAI, all the benefits of OD Bike Insurance were already being offered in Comprehensive Bike Insurance. IRDAI introduced these insurance policies for offering flexibility to policy buyers in choosing the bike insurer of their choice. As earlier, a policyholder had to get both OD and TP from the same company through a Comprehensive Insurance plan. But now, a policyholder can choose to have the same insurance company or two different insurance companies for OD and TP.

SELECTION CRITERIA

How to Get Best Bike Insurance policy in India?

People usually buy bike insurance in India 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 –

  1. You might be paying a higher premium on the bike insurance.
  2. You may have a lower Insured Declared Value (IDV) on the bike insurance.
  3. The bike Insurance company may not have many cashless garage networks.
  4. The dealer might not provide information regarding add-on covers.
  5. The claim process is also not explained while purchasing a policy from the dealer.
  6. The dealer might sell only third-party bike insurance to all, while comprehensive bike insurance might be a better option or vice versa.

Hence, it is recommended to compare, buy or get bike insurance online. To get the best bike insurance in India, we recommend you to research the General insurance company first and then buy bike insurance. 

Step 1

Evaluate Best Bike Insurance Companies in India:

Following the below checklist should guide you in selecting the bike insurance companies in India:

IRDAI registered Insurance Company:

IRDAI regulates the General Insurance companies that offer two- insurance in India. You should always make sure that you buy an insurance policy for bike only from IRDAI regulated General Insurance companies. 

Claim Settlement ratio (CSR):

Claim settlement ratio is one of the most important points of comparison. You can get the CSR figure of every bike insurance company in India from the IRDAI annual reports, it denotes the percentage of claims settled by an insurance company against all claims received in a year. It is recommended to select insurance companies having higher CSR before you buy an insurance policy for bike.

Incurred Claim ratio (ICR):

ICR indicates the financial ability of the bike insurance company to pay the claims. ICR value is calculated using the value of claims paid against the total premiums received in a year. It is recommended to select insurance companies having higher ICR before you buy an insurance policy for bike.

Solvency ratio:

Solvency ratio indicates the financial stability of an insurance company as it compares all assets and inflows against the liabilities and outflows. It is recommended to select insurance companies having higher Solvency ratio before you buy an insurance policy for bike.

Claim settlement speed:

Claim settlement speed shows how quickly the insurance provider approves and disburses the claim amount. It is recommended to select insurance companies having faster claim settlement speed before you buy an insurance policy for bike.

Cashless Garage Networks:

Cashless garage networks are garages approved by the insurance provider for cashless bike repair. It is recommended to select insurance companies having a long list of cashless garage networks before you buy an insurance policy for bike.

Online customer reviews:

You may view the ratings and read reviews of the customer service experience on internet for any Insurance company, it is recommended to select insurance companies having good online reviews and ratings before you buy an insurance policy for bike.

Best Bike Insurance Companies in India:

INSURANCE COMPANY

NETWORK GARAGES

CLAIM SETTLEMENT RATIO

Bajaj Allianz General Insurance
4000+
88.83%
Bharti Axa General Insurance
5200+
87.99%
HDFC Ergo General Insurance
6800+
91.23%
ICICI Lombard General Insurance
8800+
87.71%
IFFCO Tokio General Insurance
4300+
95.30%
Kotak General Insurance
1300+
82.81%
National General Insurance
3100+
85.71%
New India General Insurance
3000+
89.60%
Reliance General Insurance
6200+
84.26%
SBI General Insurance
16000+
89.51%
Tata AIG General Insurance
5000+
90.49%
United India General Insurance
3100+
82.93%

Disclaimer: The above-mentioned claim settlement ratio (CSR) has been sourced from IBAI’s General Insurance Claim Insights Handbook – 5th Edition. EquitySeeds Consultants does not endorse, rate or recommend any particular insurance company or insurance plan.

STEP 2

Evaluating Best Bike Insurance Policy in India:

Following the below checklist should guide you in selecting the best bike insurance policy in India: 

Compare Insured Declared value (IDV) and premiums online:

IDV is the maximum sum assured that the insurance provider shall pay on the bike insurance policy. Premiums are paid by the policyholder to the insurance provider for getting their bike insured. You can evaluate the best bike insurance in India by comparing the premiums for a certain sum assured of different bike insurance companies online and then select the policy which offers a certain sum assured at lowest premium.

Additional riders:

Additional riders help in enhancing the scope of coverage of a bike insurance policy. However, you should buy these add-ons only after reviewing the main policy documents as most often new buyers purchase add-ons which are already covered in their insurance policy. It is recommended to select insurance policies that offer add-on riders such as pillion rider, zero depreciation, invoice protection, personal accident cover, etc before you buy a new insurance or get existing bike insurance renewal.

Choose the right bike insurance type:

It is recommended to purchase a third-party bike insurance if you don’t use your bike for travelling too frequently or if your bike is quite old. However, if you travel on your bike frequently or if it’s a new bike, it’s recommended to purchase comprehensive bike insurance.

Comparison of different two wheeler insurance types:

COVERAGE

THIRD PARTY

OWN DAMAGE

COMPREHENSIVE

Body Inquiries to third-party
Property damage of third-party
Damage to own bike
Personal Accident Inquiry
Availability of Add-ons
STEP 3

Conclusion:

After knowing how to evaluate the best bike insurance as per your insurance needs, you should be able to select a bike insurance that matches your needs. However, if you would need more assistance you can count on our expert advisory. 

Get the best Bike Insurance Policy, with our Expert Advisory!