Best Bike Insurance Plans in India

Check the list of some of the best bike insurance plans, their coverage details, and premiums.
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Best Bike Insurance Plans in India
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3 mins
17-October-2023

For bike owners, having a bike insurance plan is not just a necessity but also crucial. Two-wheeler insurance financial protection against accidents, theft, and other unforeseen circumstances that may damage the bike or cause injury to the rider. With a plethora of bike insurance plans available in India, choosing the right one can be challenging. To help you make an informed decision, here is a list of some of the best two-wheeler insurance plans in India offered by leading bike insurance companies.

Type of bike insurance plans

Here are different types of bike insurance plans you can avail to secure you two-wheeler.

Third-party bike insurance

One of the most fundamental types of bike insurance is the third-party insurance plan. It is a legal requirement in India, and it covers the damages and liabilities incurred by a third party in the event of an accident. While this type of insurance does not provide coverage for your own bike's damage, it ensures that you comply with the law and protects you from potential financial liabilities arising from accidents involving your bike.

Standalone own damage bike insurance

For those who want to protect their own bike from damage due to accidents, theft, or natural calamities, standalone own damage bike insurance is the way to go. This plan covers the cost of repairs or replacements to your bike, offering peace of mind for unforeseen situations.

Comprehensive bike insurance

The most extensive coverage comes with comprehensive bike insurance. This plan combines both third-party and own damage coverage. It safeguards you against third-party liabilities and also covers the expenses of repairing or replacing your bike in case of an accident, theft, or other unfortunate events. Comprehensive bike insurance provides all-inclusive protection for your two-wheeler, ensuring you can ride with confidence.

Popular bike insurance plans

Here are the top two-wheeler insurance plans that offer comprehensive and third-party bike insurance at an affordable price range.

Below are bike insurance policies offered on Bajaj Finance Insurance Mall:

Bike insurance company

Network garages

Third-party cover

Personal accident cover

ACKO Bike Insurance

-

Yes

Rs. 15 lakh

Bajaj Allianz Bike Insurance

6,500+

Yes

Rs. 15 lakh

SBI General Bike Insurance

6,600+

Yes

Rs. 15 lakh

HDFC Bike Insurance

 -

Yes

Rs. 15 lakh

ICICI Bike Insurance

6,100

Yes

Rs. 15 lakh


ACKO Two-wheeler Insurance

ACKO offers comprehensive bike insurance plans that cover third-party liability and damages to the bike due to accidents, natural calamities, or theft. The company also offers additional add-ons such as personal accident cover, pillion rider cover, and engine protection cover. With a completely digital platform, ACKO provides instant policy issuance, claim settlement, and 24x7 customer support.

Premium for ACKO Bike Insurance starts at Rs. 702* and the plan is available at Bajaj Finance Insurance Mall.

Bajaj Allianz Two-wheeler Insurance

Bajaj Allianz offers bike insurance plans that provide comprehensive protection against accidents, natural calamities, and theft. It also provides third-party liability coverage. The company also offers add-on covers such as personal accident cover, pillion rider cover, and roadside assistance. With a network of more than 6,500 garages, Bajaj Allianz provides cashless claim settlement.

Premium for Bajaj Allianz Bike Insurance starts at Rs. 824* at Bajaj Finance Insurance Mall.

HDFC ERGO Bike Insurance

HDFC ERGO offers comprehensive two-wheeler insurance plans that cover damages to the bike due to accidents, natural calamities, and theft. The company also offers third-party liability coverage. HDFC ERGO also provides optional add-ons such as personal accident cover and pillion passenger cover. HDFC ERGO also offers doorstep repair services and cashless claim settlement through their 6,800+ network garages.

Premium for HDFC ERGO Bike Insurance starts at Rs. 538* at Bajaj Finance Insurance Mall.

ICICI Lombard Bike Insurance

ICICI Lombard offers comprehensive bike insurance plans that cover damages to the bike due to accidents, natural calamities, and theft. The company also offers third-party liability coverage. Get additional benefits such as up to 50% NCB and zero depreciation bike insurance. Moreover, get your bike repaired at any of the cashless garages without paying in cash. ICICI Lombard provides cashless claim settlement through 6,100 network garages. You can also use the InstaSpect facility through the IL Take Care app for instant claim settlement.

Premium for ICICI Lombard Bike Insurance starts at Rs. 538* at Bajaj Finance Insurance Mall.

Best bike insurance companies in India

Know the offerings, coverages, and plans of some of the best bike insurance companies partnered with Bajaj Finance.

ACKO General Insurance

ACKO is a completely digital insurance company that offers two-wheeler insurance policies at competitive rates. It provides a 24x7 claims settlement process and offers a wide range of customisable add-ons to suit the customer's requirements. With a focus on customer satisfaction, ACKO ensures a seamless and hassle-free insurance experience.

ACKO offers a third-party and comprehensive bike insurance policy through Bajaj Finance Insurance Mall.

Bajaj Allianz General Insurance

Bajaj Allianz is one of the leading bike insurance providers in India. Its policies offer complete protection against damages to the bike due to accidents, natural calamities, and theft. The company provides a cashless settlement facility and offers a wide range of add-on covers to enhance the policy coverage. With a large network of garages, Bajaj Allianz ensures that the customers have a hassle-free claim experience.

At Bajaj Finance Insurance Mall, you can get the option to avail comprehensive or third-party bike insurance.

HDFC ERGO General Insurance

HDFC ERGO is a leading general insurance provider in India and offers comprehensive bike insurance policies with zero paperwork. The company's policies provide complete protection against damages to the bike due to accidents, natural calamities, and theft. HDFC ERGO offers emergency roadside assistance, doorstep repair services and more. It also provides a seamless claim process for its customers.

HDFC ERGO offers third-party and comprehensive bike insurance policies through Bajaj Finance Insurance Mall.

ICICI Lombard General Insurance

ICICI Lombard, one of the most trusted brands in motor insurance, is known for its high-quality services. ICICI Lombard offers instant claim approval through its IL Take Care App and has a robust 24x7 customer support team. The company's bike insurance policies provide coverage against damages to the bike due to accidents, natural calamities, and theft. The insurance company offers hassle-free claim services through 6,500+ cashless garages for its customers.

ICICI Lombard offers third-party and comprehensive bike insurance policies through Bajaj Finance Insurance Mall.

How to choose the right bike insurance company in India?

Selecting the best two-wheeler insurance company is crucial to ensure your prized possession remains secured on India's busy roads. With numerous options available, finding the best comprehensive bike insurance can be a challenge. Here's a guide to help you make the right choice.

Research and compare

Start by conducting thorough research. Compare the offerings of different insurance companies. Look for insurers with a reputation for reliable and hassle-free claim settlements. Pay attention to their network of service centers and cashless garages, as this can greatly affect your claim experience.

Coverage options

Assess the coverage options offered. A good bike insurance company provides comprehensive plans that include both third-party liability and own damage coverage. This ensures that you are protected from a wide range of risks, whether they involve accidents, theft, or natural disasters.

Customer reviews

Check customer reviews and testimonials. These can provide insights into the experiences of policyholders with the company. Positive feedback about claim settlements, customer support, and overall satisfaction is a good sign.

No Claim Bonus (NCB)

Consider the NCB benefits offered. The best insurance companies offer attractive No Claim Bonus discounts, allowing you to save on premiums for each claim-free year.

Add-ons and optional covers

Look for insurers that offer a variety of add-on and optional covers. These can enhance your protection and allow you to customise your policy to suit your specific needs.

Premiums

While cost is a factor, do not base your decision solely on the premium. Consider the overall value offered by the insurance company. A slightly higher premium might be worthwhile if it comes with better coverage and service.

Customer support

Evaluate the quality of customer support. Quick and efficient assistance in times of need can make a significant difference.

What is covered by a bike insurance policy?

Here’s a quick look at what different types of bike insurance plans cover.

Types of coverages Third-party bike insurance Own damage bike insurance Comprehensive bike insurance 
Damages caused to own vehicle No Yes Yes
Damages caused from theft No Yes Yes
Damages caused from natural calamities No Yes  Yes
Damages caused to third-party property or bodily injury Yes No Yes
Personal accident cover (if opted) Yes Yes Yes
Add-on covers No  Yes Yes


Steps to apply for bike insurance plans on Bajaj Finance Insurance Mall

Here’s a step-by-step guide to apply two-wheeler insurance online:

  1. Click here to visit our online application form.
  2. Fill in the details of your two-wheeler, such as the type, registration number, and PIN code, and click on Get Quote.
  3. Choose the IDV, NCB value, optional add-on covers, and plan type for your third-party two-wheeler insurance.
  4. Select the owner-driver personal accident cover as mandated by the RTO and proceed to the next step.
  5. Confirm the vehicle registration date and previous policy type (Comprehensive/third-party).
  6. Provide your personal details such as name, date of birth, residential address, contact number, and previous insurance policy details.
  7. Review the details entered and make the payment through your preferred online payment mode.

Choosing the best bike insurance plan and company in India is crucial to ensure financial protection in case of any unforeseen circumstances. Car owners should consider factors such as policy coverage, add-ons, premiums, and network garages while selecting a bike insurance plan. It is also essential to compare different policies and providers to select the best one according to the specific requirements.

Frequently asked questions

Which is the best insurance company for bike insurance?

The choice of the best insurance company for bike insurance can vary depending on individual needs and preferences. Consider customer reviews and assess factors like claim settlement processes and the range of coverage options to determine which one aligns best with your requirements.

Which policy type is best for two-wheelers?

The best policy type for your two-wheeler largely depends on your specific needs. For comprehensive protection, a comprehensive bike insurance policy is often recommended. It combines third-party liability coverage with own damage protection, offering overall security. However, if you are looking for a basic, mandatory coverage that complies with Indian law, a third-party bike insurance policy is the way to go.

Which is an ideal two-wheeler insurance?

The effectiveness of two-wheeler insurance depends on the level of coverage and service it offers. A good two-wheeler insurance policy should provide comprehensive protection, including third-party liability and own damage coverage. Look for an insurance provider with a reputation for hassle-free claim settlements, a wide network of service centers, and positive customer feedback. The best choice often depends on your specific requirements and priorities, so consider these factors when selecting the right two-wheeler insurance for your needs.

Which is the best company for insurance?

The best insurance company can vary depending on the type of insurance you require and your individual preferences. To determine the best insurance company for your specific needs, consider factors such as coverage options, customer service, claim settlement record, and the overall value they provide. You can check for bike insurance plans offered by leading insurance companies like HDFC Ergo, ICICI Lombard, Bajaj Allianz, TATA AIG, SBI and so on at Bajaj Finance Insurance Mall.

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