A Simple Guide To India’s Top Bike Insurance Plans

Purchasing Bike insurance is part of the process of owning a new bike. A two-wheeler insurance works as a financial safety net, protecting you from financial losses in case you are involved in accidents or face damages.

As per the Motor Vehicle Act, 1988, it is mandatory to have a third-party bike insurance. However, insurance providers offer you more holistic coverage via comprehensive plans and add-ons. Read on to know more about the top bike insurance plans in India.

Types of bike insurance plans to pick from

Bike insurance plans are of two main types:

Third-party two-wheeler insurance

This is a mandatory requirement. It protects you from liabilities arising due to an accident involving your two-wheeler and affecting a third party. The damage to the third party includes bodily injury, property damage, and death.

Comprehensive plan

This includes the mandatory third-party insurance, but also offers protection against losses arising due to cases like natural disasters, fire, riots, and theft. Some insurers offer you a personal accident cover as well.

Apart from these, you can supplement your third-party bike insurance with an Own Damage insurance plan. It helps cover costs related to your medical or bike repair expenses in the event of an accident, collision, crash, theft and more.

A snapshot of the best bike insurance plans in the market

Acko Two Wheeler Insurance

Acko offers you a quick, paperless online application and an equally swift claims process. By simply uploading pictures of the damaged bike, you can receive compensation for minor damages in just two hours.

Standout benefits of Acko Two Wheeler Insurance:

Zero paperwork during application and no middleman commission

Options of third-party insurance, comprehensive plan and personal accident cover

Up to 50% discount as NCB for going 5 years without making a claim

Online and cashless claims process

On Damage portfolio has a claim settlement ratio of 95.45% for FY 2021-22

HDFC Ergo Two Wheeler Insurance

Buying this insurance puts you under the umbrella of an insurance company serving more than 1.5 crore customers. The brand boasts of an impressively high claims settlement ratio and an array of add-on features.

Standout benefits of HDFC Ergo Two Wheeler Insurance:

Quicker claims settlement processes with IDEAS, an AI-enabled tool

Facility of emergency roadside assistance

Benefit of 8,500+ cashless network garages and a digital inspection for claims

Personal accident cover for pillion rider

100% claims settlement ratio for motor OD claims in FY 2022

Special bike insurance for brand-new vehicles that covers personal as well as third-party losses

Bajaj Allianz Two Wheeler Insurance

Bajaj Allianz offers you a great deal of customisation on your bike insurance via add-on features such as Engine Protection, Zero Depreciation, and Consumable Expenses. You also benefit from a pan-India network for easy claims settlement and the assurance of being with an awarded insurance brand.

Standout benefits of Bajaj Allianz Two Wheeler Insurance:

Settlement within 20 minutes with Motor On the Spot facility

Contactless application and renewal experience coupled with renewal without inspection

Round-the-clock roadside assistance for cases such as mechanical and electrical breakdown

Many choices of add-ons, like Personal Accident Cover for pillion rider and NCB Protect add-on

No Claim Bonus (NCB) transfer of up to 50%

To wrap up, if you are looking for a no-frills solution that keeps you within the legal requirements, pick a third-party two-wheeler insurance. To add to this, get an Own Damage cover along with any riders you want as a financial back-up. For greater protection with less paperwork, opt for a comprehensive plan and have the add-ons you desire bundled in.

An easy way to avail bike insurance is to go online and check all the inclusions and exclusions. You can also sign up for it in no time with very few documents needed. With your insurance approved, you’ll be on the road in no time at all!