top bike insurance plan in India 2022

today in this post we will talk about the top bike insurance plan for bikes in India in 2022.

Best Bike Insurance Companies in India for 2022: IRDAI Approved

Find the key information below in regards to the 21+ best two-wheeler insurance plans with claim settlement ratios & network garages.

bike Insurance

Bike Insurance CompanyMotor OD Claim Settlement Ratio FY20Network Garages
IFFCO Tokio General Insurance95.30%4,300+
Royal Sundaram General Insurance92.66%4,600+
The Oriental Insurance Company91.76%3,100+
HDFC ERGO General Insurance91.23%6,800+
Universal Sompo General Insurance90.78%3,500+
Tata AIG General Insurance90.49%5,000+
The New India Assurance89.60%3,000+
SBI General Insurance89.51%16,000+
Bajaj Allianz General Insurance88.83%4,000+
Future Generali India Insurance88.69%2,500+
Bharti AXA General Insurance87.99%5,200+
ICICI Lombard General Insurance87.71%5,600+

How To Choose The Right Two Wheeler Insurance Company In India?

There is no bike insurance company that is the best for all individuals as the requirement of each individual is different. For some individuals, a bike insurance company that has a wider network of cashless garages is the best, while for others the Two Wheeler insurer which features the highest claim settlement ratio is the best. Thus,

there are a number of parameters on the basis of which bike insurance company becomes the best for an individual. The followings are the factors that you must consider when choosing a bike insurance company:

1. Claim Settlement Ratio

The claim settlement ratio is the percentage of claims settled by a Two Wheeler insurance company out of the total number of claims received by it in a financial year. The higher the claim settlement ratio, the better it is. Thus, you should choose a bike insurance company with a good claim settlement ratio.

2. Network of Cashless Garages

Every Two Wheeler insurance company maintains a network of garages at which it allows cashless claim facilities. While choosing a bike insurance company, it is important to check which all garages (especially the ones in your locality) are a part of the insurer’s network.

3. Availability of Add-on Covers

Two-wheeler Insurance add-on covers are the extra covers that can be opted with own-damage and comprehensive Two Wheeler insurance plans to extend the coverage of a standard bike insurance plan. These add-ons are available against the payment of a nominal premium.

You must check if the insurance company chosen by you offers the add-on covers which you want to add to your standard Two Wheeler insurance plan.

Leave a Comment