Everyone who owns a bike, it is of utmost importance to have bike insurance. The bike insurance provides insurance coverage in case of any accidental damage theft or other casualties. According to the Motor Vehicle Act 1988 Govt. of India; all the drivers in the country must carry third party two wheeler insurance. To keep thetwo wheelers insured, everyone needs a robust bike insurance policy to utilize its benefits on time. A robust bike insurance policy not only releases your claim on time but also assists you on other bike related queries. There are number of bike insurance policies available in India.
In this article we will discuss about Top 5 Best Bike Insurance Companies in 2024 lyricsbaazaar.comoffering best deals and services for your two-wheelers.
What is Bike Insurance?
Bike insurance is an agreement between the bike owner and insurance companies to cover any accidental damage, theft or other casualties. Bike insurance is critical in protecting financial and legal duties that may happen due to unfortunate accident, theft, violence, vandalism or natural disasters like floods, fire, earthquakes or landslides.
Bike insurance covers all the categories of two wheelers including motorcycles, scooters, E-bikes. According to Indian Motor Tariff 2002, every bike owner must have a third party bike insurance coverage.
What makes the Bike insurance necessary?
The necessity of Bike insurance is highlighted by the services the insurance policy or the company offer. If you own a bike and don’t have Bike insurance it may be exceedingly dangerous and unsafe for your vehicle as well as you. To get insurance for your bike, you have to pay a certain amount to the insurance company once in a year. The amount of insurance varies according to the bike you own and the insurance companies pay significant amount of money back to the owner if any damage happens due to obvious reasons.
Some of the major benefits of bike insurance are as follows
- In India, riding a bike without a proper insurance is prohibited and may lead you to face legal actions if get caught but if you have a bike insurance then you are good to go thus bike insurance safeguards you from facing any legal penalties.
- The bike insurance also covers accidental damage, theft, vandalism or other causalities due to natural disasters like rain, flood, earth quakes or fire. A proper insurance enables you to get claim on time if such instances happen.
- Third party bike insurance protects your bike financially against any damage or injuries caused to a third party as a result of your vehicle’s involvement in an accident.
- One of the most significant reasons to have a bike insurance policy is that it provides you financial assistance for any repair work of your bike due to accident or other man made causalities.
Types of Bike Insurance
There are mostly three types of Bike Insurance covering different type of claims. The types are as follows-
- Third party liability Insurance
- Comprehensive Insurance
- Own damage cover type Insurance.
Third Party Liability Insurance– A third party liability insurance comes in handy when any damage or injuries caused to a third party as a result of your vehicle’s involvement in an accident.
Comprehensive Insurance– this type of insurance covers the damage caused due to accident, theft, vandalism or damaged due to natural disasters.
Own damage cover type Insurance-This type of insurance comes in handy when you accidently damage your own bike and go for repair work but to claim your expenses, you must have a third party Insurance for your bike.
Top 5 Best Bike insurance companies in 2024 lyricsbaazaar.com
The top 5 Bike insurance companies in India are as follows-
- SBI General Insurance Company Limited
- HDFC Ergo General Insurance Company Limited
- TATA AIG General Insurance Company Limited
- Reliance General Insurance Company Limited
- Bajaj Allianz General Insurance Company Limited.
SBI General Insurance Company Limited
SBI, one of the leading banks of India is a household name in banking and finance sectors and Its Insurance section, SBI General Insurance limited has also positioned itself as major insurance players of the country. With over 110 locations and covering three primary segments- retail, SME and Corporate, It becomes Pan- India Insurance Company.
SBI General 2 wheeler Insurance policy is one of the most purchased bike insurance policy due to number of advantages it offer to its customers.
The key features of the policy are-
- The insurance policy is customized according to the customer’s profile.
- Additional Discounts on the policies purchased by people between 25 to 55 years.
- Additional savings and benefits on timely insurance renewal.
HDFC Ergo General Insurance Company Limited
HDFC is also one of the prominent names in Banking and Finance sector in India. Its Insurance policy HDFC Ergo General Insurance is another most purchased policy.
The key features of this policy are
- HDFC Ergo 2 wheeler general Insurance Policy covers personal injury claims, property claims and third party claims.
- The most distinguished feature of HDFC Ergo 2 wheeler general insurance is there is no claim limit so you can ask for multiple claims if needed.The policy holders are allowed to select the duration of their insurance policy however three year policy term is recommended to prevent any potential renewal issues.
- It covers all the damages including natural disasters accidental damage theft or other man made incidents. It also covers legal and financial responsibilities, be it third party injury, property damage or death with coverage of up to1lakh INR.
- The coverage also includes a personal accidental benefit of INR 15 lakhs which provides significant financial relief at the time of crisis. The policy provides flexibility in terms of 2 year and 3 year duration.
TATA AIG General Insurance Company Limited
TATA AIG general Insurance is another trusted player in Indian Insurance market backed by TATA motors.
The key features of the policy are
- TATA AIG General 2 wheeler insurance covers all the accidental damages including manmade or natural disasters like SBI General and HDFC Ergo.
- It also covers third party insurance liability coverage up to 1lakh INR.
- If you purchase this Insurance policy online, you can get an additional discount up to 75%.
- You can get customer support 24*7 on its customer support.
Reliance General Insurance Company Limited
Reliance India Private Limited, One of the leading private enterprises of India has also launched 2 wheeler insurance policies under Reliance General insurance policy.
The key features of the policy are
- It is one of its kind insurance policies with number of unique features. According to this policy, if your 2-wheeler get damaged due to any accident whether its natural calamity manmade or third party damage, Reliance General provides you a better financial assistance.
- You can get two three or five years of insurance cover with a financial help of up to 15 lakhs INR as accidental coverage.
- If your insured amount is not claimed during your insurance period, you can get additional 50% discount at the time of renewal.
- Reliance General Insurance policy also provides better deals than its contemporaries.
Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance is another key player of insurance in Indian market. Due to its customer centric approach and dependability, it was awarded as Best Insurer of India 2020 by IDC financial Insights Innovation awards.
The key features of the policy are
- It has covered more than 11Crore policies so far making it one of the most purchased Insurance policies.
- It offers multiyear bike insurance policy up to 3 years means there is no need of renewal every year.
- Claim settlement is easy and seamless.
- Policy purchases and online renewals are quick and simple.
- 24*7customer assistance.
Conclusion
Owning a bike is a dream come true for many individuals and people would love to do anything for their favorite bikes. In India, one cannot ride bike without proper insurance papers as it is a punishable offence. The insurance policy not only safeguards you from legal aspects but also provides coverage in case of accidental damage theft or other casualties happened due to natural disasters. Getting the correct bike insurance is crucial these days and people should be informed about the different insurance policies. Before purchasing insurance policy for your 2-wheeler, kindlyreview the customer feedbacks,services; prompt claim processing and coverage alternatives on lyricsbaazaar.com. Here we have covered all the insurance related queries and services offered by top 5 best insurance companies on lyricsbaazaar.com.
FAQs-
Name top 5 Bike insurance companies of Indial yricsbaazaar.com
The top 5 Bike insurance companies in India are as follows-
- SBI General Insurance Company Limited
- HDFC Ergo General Insurance Company Limited
- TATA AIG General Insurance Company Limited
- Reliance General Insurance Company Limited
- Bajaj Allianz General Insurance Company Limited.
How many claims are allowed in Bike Insurance?
The restriction varies from insurer to insurer. Usually two claims are allowed by many insurance companies.
What are the three different types of Bike Insurance?
Third party liability InsuranceComprehensive Insurance and Own damage cover type Insurance are three different types of Bike Insurance.
What is not covered in Bike Insurance?
Bike insurance does not cover loss/damage caused due to over speeding of the vehicle.
What is the Bike claim rule?
For Bike accident insurance claims follow the steps given below-
- Step 1- File an FIR immediately, if accident happens.
- Step 2- Make your Insurer informed within a given time period to avoid claim rejection.
- Step 3- The insurer will appoint a surveyor to investigate the case and examine the damage.
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