Importance of Two Wheeler Insurance in India:

 Importance of Two Wheeler Insurance in India:- Riding your bike without a valid two-wheeler insurance plan is considered illegal. Two-wheeler insurance policies are designed to offer financial coverage against unfortunate events and accidents that could damage the insured two-wheeler, or bodily injuries to the rider, the pillion, or pedestrians, or damages to the property of a third party. With a proper bike insurance policy in place:

You will be free of financial stress: In case your vehicle is damaged or stolen, you won’t have to worry about the costs incurred in fixing it or replacing it as the insurance company will take care of it or you.

You will have legal protection: Considering the fact that it is compulsory to have an insurance policy in place when riding on Indian roads, carrying a copy of your insurance policy will ensure that you will be legally protected against paying fines or penalties to the police.

You will receive a personal accident cover: If you are insured, the insurance company will cover you for up to Rs.1 lakh in case you suffer total permanent disability. In case of your untimely demise, your family will receive the sum assured from the insurance company.

  • You will be able to enjoy benefits like No Claim Bonus.
  • Top two-wheeler insurance companies in India

National Two-Wheeler Insurance:

National Insurance offers comprehensive insurance policies that can cover damage to own vehicles as well as a third-party cover too. The company also offers insurance cover for tenures longer than 5 years if the cover does not exceed the fitness certification of the vehicle in question.

Some of its key features are:

  • You can take a liability coverage that will only cover liability to third parties
  • Third-party liability for property damage can be covered up to Rs. 7.5 lakh
  • Or you can take a package cover that will cover liabilities and damage to own vehicle too
  • The policy will cover the death or injuries caused to third-parties
  • Comprehensive policies will also cover loss or damage caused by theft, transportation or natural disasters.

Shriram Two-Wheeler Insurance:

Shriram General Insurance’s two-wheeler insurance will cover your vehicle for accidental damage or loss due to theft. They provide comprehensive cover for damages caused by accidents, riots, terrorist acts, and even natural calamities.

Some of its key features are:

  • Unlimited cover for liabilities towards death or injuries caused by your vehicle
  • Up to Rs. 1 lakh cover for damage caused to a third party’s property
  • Personal accident covers for you and your passenger from Rs. 10,000 to Rs. 2 lakhs
  • 24/7 claim notification services with surveys and assistance being done within a day
  • Claim status tracking

SBI Two-Wheeler Insurance:

SBI General Insurance offers two-wheeler insurance that covers the mandatory third-party liability. It also offers discounts for insuring the vehicle and renewing it without any breaks. However, the policies will not cover any damage that is caused by normal wear and tear.

Some of their key features are:

  • Covers third-party liability and damage caused to own vehicle
  • Offers NCB (No Claim Bonus) of up to 50%
  • NCB from other insurers can be transferred in full
  • Personal accident covers for pillion of up to Rs. 1 lakh. Higher cover amounts also available
  • Personal accident covers for the owner of the vehicle of Rs. 15 lakhs

United India Two-Wheeler Insurance:

United India Two-Wheeler Insurance offers two options, the Package Policy and the Liability Only Policy. The difference between the two is that the first one covers damages to your vehicle and third-parties while the second one only covers liabilities to the third party.

Some of their key features are:

  • Option to choose between comprehensive and third-party liability cover
  • Discounts for vehicles with anti-theft devices installed
  • No Claim Bonus of 20% to 50% is also offered based on the number of claim-free years
  • Members of the Automobile Association also get a 5% discount on own damage premiums
  • 50% to 100% compensation in case of personal accidents leading to death or disablement

Royal Sundaram Two-Wheeler Insurance:

Royal Sundaram offers comprehensive two-wheeler insurance that covers you and your vehicle by providing your own damage cover and personal accident cover. They can be reached at 1860 425 0000 in case a claim arises.

Some of their key features are:

  • Insurance cover can be taken for 2-3 years at a time
  • If you shift an existing policy to Royal Sundaram, the NCB can also be transferred
  • If third-party premiums are increased during your policy period, you don’t have to pay the difference
  • If you make one claim during the policy period, the NCB will not be negated
  • In case of an accident, the rider will be covered for up to Rs. 1 lakh

HDFC Ergo Two-Wheeler Insurance:

HDFC Ergo offers 3 options for two-wheeler insurance, single year comprehensive, long term comprehensive and liability only insurance. All options provide personal accident cover and third-party liability cover as well.

Some of their key features are:

  • 0 depreciation is a built-in cover for both long term comprehensive and liability only insurance
  • Emergency assistance cover is available as an add-on for the single year comprehensive policy
  • Comprehensive cover will allow you to make unlimited claims
  • Third party liability cover will cover property damage up to Rs. 7.5 lakh
  • All policies will cover damage due to fires and natural disasters

Bharti AXA Two-Wheeler Insurance:

Bharti AXA offers bike comprehensive insurance that covers everything from natural/manmade disasters to accidents and third-party liability. They also offer third party liability cover which offers cover for personal injury and damage caused to property.

Some of their key features are:

  • Third-party premiums can range from Rs. 482 to Rs. 13,034 depending on the engine capacity of the bike
  • Third-party property damage is covered up to Rs. 1 lakh
  • 0 depreciation cover is also available as an add-on
  • The insurance can be taken for 2 to 3 years at a time
  • The insurer also offers a no claim bonus for each year that claims are not made

Magma HDI Two-Wheeler Insurance:

Magma HDI provides two-wheeler insurance for both new and used vehicles. The policy covers both, third-party liability and loss or damage to your vehicle too. It also offers features like NCB and personal accident cover.

Some of their key features are:

  • Personal accident covers for the owner of up to Rs. 1 lakh
  • The personal accident cover can be extended to the pillion
  • The limit of the personal accident cover can be raised to above Rs. 1 lakh
  • No claim bonus can go up to as much as 50%
  • The NCB from another insurer can also be transferred to Magma HDI

Reliance Two-Wheeler Insurance:

The two-wheeler insurance offered by Reliance General Insurance comes with features like cashless repairs and optional cover to replace helmets. The policy can be renewed/taken for up to 3 years at a time. It even offers 3 EMI payments for vehicles that are under repair, as an add-on cover.

Some of their key features are:

  • Reliance offers cashless claims to policyholders
  • The policy also comes with a personal accident cover of Rs. 15 lakhs
  • It offers a daily allowance of Rs. 5,000 per day if the vehicle is not repaired in 3 days
  • The theft benefit is paid in full if the vehicle is not recovered in under 90 days
  • A 0 depreciation can also be added to the policy

Universal Sompo Two-Wheeler Insurance:

The two-wheeler insurance offered by Universal Sompo comes with the option of third-party liability only or a pack cover. They cover everything from damage to your vehicle caused by accidents or natural calamities to your liability to third parties and their property.

Some of their key features are:

  • The insurer offers an NCB for each claim free year
  • The cover can be extended to cover 0 depreciation too
  • If the vehicles have anti-theft devices attached, owners get a discount
  • It also offers personal accident cover for the pillion as an extension to the policy
  • Other add-ons include daily cash allowance, roadside assistance and much more

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