A family went to a store to buy a two-wheeler. They zeroed in on a model, then they started comparing the features, prices, and reviews across many shops and online portals. In the end, they figured that online prices are better and more reasonable. Does this sort of way sound familiar to you? We compare and judge the prices of everything these days before buying to get the smarter and more affordable choice. But then why do we not compare two-wheeler insurance prices, online or offline?
Bike insurance is compulsory in India as it is necessary for accident situations as well as for bike damage and maintenance. The Government of India made it mandatory to have your bike insured while riding on the road.
Finding your bike insurance company choice might not be an easy task. Sometimes finding a policy that is best suit to your needs is like finding a needle in a haystack. More often than not, customers get attracted to the lowest number offer to overlook other important factors which ensure a seamless relationship with the insurer.
Don’t fall for this trap. Here’s a look at some reasons, why buying bike insurance is a need:
Compulsory two-wheeler insurance required
If you bought a new bike, then buying an insurance policy is a must. Because according to the Motor Vehicles Act, of 1988, the Government of India has made it mandatory for every bike raider to have an insurance policy, otherwise you will give a big amount for a fine to traffic police.
Claim benefits
The plan covers damage to the bike from natural calamities like floods, earthquakes, fires, etc. So, you can make a claim under these circumstances to the insurance company.
Unseen circumstances
The majority of bike owners have limited resources. That’s why having an insurance policy ensures that you avoid unforeseen expenses in case an accident or theft of the vehicle happens.
Type of insurance
When you buy third-party two-wheeler insurance, the policy owner can claim the damages to the other vehicle involved in an accident.
External work
The major reason for buying a bike insurance policy is that it gives financial support to the policy owners for any expense incurred due to repair work of vehicle damaged in accidents and other damages, just paying a small amount for this insurance policy, and you can claim a reasonable amount of money if needed.
Requirement
It is sensible to take an insurance policy for your bike by paying a nominal amount of money, to avoid an additional burden on your budget if a mishap occurs with the bike.
Now that your points to keep in mind are cover. How about starting by comparing the prices? Keep a prior list ready. After comparing the prices and solutions, here’s a list of options you should look at and not miss:
The top bike insurance companies in India are as follows:
Bajaj Allianz Two Wheeler Insurance:
The Bajaj Allianz General Insurance Company, one of the best and largest insurance companies in India, was found in 2001. Since its inception, it has grown exponentially with a presence in nearly 200 cities across the country.
It offers a wide range of insurance products to meet the needs of a diverse clientele. The company was able to assert itself on the market thanks to its advanced digital applications.
The Bajaj Alliance’s two-wheeler insurance offers outstanding value and the company guarantees its customers an excellent experience.
Go Digit Two Wheeler Insurance:
Digit General Insurance is one of the largest general insurers in India. In 2016, the company was found by the former CEO of Bajaj Allianz, Mr. Kamesh Goyal. Go Digit started up.
Later, the name Top General Insurance Limited was change to Go Digit General Insurance. Go Digit is supported by Fairfax (a Toronto-base financial corporation, in Canada)
The Bengaluru-based company provides health insurance, auto insurance, cycle insurance, travel insurance, mobile insurance, jewellery insurance, commercial vehicle insurance, and home insurance policies from Go Digit General Insurance.
Based on last year’s performance, Go Digit 2019 was rank among the top 5 two-wheel insurance companies in India
HDFC ERGO Two Wheeler Insurance:
Established in 2002, HDFC ERGO General Insurance Company Ltd is a joint venture between HDFC Ltd and ERGO International AG (the insurance company of the Munich Re Group). With a presence in 91 cities, 108 branches and more than 2000 employees, the company has a large insurance portfolio.
TATA AIG Two Wheeler Insurance:
Tata AIA Life Insurance Company Limited is a joint venture between Tata Sons Ltd and AIA Group Ltd (the largest independent life insurance group in Asia, listed on 18 markets in the Asia-Pacific region).
A subsidiary of TATA; The brand has been trust and has been among the best bike insurance policies in India for a decade in 2019.
Shri Ram Two Wheeler Insurance:
It is a joint venture between Shriram Capital Ltd and Sanlam Ltd (South Africa) since 2012. Shriram General Insurance offers products such as auto insurance, liability insurance, insurance, and insurance.
Fire insurance, technical insurance, maritime insurance. and more once again this year, the company has managed to stay among the top 5 two-wheeled insurers in India in 2019.
To conclude, bike insurance in India is becoming reasonable to encourage everyone to purchase it at the right time and have long-term two-wheeler insurance to ensure security and reduce the financial burden.