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Top Two-Wheeler Insurance Providers and Their Claim Settlement Procedures

Karan Sharma Karan Sharma 04 February 2020

Looking for the top two-wheeler insurance providers of 2019-2020? Read this article to find out who they are and what are their claim settlement procedures.

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As per the Indian Motor Vehicles Act, 1988, it is mandatory to have a third-party two-wheeler insurance plan for your motorbike. Apart from this mandate, it is advisable to purchase a comprehensive two-wheeler insurance plan. A comprehensive two wheeler insurance plan provides additional benefits like own damage cover, compensation in case of bike theft or total loss etc.

It is difficult to determine the best two-wheeler insurer as there are multiple insurance companies across India. However, here is a list of top 5 two-wheeler insurance providers for 2019-2020.

  1. Bharti AXA General Insurance
  2. HDFC ERGO General Insurance
  3. Bajaj Allianz General Insurance
  4. Tata AIG General Insurance
  5. SBI General Insurance General Insurance

Let us look at each of their policies in detail.

Bharti AXA Two Wheeler Insurance

Comprehensive PlanThird Party Plan
This plan provides coverage to you and your two-wheeler called own-damage or OD, as well as third-party liability. It is a 360-degree planThis plan provides coverage for only third-party injuries as well as their damaged property. It is mandatory by law
Injury Type
  • Death
  • Loss of two limbs or sight of two eyes or one limb and sight of one eye
  • Loss of one limb or sight of one eye
  • Permanent total disablement from injuries other than named above
  • There is compensation up to Rs. 1 lakh for third-party property damage for a two-wheeler. If there is a case of injuries/death, it will be taken into the motor vehicle claims tribunal
    OD Premium depends on IDV, two wheeler’s cubic capacity, make-model, year of manufacture, engine capacity, and geographical locationPremium depends on the cubic capacity of the two wheeler’s engine. IRDAI revises the rates for base premium every year
  • For New Bike: It is 5-year TP, 1-year OD + 5-year TP, and 5-year OD+ 5-year TP
  • For Old Bike: 1-year TP, 1-year OD + TP, 2-year OD, 2-year OD + 2-year TP, and 3-year TP + 3-year OD
  • Source: Bharti Axa website

    HDFC ERGO Two Wheeler Insurance

    Comprehensive Two-Wheeler Insurance Plan

  • Discounts up to 70%
  • No Limits on Claims
  • Wide range of two-wheeler insurance policies, single year & long-term comprehensive insurance, single year and long-term liability only policy
  • Simple paperless process
  • Inclusions
  • Accidents
  • Fire and Explosions
  • Theft
  • Calamities
  • Third Party Liability
  • Personal Accident Cover
  • Exclusions
  • Depreciation
  • Electrical and Mechanical Breakdown
  • Illegal Driving
  • Add-ons
  • Zero Depreciation Cover
  • Emergency Assistance Cover
  • Source: HDFC Ergo website

    Bajaj Allianz Two Wheeler Insurance

    Features3 Year Long Term Package Policy1 Year Package Policy
    Renewal frequencyEvery 3 yearsEvery year
    Coverage period3 years1 year
    Premium hikesNo effect on third-party (TP) premium during the policy periodTP premium increases every year
    NCB benefitAdditional benefit at the time of renewalAs per tariff
    NCB benefit after a claimNCB is reduced, but doesn’t become nilNCB becomes nil after a claim
    Mid-term cancellation refundProvision of proportional refund even after claim during the policy periodNo refund in case of any claim
  • 24x7 spot assistance
  • Zero Depreciation Cover
  • Personal Accident Cover for Pillion Rider
  • Source: Bajaj Allianz website

    Tata AIG Two Wheeler Insurance

    Features and CoverProvides cover against:
  • Loss of or damage to the vehicle insured
  • Liability to third parties
  • Personal accident cover for owner-driver
  • Add-ons
  • Third Party Property Damage cover
  • Additional Personal Accident Cover to Owner-Driver
  • Personal Accident Cover to unnamed persons
  • Emergency Medical Expenses
  • Consumable Cover
  • Source: TATA AIG website

    SBI General Insurance Two Wheeler Insurance

    Features and Benefits
  • Discount for buyers aged between 25 to 55 years
  • additional discount for insuring your vehicle without a break
  • Customised Pricing based on your Profile
  • Coverage
  • Compulsory Third-Party Liability
  • Loss or damage to the vehicle
  • Fire, explosion, self-ignition, accidental damage
  • damage in transit by road, rail, inland waterway, lift, elevator or air
  • Natural Calamities
  • Burglary, theft, riot, strike, malicious act and terrorist activity
  • No Claim Bonus
  • Transfer of NCB
  • Add-on
  • Return to Invoice
  • Pillion Rider
  • Protection of NCB
  • Source: SBI General Insurance website

    Two-Wheeler Claims Process

    The process for making a claim for your motorbike is:

    • There are two types of claims - Reimbursement and Cashless
    • Depending on the type you have selected, the first step is to contact your insurer immediately in case of an accident
    • Once you have registered your claim, you need to lodge an FIR
    • In case of accidental damage, ensure that your damaged vehicle is assessed by a professional at a network listed garage
    • Pay the repair charges in case of repairs at a non-network listed garage
    • The insurer will reimburse the expenses after you have submitted the relevant documents and bills

    The documents required for filing a two-wheeler insurance claim are:

    • Duly-signed claim form
    • Copy of valid vehicle Registration Certificate (R.C.)
    • Copy of valid Driving License (D.L)
    • Copy of first two pages of policy document
    • FIR for accidental damage
    • Original repair bill, cash receipt, and proof of release

    Now that you are aware of the entire process of claim settlement, it is advisable to keep all documents ready before filing a claim.

    Recommended Link:10 Steps to Follow While Purchasing Two-Wheeler Insurance Online

    Karan Sharma
    Written by Karan Sharma
    Content Specialist and Strategist, foolishly creative and always ready for a game of 'Call of Duty'.