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India's Top-Selling Two-Wheeler Insurance Plans

Buying two-wheeler insurance is not as easy as it sounds. Before purchasing a suitable two-wheeler insurance policy, the users have many decisions to make.

Insurance-seekers must take a close look at their respective insurance providers to compare the policies, features, benefits and coverage offered, the premium rates, etc. Not only this, but they also have to determine their own requirements to make an informed decision. And, given a large number of general insurance providers operating in India, the process to choose the best two-wheeler insurance ultimately becomes a very challenging task.

Therefore, to cut your task short and make it easy, we will discuss the top-selling two-wheeler insurance plans in India.

Top-Selling Two-Wheeler Insurance Plans in India

Here's a rundown of the ten best two-wheeler insurance plans in India, along with their features.

Bharti AXA Two-Wheeler Insurance

Bharti AXA offers two types of two-wheeler insurance plans and a range of add-on covers.

For New Two-Wheelers

  • 5-year third party cover
  • 5-year third party cover + 1-year own damage cover
  • 5-year third party cover + 5-year own damage cover For Old Two-Wheelers
  • 1-year third party
  • 2-year own damage cover
  • 2-year third party cover + 2-own damage cover
  • 3-year third party cover + 3-year own damage cover

Both comprehensive (third party + own damage) and third-party liability cover include a compulsory personal accident cover of Rs 15 lakh. Following are the compensation level in different scenarios:

  • Death- 100%
  • Loss of two limbs or sight of two eyes/one limb and sight of one eye- 100%
  • Loss of one limb or sight of one eye- 50%
  • Permanent total disablement from injuries- 100%

Add-on Cover Offered

  • Zero depreciation cover

Bajaj Allianz Two-Wheeler Insurance

Here are the two types of comprehensive two-wheeler insurance policy offered by Bajaj Allianz and their features:

3-Year Long Term Package Policy

  • Every three-year policy renewals
  • Three-year coverage period
  • No effect on third-party premium during the policy period
  • Additional NCB benefits on renewal
  • Proportional refund in case of mid-term policy cancellation

1-Year Package Policy

  • Every year policy renewal
  • Third-party premium increases every year
  • NCB benefits will be given as per tariff
  • No refund in case of mid-term policy cancellation

Inclusions

  • Personal accident coverage of Rs 15 lakh (owner-driver)
  • Losses and damages suffered due to natural calamities or man-made disasters
  • Third-party legal liability

Add-on Cover Offered

  • Zero depreciation cover
  • Personal accident cover for pillion rider

HDFC ERGO Two-Wheeler Insurance

HDFC ERGO provides four types of two-wheeler insurance plans to its customers. Following are the plans and benefits offered:

Single Year Comprehensive Two-Wheeler Insurance

  • Accidental damages
  • Fire-explosion
  • Theft
  • Natural calamities
  • Personal accident cover of Rs 15 lakh
  • Third-party liability
  • Zero depreciation cover (optional)
  • Emergency assistance cover (optional)

Standalone Motor Own Damage Cover: Two-Wheeler

  • Accidental damages
  • Fire-explosion
  • Theft
  • Natural calamities

Long-Term Comprehensive Two-Wheeler Insurance: Up to 5 Years

  • Accidental damages
  • Fire-explosion
  • Theft
  • Natural calamities
  • Personal accident cover of Rs 15 lakh
  • Third-party liability
  • Zero depreciation cover

Two-Wheeler Liability Only Insurance

  • Personal accident cover
  • Third-party liability person
  • Third-party property damage
  • Zero depreciation cover

SBI General Two-Wheeler Insurance

From one of the most trusted brands in India, the SBI General provides three types of two-wheeler insurance to its customers.

Two-Wheeler Insurance Package Policy

  • Accidental damage to the vehicle
  • Personal accident cover to owner-driver
  • No claim bonus
  • Third-party liability
  • Customised pricing based on user profile
  • Special discounts for users aged between 25 and 55 years
  • Transfer of no-claim bonus, when you shift your insurance policy from another insurance company

Long Term Two-Wheeler Insurance Package Policy (2 or 3 Years)

  • Accidental damage to the vehicle
  • Third-party liability for 2 or 3 years
  • Personal accident cover to owner-driver
  • No annual renewal

Motor Act Only- Long-Term Two-Wheeler Insurance Policy (For 5 Years)

  • Third-party liability for five years
  • Personal accident cover to owner-driver
  • No annual renewal
  • Long term policy and no annual renewal
  • Personal accident cover to the pillion rider
  • Bi-fuel kit

Add-on Cover Offered

  • Return to Invoice
  • Protection of NCB

Tata AIG Auto Secure Two-Wheeler Package Policy

It is a comprehensive two-wheeler insurance policy by TATA AIG and offers the following coverage and benefits:

  • Loss or damage to the vehicle either through man-made disaster or natural calamities
  • Personal accident cover owner-driver
  • Third-party liability coverage (third party bodily injury, death and property damage)

Add-on Cover Offered

  • Additional third-party property damage cover
  • Additional personal accident cover owner to driver cover
  • Personal accident coverage to unnamed persons (pillion rider)
  • Emergency medical expenses
  • Consumable cover
  • Return to invoice
  • Zero depreciation cover

IFFCO-TOKIO Two-Wheeler Insurance

IFFCO-TOKIO provides comprehensive two-wheeler insurance, which protects against all financial and legal risks arising due to accidents or any unfortunate incidents.

Benefits Offered:

  • Coverage from natural calamities
  • Coverage from man-made activities/accidental damages
  • Zero depreciation cover
  • Up to 50% discount from the non-claim bonus
  • Protection from third-party legal liabilities
  • Cashless services in more than 4,300 garage and service centres

Add-on Cover Offered

  • No Claim Bonus Protection
  • Engine Protection
  • Return to Invoice
  • Roadside Assistance

The New India Assurance Two-Wheeler Insurance

The New India Assurance provides two types of two-wheeler insurance products to its users:

Liability Only Policy

  • The policy provides coverage for third-party liability for bodily injury liabilities, death and property damages. It also includes personal accident coverage for owner-drivers.

Package Policy

  • It is a comprehensive two-wheeler insurance policy providing coverage for losses or damages to own vehicle and third-party liabilities. The package policy provides coverage for losses and damages to own vehicle caused due to man-made activities, accidents, natural calamities etc
  • It also pays tow charges from the place of accident to the workshop up to a maximum limit of Rs 300 for two-wheelers.

Add-on Cover Offered

  • Loss or damage to any accessories fitted in the two-wheeler

Reliance General Insurance Two-Wheeler Insurance

Reliance General Insurance offers comprehensive insurance policies to its customers with wide coverage and range of services. The two-wheeler insurance policy provides coverage for your own damage as well as third-party legal liability.

Under its no claim bonus (NCB) feature, it offers discounts up to 50% on the premium rate. Also, through voluntary deductible, you can lower the premium amount.

Add-on Cover Offered

  • Zero depreciation cover
  • Daily allowance benefit
  • EMI protection
  • Helmet cover

National Insurance Motor Insurance

As one of the most preferred general insurance companies, National Insurance offers two types of two-wheeler insurance to its customers:

Liability Only Cover

  • It is a third-party insurance policy that covers you against any legal liabilities following an accident involving your vehicle. It includes bodily injury or death of third-party (100% compensation) and third-party property damage (up to Rs 7.5 lakh).

Package Cover

  • This is a comprehensive two-wheeler insurance policy that insures all liabilities as per the Indian Motor Vehicles Act,1988, including own vehicle damage, co-passenger, self and any third-party legal liabilities.

United India Insurance Company (UIIC) - Motor Insurance

UIIC provides two types of two-wheeler insurance policy to its users, and that includes:

Section I (Own Damage/OD): Package Policy

The policy provides insurance for damages or loss to own vehicle or accessories. It includes:

  • Accidental damages
  • Damages caused due to man-made activities like theft, riot, terrorist activities
  • Natural calamities like earthquake, flood, hurricane etc
  • Fire or lightning strike

Under the terms of the policy, for theft coverage, the policyholder needs to pay an additional premium of 3% of the insured declared value (IDV). Additionally, accessories will be insured on payment of additional premium.

Section II (Liability): Package Policy

This insurance package provides insurance coverage for third-party legal liability for bodily injury, death of a third person. And, also includes third-party property damages.

This policy also includes personal accident cover for the driver-owner for a specified sum insured. All the claims will be as per the Motor Vehicles Act, 1988. Following are the amounts payable in case of a mishap or accident:

  • Claimant's cost will be paid as decided Motor Accident Claims Tribunal
  • All expenses are borne with the company's written consent

Tips on Choosing the Best Two-Wheeler Insurance

The above-mentioned two-wheeler insurance plans are some of the best-selling insurance plans that you can find in India. The list has been put together based on good reviews and incurred claim ratio. Apart from these factors, however, one must keep a few more tips in mind before selecting an insurance policy for their two-wheeler.

Following are the seven things you should do to find the right two-wheeler insurance coverage:

  • Before buying an insurance policy, always understand the two major categories: third-party and comprehensive plan. You can choose between these as per your requirements.
  • Compare and choose the two-wheeler insurance plans on parameters such as incurred claim ratio, coverage amount, policy tenure, premium, network garages, and add-on coverage.
  • Look for discounts or ways to reduce your premium rates, like voluntary deductions or a no-claim bonus.
  • In case you want a comprehensive two-wheeler insurance plan, select add-ons as per your needs based on factors such as the age of your vehicle, model, etc.
  • And, last but not least, never undervalue the insured declared value (IDV) of your vehicle to lower the premium amount. If you do, there might be an issue while making a claim for the loss incurred.

Final Take

Choosing the right two-wheeler insurance policy matters a lot because there are inherent risks associated with driving. And, in case of any mishap, not always the one riding the bike will be at fault, there might be many other factors. Therefore, it is better to buy a two-wheeler insurance policy from reputed insurance companies for guaranteed safety and greater peace of mind.

Recommended Link:Top 5 Bike Insurance Plans and its Features

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