Buying two wheeler insurance is not only mandatory but a smart thing to do for all two wheeler owners.
Therefore, it is important to avail the best two wheeler insurance policy money can buy. This brings us to the question asked by many insurance buyers, “Who is the best two wheeler insurance provider in India?” The answer to this question is no rocket science. You can find and buy the best insurance policy for your two wheeler vehicle by investing little time in research to zero down on your two wheeler insurance provider.
Steps to Consider Before Buying Two Wheeler Insurance Provider
What should you look for while selecting a two wheeler insurance policy? Here are a few steps you need to consider while selecting your two wheeler insurance provider.
The authenticity of the insurer:
Financial stability:
Incurred Claim Ratio:
Premium:
After-sale service:
The type of damages covered:
Add-ons:
Add-ons, also referred to as riders provide additional cover, which your basic policy does not have. With an additional nominal cost, you can avail the most popular add-ons such as cover for accessories, zero depreciation cover, and no claim bonus protect cover, etc.
It is advisable to check the insurance provider's authenticity on IRDAI website. Every insurance company is assigned the IRDA registration number. It is important to validate the insurer's authenticity while selecting both the policy and the company.
Have a look at the company's financial stability. This will help you get a fair idea about the company's financial capacity in terms of settling claims. A simple look at the IRDAI annual report can help you identify this information. Quality information from a reliable source can assist you in your research.
It is a ratio of the number of claim cases rejected and settled. It is recommended to go for a company that has the lowest claim rejection ratio.
Although two wheeler insurance plans usually offer standard cover, the pricing of these plans may differ to some extent. It is advisable to compare the premium rates against the cover they provide. While going for the cheapest available policy may waste your money, buying a two wheeler insurance policy that offers suitable coverage is ideal.
Most insurance companies offer plans at a competitive premium rate, and you will end up buying a decent policy regardless. However, check if the company offers any after-sale services. Choose a company that provides you with after-sales service with regards to claims, add-on riders, and any other assistance you may need. Many insurance companies offer roadside assistance. This feature comes in handy when your vehicle breaks down in the middle of nowhere. Many insurance companies offer first aid service, fuel sourcing service, towing service, and other helpful assistance.
Compare the types and number of damages covered by different two wheeler insurance plans. Needless to say, go for the insurance company that offers coverage against the maximum types of damages.
Top Two Wheeler Insurance Companies in India
When you look for a two wheeler insurance provider, don’t forget to compare at least two to three different insurance plans in terms of premium rates and coverage offered by the company. Following are some of the top two wheeler insurance providers in India:
HDFC General Insurance - HDFC ERGO Two Wheeler Insurance
HDFC ERGO has over 100 branches in about 90 cities in India. More offices mean that the policyholders can buy, renew and have the policy changed as per their convenience. The company has been awarded the prestigious iAAA rating, which indicates that the company have the highest ability to settle the claims. The company is also known for its information security, excellent customer service and claim settlement services. What makes HDFC ERGO unique is their online feature and two wheeler insurance policies that can be customised as per the needs of the customer.
Bajaj Allianz General Insurance - Bajaj Allianz Two Wheeler Insurance
Bajaj Allianz has achieved a name in terms of excellent customer service. The company has emerged as one of the top players in the field of two wheeler insurance and has it's loyal and trusted customer base. The company offers 24x7 customer support and secure claim assistance.
The New India Assurance - New India Assurance Two Wheeler Insurance
New India Assurance is a public sector insurance provider with active business in over 27 countries across the world. The company have a pan India presence which makes it easy for the customers to approach the company. Being a government-owned company, New India Assurance is highly stable regarding financial standing and thus have a good claim settlement ratio. It is one of the most trustworthy and reliable insurance companies in the country.
Other popular two wheeler insurance providers in India
ICICI Lombard General Insurance
Bharti AXA General Insurance
SBI General Insurance
Incurred Claim Settlement Ratio of Indian Insurance Providers
| Name of the two wheeler insurance provider | Claim Settlement Ratio for 2018-2019 |
|---|---|
| HDFC ERGO | 82% |
| Bajaj Allianz | 62% |
| New India Assurance | 87.54% |
| ICICI Lombard | 74% |
| Bharti AXA | 75% |
| SBI General Insurance | 87% |
The risk associated with a two wheeler vehicle can be overcome by selecting the right two wheeler insurance provider. You can go for a policy which offers maximum coverage and excellent customer service which will be a great peace of mind.
Just as you get your vehicle checked at regular intervals, it is crucial to evaluate your two wheeler insurance policy regularly. You can review your two wheeler policy options before the current policy expiration. It is an excellent opportunity to enhance your policy coverage and evaluate your premium's cost-effectiveness. Moreover, if your current insurance company is not providing good service, you can go ahead and change your insurance provider.
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