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What you Need to Know About Two Wheeler Companies

What should you look out for while choosing your two wheeler insurance company? Here are the steps you need to take before selecting your two wheeler insurer.

Apart from protective gear, safe riding skills and divine interventions, there are a few things that look out for your best interest on the road, especially on two wheeler. Sure, you enjoy the cool wind in your hair and rush of adrenaline. What happens when you come across the unthinkable? At this time only a good two wheeler insurance would come to your rescue.

Buying insurance is not only mandatory but also a wise thing to do for all two wheeler riders. So, it is crucial that you only opt for the best two wheeler insurance money can buy. This brings us to the most existential question posed by many policy buyers; “Which is the best two wheeler insurance company in India?” The answer to this question is undoubtedly complicated, but it is no rocket science. At Coverfox, we aim to be your one-stop-shop for all your insurance needs, including your thirst for knowledge. Read all about key prerequisites you need to before buying a policy or zeroing down on your next two wheeler insurance provider.

What are the Essential Factors to Look Out for While Choosing Your Two Wheeler Insurance Company?

During your research for your two wheeler insurance provider, watch out for the following fundamental aspects, to choose the best insurer. It is noteworthy that not all criteria will be met. Go for a company that fairs well for the parameters that are important to you.

  • Authenticity: Always, check the company’s authenticity IRDA website. Every insurance provider has IRDA registration number. A validation of the insurers authenticity is critical in selecting both the plan and the company.

  • Financial Standing: Have a look at the company’s financial standing. This will give you a fair idea about the company’s capability in settling your claims. A simple Google search can help you do this immensely. Quality editorial from good news sources can assist you in your research.

  • Rejection Ratio: It is the ratio of the cases rejected to the claims settled. It is evident to opt for a company with lowest rejection ratio. It is paramount to know the rejection ratio of your potential insurer. Again, Google and other search credible engines will help you in this process. Needless to say, you can always get in touch with Coverfox insurance expert for their advice.

  • Premium Pricing: Although two wheeler insurance is a standard product, the pricing of the product may differ to some extent. It makes sense to compare the premium amount against the cover they provide. While going for the cheapest plan is a pure waste of money, buying a plan with premium that offers the most coverage is ideal. Look for this while choosing a company.

  • Post-Sales Service: Most companies have competitive pricing, and you will end up getting a decent plan regardless. Check whether the company has any after sales services (yes, just like Coverfox does). After you buy a policy, choose a company that gives you a post-sales support, with claims, upgrade, and other guidance. A lot of companies also offer RSA or Road-Side Assistance. This comes in very handy if your two wheeler breaks down in the middle of nowhere. You can get first aid service, towing service, fuel sourcing service, and other such helpful assistance.

  • The Number and Type of Damages Covered: This is as simple as it gets. Compare the types of damages covered by the policies. Needless to say, choose the insurer that grants you cover against the maximum possible types of damages. This goes hand in hand with the point of premium pricing. Maximum cover in the minimum possible premium.

  • Addons: Addons provide extra cover, which your policy misses out on. With a little additional cost, you can get the most popular add-ons such as Zero Dep, cover for your accessories, NCB protect cover etc.

What is the IRDA Registration Number and Why is it so Important?

It is the registration number licensed or issued to your insurance provider by the Insurance Regulatory and Development Authority (IRDA), India's autonomous and apex statutory body. This body regulates and develops the insurance industry in the country along with safeguarding the best interest of the policyholders.

This registration number is issued to companies after rigorous and mandated stipulations set by this governing authority. The authority does not govern any business operating without the IRDA registration number and most likely to be a fraud. In a nutshell, this number acts a mark of authenticity and legitimacy of the insurance company.

Where can I find the IRDA Registration Number of my Two Wheeler Insurance Provider?

The IRDA registration number of your insurance company can be found on the insurance company's website. Although it is not prominently displayed, it can be easily found in the footer (bottom end of the page) of most insurance companies. Apart from the website, critical literature such as the policy document, brochures, and advertisements to name a few have the IRDA registration mentioned on them. Besides, you could check the IRDA website or get in touch with your insurance company to procure this information.

Keeping in mind your valuable time, we at Coverfox have come with a ready reckoner of IRDA registration numbers of key two wheeler insurance in India, for your convenience.

Which are the Top Two Wheeler Insurance Companies in India?

When it comes to two wheeler insurance companies, any insurer can offer you a policy with a cheap premium, and you might be tempted to take it up. However, before that, it’s an urge that you go through the list of top 5 companies, meticulously selected by us. These are not in any order.

HDFC ERGO GENERAL INSURANCE COMPANY LIMITED

HDFC ERGO has probably the furthest reach all over India, with over 100 branches in about 90 Indian cities. More offices always mean that the policyholder can apply, renew, and have the policy changed whenever they want. HDFC ERGO has been awarded the prestigious iAAA rating, which is a testimony to the fact that they have the highest ability to settle claims. They are known for their excellent customer service, information security, and claim settlement/services.

What makes them unique is their online policy and two wheeler policies that can be customized as per your needs.

BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LIMITED

Bajaj Allianz was declared the “Best General Insurance Company in Private Sector” by ABP News in 2014. Since then, there has been no looking back for this insurer. Bajaj Allianz prides itself on being innovative and has great customer service. It emerges to be one of the top players in the two wheeler insurance field and has its trusted customer base.

What differentiates them from the masses is their 24/7 customer support and secure claim support.

THE NEW INDIA ASSURANCE COMPANY LIMITED

New India Assurance is a government-owned, public sector insurance company, with active business in over 27 countries. They have a pan-India presence, which makes it easy for all the customers to approach this insurer. Being a government company, New India Assurance is highly stable regarding financial stability, and thus accomplished of settling customer claims. It is one of the most trustworthy companies in the field of insurance.

New India Assurance leads the way due to their smooth customer grievances system, and quick, high claim settlement.

Other Popular Two Wheeler Insurance Companies in India

ICICI Lombard General Insurance Company

ICICI is synonymous with reliable products and customer service. ICICI Lombard General Insurance Company is, therefore, one of the renowned two wheeler insurance companies in the country. The two wheeler insurance plans are priced affordably and backed by advanced technology that enables the insurance company to offer cutting edge services. A robust motor insurance claims (own damage) claim settlement ratio of 90.8% within 30 days of claim filing emphasizes on its skilled customer care services.

Bharti AXA General Insurance Company

With a healthy 69.19%% motor Incurred Claims Ratio as per 2016-17 data, Bharti AXA is one of the leading two wheeler insurance companies in India. Its competent team of customer service professionals are skilled at quick and seamless claims settlement as well as assistance regarding new two wheeler insurance and policy renewals. These insurance companies cover natural and manmade disasters like theft, riot, flood, earthquake, etc. via the online and the offline platforms.

SBI General Insurance

SBI General Insurance is one of the most trusted two wheeler insurance companies in India. It is closely associated with competent customer service and effective two wheeler insurance products and riders to meet varied needs.

Incurred Claim Ratio of Two Wheeler Insurance Companies in India

Name of Two Wheeler Insurance Companies in IndiaClaim Settlement Ratio (%)
ICICI Lombard78.91%
HDFC ERGO89.43%
Bharti AXA89.09%
Bajaj Allianz69.19%
New India Assurance86.95%
SBI General Life Insurance102.07%

The above figures are taken from IRDAI Annual Report 2016-17Things to Know While Choosing a Two Wheeler Insurance Company

  • Understand your insurance needs: Have a thorough idea of your insurance need and budget before you start looking for an effective plan from a leading two wheeler insurance company. Should you like to opt for the basic plan, Third Party insurance plan, know that this is the basic plan that has been made mandatory for all two wheeler owners, as per the Motor Vehicles Act, 1988. These insurance plans cover only for the third party against death or injuries caused by the insured two wheeler. On the other hand, comprehensive insurance plans offer the benefits to the owner-driver and hired professionals. Conduct a research on the various types of plans with varied coverages offered by two wheeler insurance companies and then take a conscious decision.

  • Premium eligibility: The premium for two wheeler insurance is usually determined by the cubic capacity of your two wheeler. Hence, the higher your two wheeler’s cubic capacity, the higher will your premium usually will be.

  • Carefully decide on the add-on riders: Add-on riders, available on additional payment over and above your two wheeler insurance plan, serve the purpose of enhancing the effectiveness of your policy. Some of the common add-on riders are zero depreciation cover, personal accident cover for the pillion rider, etc. However, not every rider may be suitable for every two wheeler owner. Weigh the necessity of every rider available on your chosen insurance plan before purchasing them.

  • Be aware of the concept of Insurance Declared Value (IDV): IDV is the maximum sum assured decided at the time of buying an insurance policy. This is the sum that the insured will be eligible for in case of theft or loss of the two wheeler. The value of the insured two wheeler depreciates with age. The higher the depreciation value, the lower will be the IDV. Since IDV determines the premium that you will be eligible for, this is one of the most important considerations that you have to look into while purchasing a two wheeler insurance plan.

  • Opt for a renowned insurance company: Check for the claim settlement ratio of two wheeler insurance companies to get an idea of the reliability of services offered. It also represents how streamlined the company’s business process is.

  • Buy online: Two wheeler insurance companies offer discounts on online purchases of their insurance plans. Besides, it is also convenient to buy an insurance plan online as it is accessible across geographical locations. What’s more, you can research on the features, benefits, exclusions and costs of every insurance plan across all leading two wheeler insurance companies before making an informed choice.

Should I Check My Policy Offerings Before Renewal?

Just as you get your bike checked regularly, it is very crucial to evaluate your two wheeler insurance at regular intervals. The time during your policy expirations is a good time for you to review your policy options. It is an excellent opportunity to add more add-ons and enhance your coverage aspects. Evaluate your premiums cost-effectiveness and scope of cover. You can also take the opportunity to update policy details. If you think your current insurer does not provide a great service, go ahead and change your insurer.

Where can I Buy or Renew My Two Wheeler Insurance?

With Coverfox around, buying two wheeler insurance online is easily and almost child’s play. Get in touch for any of two wheeler or insurance related needs.

It’s safe to assume that the premium you’ll pay for a comprehensive policy for a two wheeler will not be a big amount. However, as mentioned earlier (and we cannot stress enough), the premium is barely a factor to consider while choosing a policy/company. The right kind of research could not only give you the best possible cover for your beloved bike but also cut corners and give you a decent discount on your premium. Make an informed decision, and be safe always.

FAQs on Two Wheeler Insurance Companies

How do two wheeler insurance companies decide on premiums of their insurance plans?

Premium on two wheeler insurance are decided on the basis of various parameters related to the vehicle like type, model, make, cc, location of registration, previous claims history, etc.

Can premium payment for insurance plans from two wheeler insurance companies be done online?

Yes, most leading two wheeler insurance companies extend the convenience of making online premium payments to their policyholders. They can login to the official website of their insurance company and access the online premium payment option.

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