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Choose your Insurance just like you chose your ride
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What you Need to Know About Two-Wheeler Companies in India

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.

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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.

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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.

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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.

Company Name IRDA Reg. Number
Bharti AXA Two Wheeler Insurance 139
ICICI Lombard Two Wheeler Insurance 115
New India Assurance Two Wheeler Insurance 190
Reliance Two Wheeler Insurance 103
TATA AIG Two Wheeler Insurance 108
HDFC ERGO Two Wheeler Insurance 125
IFFCO Tokio Two Wheeler Insurance 106
Oriental Two Wheeler Insurance 556
SBI Two Wheeler Insurance 114
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Which are the Top 5 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.

ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED

ICICI Lombard has issued over a whopping 11 million policies and has settled over 6 million claims. Going purely by numbers, ICICI Lombard is easily one of the biggest giants in the field of two wheeler insurance. They have a huge customer base and is famous for its reputation for being a very trustable company. ICICI Lombard also boasts of an excellent mobile application and have earned accolades for integrating technology into their processes. They offer unique features such as long-term policy and one-time premium.

ICICI Lombard has a key differentiator, and that is a cashless garage network of more than 2900 garages all over the country. They also are known to issue policy copy quickly and hassle-free.

TATA AIG GENERAL INSURANCE COMPANY LIMITED

Tata AIG is a relatively newer player in the insurance market. Even so, they have managed to win the trust of many customers and are now steadily building their customer base. Their products are known to be customer-centric, along with the confidence that comes along with a Tata brand.

What makes Tata AIG particular are that they offer unique add-ons, and their customer 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.

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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.

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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.