By FMTeam Did you know that as per the Motor Vehicles Act, you have to have bike insurance in India? Yes, that’s 100% true. And you should be aware of that to stay out of any legal trouble, or most importantly to make sure that you can claim the damage when your bike gets damaged while riding on the Indian roads, like in an accident or something. Today though, we are here just to take a good look at which are the top 10 leading bike insurance companies in India as of 2024. Alright, here we go then.
1. IFFCO Tokio General Insurance
Do you know the fact that, well, IFFCO Tokio is the first insurance company in India that introduced on-the-spot claim settlements? Like, on the top of the list is IFFCO Tokio, with a claimed settlement ratio of 96.44%, according to FY 2022-23. With them, you see, you are also assured that your bike repairs not only be the quickest but also the easiest as you have highway bike servicing support from over 4,300 cashless garages. If you combine this with the 24/7 customer support that they have, it clearly is a great deal to say the least.
2. HDFC Ergo General Insurance
Next on the list, the combination of pocket-friendly and practicality that HDFC Ergo bike insurance offers is rather fascinating, why do we say that? Well, just so you know, they are one of the limited insurance companies that are actively advocating for “green practices”, such as allowing paperless claim filing and renewals. With a strength of over 2,000 cashless garages, roadside assistance, as well as the zero depreciation add-on are among the policies that HDFC Ergo has, just saying.
3. Royal Sundaram General Insurance
Also, Royal Sundaram made the first private bank tie-up for insurance policy distribution in India which makes it a more credible and trustworthy brand, and sure enough, this is the reason they are customers’ priority in the list of chosen bike insurance providers. All in all, coming in third in the list, Royal Sundaram has a claim settlement ratio of 92.66% and a wide network of 4,600 cashless garages making it a solid option for bike owners.
4. Oriental Insurance Company
Formed in 1947, the year when India got rid of British rule, you know, Oriental Insurance has a long history that speaks of trust. Like, right now as of 2024, the company has a generous 90.18% claim settlement ratio and 3,100 cashless garages that help ensure that repair services for a bike are not far away. Sure enough, its one-of-a-kind flexible policies are what make it popular among insurance seekers, at least we’d say that.
5. Future Generali India Insurance
Next on the list, did you know that Future Generali is popular for designing policies that offer protection against natural calamities such as floods and earthquakes? Sure enough, if one were to look at the company’s figures that indicate satisfaction before purchase, along with the total of 3,500 plus cashless garages ready to assist them, then they surely would receive them as presented, right?
6. SBI General Insurance
Coming in at number six of this list, thanks to its huge database of more than 16,000 garages-SBI General Insurance, which is one of the most powerful brands in this business with cashless service options, boasts a flexibly individual-centered approach setting it light years ahead of its rivals in terms of ease of use. With this one though, With the highest claim payment ratio (89.51%) among competitors and easy-to-use plans, they are the company of choice for motorcycle riders who desire a very practical and simple solution to their problems.
7. TATA AIG General Insurance
Then there is TATA AIG and without a doubt, it is not just an ordinary name but it’s a name that conveys confidence, and thus you can trust them. With this trusted name, you see, the very high claim settlement ratio of 98.02% signals that your claims will be settled without any needless delays.
8. Bajaj Allianz General Insurance
Next on the list, sure enough, Bajaj Allianz boasts the highest claim settlement ratio on this list, an impressive 98.61%. More than that, their network consisting of 4,500+ cashless garages, makes sure you never have to be far away from help, you know? Like, other than good auto insurance, the company provides add-on options like personal accident cover and engine protection that add value to the policies, that’s for sure.
9. New India Assurance
We must say that New India Assurance is something to be admired for its long history: it has been in existence for over a century since its establishment in 1919. Why’s that though? Well, the claim settlement ratio of 91.99% and their extensive plans make them a great choice for many.
10. Cholamandalam MS General Insurance
Cholamandalam MS General Insurance is the last insurer on the list but the company certainly is not lacking in quality, and why are we so certain? Well, the company is the fourth-best in India according to the IRDA report, which has a high claim settlement ratio of 93.78%, and the same number of 6,912 cashless garages is available as well. Sure enough, they have transparent customizable products that cover the entire range of bike owners.
Conclusion
There you have it. Now, we don’t know whether you’re looking forward to buying a bike insurance policy, or maybe you were just looking forward to investing in some of these top companies. Right? But we hope that this post helped you out in some way.