A bike has always been an easy way to commute, especially in crowded areas, but at the same time, staying safe and secure while riding a vehicle is also necessary. But all we can do is take precautions and be alert. But there are moments when we can’t control the events of our lives. These fateful events can cause various threats, so to be on the safer side for yourself and your family, opt for bike insurance. These bikes are not only necessary for your ride but also play a crucial role. But choosing insurance can be overwhelming; thus, here we give an overview of bike insurance, its types, coverage it provides, reasons to take bike insurance, and, above all, the 5 best bike insurance companies in 2023 lyricsbaazaar.com.
Overview: 5 best bike insurance companies in 2023 lyricsbaazaar.com
Bike Insurance, technically also referred to as Two-Wheeler Insurance, serves as an ideal and crucial tool to safeguard you from any financial losses at the time of unfortunate events like accidents, crashes, etc. According to the Indian Motor Tariff of 2002, it has been made mandatory for two-wheeler owners to get insurance.
Types of 5 best bike insurance companies in 2023 lyricsbaazaar.com
Bike insurance has been divided into three major categories or types; we have listed them here with brief information about them.
- Third-Party Insurance: This is one of the most affordable bike insurances, and it is also referred to as liability. This third-party insurance covers only bodily injuries, the death of any third party, or property damage incurred by a third party. But this insurance doesn’t cover any damages incurred by the owner of the vehicle. Most people take this insurance just to ride their vehicles on the road.
- Comprehensive Insurance: This comprehensive bike insurance covers both the owner and third-party losses, and it is also referred to as package bike insurance. The name suits its purpose of covering both parties’ liability and damages.
- Standalone or Own Damage Insurance: As you can understand by the name, this type of insurance only covers the losses and damages incurred by the owner of the vehicle. When you take this type of insurance, you will also have third-party insurance to meet the rules of the Motor Tariff, 2002.
Reasons We Need Bike Insurance
Bike insurance proves to be very crucial and important when it comes to unnatural events like damage, accidents, and theft. It helps in getting financial security and assistance. Not only does it help you to abide by the rules and regulations of the government, but it also gives a sense of peace to you and your family members.
Types of Plans Offered by 5 best bike insurance companies in 2023 lyricsbaazaar.com in India
There are three types of plans offered by the 5 best bike insurance companies in 2023 lyricsbaazaar.com in India that are mentioned below:
- Third-party Insurance: It is a compulsory insurance policy that offers financial protection from third-party liability like damaging a vehicle or the death or injury of a third party. Although it does not provide coverage for damages to your bike, you are not allowed to increase your insurance coverage by opting for add-on coverage.
- Comprehensive Insurance for Bike: It is an inclusive insurance policy that provides financial protection for the damage to your bike or the loss of a third party. That includes damages from road accidents, fire, natural or man-made disasters, explosions, and others. Additionally, you can increase your insurance coverage by opting for add-on coverage.
- Own Damage Cover Insurance: It is also known as OD, which offers financial protection to your bike when it gets damaged and covers bike theft. But it does not cover the third-party losses. Well, here you can opt for add-on covers to increase your bike insurance coverage.
Things to Remember While Choosing 5 best bike insurance companies in 2023 lyricsbaazaar.com
Watching out for a few aspects while choosing bike insurance can prove to be very helpful. We have mentioned them here for your assistance.
- Hidden Clauses: Make sure to ask your insurer to tell you about the various things covered and not covered by your chosen insurance. This knowledge will help you to be safe and aware of things when you claim your insurance at a time of need.
- Add-ons: There are different companies that provide various add-ons to insurance to enhance it. It is always better to stay aware of them to extract the most benefits from them.
- Terms and Conditions: Reading up on all the terms and conditions is always necessary, as any negligence of information may lead to legal issues.
- Settlement Process: For anybody who is taking up insurance, it is recommended to know about the settlement process. At the time of need, you can proceed according to the settlement process without facing any issues.
- Success Process: The success process refers to making sure the chances of claiming insurance at the time of damage from an accident are high. So that the company doesn’t move back from what they promised.
- Bonus Clamiming: Many companies do provide bonuses to insurance holders who haven’t claimed any insurance throughout the insurance period.
Coverage Provided by Bike Insurance
Here we have mentioned several coverages provided by the top 5 insurance companies.
|Insurance Company||Claim Ratio in %||Cashless Garages|
|HDFC Ergo Two-Wheeler Insurance Company||98.27||7800+|
|Bajaj Allianz Long-Term Two-Wheeler Package Insurance||98.14||8200+|
|TATA AIG Comprehensive Bike Insurance Policy||97.42||8700+|
|ICICI Lombard Two-Wheeler Comprehensive Insurance||97.83||10800+|
|Reliance General Two-Wheeler Package Policy||96.63||8200+|
5 best bike insurance companies in 2023 lyricsbaazaar.com
Below, we have talked about the 5 best bike insurance companies in 2023 lyricsbaazaar.com in detail, including each company’s features.
HDFC Ergo Two-Wheeler Insurance Company
HDFC Ergo’s comprehensive two-wheeler insurance offers broad coverage for bikes. This encompasses both the insurer-taker and the third-party damages. And above all, it has unlimited claims available, which makes it stand apart from all others. Furthermore, it even allows the insurance taker to choose the duration of their insurance by themselves, though we recommend you go for 3 years to stay clear of renewal hassle.
- All the unforeseen events.
- It provides liability coverage.
- It covers even personal accidents.
- Provides comprehensive coverage.
- Claimants can select the duration themselves.
Bajaj Allianz Long-Term Two-Wheeler Package Insurance
This company also provides comprehensive insurance with a minimum duration of three years, which removes the burden of yearly renewals. Moreover, the claimant also gets the benefit of a consistent premium through the years of insurance availability.
- There is no tension over the yearly renewal.
- The no-claim bonus continues.
- Provides extended coverage.
- It has premium rate stability.
- It helps in times of unnatural and unpredictable events.
TATA AIG Comprehensive Bike Insurance Policy
The TATA AIG Comprehensive Bike Insurance Policy provides robust protection, and it stands out due to its different add-ons, like consumable coverage and highest-class zero depreciation cover. They even provide a network of classes and garages that span across different nations, etc.
- Up to 75% discounts
- Protection against thefts.
- Helpful at fire incidents.
ICICI Lombard Two-Wheeler Comprehensive Insurance
The ICICI Lombard Two-Wheeler Comprehensive Insurance provides a notable insurance offer: zero depreciation coverage at a nominal additional cost. Further, it also ensures a full-value claim and, above all, has an extensive network of 10,000 cashless garages.
- Covers natural disaster accidents.
- Provides man-made coverage.
- Proves to be useful in personal accidents.
- Has third-party liability.
Reliance General Two-Wheeler Package Policy
This Reliance General Two-Wheeler Package Policy makes itself different from all others by providing them flexibility in the duration, which spans up to two, three, or five years, thereby allowing them access to long-term security and convenience.
- Access to voluntary deductibles.
- Flexibility of tenure
- No-Claim Bonus Discounts
In this world where we are too busy performing our daily tasks, we have thusly mentioned here the 5 best bike insurance companies in 2023 lyricsbaazaar.com to make it easy for you. Through this article, you will have received a comprehensive view of the reasons why you need to choose bike insurance, along with various other details. Thus, go and grab yourself some bike insurance for your safety and security.