Top Five Insurance Companies in India

Under the Motor Vehicles Act 1988, having insurance for your two-wheeler is mandatory in India. Indian drivers should at least have a third-party insurance policy. Selecting the right insurer for getting a bike insurance plan has become a difficult task for the customers due to a large number of insurance providers in the country. Here's a list of the most popular public and private insurance providers in India

HDFC ERGO General Insurance Company Limited

HDFC ERGO provides a comprehensive cover for two-wheeler at a highly competitive premium rate. With more than 109 branches in 89 cities, HDFC ERGO has a countrywide footprint which makes it convenient for its customers to file any queries or renew their insurance policy. The company has also been bestowed with the “AAA” rating which serves as an affirmation of the company's high claim settlement ratio. Additionally, HDFC ERGO has an ISO certification for the high quality of customer service it offers, robust agreement of information security, simple policy issuance process, etc.

Features of HDFC ERGO

• Instant Online Policy

• Customizable motor policy

HDFC ERGO Two Wheeler Insurance (Key Features):

• Offers long-term insurance for up to three years.

• 24x7 Customer Service

• Policies from HDFC ERGO can be purchased and renewed online

• Has settled more than 75 lakh claims in the past

• Transparent claim filing and settlement procedure

• Customers can avail discounts on long-term insurance policies

Bajaj Allianz General Insurance Company Limited

The customer-oriented approach and sincerity make Bajaj Allianz one of the most reliable brands for vehicle insurance. The company was declared as the “Best General Insurance Company in Private Sector” by ABP news in the year 2014. Bajaj Allianz is also the recipient of other prestigious awards such as the Golden Peacock Award and Claims Innovation of the Year. The company's forte lied in its impeccable customer service and innovative products.

Features of Bajaj Allianz Insurance

• 24x7 customer service

• Quick and Easy support to the claimants

Bajaj Allianz Two Wheeler Insurance (Key Features):

• Long-term/multi-year bike insurance available (up to 3 years)

• Simplistic claim settlement procedure

• Policy can be bought and renewed online through its official website

• 24x7 customer service

• No Depreciation on cover available

• No vehicle inspection if the customer renews the policy online

ICICI Lombard General Insurance Company Limited

It is one of the most prominent General Insurance companies in India. It has issued more than 11 million policies and has made over 6 million claims settlements, ICICI Lombard has gained the reputation of being the most trustworthy companies for General Insurance. ICICI Lombard is one of the few insurance companies which has technology integration. It was awarded “Celent Asia Insurance Technology Award” for its mobile app. With features such as offering long-term policy and one-time premium payment, ICICI Lombard focuses on providing flexibility in the insurance policies that they choose.

Features of ICICI Lombard

• Cashless Claim Servicing at over 1900 garages throughout the country

• Immediate Issue of Copy of the Policy

ICICI Lombard Two Wheeler Insurance (Key Features):

• Flexible policy term options

• Provides long-term insurance policy

• Owns a network of more than 2150 garages across the country

• Offers add-on covers to protect the damages against electrical and non-electrical components

• in-built coverage for the co-passenger

• No vehicle inspection needed for the renewal of the policy

• On buying the policy online, the customer can get a copy of the policy immediately

• You'll also receive reminders for policy renewal from the company

SBI General Insurance Company Limited

SBI is a household name for finance and banking and with SBI Life, this company has also ventured into the insurance segment. SBI has carved a niche in the insurance front as well. Presently, SBI General footprint across the nation. With a presence in 56 cities, it serves the three key segments-retail, SME and corporates. SBI General bike insurance policy is comprehensive and it comes with a massive range of customer-centric services which makes it one of the sought-after insurance company in the country.

Features of SBI General Insurance

• Customized pricing depending on the applicant’s profile

• Additional discounts can be availed by the customer if they take long-term insurance or claim the NCB(No Claim Bonus)

SBI General Two Wheeler Insurance (Key Features):

• Customized pricing based on the profile of the customer

• Discount on the price of the policies for customers aged 25-55 years

• Additional discounts for the timely renewal of an insurance policy

The New India Assurance Company Limited

A wholly government-owned company, New India Assurance currently operates in more than 27 countries and it has a global business whose revenue exceeds 16000 Crores INR. New India Assurance has a nationwide presence with more than 2097 offices and 1041 micro offices. It is the only direct insurer in India with an “A” rating from the AM Best. New India Assurance has various other ratings and accolades which indicate the company’s progress and customer-centric approach.

Features for New India Assurance Company

• Impeccable Grievance Resolution Technique

• Quick Claims Processing

The New India Assurance Two Wheeler Insurance (Key Features)

• Insurance seekers can either choose from different policies depending on their needs such as they can either select the liability only policy or the package policy, which is a comprehensive insurance plan.

• The company also offer add-on covers for vehicle parts, personal accident cover, co-passenger cover, etc