It is no surprise that two-wheelers are more vulnerable to accidents than any other vehicle since they are dynamically unstable due to their two-wheelers. To ensure higher protection of bikes, the owner/rider must buy two-wheeler insurance. In addition, it is mandatory in India to purchase at least a third-party cover for a vehicle before plying it on roads; otherwise, the owner/driver may face hefty penalties and various other punishments.
However, buying the right two-wheeler insurance is a critical decision and any blunder in it can give rise to serious future complications. Though there are several two-wheeler insurance products found under the ‘motor insurance’ catalog of various insurers, HDFC ERGO Two-Wheeler Insurance and SBI Two-Wheeler Insurance are trustworthy products because of their unique features, adequate coverages, and budget-friendly premiums.
Since deciding between the two can be a confusing task, this post will highlight some of the most crucial points of both insurance products. This will help you in studying and comparing them, and then choosing the one that best fits your needs and budget.
Detailed Comparison Of HDFC ERGO Two-Wheeler & SBI Two-Wheeler Insurance
|Parameters||HDFC ERGO Two-Wheeler||SBI Two-Wheeler|
|Incurred Claim Ratio (Motor Insurance)||74.66% (FY 2021-22)||93.58% (2021-22)|
|Note: The ICR value has been taken from the latest IRDAI report.|
|Number Of Add-Ons||5||2|
|No Claim Bonus||Up To 50%||Up To 50%|
|Personal Accident Cover||Available Up To Rs. 15 Lakhs|
|Doorstep Two-Wheeler Repair Services||Available||Not Available|
|EV (Electric Vehicles) Add-Ons||About To Launch||Not Available|
|Emergency Roadside Assistance||Available As An Add-On Cover||Not Available|
|Types Of Insurance Offered|
|Quick Quote Facility||Available||Available|
Information On HDFC ERGO Two-Wheeler Insurance
The two-wheeler insurance from HDFC ERGO helps policyholders feel more secure financially by shielding them from damages resulting from theft, weather-related catastrophes, and unintentional accidents. The insurance provider is a joint venture between HDFC Bank and ERGO International.
The insurer provides ‘Comprehensive Two-Wheeler Insurance’, ‘Third-Party Cover’, ‘Standalone Damage Cover’, and ‘Cover For Brand New Bikes’ as its four categories of two-wheeler insurance. Policyholders can easily get cashless repair services with HDFC ERGO’s two-wheeler insurance because the insurer has more than 6400 network garages nationwide.
About SBI Two-Wheeler Insurance
The goal of two-wheeler insurance from SBI is to provide financial protection to the rider or owner against unforeseen losses or unintentional damages. Many people have faith in SBI’s insurance products, including SBI two-wheeler insurance, because it is one of the oldest companies and operates in a transparent manner.
In addition to covering third-party liabilities and loss/damage to the vehicle, the insurance offers some of the best extra riders to improve the coverage. Since the product gives multi-layer protection to the policyholders and leaves no stone unturned to meet their needs, the policyholders can ride their bikes with no worries.
What Sets HDFC ERGO Two-Wheeler Insurance Apart?
Anyone who purchases two-wheeler insurance from HDFC ERGO can leverage the following benefits and features:
Undoubtedly, HDFC ERGO offers maximum benefits as well as coverage at reasonable costs under its two-wheeler insurance. According to the insurer’s official website, the annual price for its two-wheeler insurance starts at just Rs. 538 per year. Please use the premium calculator provided by HDFC ERGO to learn more about the cost of your two-wheeler insurance.
Strong Network Garages:
With more than 6400 cashless network workshops available nationwide, the customers of HDFC ERGO Two-Wheeler Insurance can get their two-wheelers fixed without having to worry about finding last-minute funding. The large number of HDFC ERGO network garages makes it simple for policyholders to discover a local network garage for hassle-free two-wheeler repairs.
Instant & Hassle-Free Policy Issuance:
If potential customers have already decided on HDFC ERGO Two-Wheeler Insurance, they may easily and hassle-free buy the product from the insurance provider’s website. After providing a few details on the website and completing the payment process, they will receive their insurance details.
Furthermore, there is very little documentation required when purchasing a product online through HDFC ERGO’s website, and the process is quite transparent and safe. In this manner, customers can purchase the product in the comfort of their homes and simply contact the insurer’s team if they have any problems.
Door Step Two-Wheeler Repairs:
As the name implies, policyholders can have their motorcycles fixed right at their doorsteps with this option. The insurance can provide the servicing station right to the policyholder’s house, saving them from the trouble of moving the two-wheeler around.
Since EVs (Electric Vehicles) are the future of the next generation, HDFC ERGO is introducing three new add-on covers specifically designed for EVs. They are as follows:
- Battery charger and accessories add-on (for protecting EV bike’s battery charger and accessories)
- Electric motor cover (for covering the electric motor of an EV bike)
- Zero depreciation cover (for battery charger claim)
By adding these add-ons, the policyholders can safeguard their EV two-wheelers from unexpected damages to battery, motor, and other accessories.
In order to provide customers with additional options for their HDFC ERGO two-wheeler insurance, the insurer offers a number of add-on coverages, including emergency assistance, zero depreciation, engine and gearbox protection, and no-claim bonus protection. These supplemental coverages are offered for an extra premium. Please visit the insurer’s website for further information about them.
Claim Settlement With Zero Paperwork:
HDFC ERGO takes a proactive stance when resolving motor insurance claims, including two-wheeler insurance, by digitizing the claim procedure. This approach eliminates significant difficulties and hardships experienced by policyholders during claim settlement, such as delays in claim settlement, standing in queues, and handling a large number of claim documents, to name a few.
What Sets SBI Two-Wheeler Insurance Apart?
If an individual purchases two-wheeler insurance from SBI, he/she will get the following benefits and features:
Wide Network Of Cashless Garages:
With over 6000 accredited SBI garages across India, policyholders may easily get cashless two-wheeler repair services at any one of them. These garages, which are dispersed across the country, provide greater accessibility and convenience, even in times of emergencies.
PAN India Presence:
SBI offers more than 23000 branches in more than 140 locations across India, making it incredibly convenient for current policyholders and those looking to interact in person with the staff to get two-wheeler insurance. Additionally, the insurer has a robust online presence that provides clients with unparalleled accessibility.
Mobile App & WhatsApp Support:
The insurance provider has a mobile app that is available for download from the play store. The app is made to provide a one-stop shop for practically all requirements related to motor insurance, such as document submission, status monitoring, and claim notification. Another option is to say “hi” to the insurer’s WhatsApp number, 91913623431, and ask the customer care team to assist with the problem.
In case the policyholders wish to enhance their two-wheeler insurance by SBI, they can do so by picking add-ons, such as return to invoice cover and NCB (No Claim Bonus) protection cover. These add-ons are available to the customers only after paying a small amount.
Seamless Purchasing & Renewal Process:
The insurer provides a quick and easy way to purchase and renew two-wheeler insurance. To easily finish the process, simply go to SBI General’s official website and submit all the necessary data.
The two-wheeler insurance by SBI General also offers various discounts, including based on age, continuous coverage, and more. This enables the policyholders to save a great deal of money and invest them in something else.
Excellent Experience In Managing Claims:
With over Rs. 24,000 crores in claims handled to date, SBI General has excellent experience managing claims of any kind, including motor insurance. This means that a customer purchasing two-wheeler insurance from SBI General can be guaranteed to receive fair, efficient, and quick claims settlements.
HDFC ERGO Two-Wheeler OR SBI Two-Wheeler Insurance: Which One To Go For?
When purchasing any two-wheeler insurance, it’s highly critical to compare important aspects, including claim settlement ratio, number of network garages, and budget, to name a few. Both HDFC ERGO and SBI General are two dominant names in the world of insurance providers and which one to go for in terms of buying two-wheeler insurance depends entirely on the needs and budget of the insurance seekers.
However, one can clearly figure out some key differences between the two from this post. HDFC ERGO has the remarkable facility of doorstep two-wheeler repairs and is starting to introduce its EV add-ons to revolutionize two-wheeler insurance services. On the other hand, SBI General Insurance boasts its strong technical team, higher experience in claims handling, zero paperwork purchase, profile-based pricing, emergency claim assistance, and more.
So, if you like the progressive idea of EV add-ons and convenient plus time-saving repairs, then the two-wheeler insurance from HDFC ERGO is a great choice; however, if you are looking for a two-wheeler insurance provider having relevant discounts and high proficiency in claim settlements, then SBI Two-Wheeler Insurance can be a perfect option for you.
No matter what you choose, make sure that the product can satisfy your needs within the budget limits. Also, make sure that in the process of reducing premiums, you are not compromising on the coverage benefits of your two-wheeler insurance. After all, investing in an adequate and all-encompassing two-wheeler insurance product is unquestionably worthwhile.