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Two-Wheeler Insurance Companies

Buying a two wheeler involves planning for more than just its everyday use. You cannot limit the financial planning needed to its cost of purchase and running cost alone. There can be several other financial expenses involved, which include:

  • Repair and maintenance of the vehicle
  • Losses from accidents
  • Losses from thefts
  • Losses from third-party liability – both financial and legal
  • Damages to your two wheeler because of natural calamities, And so on.

Therefore, you need to be extremely prudent, thorough, and confident about the insurance company you want to partner with for your two wheeler insurance.

How To Pick The Best two wheeler Insurance Company For You?

There are several insurers in the market offering different permutations and combinations of two wheeler insurance policies. Here are some factors you should consider before picking the one that’s best suited for you and your vehicle.

  1. Check the organization’s reputation – Do your research about what other people in the market have to say about a particular insurance company. You can ask about their claim settlement procedure, customer service, flexibility, etc.
  1. IRDAI-Approved – Ensuring that your two wheeler insurance company is IRDAI-approved provides you with both the safety and the comfort that the company adheres to the rules and regulations set by the Insurance Regulatory and Development Authority in India.
  1. Always compare plans – Comparing plans from different insurers can help you understand what each company has to offer and then choose the one that suits you the best.
  1. Add-ons – You can check the add-ons that different insurers offer along with the two wheeler insurance policies. This way you can make sure your vehicle gets all round, enhanced protection.
  1. Processes – Make sure you thoroughly understand the claim seeking and settlement process. You never know when this will come in handy in the future, and it’s best to remain prepared.
  1. Cashless garages – Check for the network of cashless garages associated with your insurer. Such garages are useful for vetting maintenance and repair work without having to make any cash payment.
  1. Claim Settlement Ratio – A higher claim settlement ratio shows that the insurer has settled more claims than they have not, from the total number of claim requests received. The higher the ratio the better the track record of fulfilling claims.
  1. Correct information – Ensuring that you enter correct information about yourself like age, location, etc. will allow the insurer to show the most accurate premium amount applicable to you. Moreover, if your insurer gets to know that you have given false information, they can cancel your insurance.
  1. Area and or region – It is always better to opt for an insurer that has a functional office in your city or town.
  1. Terms and conditions – Read the policy terms and conditions of each insurer carefully before you make your selection.
  1. Deals and or discounts – Check for discounts and deals offered by insurers to get yourself the best premium amount.

Importance Of Claim Settlement Ratio While Buying two wheeler Insurance

A very important factor to consider while selecting the insurance company for your two wheeler insurance is the claim settlement ratio of the company.

Claim settlement ratio shows you the number of claims settled as a percentage of the total number of claims received. Opting for an insurance company that has a higher claim settlement ratio ensures that your chances of a successful claim settlement are much higher. A lower ratio means they are more stringent in their claims processing and that getting your due amount could be more difficult.

What Are The Risks Associated With IRDAI Unregistered Insurance Companies?

Any insurance company that is registered and approved by the Insurance Regulatory and Development Authority in India falls directly under the supervision and regulation of the government organization. The IRDAI also handles the overall development of, and policies followed by the insurance sector in India.

If your insurance company is unregistered with the IRDAI, you may expose yourself to the following risks:

  • Any fraud or non-payment of claims by the insurer
  • The insurance company’s non-adherence to terms and conditions mentioned in the policy documents
  • Insurance companies may indulge in other illegal activities with your money
  • It may not have a good network of garages.

Two wheeler Insurance Companies In India

Choosing between different insurance companies can be a tough decision to make. This list of the top two wheeler insurance companies along with their headquarters and average claim settlement ratio can help you make a decision.
Company Name Headquarters Network Garages Incurred Claim Ratio (2019-2020)
Royal Sundaram General Insurance Co. Ltd. Chennai 3300+ 92.23%
The Oriental Insurance Company New Delhi 3100+ 101.63%
IFFCO Tokio General Insurance Co. Ltd. Gurugram 3300+ 87.77%
Tata AIG General Insurance Mumbai 5000+ 80.29%
HDFC ERGO General Insurance Mumbai 6800+ 79.21%
Universal Sompo General Insurance Mumbai 3500+ 89.54%
The New India Assurance Mumbai 3000+ 85.35%
Cholamandalam MS General Insurance Chennai 8600+ 82.95%
SBI General Insurance Mumbai 16000+ 92.05%
Future Generali India Insurance Co. Ltd. Mumbai 3500+ 57.67%
Edelweiss General Insurance Mumbai 1500+ 116.31%
Reliance General Insurance Mumbai 6200+ 84.63%
Liberty General Insurance Mumbai 4300+ 70.95%
Bajaj Allianz General Insurance Pune 4000+ 65.83%
Kotak Mahindra General Insurance Mumbai 1300+ 75.66%
Shriram General Insurance Co. Ltd. Chennai 2000+ 65.43%
ICICI Lombard General Insurance Mumbai 8800+ 76.53%
National Insurance Company Kolkata 3100+ 116.44%
Go Digit General Insurance Bengaluru 1000+ 74.82%
Navi General Insurance Mumbai 1100+ 150.69%
Magma HDI General Insurance Kolkata 4000+ 85.13%

Details About Bike Insurance Providers

1. Royal Sundaram General Insurance Co. Ltd.

Royal Sundaram General Insurance Co. Ltd. was set up in 2001 as a subsidiary of the Sundaram Finance Group. It was the pioneer in its segment of private general insurance companies in India, having received its license from the IRDAI in October 2000.

2. The Oriental Insurance Company

Soon after the Indian Independence in 1947, the Government Of India set up the Oriental Insurance Company Ltd. under the direct supervision and management of the Ministry of Finance. The company is headquartered in New Delhi and has 31 regional offices and more than 1800 active branches across the country, including overseas branches in Nepal, Kuwait, and Dubai.

3. IFFCO Tokio General Insurance Co. Ltd.

Established as a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) (51%) and the Tokio Marine Group (49%), IFFCO Tokio General Insurance Co. Ltd. is one of the most successful two wheeler companies in the private sector. The Tokio Marine Group is one of the largest listed insurance groups in Japan. IFFCO Tokio General Insurance Company offers a wide range of products and services like car insurance, two wheeler insurance, health insurance, travel insurance, and home insurance, including corporate policies such as property insurance and liability insurance.

4. Tata AIG General Insurance

Another successful joint venture of the Tata Group with an international partner is the Tata AIG General Insurance Company Limited. It was set up in 2001 between the Tata Group and American International Group. While the Indian conglomerate holds about 74% of the stake, the American counterpart holds the remaining shares. Tata AIG General insurance boasts of a wide range of products and services like automobile insurance, home insurance, personal accident cover, travel insurance, etc.

5. HDFC ERGO General Insurance

A 51-49 joint venture between HDFC and ERGO International AG, HDFC ERGO General Insurance is one of the leaders in two wheeler insurance in India. ERGO International AG is an insurance entity of the Munich Re Group in Germany, operating in the insurance field under the BFSI sector. The company offers products across different sectors like retail, corporate, rural, etc.

6. Universal Sompo General Insurance

Universal Sompo General Insurance Co. Ltd. is one of the leading insurers in the country with over 17 Zonal Offices, 86 branch offices, and a 1500 strong workforce. It was set up in 2007 as a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank Ltd, Dabur Investment Corporation, and a leading general insurer from Japan, Sompo Japan Insurance Inc.

7. The New India Assurance

Owned by the Indian Government, the New Indian Assurance Co. Ltd. is managed and supervised by the Ministry of Finance, Government of India. It is headquartered in Mumbai and was established in 1919 by Sir Dorabji Tata. It was initially a subsidiary of the General Insurance Corporation of India (GIC) but later became autonomous in the year 1999.

8. Cholamandalam MS General Insurance

Cholamandalam MS General Insurance Company Ltd is an Indian insurance company that was set up in 2001 as a joint venture between Mitsui Sumitomo Insurance Group, a Japanese insurance company, and the Murugappa Group, an Indian conglomerate. It offers a wide variety of insurance products and services such as accident insurance, health insurance, liability, marine, motor, property, travel, and rural insurance.

9. SBI General Insurance

Established in the year 2009, SBI General Insurance is a joint venture where the State Bank of India holds a 70% stake in the firm. The other partners include Axis Bank Asset Management Co. Ltd, Premji Invest & Warburg Pincus Group. SBI General Insurance Co. Ltd. received an iAAA rating by the ICRA in 2009. Its major offerings include SBI General health insurance policy, Group Health Insurance Policy (for Individuals & Family) Simple Home Insurance Policy, Long Term two Wheeler Insurance policy, and Cyber Defence Insurance for businesses

10. Future Generali India Insurance Co. Ltd.

Future Generali India Insurance Co. Ltd. was formed when three forces with expertise and market dominance in different sectors came together. These were:

  • Future Group – A leading retailer in India
  • Generali Group – One of the smartest global insurance companies in the world
  • Industrial Investment Trust Limited (IITL) – A leading investment company

With over 136 branch offices across the country, the company offers simplified insurance solutions to enrich and enhance the lives of individuals and businesses in India.

11. Edelweiss General Insurance

Edelweiss General Insurance Co. Ltd. is an insurance firm owned by the multinational corporation, the Edelweiss Group, and has been engaged in enriching the lives of millions of people for more than two decades. It is IRDAI registered and offers insurance products and services across various sectors like health, travel, motor, etc.

12. Reliance General Insurance

Started in the year 2000 by the Indian conglomerate, Reliance Anil Dhirubhai Ambani Group, Reliance General Insurance Company Limited is a private insurance company offering various insurance services and products across sectors. Some product offerings include travel, health, home, motor, etc.

13. Liberty General Insurance

Liberty General Insurance Limited was incorporated in 2013 as a private general insurance company with its headquarters in Mumbai, Maharashtra. The joint venture firm is owned by US property-casualty insurer Liberty Mutual Insurance Group, the Indian private investment fund, Enam Securities, and the Indian industrial conglomerate, DP Jindal Group. Its insurance offerings include two wheeler insurance, health insurance, car insurance, etc.

14. Bajaj Allianz General Insurance

Bajaj Allianz General Insurance is an Indian private general insurance company in India that started in the year 2001. The insurance firm is a joint venture between Bajaj Finserv Limited (74% ownership) owned by the Bajaj Group of India and Allianz SE (26% ownership), a German financial services company. Out of the 97 filed and approved products listed by the firm, 27 products belong to the healthcare sector.

15. Kotak Mahindra General Insurance

A 100%-owned subsidiary of Kotak Mahindra Bank Ltd., Kotak Mahindra General Insurance Co. Ltd. was set up in Mumbai in the year 2015. Its main objective was to serve the growing non-life insurance needs of emerging India like Motor, Health, etc., through superlative customer service, quality, and innovation.

16. Shriram General Insurance Co. Ltd.

With an objective to reach out to the “common man” of India, Shriram General Insurance Co. Ltd. was set up in Chennai in the year 1974 by Padma Bhushan Shri. R. Thyagarajan. It is a joint venture between Shriram Capital Ltd. (India) and Sanlam Limited (South Africa). Shriram General Insurance Co. Ltd. is licensed by IRDAI and the preferred partner of the IRCTC.

17. ICICI Lombard General Insurance

One of the biggest and most recognized insurance providers in India, ICICI Lombard General Insurance Co. Ltd. is a general insurance company that was founded in 2001 in Mumbai, India. The firm’s key product and service offerings include general insurance, reinsurance, insurance claims management, and investment management.

18. National Insurance Company

The National Insurance Co. Ltd., founded in 1906, is a general insurance company owned by the Government of India. It falls under the management and supervision of the Ministry of Finance, Government of India. Set up by Gordhandas Dutia and Jeevan Das Dutia, the National Insurance Co. Ltd. still follows its tagline for more than a hundred years, “Trusted Since 1906”.

19. Go Digit General Insurance

Incorporated in 2016, Go Digit General Insurance Ltd. is a non-Government company whose primary objective is to make insurance simple and easy for the common man. It was started by Kamlesh Goyal and backed by the Fairfax Group. The product offerings include car insurance, travel insurance, home insurance, commercial vehicle insurance, and shop insurance.

20. Navi General Insurance

Incorporated in 2016, Navi General Insurance Ltd. is a wholly-owned subsidiary of Navi Technologies. Though it was incorporated in 2016, it began operations only in November 2017. With a database of more than 1 million customers, it offers a variety of insurance solutions like health, motor, travel, property, commercial, etc.

21. Magma HDI General Insurance

Set up as a joint venture between Magma Fincorp Limited and HDI-Gerling Industrie Versicherung AG in 2009, Magma HDI General Insurance Co. Ltd. started operations after receiving its license from the IRDAI in October 2012. Its wide range of product offerings includes motor insurance, health insurance, liability insurance, fire insurance, engineering insurance, marine insurance, and burglary and risk insurance.

After understanding the above information, you can make a more informed decision about the two wheeler insurance company you should go ahead with. However, it may be noteworthy that there are other factors like premium amount, terms and conditions, etc., that are equally important considerations while choosing the insurer.