Two Wheeler Insurance Companies in India

Are you currently in the middle of selecting the perfect bike or scooter model? While doing so, you must also spare a thought about the insurance policy for this brand new vehicle.

As per the Motor Vehicle’s Act of 1988, all two-wheelers and cars plying on Indian roads must have valid insurance coverage at all times. Failure to comply with this rule can lead to hefty fines, ranging up to Rs.4000 for repeat offenders.

In most cases, two-wheeler dealerships bundle insurance policies when you purchase a vehicle from them. However, you are free to refuse such an offer and seek your insurance plan directly from the various companies in the market.

Take a look at the list of two wheeler insurance companies in India.

A quality insurance plan will provide the following facilities and features. You must keep these factors in mind when picking such protection plans.

• Brand reputation – The first thing to look for is a reputed insurance provider, which has been operating in this sector for a while. Search the company by name on the internet and look at user reviews to assess whether its insurance services satisfy a majority of the clientele. Positive reviews indicate an overall well-rounded experience for existing policyholders.
• Insurance premiums – The amount of money you need to pay to avail a two-wheeler insurance policy is another major factor that often influences decisions regarding the perfect insurer. You can compare the different rates at an aggregator website. However, be mindful of checking the available coverage, alongside the premiums. You need to opt for a policy, providing the best value for money.
• IRDAI approval – The Insurance Regulatory And Development Authority of India is a government body, which oversees the development of the insurance sector in the nation. Choosing from amongst the IRDAI approved companies is best since these companies follow all of the guidelines outlined by the IRDAI, ensuring sufficient benefits for policyholders.
• Network Garages – Most two-wheeler insurance companies have tie-ups with several garages throughout India. When a policyholder seeks repairs at such network garages, the entire procedure is cashless. The insurance provider settles the repair bills directly with the garage, without the policyholder having to wait for reimbursements. The number of network garages available for a particular insurance company is a relevant factor to consider before opting for a two-wheeler insurance plan.
• The ratio of claims settled – The percentage of claims an insurance provider settles out of the total claims it receives is a good indicator of whether the provider is too stringent when settling claims or not. Some companies settle insurance claims without too much of a fuss, while others may require policyholders to jump through hoops to acquire their due compensation.
• Convenient and accelerated claims process – People file insurance claims during emergencies. At such a time, you need immediate financial support from your insurer. Therefore, you need to select an insurance company, which does not delay in extending this assistance after you file a claim. Always prefer companies that provide 24x7-customer care support since accidents can happen at any time.

Another common mistake that many consumers make is buying two-wheeler insurance policy from third-party sources, instead of the insurance company itself. However, purchasing directly from an insurance provider is the wiser move.

Here’s why!

While most people tend to purchase two wheeler insurance plans along with their vehicle from the dealership, doing so may not be too profitable. Listed below are some reasons to acquire such a policy from the insurance provider:

• Diverse choices or you to select from – Rather than limiting your purchase to a few select insurance companies, buying from insurance companies allows you to compare all available options. Dealerships, on the other hand, only list plans from the insurers with whom they have collaborations.
• Customising policies as per your need – When you buy from a third-party source, you have almost no ability to optimise the coverage as per your requirements since they sell pre-packaged policies. Directly buying from insurance companies allows you to modify policies through riders and additional customisation options, tailoring each plan according to your needs.
• Research and comparison opportunities – Vehicle dealerships do not allow you the time or opportunity to research the various insurance policies available in the market. Instead, they pick out plans on your behalf. If you decide to avoid such a hurried purchase, you can use the internet to research available plans. Compare the features, premium rates and other aspects of policies before picking the plan, which suits you best.
• No additional charges – When you buy from dealerships, a part of the insurance premiums you pay is picketed by this mediating party, while the remaining goes to the insurance company. Thus, a commission for the dealership is included in the quoted premium rate. No such additional charges are levied when you buy a policy directly from an insurance provider, as there are no mediating parties in such cases.

Regardless of how you buy insurance plans for your two-wheeler, reading the terms and conditions of such a policy is important. This section of your policy document should help you understand the extent of coverage.